Document:

Exhibit
10.1

 

SUBSCRIPTION
AGREEMENT

 

OncoCyte
Corporation

1010
Atlantic Avenue, Suite 102

Alameda,
California 94501

 

Ladies
and Gentlemen:

 

The
undersigned (the “Investor”) hereby confirms and agrees with you as follows:

 

1.
This Subscription Agreement (this “Agreement”) is made as of the date set forth below between OncoCyte
Corporation, a California corporation (the “Company”), and the Investor.

 

2.
The Company is offering to sell and issue up to 768,376 shares, in the aggregate, (the “Shares”) of the
Company’s common stock, no par value per share (the “Common Stock” and such offering, the “Offering”)
at a per Share purchase price of $2.156 (subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Common Stock that occur after the date of this Agreement). The Shares being offered have
been registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the Company’s
Registration Statement on Form S-3 (No. 333-231980), including all amendments thereto, the exhibits and any schedules thereto,
the documents otherwise deemed to be a part thereof or included therein by the rules and regulations (the “Rules and
Regulations”) of the U.S. Securities and Exchange Commission (the “Commission”) and any registration
statement relating to the Offering and filed pursuant to Rule 462(b) under the Rules and Regulations (collectively, the “Registration
Statement”). The Investor acknowledges that the Company intends to enter into subscription agreements in substantially
the same form as this Agreement, on the same terms and conditions and prices as hereunder (the “Other Investors’
Agreements”), with certain other accredited investors.

 

3.
As of the Closing (as defined below), and subject to the terms and conditions hereof, the Company and the Investor agree that
the Investor will purchase from the Company and the Company will issue and sell to the Investor such number of Shares (the “Subscription”
and such Shares, the “Investor’s Shares”) as is set forth on the signature page hereto (the “Signature
Page”). The Investor acknowledges that the Offering is being conducted on a best efforts basis and there is no minimum
offering amount. On the Closing Date, (as defined below), the Investor’s Shares will be delivered on an expedited basis
via The Depository Trust Company’s Deposit and Withdrawal at Custodian service (“DWAC”), registered in
the name of the Investor. This Offering will not clear directly through an underwriter, placement agent or similar broker. Consequently,
the Investor must instruct their individual broker how to settle the transaction.

 

4.
The completion of the purchase and sale of the Shares shall occur at the closing (the “Closing”) which
shall occur on the Trading Day (as defined below) on which all conditions precedent to (i) the Investor’s obligation to
pay the aggregate purchase price for the Investor’s Shares (the “Subscription Amount”) and (ii) the Company’s
obligations to deliver the Investor’s Shares, in each case, have been satisfied or waived, but in no event later than January
7, 2020 (the “Closing Date”). On the Closing Date, (a) the Company shall cause its transfer agent to deliver
on an expedited basis via DWAC the Investor’s Shares and (b) the Subscription Amount will be delivered by or on behalf of
the Investor to the Company by wire transfer pursuant to the Company’s wire instructions delivered to the Investor on Company
letterhead prior to the Closing Date. In the event that the Company is unable to fulfill its obligations hereunder at Closing
by January 10, 2020, Investor shall have the right, but not the obligation, to terminate this Agreement and the Subscription hereunder.
For purposes of this Agreement, “Trading Day” means any day on which the Common Stock is traded on the principal
securities exchange or trading market on which the Common Stock is then traded (the “Exchange”); provided that
“Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market
for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such Exchange
(or if such Exchange does not designate in advance the closing time of trading on such Exchange, then during the hour ending at
4:00 p.m., New York time).

 

    	1

    	 

    

 

5.
The Registration Statement filed by the Company with the Commission contains a prospectus (the “Base Prospectus”)
and the Company will promptly file with the Commission a final prospectus supplement (the “Prospectus Supplement”
and collectively with the Base Prospectus, the “Prospectus”) with respect to the Registration Statement in
material conformity with the Securities Act, including Rule 424(b) thereunder. The Investor hereby consents to delivery of the
Prospectus in accordance with Rule 172 under the Securities Act.

 

6.
The obligations of the Company to issue and sell the Shares to the Investor shall be subject to: (i) the receipt by the Company
of the Subscription Amount and (ii) the accuracy of the representations and warranties made by the Investor and the fulfillment
of those undertakings of the Investor to be fulfilled prior to the Closing Date.

 

7.
Except as set forth in the SEC Reports (as defined below), the Company hereby makes the following representations, warranties
and covenants to the Investor:

 

(a)
The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and the Other Investors’ Agreements and otherwise to carry out its obligations hereunder. The execution
and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereunder have been
duly authorized by all necessary action on the part of the Company. This Agreement has been duly executed by the Company and,
when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights generally or by general principles
of equity.

 

(b)
The Shares are duly authorized and, when issued and paid for in accordance with this Agreement and the Other Investors’
Agreements, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company.
The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant
to this Agreement. The Company has prepared and filed the Registration Statement in material conformity with the requirements
of the Securities Act, which became effective on June 18, 2019 (the “Effective Date”), and such amendments
and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under
the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or
preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted
or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of
the Commission, shall file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time the Registration
Statement and any amendments thereto became effective, at the date of this Agreement and as of the Closing Date, the Registration
Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements
thereto, at time the Prospectus or any amendment or supplement thereto was issued and as of the Closing Date, conformed and will
conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.

 

    	2

    	 

    

 

(c)
The Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than
pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of Common
Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise
of any securities convertible into, exercisable or exchangeable for, or otherwise representing the right to acquire shares of
Common Stock (each, a “Common Stock Equivalent”) outstanding as of the date of the most recently filed SEC
Report (as defined below). No Person has any right of first refusal, preemptive right, right of participation, or any similar
right to participate in the transactions contemplated by this Agreement. Except as otherwise disclosed in the SEC Reports (as
defined below) or as a result of the purchase and sale of the Shares, there are no outstanding options, warrants, scrip rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible
into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock,
or contracts, commitments, understandings or arrangements by which the Company or any of its consolidated subsidiaries (each a
“Subsidiary”) is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents.
The issuance and sale of the Shares will not obligate the Company to issue shares of Common Stock or other securities to any person
(other than to investors in this Offering) and will not result in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price under any of such securities. All of the outstanding shares of capital stock of the Company
are duly authorized, validly issued, fully paid and nonassessable, have been issued in material compliance with all federal and
state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights
to subscribe for or purchase securities. No further approval or authorization of any stockholder or the Board of Directors is
required for the issuance and sale of the Shares. Except as otherwise disclosed in the SEC Reports, there are no stockholders
agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company
is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

(d)
Since the date of the latest audited financial statements included within any report or definitive proxy or information statements
filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange
Act (the “SEC Reports”), except as specifically disclosed in a subsequent SEC Report filed prior to the date
hereof, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in
a material adverse effect, or any development that would reasonably be expected to result in a material adverse change, in the
condition, financial or otherwise, or in the results of operations, business, operations or prospects, whether or not arising
from transactions in the ordinary course of business, of the Company and its Subsidiaries, considered as one entity (any such
effect is called a “Material Adverse Effect”), (ii) the Company has not incurred any liabilities (contingent
or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past
practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to United States
generally accepted accounting principles (“GAAP”) or disclosed in filings made with the Commission, (iii) the
Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash
or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital
stock and (v) the Company has not issued any equity securities to any officer, director or affiliate, except pursuant to existing
Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment of
information. Except for the issuance of the Shares contemplated by this Agreement and the Other Investors’ Agreements or
as set forth in the SEC Reports, no event, liability, fact, circumstance, occurrence or development has occurred or exists or
is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects,
properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities
laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior
to the date that this representation is made.

 

(e)
The Company shall (i) by the Disclosure Time (as defined below), issue a press release disclosing the material terms of the
transactions contemplated hereby and (ii) make such other filings and notices in the manner and time required by the Commission
with respect to the transactions contemplated hereby. The Company shall not identify the Investor by name in any press release
or public filing, or otherwise publicly disclose the Investor’s name, without the Investor’s prior written consent,
unless required by law or the rules and regulations of any self-regulatory organization or exchange to which the Company or its
securities are subject. For the purposes of this Agreement, “Disclosure Time” means, (i) if this Agreement
is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City time)
on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, and (ii) if this
Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than
9:01 a.m. (New York City time) on the date hereof.

 

    	3

    	 

    

 

(f)
The making, execution and performance of this Agreement by the Company and the consummation of the transactions contemplated
herein will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default
under, (i) the charter, bylaws or other organizational documents of the Company, as applicable, (ii) any law, order, rule, regulation,
writ, injunction, judgment or decree of any court, administrative agency, regulatory body, government or governmental agency or
body, domestic or foreign, having jurisdiction over the Company or its properties (including federal and state securities laws
and regulations and the rules and regulations of the NYSE American or other applicable Exchange) or (iii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights
of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any
of its Subsidiaries is a party, except for any conflict, breach, violation or default which is not reasonably likely to have a
material adverse effect on the Company, its Subsidiaries or any property or asset of the Company or any of its Subsidiaries or
the Company’s performance of its obligations hereunder or the consummation of the transactions contemplated hereby.

 

(g)
The Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any
court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver
or perform any of its obligations hereunder in accordance with the terms hereof, other than (i) as may be required under the Securities
Act, (ii) any necessary qualification of the Shares under the securities or blue sky laws of the various jurisdictions in which
the Shares are being offered and (iii) under the rules and regulations of the Financial Industry Regulatory Authority (“FINRA”)
or the NYSE American. All consents, authorizations, orders, filings and registrations which the Company is required to obtain
pursuant to the preceding sentence will be obtained or effected on or prior to the Closing Date, and the Company and its Subsidiaries
are unaware of any facts or circumstances which might prevent the Company from obtaining or effecting any of the registration,
application or filings pursuant to the preceding sentence.

 

(h)
The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed
to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the
Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities
of the Company.

 

8.
The Investor hereby makes the following representations, warranties and covenants to the Company:

 

(a)
The Investor represents that (i) it has received or had full access to the Base Prospectus, as well as the Company’s
periodic reports and other information incorporated by reference therein, prior to or in connection with its receipt of this Agreement,
(ii) it is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions with respect to investments
in securities representing an investment decision like that involved in the purchase of the Shares, and (iii) it does not have
any agreement or understanding, directly or indirectly, with any person or entity to distribute any of the Shares.

 

(b)
At the time the Investor was offered the Shares, it was, and as of the date hereof it is, an “accredited investor”
as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act.

 

(c)
The Investor has the requisite power and authority to enter into this Agreement and to consummate the transactions contemplated
hereby. The execution and delivery of this Agreement by the Investor and the consummation by it of the transactions contemplated
hereunder have been duly authorized by all necessary action on the part of the Investor. This Agreement has been executed by the
Investor and, when delivered in accordance with the terms hereof, will constitute a valid and binding obligation of the Investor
enforceable against the Investor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally
and except as enforceability may be subject to general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law).

 

    	4

    	 

    

 

(d)
The Investor understands that nothing in this Agreement or any other materials presented to the Investor in connection with
the purchase and sale of the Shares constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and
investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the
Shares.

 

(e)
The making, execution and performance of this Agreement by the Investor and the consummation of the transactions contemplated
herein will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default
under, (i) the charter, bylaws or other organizational documents of such Investor, as applicable, or (ii) any law, order, rule,
regulation, writ, injunction, judgment or decree of any court, administrative agency, regulatory body, government or governmental
agency or body, domestic or foreign, having jurisdiction over such Investor or its properties, except for any conflict, breach,
violation or default which is not reasonably likely to have a material adverse effect on such Investor’s performance of
its obligations hereunder or the consummation of the transactions contemplated hereby.

 

(f)
The Investor is a party to a confidentiality agreement with the Company, pursuant to which it will maintain the confidentiality
of, and not use in any way (including not trading on the basis of) all information acquired in connection with the transactions
contemplated herein prior to the public disclosure of that information by the Company.

 

(g)
Neither the Investor nor any Person acting on behalf of, or pursuant to any understanding with or based upon any information
received from, the Investor has, directly or indirectly, engaged in any purchases or sales of the securities of the Company (including,
without limitation, any Short Sales involving the Company’s securities) since the time that the Investor first discussed
the transactions contemplated hereby with the Company. “Short Sales” include, without limitation, all “short
sales” as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), whether or not against the box, and all types of direct and indirect stock pledges, forward
sale contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h)
under the Exchange Act) and similar arrangements (including on a total return basis), and sales and other transactions through
non-U.S. broker dealers or foreign regulated brokers. The Investor covenants that neither it, nor any Person acting on behalf
of, or pursuant to any understanding with or based upon any information received from, will engage in any purchases or sales of
the securities of the Company (including Short Sales) prior to the time that the Company confirms to the Purchaser in writing
that all material nonpublic information has been publicly disclosed.

 

(h)
The Investor represents that, except as set forth below, (i) it has had no position, office or other material relationship
within the past three years with the Company or persons known to it to be affiliates of the Company, (ii) it is not a, and it
has no direct or indirect association with any, FINRA member or an Associated Person (as such term is defined under the FINRA
Membership and Registration Rules Section 1011) as of the date hereof, and (iii) neither it nor any group of investors (as identified
in a public filing made with the Commission) of which it is a member, acquired, or obtained the right to acquire, 20% or more
of the Common Stock (or securities convertible or exercisable for Common Stock) or the voting power of the Company on a post-transaction
basis. Exceptions:

 

Those
matters disclosed in regulatory filings by the Investor and its affiliates 

(If
no exceptions, write “none.” If left blank, response will be deemed to be “none.”)

 

    	5

    	 

    

 

(i)
The Investor acknowledges that it has had the opportunity to review this Agreement (including all exhibits and schedules thereto)
and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of representatives
of the Company and to receive answers from such representatives concerning the terms and conditions of the offering of the Shares
and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition,
results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and
(iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort
or expense that is necessary to make an informed investment decision with respect to the investment.

 

9.
Except as expressly set forth in this Agreement to the contrary, each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement.

 

10.
Notwithstanding any investigation made by any party to this Agreement, all covenants, agreements, representations and warranties
made by the Company and the Investor herein will survive the execution of this Agreement, the delivery to the Investor of the
Shares being purchased and the payment therefor.

 

11.
This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Investor.

 

12.
In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.

 

13.
This Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York, without
giving effect to the principles of conflicts of law that would require the application of the laws of any other jurisdiction.

 

14.
This Agreement may be executed in counterparts, each of which will constitute an original, but all of which, when taken together,
will constitute but one instrument, and will become effective when counterparts have been signed by each party hereto and delivered
to the other party, and such counterparts may be delivered electronically.

 

15.
This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and
is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

16.
The Investor acknowledges and agrees that such Investor’s receipt of the Company’s counterpart to this Agreement
shall constitute written confirmation of the Company’s sale of Shares to such Investor.

 

    	6

    	 

    

 

INVESTOR
SIGNATURE PAGE

 

Number
of Shares: 768,376

Purchase
Price Per Share: $2.156

Aggregate
Purchase Price: $1,656,618.66

 

Please
confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose.

 

Dated
as of January 2, 2020

 

BROADWOOD
PARTNERS, L.P.

 

INVESTOR

 

By:
/s/ Neal C. Bradsher

Print
Name: Neal C. Bradsher

Title:
President of Broadwood Capital, Inc. (the General Partner of Broadwood Partners, L.P.)

 

Name
in which Securities are to be registered: Broadwood Partners, L.P.

Mailing
Address: c/o Broadwood Capital, Inc., 724 Fifth Avenue, 9th Floor, New York, NY 10019

Facsimile
Number:

Email
Address:

Taxpayer
Identification Number:

 

Manner
of Settlement of the Shares: DWAC (The Shares will be sent from the Company’s transfer agent, American Stock Transfer &
Trust Company, by DWAC to your prime broker. You must contact your prime broker and ask them to initiate the DWAC
or you will not receive the Shares. The Shares will only be released after the Company’s receipt of the funds.)

 

	Name
    of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are maintained)	 	Please
    see the attached instructions
	 	 	 
	DTC
    Participant Number	 	 
	 	 	 
	Name
    of Account at DTC Participant being credited with the Shares	 	 
	 	 	 
	Account
    Number at DTC Participant being credited with the Shares	 	 

 

Agreed
and Accepted this 2nd day of January, 2020:

 

OncoCyte
Corporation

 

	By:	/s/
    Mitchell Levine	 
	Name:	Mitchell
    Levine	 
	Title:	Chief
    Financial Officer	 

 

Sales
of the Shares purchased hereunder were made pursuant to a registration statement or in a transaction in which a final prospectus
would have been required to have been delivered in the absence of Rule 172 promulgated under the Securities Act.

 

    	7

    	 

    

 

SUBSCRIPTION
AGREEMENT

 

OncoCyte
Corporation

1010
Atlantic Avenue, Suite 102

Alameda,
California 94501

 

Ladies
and Gentlemen:

 

The
undersigned (the “Investor”) hereby confirms and agrees with you as follows:

 

1.
This Subscription Agreement (this “Agreement”) is made as of the date set forth below between OncoCyte
Corporation, a California corporation (the “Company”), and the Investor.

 

2.
The Company is offering to sell and issue up to 600,000 shares, in the aggregate, (the “Shares”) of the
Company’s common stock, no par value per share (the “Common Stock” and such offering, the “Offering”)
at a per Share purchase price of $2.156 (subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Common Stock that occur after the date of this Agreement). The Shares being offered have
been registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the Company’s
Registration Statement on Form S-3 (No. 333-231980), including all amendments thereto, the exhibits and any schedules thereto,
the documents otherwise deemed to be a part thereof or included therein by the rules and regulations (the “Rules and
Regulations”) of the U.S. Securities and Exchange Commission (the “Commission”) and any registration
statement relating to the Offering and filed pursuant to Rule 462(b) under the Rules and Regulations (collectively, the “Registration
Statement”). The Investor acknowledges that the Company intends to enter into subscription agreements in substantially
the same form as this Agreement, on the same terms and conditions and prices as hereunder (the “Other Investors’
Agreements”), with certain other accredited investors.

 

3.
As of the Closing (as defined below), and subject to the terms and conditions hereof, the Company and the Investor agree that
the Investor will purchase from the Company and the Company will issue and sell to the Investor such number of Shares (the “Subscription”
and such Shares, the “Investor’s Shares”) as is set forth on the signature page hereto (the “Signature
Page”). The Investor acknowledges that the Offering is being conducted on a best efforts basis and there is no minimum
offering amount. On the Closing Date, (as defined below), the Investor’s Shares will be delivered on an expedited basis
via The Depository Trust Company’s Deposit and Withdrawal at Custodian service (“DWAC”), registered in
the name of the Investor. This Offering will not clear directly through an underwriter, placement agent or similar broker. Consequently,
the Investor must instruct their individual broker how to settle the transaction.

 

4.
The completion of the purchase and sale of the Shares shall occur at the closing (the “Closing”) which
shall occur on the Trading Day (as defined below) on which all conditions precedent to (i) the Investor’s obligation to
pay the aggregate purchase price for the Investor’s Shares (the “Subscription Amount”) and (ii) the Company’s
obligations to deliver the Investor’s Shares, in each case, have been satisfied or waived, but in no event later than January
7, 2020 (the “Closing Date”). On the Closing Date, (a) the Company shall cause its transfer agent to deliver
on an expedited basis via DWAC the Investor’s Shares and (b) the Subscription Amount will be delivered by or on behalf of
the Investor to the Company by wire transfer pursuant to the Company’s wire instructions delivered to the Investor on Company
letterhead prior to the Closing Date. In the event that the Company is unable to fulfill its obligations hereunder at Closing
by January 10, 2020, Investor shall have the right, but not the obligation, to terminate this Agreement and the Subscription hereunder.
For purposes of this Agreement, “Trading Day” means any day on which the Common Stock is traded on the principal
securities exchange or trading market on which the Common Stock is then traded (the “Exchange”); provided that
“Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market
for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such Exchange
(or if such Exchange does not designate in advance the closing time of trading on such Exchange, then during the hour ending at
4:00 p.m., New York time).

 

    	8

    	 

    

 

5.
The Registration Statement filed by the Company with the Commission contains a prospectus (the “Base Prospectus”)
and the Company will promptly file with the Commission a final prospectus supplement (the “Prospectus Supplement”
and collectively with the Base Prospectus, the “Prospectus”) with respect to the Registration Statement in
material conformity with the Securities Act, including Rule 424(b) thereunder. The Investor hereby consents to delivery of the
Prospectus in accordance with Rule 172 under the Securities Act.

 

6.
The obligations of the Company to issue and sell the Shares to the Investor shall be subject to: (i) the receipt by the Company
of the Subscription Amount and (ii) the accuracy of the representations and warranties made by the Investor and the fulfillment
of those undertakings of the Investor to be fulfilled prior to the Closing Date.

 

7.
Except as set forth in the SEC Reports (as defined below), the Company hereby makes the following representations, warranties
and covenants to the Investor:

 

(a)
The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and the Other Investors’ Agreements and otherwise to carry out its obligations hereunder. The execution
and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereunder have been
duly authorized by all necessary action on the part of the Company. This Agreement has been duly executed by the Company and,
when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights generally or by general principles
of equity.

 

(b)
The Shares are duly authorized and, when issued and paid for in accordance with this Agreement and the Other Investors’
Agreements, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company.
The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant
to this Agreement. The Company has prepared and filed the Registration Statement in material conformity with the requirements
of the Securities Act, which became effective on June 18, 2019 (the “Effective Date”), and such amendments
and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under
the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or
preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted
or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of
the Commission, shall file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time the Registration
Statement and any amendments thereto became effective, at the date of this Agreement and as of the Closing Date, the Registration
Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements
thereto, at time the Prospectus or any amendment or supplement thereto was issued and as of the Closing Date, conformed and will
conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.

 

    	9

    	 

    

 

(c)
The Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than
pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of Common
Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise
of any securities convertible into, exercisable or exchangeable for, or otherwise representing the right to acquire shares of
Common Stock (each, a “Common Stock Equivalent”) outstanding as of the date of the most recently filed SEC
Report (as defined below). No Person has any right of first refusal, preemptive right, right of participation, or any similar
right to participate in the transactions contemplated by this Agreement. Except as otherwise disclosed in the SEC Reports (as
defined below) or as a result of the purchase and sale of the Shares, there are no outstanding options, warrants, scrip rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible
into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock,
or contracts, commitments, understandings or arrangements by which the Company or any of its consolidated subsidiaries (each a
“Subsidiary”) is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents.
The issuance and sale of the Shares will not obligate the Company to issue shares of Common Stock or other securities to any person
(other than to investors in this Offering) and will not result in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price under any of such securities. All of the outstanding shares of capital stock of the Company
are duly authorized, validly issued, fully paid and nonassessable, have been issued in material compliance with all federal and
state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights
to subscribe for or purchase securities. No further approval or authorization of any stockholder or the Board of Directors is
required for the issuance and sale of the Shares. Except as otherwise disclosed in the SEC Reports, there are no stockholders
agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company
is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

(d)
Since the date of the latest audited financial statements included within any report or definitive proxy or information statements
filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange
Act (the “SEC Reports”), except as specifically disclosed in a subsequent SEC Report filed prior to the date
hereof, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in
a material adverse effect, or any development that would reasonably be expected to result in a material adverse change, in the
condition, financial or otherwise, or in the results of operations, business, operations or prospects, whether or not arising
from transactions in the ordinary course of business, of the Company and its Subsidiaries, considered as one entity (any such
effect is called a “Material Adverse Effect”), (ii) the Company has not incurred any liabilities (contingent
or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past
practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to United States
generally accepted accounting principles (“GAAP”) or disclosed in filings made with the Commission, (iii) the
Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash
or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital
stock and (v) the Company has not issued any equity securities to any officer, director or affiliate, except pursuant to existing
Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment of
information. Except for the issuance of the Shares contemplated by this Agreement and the Other Investors’ Agreements or
as set forth in the SEC Reports, no event, liability, fact, circumstance, occurrence or development has occurred or exists or
is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects,
properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities
laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior
to the date that this representation is made.

 

(e)
The Company shall (i) by the Disclosure Time (as defined below), issue a press release disclosing the material terms of the
transactions contemplated hereby and (ii) make such other filings and notices in the manner and time required by the Commission
with respect to the transactions contemplated hereby. The Company shall not identify the Investor by name in any press release
or public filing, or otherwise publicly disclose the Investor’s name, without the Investor’s prior written consent,
unless required by law or the rules and regulations of any self-regulatory organization or exchange to which the Company or its
securities are subject. For the purposes of this Agreement, “Disclosure Time” means, (i) if this Agreement
is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City time)
on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, and (ii) if this
Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than
9:01 a.m. (New York City time) on the date hereof.

 

    	10

    	 

    

 

(f)
The making, execution and performance of this Agreement by the Company and the consummation of the transactions contemplated
herein will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default
under, (i) the charter, bylaws or other organizational documents of the Company, as applicable, (ii) any law, order, rule, regulation,
writ, injunction, judgment or decree of any court, administrative agency, regulatory body, government or governmental agency or
body, domestic or foreign, having jurisdiction over the Company or its properties (including federal and state securities laws
and regulations and the rules and regulations of the NYSE American or other applicable Exchange) or (iii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights
of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any
of its Subsidiaries is a party, except for any conflict, breach, violation or default which is not reasonably likely to have a
material adverse effect on the Company, its Subsidiaries or any property or asset of the Company or any of its Subsidiaries or
the Company’s performance of its obligations hereunder or the consummation of the transactions contemplated hereby.

 

(g)
The Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any
court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver
or perform any of its obligations hereunder in accordance with the terms hereof, other than (i) as may be required under the Securities
Act, (ii) any necessary qualification of the Shares under the securities or blue sky laws of the various jurisdictions in which
the Shares are being offered and (iii) under the rules and regulations of the Financial Industry Regulatory Authority (“FINRA”)
or the NYSE American. All consents, authorizations, orders, filings and registrations which the Company is required to obtain
pursuant to the preceding sentence will be obtained or effected on or prior to the Closing Date, and the Company and its Subsidiaries
are unaware of any facts or circumstances which might prevent the Company from obtaining or effecting any of the registration,
application or filings pursuant to the preceding sentence.

 

(h)
The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed
to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the
Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities
of the Company.

 

8.
The Investor hereby makes the following representations, warranties and covenants to the Company:

 

(a)
The Investor represents that (i) it has received or had full access to the Base Prospectus, as well as the Company’s
periodic reports and other information incorporated by reference therein, prior to or in connection with its receipt of this Agreement,
(ii) it is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions with respect to investments
in securities representing an investment decision like that involved in the purchase of the Shares, and (iii) it does not have
any agreement or understanding, directly or indirectly, with any person or entity to distribute any of the Shares.

 

(b)
At the time the Investor was offered the Shares, it was, and as of the date hereof it is, an “accredited investor”
as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act.

 

(c)
The Investor has the requisite power and authority to enter into this Agreement and to consummate the transactions contemplated
hereby. The execution and delivery of this Agreement by the Investor and the consummation by it of the transactions contemplated
hereunder have been duly authorized by all necessary action on the part of the Investor. This Agreement has been executed by the
Investor and, when delivered in accordance with the terms hereof, will constitute a valid and binding obligation of the Investor
enforceable against the Investor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally
and except as enforceability may be subject to general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law).

 

    	11

    	 

    

 

(d)
The Investor understands that nothing in this Agreement or any other materials presented to the Investor in connection with
the purchase and sale of the Shares constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and
investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the
Shares.

 

(e)
The making, execution and performance of this Agreement by the Investor and the consummation of the transactions contemplated
herein will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default
under, (i) the charter, bylaws or other organizational documents of such Investor, as applicable, or (ii) any law, order, rule,
regulation, writ, injunction, judgment or decree of any court, administrative agency, regulatory body, government or governmental
agency or body, domestic or foreign, having jurisdiction over such Investor or its properties, except for any conflict, breach,
violation or default which is not reasonably likely to have a material adverse effect on such Investor’s performance of
its obligations hereunder or the consummation of the transactions contemplated hereby.

 

(f)
The Investor is a party to a confidentiality agreement with the Company, pursuant to which it will maintain the confidentiality
of, and not use in any way (including not trading on the basis of) all information acquired in connection with the transactions
contemplated herein prior to the public disclosure of that information by the Company.

 

(g)
Neither the Investor nor any Person acting on behalf of, or pursuant to any understanding with or based upon any information
received from, the Investor has, directly or indirectly, engaged in any purchases or sales of the securities of the Company (including,
without limitation, any Short Sales involving the Company’s securities) since the time that the Investor first discussed
the transactions contemplated hereby with the Company. “Short Sales” include, without limitation, all “short
sales” as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), whether or not against the box, and all types of direct and indirect stock pledges, forward
sale contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h)
under the Exchange Act) and similar arrangements (including on a total return basis), and sales and other transactions through
non-U.S. broker dealers or foreign regulated brokers. The Investor covenants that neither it, nor any Person acting on behalf
of, or pursuant to any understanding with or based upon any information received from, will engage in any purchases or sales of
the securities of the Company (including Short Sales) prior to the time that the Company confirms to the Purchaser in writing
that all material nonpublic information has been publicly disclosed.

 

(h)
The Investor represents that, except as set forth below, (i) it has had no position, office or other material relationship
within the past three years with the Company or persons known to it to be affiliates of the Company, (ii) it is not a, and it
has no direct or indirect association with any, FINRA member or an Associated Person (as such term is defined under the FINRA
Membership and Registration Rules Section 1011) as of the date hereof, and (iii) neither it nor any group of investors (as identified
in a public filing made with the Commission) of which it is a member, acquired, or obtained the right to acquire, 20% or more
of the Common Stock (or securities convertible or exercisable for Common Stock) or the voting power of the Company on a post-transaction
basis. Exceptions:

 

Those
matters disclosed in regulatory filings by the Investor and its affiliates 

(If
no exceptions, write “none.” If left blank, response will be deemed to be “none.”)

 

    	12

    	 

    

 

(i)
The Investor acknowledges that it has had the opportunity to review this Agreement (including all exhibits and schedules thereto)
and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of representatives
of the Company and to receive answers from such representatives concerning the terms and conditions of the offering of the Shares
and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition,
results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and
(iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort
or expense that is necessary to make an informed investment decision with respect to the investment.

 

9.
Except as expressly set forth in this Agreement to the contrary, each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement.

 

10.
Notwithstanding any investigation made by any party to this Agreement, all covenants, agreements, representations and warranties
made by the Company and the Investor herein will survive the execution of this Agreement, the delivery to the Investor of the
Shares being purchased and the payment therefor.

 

11.
This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Investor.

 

12.
In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.

 

13.
This Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York, without
giving effect to the principles of conflicts of law that would require the application of the laws of any other jurisdiction.

 

14.
This Agreement may be executed in counterparts, each of which will constitute an original, but all of which, when taken together,
will constitute but one instrument, and will become effective when counterparts have been signed by each party hereto and delivered
to the other party, and such counterparts may be delivered electronically.

 

15.
This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and
is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

16.
The Investor acknowledges and agrees that such Investor’s receipt of the Company’s counterpart to this Agreement
shall constitute written confirmation of the Company’s sale of Shares to such Investor.

 

    	13

    	 

    

 

INVESTOR
SIGNATURE PAGE

 

Number
of Shares: 600,000

Purchase
Price Per Share: $2.156

Aggregate
Purchase Price: $1,293,600

 

Please
confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose.

 

Dated
as of December 31, 2019 (executed January 2, 2020)

 

PURA
VIDA MASTER FUND, LTD.

 

INVESTOR

 

By: /s/ Efrem Kamen 

Print
Name: Efrem Kamen

Title:
Managing Member of Pura Vida Investments, LLC, in its capacity as investment manager to Investor

 

Name
in which Securities are to be registered: Pura Vida Master Fund, Ltd.

Mailing
Address: c/o Pura Vida Investments, LLC, 150 East 52nd Street, Suite 32001, New York, NY, 10022

Facsimile
Number:

Email
Address:

Taxpayer
Identification Number:

 

Manner
of Settlement of the Shares: DWAC (The Shares will be sent from the Company’s transfer agent, American Stock Transfer &
Trust Company, by DWAC to your prime broker. You must contact your prime broker and ask them to initiate the DWAC
or you will not receive the Shares. The Shares will only be released after the Company’s receipt of the funds.)

 

	Name
    of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are maintained)	 	Please
    see the attached instructions
	 	 	 
	DTC
    Participant Number	 	 
	 	 	 
	Name
    of Account at DTC Participant being credited with the Shares	 	 
	 	 	 
	Account
    Number at DTC Participant being credited with the Shares	 	 

 

Agreed
and Accepted this 2nd day of January 2020:

 

OncoCyte
Corporation

 

	By:	/s/
    Mitchell Levine	 
	Name:	Mitch
    Levine	 
	Title:
    	Chief
    Financial Officer	 

 

Sales
of the Shares purchased hereunder were made pursuant to a registration statement or in a transaction in which a final prospectus
would have been required to have been delivered in the absence of Rule 172 promulgated under the Securities Act.

 

    	14

    	 

    

 

SUBSCRIPTION
AGREEMENT

 

OncoCyte
Corporation

1010
Atlantic Avenue, Suite 102

Alameda,
California 94501

 

Ladies
and Gentlemen:

 

The
undersigned (the “Investor”) hereby confirms and agrees with you as follows:

 

1.
This Subscription Agreement (this “Agreement”) is made as of the date set forth below between OncoCyte
Corporation, a California corporation (the “Company”), and the Investor.

 

2.
The Company is offering to sell and issue up to 1,091,200 shares, in the aggregate, (the “Shares”) of the
Company’s common stock, no par value per share (the “Common Stock” and such offering, the “Offering”)
at a per Share purchase price of $2.156 (subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Common Stock that occur after the date of this Agreement). The Shares being offered have
been registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the Company’s
Registration Statement on Form S-3 (No. 333-231980), including all amendments thereto, the exhibits and any schedules thereto,
the documents otherwise deemed to be a part thereof or included therein by the rules and regulations (the “Rules and
Regulations”) of the U.S. Securities and Exchange Commission (the “Commission”) and any registration
statement relating to the Offering and filed pursuant to Rule 462(b) under the Rules and Regulations (collectively, the “Registration
Statement”). The Investor acknowledges that the Company intends to enter into subscription agreements in substantially
the same form as this Agreement, on the same terms and conditions and prices as hereunder (the “Other Investors’
Agreements”), with certain other accredited investors. 

 

3.
As of the Closing (as defined below), and subject to the terms and conditions hereof, the Company and the Investor agree that
the Investor will purchase from the Company and the Company will issue and sell to the Investor such number of Shares (the “Subscription”
and such Shares, the “Investor’s Shares”) as is set forth on the signature page hereto (the “Signature
Page”). The Investor acknowledges that the Offering is being conducted on a best efforts basis and there is no minimum
offering amount. On the Closing Date, (as defined below), the Investor’s Shares will be delivered on an expedited basis
via The Depository Trust Company’s Deposit and Withdrawal at Custodian service (“DWAC”), registered in
the name of the Investor. This Offering will not clear directly through an underwriter, placement agent or similar broker. Consequently,
the Investor must instruct their individual broker how to settle the transaction. 

 

4.
The completion of the purchase and sale of
the Shares shall occur at the closing (the “Closing”) which shall occur on the Trading Day (as defined below)
on which all conditions precedent to (i) the Investor’s obligation to pay the aggregate purchase price for the Investor’s
Shares (the “Subscription Amount”) and (ii) the Company’s obligations to deliver the Investor’s
Shares, in each case, have been satisfied or waived, but in no event later than January 7, 2020 (the “Closing Date”).
On the Closing Date, (a) the Company shall cause its transfer agent to deliver on an expedited basis via DWAC the Investor’s
Shares and (b) the Subscription Amount will be delivered by or on behalf of the Investor to the Company by wire transfer pursuant
to the Company’s wire instructions delivered to the Investor on Company letterhead prior to the Closing Date. In the event
that the Company is unable to fulfill its obligations hereunder at Closing by January 10, 2020, Investor shall have the right,
but not the obligation, to terminate this Agreement and the Subscription hereunder. For purposes of this Agreement, “Trading
Day” means any day on which the Common Stock is traded on the principal securities exchange or trading market on which
the Common Stock is then traded (the “Exchange”); provided that “Trading Day” shall not include
any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the
Common Stock is suspended from trading during the final hour of trading on such Exchange (or if such Exchange does not designate
in advance the closing time of trading on such Exchange, then during the hour ending at 4:00 p.m., New York time).

 

    	15

    	 

    

 

5.
The Registration Statement filed by the Company with the Commission contains a prospectus (the “Base Prospectus”)
and the Company will promptly file with the Commission a final prospectus supplement (the “Prospectus Supplement”
and collectively with the Base Prospectus, the “Prospectus”) with respect to the Registration Statement in
material conformity with the Securities Act, including Rule 424(b) thereunder. The Investor hereby consents to delivery of the
Prospectus in accordance with Rule 172 under the Securities Act.

 

6.
The obligations of the Company to issue and sell the Shares to the Investor shall be subject to: (i) the receipt by the Company
of the Subscription Amount and (ii) the accuracy of the representations and warranties made by the Investor and the fulfillment
of those undertakings of the Investor to be fulfilled prior to the Closing Date.

 

7.
Except as set forth in the SEC Reports (as defined below), the Company hereby makes the following representations, warranties
and covenants to the Investor:

 

(a)
The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and the Other Investors’ Agreements and otherwise to carry out its obligations hereunder. The execution
and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereunder have been
duly authorized by all necessary action on the part of the Company. This Agreement has been duly executed by the Company and,
when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights generally or by general principles
of equity.

 

(b)
The Shares are duly authorized and, when issued and paid for in accordance with this Agreement and the Other Investors’
Agreements, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company.
The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant
to this Agreement. The Company has prepared and filed the Registration Statement in material conformity with the requirements
of the Securities Act, which became effective on June 18, 2019 (the “Effective Date”), and such amendments
and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under
the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or
preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted
or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of
the Commission, shall file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time the Registration
Statement and any amendments thereto became effective, at the date of this Agreement and as of the Closing Date, the Registration
Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements
thereto, at time the Prospectus or any amendment or supplement thereto was issued and as of the Closing Date, conformed and will
conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.

 

    	16

    	 

    

 

(c)
The Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than
pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of Common
Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise
of any securities convertible into, exercisable or exchangeable for, or otherwise representing the right to acquire shares of
Common Stock (each, a “Common Stock Equivalent”) outstanding as of the date of the most recently filed SEC
Report (as defined below). No Person has any right of first refusal, preemptive right, right of participation, or any similar
right to participate in the transactions contemplated by this Agreement. Except as otherwise disclosed in the SEC Reports (as
defined below) or as a result of the purchase and sale of the Shares, there are no outstanding options, warrants, scrip rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible
into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock,
or contracts, commitments, understandings or arrangements by which the Company or any of its consolidated subsidiaries (each a
“Subsidiary”) is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents.
The issuance and sale of the Shares will not obligate the Company to issue shares of Common Stock or other securities to any person
(other than to investors in this Offering) and will not result in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price under any of such securities. All of the outstanding shares of capital stock of the Company
are duly authorized, validly issued, fully paid and nonassessable, have been issued in material compliance with all federal and
state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights
to subscribe for or purchase securities. No further approval or authorization of any stockholder or the Board of Directors is
required for the issuance and sale of the Shares. Except as otherwise disclosed in the SEC Reports, there are no stockholders
agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company
is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

(d)
Since the date of the latest audited financial statements included within any report or definitive proxy or information statements
filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange
Act (the “SEC Reports”), except as specifically disclosed in a subsequent SEC Report filed prior to the date
hereof, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in
a material adverse effect, or any development that would reasonably be expected to result in a material adverse change, in the
condition, financial or otherwise, or in the results of operations, business, operations or prospects, whether or not arising
from transactions in the ordinary course of business, of the Company and its Subsidiaries, considered as one entity (any such
effect is called a “Material Adverse Effect”), (ii) the Company has not incurred any liabilities (contingent
or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past
practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to United States
generally accepted accounting principles (“GAAP”) or disclosed in filings made with the Commission, (iii) the
Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash
or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital
stock and (v) the Company has not issued any equity securities to any officer, director or affiliate, except pursuant to existing
Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment of
information. Except for the issuance of the Shares contemplated by this Agreement and the Other Investors’ Agreements or
as set forth in the SEC Reports, no event, liability, fact, circumstance, occurrence or development has occurred or exists or
is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects,
properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities
laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior
to the date that this representation is made. 

 

(e)
The Company shall (i) by the Disclosure Time (as defined below), issue a press release disclosing the material terms of the
transactions contemplated hereby and (ii) make such other filings and notices in the manner and time required by the Commission
with respect to the transactions contemplated hereby. The Company shall not identify the Investor by name in any press release
or public filing, or otherwise publicly disclose the Investor’s name, without the Investor’s prior written consent,
unless required by law or the rules and regulations of any self-regulatory organization or exchange to which the Company or its
securities are subject. For the purposes of this Agreement, “Disclosure Time” means, (i) if this Agreement
is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City time)
on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, and (ii) if this
Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than
9:01 a.m. (New York City time) on the date hereof.

 

    	17

    	 

    

 

(f)
The making, execution and performance of this Agreement by the Company and the consummation of the transactions contemplated
herein will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default
under, (i) the charter, bylaws or other organizational documents of the Company, as applicable, (ii) any law, order, rule, regulation,
writ, injunction, judgment or decree of any court, administrative agency, regulatory body, government or governmental agency or
body, domestic or foreign, having jurisdiction over the Company or its properties (including federal and state securities laws
and regulations and the rules and regulations of the NYSE American or other applicable Exchange) or (iii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights
of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any
of its Subsidiaries is a party, except for any conflict, breach, violation or default which is not reasonably likely to have a
material adverse effect on the Company, its Subsidiaries or any property or asset of the Company or any of its Subsidiaries or
the Company’s performance of its obligations hereunder or the consummation of the transactions contemplated hereby.

 

(g)
The Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any
court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver
or perform any of its obligations hereunder in accordance with the terms hereof, other than (i) as may be required under the Securities
Act, (ii) any necessary qualification of the Shares under the securities or blue sky laws of the various jurisdictions in which
the Shares are being offered and (iii) under the rules and regulations of the Financial Industry Regulatory Authority (“FINRA”)
or the NYSE American. All consents, authorizations, orders, filings and registrations which the Company is required to obtain
pursuant to the preceding sentence will be obtained or effected on or prior to the Closing Date, and the Company and its Subsidiaries
are unaware of any facts or circumstances which might prevent the Company from obtaining or effecting any of the registration,
application or filings pursuant to the preceding sentence. 

 

(h)
The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed
to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the
Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities
of the Company.

 

8.
The Investor hereby makes the following representations, warranties and covenants to the Company:

 

(a)
The Investor represents that (i) it has received or had full access to the Base Prospectus, as well as the Company’s
periodic reports and other information incorporated by reference therein, prior to or in connection with its receipt of this Agreement,
(ii) it is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions with respect to investments
in securities representing an investment decision like that involved in the purchase of the Shares, and (iii) it does not have
any agreement or understanding, directly or indirectly, with any person or entity to distribute any of the Shares.

 

(b)
At the time the Investor was offered the Shares, it was, and as of the date hereof it is, an “accredited investor”
as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act.

 

(c)
The Investor has the requisite power and authority to enter into this Agreement and to consummate the transactions contemplated
hereby. The execution and delivery of this Agreement by the Investor and the consummation by it of the transactions contemplated
hereunder have been duly authorized by all necessary action on the part of the Investor. This Agreement has been executed by the
Investor and, when delivered in accordance with the terms hereof, will constitute a valid and binding obligation of the Investor
enforceable against the Investor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally
and except as enforceability may be subject to general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law).

 

    	18

    	 

    

 

(d)
The Investor understands that nothing in this Agreement or any other materials presented to the Investor in connection with
the purchase and sale of the Shares constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and
investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the
Shares.

 

(e)
The making, execution and performance of this Agreement by the Investor and the consummation of the transactions contemplated
herein will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default
under, (i) the charter, bylaws or other organizational documents of such Investor, as applicable, or (ii) any law, order, rule,
regulation, writ, injunction, judgment or decree of any court, administrative agency, regulatory body, government or governmental
agency or body, domestic or foreign, having jurisdiction over such Investor or its properties, except for any conflict, breach,
violation or default which is not reasonably likely to have a material adverse effect on such Investor’s performance of
its obligations hereunder or the consummation of the transactions contemplated hereby. 

 

(f)
The Investor is a party to a confidentiality agreement with the Company, pursuant to which it will maintain the confidentiality
of, and not use in any way (including not trading on the basis of) all information acquired in connection with the transactions
contemplated herein prior to the public disclosure of that information by the Company.

 

(g)
Neither the Investor nor any Person acting on behalf of, or pursuant to any understanding with or based upon any information
received from, the Investor has, directly or indirectly, engaged in any purchases or sales of the securities of the Company (including,
without limitation, any Short Sales involving the Company’s securities) since the time that the Investor first discussed
the transactions contemplated hereby with the Company. “Short Sales” include, without limitation, all “short
sales” as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), whether or not against the box, and all types of direct and indirect stock pledges, forward
sale contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h)
under the Exchange Act) and similar arrangements (including on a total return basis), and sales and other transactions through
non-U.S. broker dealers or foreign regulated brokers. The Investor covenants that neither it, nor any Person acting on behalf
of, or pursuant to any understanding with or based upon any information received from, will engage in any purchases or sales of
the securities of the Company (including Short Sales) prior to the time that the Company confirms to the Purchaser in writing
that all material nonpublic information has been publicly disclosed. 

 

(h)
The Investor represents that, except as set forth below, (i) it has had no position, office or other material relationship
within the past three years with the Company or persons known to it to be affiliates of the Company, (ii) it is not a, and it
has no direct or indirect association with any, FINRA member or an Associated Person (as such term is defined under the FINRA
Membership and Registration Rules Section 1011) as of the date hereof, and (iii) neither it nor any group of investors (as identified
in a public filing made with the Commission) of which it is a member, acquired, or obtained the right to acquire, 20% or more
of the Common Stock (or securities convertible or exercisable for Common Stock) or the voting power of the Company on a post-transaction
basis. Exceptions:

 

Those
matters disclosed in regulatory filings by the Investor and its affiliates 

 (If
no exceptions, write “none.” If left blank, response will be deemed to be “none.”)

 

    	19

    	 

    

 

(i)
The Investor acknowledges that it has had the opportunity to review this Agreement (including all exhibits and schedules thereto)
and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of representatives
of the Company and to receive answers from such representatives concerning the terms and conditions of the offering of the Shares
and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition,
results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and
(iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort
or expense that is necessary to make an informed investment decision with respect to the investment.

 

9.
Except as expressly set forth in this Agreement to the contrary, each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement.

 

10.
Notwithstanding any investigation made by any party to this Agreement, all covenants, agreements, representations and warranties
made by the Company and the Investor herein will survive the execution of this Agreement, the delivery to the Investor of the
Shares being purchased and the payment therefor.

 

11.
This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Investor.

 

12.
In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.

 

13.
This Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York, without
giving effect to the principles of conflicts of law that would require the application of the laws of any other jurisdiction.

 

14.
This Agreement may be executed in counterparts, each of which will constitute an original, but all of which, when taken together,
will constitute but one instrument, and will become effective when counterparts have been signed by each party hereto and delivered
to the other party, and such counterparts may be delivered electronically. 

 

15.
This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and
is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

16.
The Investor acknowledges and agrees that such Investor’s receipt of the Company’s counterpart to this Agreement
shall constitute written confirmation of the Company’s sale of Shares to such Investor.

 

    	20

    	 

    

 

INVESTOR
SIGNATURE PAGE

 

Number
of Shares: 1,091,200

Purchase
Price Per Share: $2.156

Aggregate
Purchase Price: $2,352,627.20

 

Please
confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose.

 

Dated
as of December 31, 2019 (executed January 2, 2020)

 

Segregated
Account Highmark Long/Short Equity 20

 

INVESTOR 

 

By:
/s/ Efrem Kamen  

Print Name: Efrem Kamen  

Title: Managing Member of Pura Vida Investments, LLC, in its capacity as investment manager to Investor

 

Name in which Securities are to be registered: Segregated Account Highmark Long/Short Equity 20

Mailing Address: c/o Pura Vida Investments, LLC, 150 East 52nd Street, Suite 32001, New York, NY 10022

Facsimile Number:

Email Address:

Taxpayer Identification Number:

 

Manner
of Settlement of the Shares: DWAC (The Shares will be sent from the Company's transfer agent, American Stock Transfer & Trust
Company, by DWAC to your prime broker. You must contact your prime broker and ask them to initiate the DWAC or you will not receive
the Shares. The Shares will only be released after the Company’s receipt of the funds.)

 

	Name
    of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are maintained)	 	Please
    see the attached instructions
	 	 	 
	DTC Participant
    Number	 	 
	 	 	 
	Name of Account
    at DTC Participant being credited with the Shares	 	 
	 	 	 
	Account Number at
    DTC Participant being credited with the Shares	 	 

 

Agreed
and Accepted this 2nd day of January 2020:

 

	OncoCyte
    Corporation	 
	 	 	        
	By:	/s/
Mitchell Levine	 
	Name:	Mitchell
Levine 	 
	Title:
    	Chief
Financial Officer 	 

 

Sales
of the Shares purchased hereunder were made pursuant to a registration statement or in a transaction in which a final prospectus
would have been required to have been delivered in the absence of Rule 172 promulgated under the Securities Act.

 

    	21

    	 

    

SUBSCRIPTION
AGREEMENT

 

OncoCyte
Corporation

1010
Atlantic Avenue, Suite 102

Alameda,
California 94501 

 

Ladies
and Gentlemen:

 

The
undersigned (the “Investor”) hereby confirms and agrees with you as follows:

 

1. This
Subscription Agreement (this “Agreement”) is made as of the date set forth below between OncoCyte Corporation,
a California corporation (the “Company”), and the Investor.

 

2. The
Company is offering to sell and issue up to 532,100 shares, in the aggregate, (the “Shares”) of the Company’s
common stock, no par value per share (the “Common Stock” and such offering, the “Offering”)
at a per Share purchase price of $2.156 (subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Common Stock that occur after the date of this Agreement). The Shares being offered have
been registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the Company’s
Registration Statement on Form S-3 (No. 333-231980), including all amendments thereto, the exhibits and any schedules thereto,
the documents otherwise deemed to be a part thereof or included therein by the rules and regulations (the “Rules and
Regulations”) of the U.S. Securities and Exchange Commission (the “Commission”) and any registration
statement relating to the Offering and filed pursuant to Rule 462(b) under the Rules and Regulations (collectively, the “Registration
Statement”). The Investor acknowledges that the Company intends to enter into subscription agreements in substantially
the same form as this Agreement, on the same terms and conditions and prices as hereunder (the “Other Investors’
Agreements”), with certain other accredited investors.

 

3. As
of the Closing (as defined below), and subject to the terms and conditions hereof, the Company and the Investor agree that the
Investor will purchase from the Company and the Company will issue and sell to the Investor such number of Shares (the “Subscription”
and such Shares, the “Investor’s Shares”) as is set forth on the signature page hereto (the “Signature
Page”). The Investor acknowledges that the Offering is being conducted on a best efforts basis and there is no minimum
offering amount. On the Closing Date, (as defined below), the Investor’s Shares will be delivered on an expedited basis
via The Depository Trust Company’s Deposit and Withdrawal at Custodian service (“DWAC”), registered in
the name of the Investor. This Offering will not clear directly through an underwriter, placement agent or similar broker. Consequently,
the Investor must instruct their individual broker how to settle the transaction.

 

4. The
completion of the purchase and sale of the Shares shall occur at the closing (the “Closing”) which shall occur
on the Trading Day (as defined below) on which all conditions precedent to (i) the Investor’s obligation to pay the aggregate
purchase price for the Investor’s Shares (the “Subscription Amount”) and (ii) the Company’s obligations
to deliver the Investor’s Shares, in each case, have been satisfied or waived, but in no event later than January 7, 2020
(the “Closing Date”). On the Closing Date, (a) the Company shall cause its transfer agent to deliver on an
expedited basis via DWAC the Investor’s Shares and (b) the Subscription Amount will be delivered by or on behalf of the
Investor to the Company by wire transfer pursuant to the Company’s wire instructions delivered to the Investor on Company
letterhead prior to the Closing Date. In the event that the Company is unable to fulfill its obligations hereunder at Closing
by January 10, 2020, Investor shall have the right, but not the obligation, to terminate this Agreement and the Subscription hereunder.
For purposes of this Agreement, “Trading Day” means any day on which the Common Stock is traded on the principal
securities exchange or trading market on which the Common Stock is then traded (the “Exchange”); provided that
“Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market
for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such Exchange
(or if such Exchange does not designate in advance the closing time of trading on such Exchange, then during the hour ending at
4:00 p.m., New York time).

 

    	22

    	 

    

 

5. The
Registration Statement filed by the Company with the Commission contains a prospectus (the “Base Prospectus”)
and the Company will promptly file with the Commission a final prospectus supplement (the “Prospectus Supplement”
and collectively with the Base Prospectus, the “Prospectus”) with respect to the Registration Statement in
material conformity with the Securities Act, including Rule 424(b) thereunder. The Investor hereby consents to delivery of the
Prospectus in accordance with Rule 172 under the Securities Act.

 

6. The
obligations of the Company to issue and sell the Shares to the Investor shall be subject to: (i) the receipt by the Company of
the Subscription Amount and (ii) the accuracy of the representations and warranties made by the Investor and the fulfillment of
those undertakings of the Investor to be fulfilled prior to the Closing Date.

 

7. Except
as set forth in the SEC Reports (as defined below), the Company hereby makes the following representations, warranties and covenants
to the Investor:

 

(a) The
Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this
Agreement and the Other Investors’ Agreements and otherwise to carry out its obligations hereunder. The execution and delivery
of this Agreement by the Company and the consummation by it of the transactions contemplated hereunder have been duly authorized
by all necessary action on the part of the Company. This Agreement has been duly executed by the Company and, when delivered in
accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company
in accordance with its terms, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
or other similar laws affecting the enforcement of creditors’ rights generally or by general principles of equity.

 

(b) The
Shares are duly authorized and, when issued and paid for in accordance with this Agreement and the Other Investors’ Agreements,
will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company. The Company
has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement.
The Company has prepared and filed the Registration Statement in material conformity with the requirements of the Securities Act,
which became effective on June 18, 2019 (the “Effective Date”), and such amendments and supplements thereto
as may have been required to the date of this Agreement. The Registration Statement is effective under the Securities Act and
no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or preventing the use of
the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted or, to the knowledge
of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of the Commission, shall
file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time the Registration Statement and any amendments
thereto became effective, at the date of this Agreement and as of the Closing Date, the Registration Statement and any amendments
thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading; and the Prospectus and any amendments or supplements thereto, at time the Prospectus
or any amendment or supplement thereto was issued and as of the Closing Date, conformed and will conform in all material respects
to the requirements of the Securities Act and did not and will not contain an untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading.

 

    	23

    	 

    

 

(c) The
Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than pursuant
to the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of Common Stock
to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of any
securities convertible into, exercisable or exchangeable for, or otherwise representing the right to acquire shares of Common
Stock (each, a “Common Stock Equivalent”) outstanding as of the date of the most recently filed SEC Report
(as defined below). No Person has any right of first refusal, preemptive right, right of participation, or any similar right to
participate in the transactions contemplated by this Agreement. Except as otherwise disclosed in the SEC Reports (as defined below)
or as a result of the purchase and sale of the Shares, there are no outstanding options, warrants, scrip rights to subscribe to,
calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable
or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments,
understandings or arrangements by which the Company or any of its consolidated subsidiaries (each a “Subsidiary”)
is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. The issuance and sale of the Shares
will not obligate the Company to issue shares of Common Stock or other securities to any person (other than to investors in this
Offering) and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset
price under any of such securities. All of the outstanding shares of capital stock of the Company are duly authorized, validly
issued, fully paid and nonassessable, have been issued in material compliance with all federal and state securities laws, and
none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase
securities. No further approval or authorization of any stockholder or the Board of Directors is required for the issuance and
sale of the Shares. Except as otherwise disclosed in the SEC Reports, there are no stockholders agreements, voting agreements
or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge
of the Company, between or among any of the Company’s stockholders.

 

(d) Since
the date of the latest audited financial statements included within any report or definitive proxy or information statements filed
by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange
Act (the “SEC Reports”), except as specifically disclosed in a subsequent SEC Report filed prior to the date
hereof, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in
a material adverse effect, or any development that would reasonably be expected to result in a material adverse change, in the
condition, financial or otherwise, or in the results of operations, business, operations or prospects, whether or not arising
from transactions in the ordinary course of business, of the Company and its Subsidiaries, considered as one entity (any such
effect is called a “Material Adverse Effect”), (ii) the Company has not incurred any liabilities (contingent
or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past
practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to United States
generally accepted accounting principles (“GAAP”) or disclosed in filings made with the Commission, (iii) the
Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash
or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital
stock and (v) the Company has not issued any equity securities to any officer, director or affiliate, except pursuant to existing
Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment of
information. Except for the issuance of the Shares contemplated by this Agreement and the Other Investors’ Agreements or
as set forth in the SEC Reports, no event, liability, fact, circumstance, occurrence or development has occurred or exists or
is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects,
properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities
laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior
to the date that this representation is made.

 

(e) The
Company shall (i) by the Disclosure Time (as defined below), issue a press release disclosing the material terms of the transactions
contemplated hereby and (ii) make such other filings and notices in the manner and time required by the Commission with respect
to the transactions contemplated hereby. The Company shall not identify the Investor by name in any press release or public filing,
or otherwise publicly disclose the Investor’s name, without the Investor’s prior written consent, unless required
by law or the rules and regulations of any self-regulatory organization or exchange to which the Company or its securities are
subject. For the purposes of this Agreement, “Disclosure Time” means, (i) if this Agreement is signed on a
day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City time) on any Trading
Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, and (ii) if this Agreement is signed
between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York
City time) on the date hereof.

 

    	24

    	 

    

 

(f) The
making, execution and performance of this Agreement by the Company and the consummation of the transactions contemplated herein
will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default under,
(i) the charter, bylaws or other organizational documents of the Company, as applicable, (ii) any law, order, rule, regulation,
writ, injunction, judgment or decree of any court, administrative agency, regulatory body, government or governmental agency or
body, domestic or foreign, having jurisdiction over the Company or its properties (including federal and state securities laws
and regulations and the rules and regulations of the NYSE American or other applicable Exchange) or (iii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights
of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any
of its Subsidiaries is a party, except for any conflict, breach, violation or default which is not reasonably likely to have a
material adverse effect on the Company, its Subsidiaries or any property or asset of the Company or any of its Subsidiaries or
the Company’s performance of its obligations hereunder or the consummation of the transactions contemplated hereby.

 

(g) The
Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court,
governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver or perform
any of its obligations hereunder in accordance with the terms hereof, other than (i) as may be required under the Securities Act,
(ii) any necessary qualification of the Shares under the securities or blue sky laws of the various jurisdictions in which the
Shares are being offered and (iii) under the rules and regulations of the Financial Industry Regulatory Authority (“FINRA”)
or the NYSE American. All consents, authorizations, orders, filings and registrations which the Company is required to obtain
pursuant to the preceding sentence will be obtained or effected on or prior to the Closing Date, and the Company and its Subsidiaries
are unaware of any facts or circumstances which might prevent the Company from obtaining or effecting any of the registration,
application or filings pursuant to the preceding sentence.

 

(h) The
Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed
to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the
Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities
of the Company.

 

8. The
Investor hereby makes the following representations, warranties and covenants to the Company:

 

(a) The
Investor represents that (i) it has received or had full access to the Base Prospectus, as well as the Company’s periodic
reports and other information incorporated by reference therein, prior to or in connection with its receipt of this Agreement,
(ii) it is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions with respect to investments
in securities representing an investment decision like that involved in the purchase of the Shares, and (iii) it does not have
any agreement or understanding, directly or indirectly, with any person or entity to distribute any of the Shares.

 

(b) At
the time the Investor was offered the Shares, it was, and as of the date hereof it is, an “accredited investor” as
defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act.

 

(c) The
Investor has the requisite power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.
The execution and delivery of this Agreement by the Investor and the consummation by it of the transactions contemplated hereunder
have been duly authorized by all necessary action on the part of the Investor. This Agreement has been executed by the Investor
and, when delivered in accordance with the terms hereof, will constitute a valid and binding obligation of the Investor enforceable
against the Investor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally and except
as enforceability may be subject to general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law).

 

    	25

    	 

    

 

(d) The
Investor understands that nothing in this Agreement or any other materials presented to the Investor in connection with the purchase
and sale of the Shares constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and investment
advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the Shares.

 

(e) The
making, execution and performance of this Agreement by the Investor and the consummation of the transactions contemplated herein
will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default under,
(i) the charter, bylaws or other organizational documents of such Investor, as applicable, or (ii) any law, order, rule, regulation,
writ, injunction, judgment or decree of any court, administrative agency, regulatory body, government or governmental agency or
body, domestic or foreign, having jurisdiction over such Investor or its properties, except for any conflict, breach, violation
or default which is not reasonably likely to have a material adverse effect on such Investor’s performance of its obligations
hereunder or the consummation of the transactions contemplated hereby.

 

(f) The
Investor is a party to a confidentiality agreement with the Company, pursuant to which it will maintain the confidentiality of,
and not use in any way (including not trading on the basis of) all information acquired in connection with the transactions contemplated
herein prior to the public disclosure of that information by the Company.

 

(g) Neither
the Investor nor any Person acting on behalf of, or pursuant to any understanding with or based upon any information received
from, the Investor has, directly or indirectly, engaged in any purchases or sales of the securities of the Company (including,
without limitation, any Short Sales involving the Company’s securities) since the time that the Investor first discussed
the transactions contemplated hereby with the Company. “Short Sales” include, without limitation, all “short
sales” as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), whether or not against the box, and all types of direct and indirect stock pledges, forward
sale contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h)
under the Exchange Act) and similar arrangements (including on a total return basis), and sales and other transactions through
non-U.S. broker dealers or foreign regulated brokers. The Investor covenants that neither it, nor any Person acting on behalf
of, or pursuant to any understanding with or based upon any information received from, will engage in any purchases or sales of
the securities of the Company (including Short Sales) prior to the time that the Company confirms to the Purchaser in writing
that all material nonpublic information has been publicly disclosed.

 

(h) The
Investor represents that, except as set forth below, (i) it has had no position, office or other material relationship within
the past three years with the Company or persons known to it to be affiliates of the Company, (ii) it is not a, and it has no
direct or indirect association with any, FINRA member or an Associated Person (as such term is defined under the FINRA Membership
and Registration Rules Section 1011) as of the date hereof, and (iii) neither it nor any group of investors (as identified in
a public filing made with the Commission) of which it is a member, acquired, or obtained the right to acquire, 20% or more of
the Common Stock (or securities convertible or exercisable for Common Stock) or the voting power of the Company on a post-transaction
basis. Exceptions:

 

Those
matters disclosed in regulatory filings by the Investor and its affiliates 

(If
no exceptions, write “none.” If left blank, response will be deemed to be “none.”)

 

    	26

    	 

    

 

(i) The
Investor acknowledges that it has had the opportunity to review this Agreement (including all exhibits and schedules thereto)
and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of representatives
of the Company and to receive answers from such representatives concerning the terms and conditions of the offering of the Shares
and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition,
results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and
(iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort
or expense that is necessary to make an informed investment decision with respect to the investment.

 

9. Except
as expressly set forth in this Agreement to the contrary, each party shall pay the fees and expenses of its advisers, counsel,
accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement.

 

10. Notwithstanding
any investigation made by any party to this Agreement, all covenants, agreements, representations and warranties made by the Company
and the Investor herein will survive the execution of this Agreement, the delivery to the Investor of the Shares being purchased
and the payment therefor.

 

11. 
This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Investor.

 

12. 
In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.

 

13. This
Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York, without giving effect
to the principles of conflicts of law that would require the application of the laws of any other jurisdiction.

 

14. This
Agreement may be executed in counterparts, each of which will constitute an original, but all of which, when taken together, will
constitute but one instrument, and will become effective when counterparts have been signed by each party hereto and delivered
to the other party, and such counterparts may be delivered electronically.

 

15. This
Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for
the benefit of, nor may any provision hereof be enforced by, any other Person.

 

16. The
Investor acknowledges and agrees that such Investor’s receipt of the Company’s counterpart to this Agreement shall
constitute written confirmation of the Company’s sale of Shares to such Investor.

 

    	27

    	 

    

 

INVESTOR
SIGNATURE PAGE

 

Number
of Shares: 532,100

Purchase
Price Per Share: $2.156

Aggregate
Purchase Price: $1,147,207.60

 

Please
confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose.

 

Dated
as of December 31, 2019 (executed January 2, 2020)

 

WALLEYE
MANAGER OPPORTUNITIES, LLC

 

INVESTOR

 

By:
/s/ Efrem Kamen  

Print Name: Efrem Kamen  

Title: Managing Member of Pura Vida Investments, LLC, in its capacity as sub-advisor to Investor

 

Name in which Securities are to be registered: Walleye Manager Opportunities, LLC

Mailing Address: c/o Pura Vida Investments, LLC, 150 East 52nd Street, Suite 32001, New York, NY 10022

Facsimile Number:

Email Address:

Taxpayer Identification Number:

 

Manner
of Settlement of the Shares: DWAC (The Shares will be sent from the Company’s transfer agent, American Stock Transfer &
Trust Company, by DWAC to your prime broker. You must contact your prime broker and ask them to initiate the DWAC
or you will not receive the Shares. The Shares will only be released after the Company’s receipt of the funds.)

 

	Name
    of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are maintained)	 	Please
    see the attached instructions
	 	 	 
	DTC
    Participant Number	 	 
	 	 	 
	Name
    of Account at DTC Participant being credited with the Shares	 	 
	 	 	 
	Account
    Number at DTC Participant being credited with the Shares	 	 

 

Agreed
and Accepted this 2nd day of January 2020:

 

OncoCyte
Corporation

 

	By:	/s/
    Mitchell Levine	 
	Name:	Mitchell
    Levine	 
	Title:
    	Chief
    Financial Officer	 

 

Sales
of the Shares purchased hereunder were made pursuant to a registration statement or in a transaction in which a final prospectus
would have been required to have been delivered in the absence of Rule 172 promulgated under the Securities Act.

 

    	28

    	 

    

 

SUBSCRIPTION
AGREEMENT

 

OncoCyte
Corporation

1010
Atlantic Avenue, Suite 102

Alameda,
California 94501

Ladies
and Gentlemen:

 

The
undersigned (the “Investor”) hereby confirms and agrees with you as follows:

 

1.
This Subscription Agreement (this “Agreement”) is made as of the date set forth below between OncoCyte
Corporation, a California corporation (the “Company”), and the Investor.

 

2.
The Company is offering to sell and issue up to 532,100 shares, in the aggregate, (the “Shares”) of the
Company’s common stock, no par value per share (the “Common Stock” and such offering, the “Offering”)
at a per Share purchase price of $2.156 (subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations
and other similar transactions of the Common Stock that occur after the date of this Agreement). The Shares being offered have
been registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the Company’s
Registration Statement on Form S-3 (No. 333-231980), including all amendments thereto, the exhibits and any schedules thereto,
the documents otherwise deemed to be a part thereof or included therein by the rules and regulations (the “Rules and
Regulations”) of the U.S. Securities and Exchange Commission (the “Commission”) and any registration
statement relating to the Offering and filed pursuant to Rule 462(b) under the Rules and Regulations (collectively, the “Registration
Statement”). The Investor acknowledges that the Company intends to enter into subscription agreements in substantially
the same form as this Agreement, on the same terms and conditions and prices as hereunder (the “Other Investors’
Agreements”), with certain other accredited investors.

 

3.
As of the Closing (as defined below), and subject to the terms and conditions hereof, the Company and the Investor agree that
the Investor will purchase from the Company and the Company will issue and sell to the Investor such number of Shares (the “Subscription”
and such Shares, the “Investor’s Shares”) as is set forth on the signature page hereto (the “Signature
Page”). The Investor acknowledges that the Offering is being conducted on a best efforts basis and there is no minimum
offering amount. On the Closing Date, (as defined below), the Investor’s Shares will be delivered on an expedited basis
via The Depository Trust Company’s Deposit and Withdrawal at Custodian service (“DWAC”), registered in
the name of the Investor. This Offering will not clear directly through an underwriter, placement agent or similar broker. Consequently,
the Investor must instruct their individual broker how to settle the transaction.

 

4.
The completion of the purchase and sale of the Shares shall occur at the closing (the “Closing”) which
shall occur on the Trading Day (as defined below) on which all conditions precedent to (i) the Investor’s obligation to
pay the aggregate purchase price for the Investor’s Shares (the “Subscription Amount”) and (ii) the Company’s
obligations to deliver the Investor’s Shares, in each case, have been satisfied or waived, but in no event later than January
7, 2020 (the “Closing Date”). On the Closing Date, (a) the Company shall cause its transfer agent to deliver
on an expedited basis via DWAC the Investor’s Shares and (b) the Subscription Amount will be delivered by or on behalf of
the Investor to the Company by wire transfer pursuant to the Company’s wire instructions delivered to the Investor on Company
letterhead prior to the Closing Date. In the event that the Company is unable to fulfill its obligations hereunder at Closing
by January 10, 2020, Investor shall have the right, but not the obligation, to terminate this Agreement and the Subscription hereunder.
For purposes of this Agreement, “Trading Day” means any day on which the Common Stock is traded on the principal
securities exchange or trading market on which the Common Stock is then traded (the “Exchange”); provided that
“Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market
for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such Exchange
(or if such Exchange does not designate in advance the closing time of trading on such Exchange, then during the hour ending at
4:00 p.m., New York time).

 

    	29

    	 

    

 

5.
The Registration Statement filed by the Company with the Commission contains a prospectus (the “Base Prospectus”)
and the Company will promptly file with the Commission a final prospectus supplement (the “Prospectus Supplement”
and collectively with the Base Prospectus, the “Prospectus”) with respect to the Registration Statement in
material conformity with the Securities Act, including Rule 424(b) thereunder. The Investor hereby consents to delivery of the
Prospectus in accordance with Rule 172 under the Securities Act.

 

6.
The obligations of the Company to issue and sell the Shares to the Investor shall be subject to: (i) the receipt by the Company
of the Subscription Amount and (ii) the accuracy of the representations and warranties made by the Investor and the fulfillment
of those undertakings of the Investor to be fulfilled prior to the Closing Date.

 

7.
Except as set forth in the SEC Reports (as defined below), the Company hereby makes the following representations, warranties
and covenants to the Investor:

 

(a)
The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and the Other Investors’ Agreements and otherwise to carry out its obligations hereunder. The execution
and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereunder have been
duly authorized by all necessary action on the part of the Company. This Agreement has been duly executed by the Company and,
when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights generally or by general principles
of equity.

 

(b)
The Shares are duly authorized and, when issued and paid for in accordance with this Agreement and the Other Investors’
Agreements, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company.
The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant
to this Agreement. The Company has prepared and filed the Registration Statement in material conformity with the requirements
of the Securities Act, which became effective on June 18, 2019 (the “Effective Date”), and such amendments
and supplements thereto as may have been required to the date of this Agreement. The Registration Statement is effective under
the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending or
preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted
or, to the knowledge of the Company, are threatened by the Commission. The Company, if required by the rules and regulations of
the Commission, shall file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time the Registration
Statement and any amendments thereto became effective, at the date of this Agreement and as of the Closing Date, the Registration
Statement and any amendments thereto conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements
thereto, at time the Prospectus or any amendment or supplement thereto was issued and as of the Closing Date, conformed and will
conform in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading.

 

    	30

    	 

    

 

(c)
The Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than
pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of Common
Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise
of any securities convertible into, exercisable or exchangeable for, or otherwise representing the right to acquire shares of
Common Stock (each, a “Common Stock Equivalent”) outstanding as of the date of the most recently filed SEC
Report (as defined below). No Person has any right of first refusal, preemptive right, right of participation, or any similar
right to participate in the transactions contemplated by this Agreement. Except as otherwise disclosed in the SEC Reports (as
defined below) or as a result of the purchase and sale of the Shares, there are no outstanding options, warrants, scrip rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible
into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock,
or contracts, commitments, understandings or arrangements by which the Company or any of its consolidated subsidiaries (each a
“Subsidiary”) is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents.
The issuance and sale of the Shares will not obligate the Company to issue shares of Common Stock or other securities to any person
(other than to investors in this Offering) and will not result in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price under any of such securities. All of the outstanding shares of capital stock of the Company
are duly authorized, validly issued, fully paid and nonassessable, have been issued in material compliance with all federal and
state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights
to subscribe for or purchase securities. No further approval or authorization of any stockholder or the Board of Directors is
required for the issuance and sale of the Shares. Except as otherwise disclosed in the SEC Reports, there are no stockholders
agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company
is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

(d)
Since the date of the latest audited financial statements included within any report or definitive proxy or information statements
filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange
Act (the “SEC Reports”), except as specifically disclosed in a subsequent SEC Report filed prior to the date
hereof, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in
a material adverse effect, or any development that would reasonably be expected to result in a material adverse change, in the
condition, financial or otherwise, or in the results of operations, business, operations or prospects, whether or not arising
from transactions in the ordinary course of business, of the Company and its Subsidiaries, considered as one entity (any such
effect is called a “Material Adverse Effect”), (ii) the Company has not incurred any liabilities (contingent
or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past
practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to United States
generally accepted accounting principles (“GAAP”) or disclosed in filings made with the Commission, (iii) the
Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash
or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital
stock and (v) the Company has not issued any equity securities to any officer, director or affiliate, except pursuant to existing
Company stock option plans. The Company does not have pending before the Commission any request for confidential treatment of
information. Except for the issuance of the Shares contemplated by this Agreement and the Other Investors’ Agreements or
as set forth in the SEC Reports, no event, liability, fact, circumstance, occurrence or development has occurred or exists or
is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects,
properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities
laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior
to the date that this representation is made.

 

(e)
The Company shall (i) by the Disclosure Time (as defined below), issue a press release disclosing the material terms of the
transactions contemplated hereby and (ii) make such other filings and notices in the manner and time required by the Commission
with respect to the transactions contemplated hereby. The Company shall not identify the Investor by name in any press release
or public filing, or otherwise publicly disclose the Investor’s name, without the Investor’s prior written consent,
unless required by law or the rules and regulations of any self-regulatory organization or exchange to which the Company or its
securities are subject. For the purposes of this Agreement, “Disclosure Time” means, (i) if this Agreement
is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City time)
on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, and (ii) if this
Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than
9:01 a.m. (New York City time) on the date hereof.

 

    	31

    	 

    

 

(f)
The making, execution and performance of this Agreement by the Company and the consummation of the transactions contemplated
herein will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default
under, (i) the charter, bylaws or other organizational documents of the Company, as applicable, (ii) any law, order, rule, regulation,
writ, injunction, judgment or decree of any court, administrative agency, regulatory body, government or governmental agency or
body, domestic or foreign, having jurisdiction over the Company or its properties (including federal and state securities laws
and regulations and the rules and regulations of the NYSE American or other applicable Exchange) or (iii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights
of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any
of its Subsidiaries is a party, except for any conflict, breach, violation or default which is not reasonably likely to have a
material adverse effect on the Company, its Subsidiaries or any property or asset of the Company or any of its Subsidiaries or
the Company’s performance of its obligations hereunder or the consummation of the transactions contemplated hereby.

 

(g)
The Company is not required to obtain any consent, authorization or order of, or make any filing or registration with, any
court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver
or perform any of its obligations hereunder in accordance with the terms hereof, other than (i) as may be required under the Securities
Act, (ii) any necessary qualification of the Shares under the securities or blue sky laws of the various jurisdictions in which
the Shares are being offered and (iii) under the rules and regulations of the Financial Industry Regulatory Authority (“FINRA”)
or the NYSE American. All consents, authorizations, orders, filings and registrations which the Company is required to obtain
pursuant to the preceding sentence will be obtained or effected on or prior to the Closing Date, and the Company and its Subsidiaries
are unaware of any facts or circumstances which might prevent the Company from obtaining or effecting any of the registration,
application or filings pursuant to the preceding sentence.

 

(h)
The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed
to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the
Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities
of the Company.

 

8.
The Investor hereby makes the following representations, warranties and covenants to the Company:

 

(a)
The Investor represents that (i) it has received or had full access to the Base Prospectus, as well as the Company’s
periodic reports and other information incorporated by reference therein, prior to or in connection with its receipt of this Agreement,
(ii) it is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions with respect to investments
in securities representing an investment decision like that involved in the purchase of the Shares, and (iii) it does not have
any agreement or understanding, directly or indirectly, with any person or entity to distribute any of the Shares.

 

(b)
At the time the Investor was offered the Shares, it was, and as of the date hereof it is, an “accredited investor”
as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act.

 

(c)
The Investor has the requisite power and authority to enter into this Agreement and to consummate the transactions contemplated
hereby. The execution and delivery of this Agreement by the Investor and the consummation by it of the transactions contemplated
hereunder have been duly authorized by all necessary action on the part of the Investor. This Agreement has been executed by the
Investor and, when delivered in accordance with the terms hereof, will constitute a valid and binding obligation of the Investor
enforceable against the Investor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally
and except as enforceability may be subject to general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law).

 

    	32

    	 

    

 

(d)
The Investor understands that nothing in this Agreement or any other materials presented to the Investor in connection with
the purchase and sale of the Shares constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and
investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the
Shares.

 

(e)
The making, execution and performance of this Agreement by the Investor and the consummation of the transactions contemplated
herein will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default
under, (i) the charter, bylaws or other organizational documents of such Investor, as applicable, or (ii) any law, order, rule,
regulation, writ, injunction, judgment or decree of any court, administrative agency, regulatory body, government or governmental
agency or body, domestic or foreign, having jurisdiction over such Investor or its properties, except for any conflict, breach,
violation or default which is not reasonably likely to have a material adverse effect on such Investor’s performance of
its obligations hereunder or the consummation of the transactions contemplated hereby.

 

(f)
The Investor is a party to a confidentiality agreement with the Company, pursuant to which it will maintain the confidentiality
of, and not use in any way (including not trading on the basis of) all information acquired in connection with the transactions
contemplated herein prior to the public disclosure of that information by the Company.

 

(g)
Neither the Investor nor any Person acting on behalf of, or pursuant to any understanding with or based upon any information
received from, the Investor has, directly or indirectly, engaged in any purchases or sales of the securities of the Company (including,
without limitation, any Short Sales involving the Company’s securities) since the time that the Investor first discussed
the transactions contemplated hereby with the Company. “Short Sales” include, without limitation, all “short
sales” as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), whether or not against the box, and all types of direct and indirect stock pledges, forward
sale contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h)
under the Exchange Act) and similar arrangements (including on a total return basis), and sales and other transactions through
non-U.S. broker dealers or foreign regulated brokers. The Investor covenants that neither it, nor any Person acting on behalf
of, or pursuant to any understanding with or based upon any information received from, will engage in any purchases or sales of
the securities of the Company (including Short Sales) prior to the time that the Company confirms to the Purchaser in writing
that all material nonpublic information has been publicly disclosed.

 

(h)
The Investor represents that, except as set forth below, (i) it has had no position, office or other material relationship
within the past three years with the Company or persons known to it to be affiliates of the Company, (ii) it is not a, and it
has no direct or indirect association with any, FINRA member or an Associated Person (as such term is defined under the FINRA
Membership and Registration Rules Section 1011) as of the date hereof, and (iii) neither it nor any group of investors (as identified
in a public filing made with the Commission) of which it is a member, acquired, or obtained the right to acquire, 20% or more
of the Common Stock (or securities convertible or exercisable for Common Stock) or the voting power of the Company on a post-transaction
basis. Exceptions:

 

Those
matters disclosed in regulatory filings by the Investor and its affiliates 

(If
no exceptions, write “none.” If left blank, response will be deemed to be “none.”)

 

    	33

    	 

    

 

(i)
The Investor acknowledges that it has had the opportunity to review this Agreement (including all exhibits and schedules thereto)
and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of representatives
of the Company and to receive answers from such representatives concerning the terms and conditions of the offering of the Shares
and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition,
results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and
(iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort
or expense that is necessary to make an informed investment decision with respect to the investment.

 

9.
Except as expressly set forth in this Agreement to the contrary, each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement.

 

10.
Notwithstanding any investigation made by any party to this Agreement, all covenants, agreements, representations and warranties
made by the Company and the Investor herein will survive the execution of this Agreement, the delivery to the Investor of the
Shares being purchased and the payment therefor.

 

11.
This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Investor.

 

12.
In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby.

 

13.
This Agreement will be governed by, and construed in accordance with, the internal laws of the State of New York, without
giving effect to the principles of conflicts of law that would require the application of the laws of any other jurisdiction.

 

14.
This Agreement may be executed in counterparts, each of which will constitute an original, but all of which, when taken together,
will constitute but one instrument, and will become effective when counterparts have been signed by each party hereto and delivered
to the other party, and such counterparts may be delivered electronically.

 

15.
This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and
is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

16.
The Investor acknowledges and agrees that such Investor’s receipt of the Company’s counterpart to this Agreement
shall constitute written confirmation of the Company’s sale of Shares to such Investor.

 

    	34

    	 

    

 

INVESTOR
SIGNATURE PAGE

 

Number
of Shares: 532,100

Purchase
Price Per Share: $2.156

Aggregate
Purchase Price: $1,147,207.60

 

Please
confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose.

 

Dated
as of December 31, 2019 (executed January 2, 2020)

 

WALLEYE OPPORTUNITIES MASTER FUND, LTD.

 

INVESTOR

 

By:
/s/ Efrem Kamen 

Print
Name: Efrem Kamen

Title:
Managing Member of Pura Vida Investments, LLC, in its capacity as sub-advisor to Investor

 

Name
in which Securities are to be registered: Walleye Opportunities Master Fund, Ltd.

Mailing
Address: c/o Pura Vida Investments, LLC, 150 East 52nd Street, Suite 32001, New York, NY 10022

Facsimile
Number:

Email
Address:

Taxpayer
Identification Number:

 

Manner
of Settlement of the Shares: DWAC (The Shares will be sent from the Company’s transfer agent, American Stock Transfer &
Trust Company, by DWAC to your prime broker. You must contact your prime broker and ask them to initiate the DWAC
or you will not receive the Shares. The Shares will only be released after the Company’s receipt of the funds.)

 

	Name
    of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are maintained)	 	Please
    see the attached instructions
	 	 	 
	DTC
    Participant Number	 	 
	 	 	 
	Name
    of Account at DTC Participant being credited with the Shares	 	 
	 	 	 
	Account
    Number at DTC Participant being credited with the Shares	 	 

 

Agreed
and Accepted this 2nd day of January 2020:

 

OncoCyte
Corporation

 

	By:	/s/
    Mitchell Levine	 
	Name:	Mitchell
    Levine	 
	Title:
    	Chief
    Financial Officer	 

 

Sales
of the Shares purchased hereunder were made pursuant to a registration statement or in a transaction in which a final prospectus
would have been required to have been delivered in the absence of Rule 172 promulgated under the Securities Act.

 

    	35Exhibit 10.1

 

SUBSCRIPTION AGREEMENT 

 

This SUBSCRIPTION
AGREEMENT (this “Agreement”) is made as of January 3, 2020 by and between Franchise Group, Inc., a Delaware
corporation (the “Company”), and Stefac LP, a Delaware limited partnership (the “Subscriber”),
that is subscribing hereby to purchase shares of Common Stock, par value $0.01 per share, of the Company (“Common Stock”).

 

WHEREAS, the
Company has entered into that certain Merger Agreement, dated as of August 7, 2019, by and among Vitamin Shoppe, Inc., a Delaware
corporation (“Target”), Valor Acquisition, LLC, a Delaware limited liability company and indirect subsidiary
of the Company (“Merger Sub”), and the Company (as such agreement may be amended, restated or otherwise modified
from time to time, the “Merger Agreement”), pursuant to which, among other things, subject to the terms and
conditions set forth in the Merger Agreement, Target will merge with and into Merger Sub, with Merger Sub continuing as the surviving
corporation in such merger and an indirect subsidiary of the Company (the “Transaction”);

 

WHEREAS, contemporaneously
with the Company’s entry into the Merger Agreement, the Company entered into an equity commitment letter (as amended prior
to the date hereof, the “ECL”) with Tributum, L.P. (“Tributum”), pursuant to which Tributum
has agreed to provide $70,000,000 of equity financing for the Transaction on the terms set forth in the ECL (the “Equity
Commitment”);

 

WHEREAS, on
December 16, 2019, the Company and Tributum agreed to amend the ECL to provide that any portion of the Equity Commitment that was
not funded at the closing of the Transaction would remain available to fund repurchases of Target’s 2.25% Convertible Senior
Notes due 2020 (the “Target Convertible Notes”); and

 

WHEREAS, pursuant
to the terms of the ECL, Tributum has the right to fund its Equity Commitment directly or indirectly through one or more Affiliates
or other designated co-investors and assign its rights and obligations under the ECL to one or more Persons;

 

WHEREAS, pursuant
to the ECL, Tributum has assigned a portion of its Equity Commitment to the Subscriber; and

 

WHEREAS, in
connection with the repurchases of the Target Convertible Notes, subject to the terms and conditions set forth in this Agreement,
the Company and the Subscriber desire to enter into this Agreement pursuant to which the Subscriber will purchase from the Company,
and the Company will issue to the Subscriber, the Subscription Shares (as defined below). 

 

NOW, THEREFORE,
in consideration of the premises and of the mutual representations, warranties, covenants and obligations hereinafter set forth
and such other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

 

1. Purchase and Sale of Common Stock.
Subject to the terms and conditions set forth in this Agreement, the Subscriber shall purchase, and the Company shall issue and
sell to the Subscriber, 2,354,000 shares of Common Stock (the “Subscription Shares”), at a purchase price of
$12.00 per share, for an aggregate purchase price of $28,248,000.00 in cash (such amount, the “Purchase Price”).
The issuance by the Company of the Subscription Shares and the purchase by the Subscriber of the Subscription Shares in exchange
for the payment of the Purchase Price as described in the foregoing provisions of this Section 1 are hereby collectively
referred to herein as the “Subscription”.

 

     

     

    

2. Closing.

 

		(a)	The closing of the purchase and sale of the Subscription Shares (the “Closing”)
shall take place at the offices of Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, NY 10019, on the date hereof,
or at such different time or date and at such other place as the Subscriber and the Company may mutually agree in writing (the
“Closing Date”).

 

		(b)	At the Closing, the Company shall deliver to the Subscriber or to the Subscriber’s designated
custodian a certificate or certificates representing the Subscription Shares, registered in the name of the Subscriber or its nominee,
in exchange for receipt at the Closing by the Company from the Subscriber of the Purchase Price, which shall be paid by wire transfer
of immediately available funds to an account designated in writing by the Company at least three (3) Business Days prior to the
Closing. Notwithstanding the foregoing, the Subscriber may elect to have the Subscription Shares evidenced in book entry format
with the Company’s transfer agent in lieu of the Company delivering certificates representing the Subscription Shares to
the Subscriber.

 

3. Representations and Warranties of
the Subscriber. The Subscriber hereby represents and warrants to the Company, as of the date hereof (except to the extent another
date is specified below), as follows:

 

		(a)	Authority and Approval; Enforceability. The Subscriber has all requisite power, authority
and legal capacity to execute and deliver this Agreement, to perform its obligations under this Agreement and to consummate the
Subscription. The execution, delivery and performance by the Subscriber of this Agreement, and the consummation by it of the Subscription,
have been duly and validly authorized by all necessary action on the part of the Subscriber, and no other proceedings on the part
of the Subscriber are necessary to authorize the execution and delivery by the Subscriber of this Agreement and the consummation
by it of the Subscription. This Agreement has been duly executed and delivered by the Subscriber and, assuming due authorization,
execution and delivery hereof by the Company, is a legal, valid and binding obligation of the Subscriber, enforceable against the
Subscriber in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and other Laws affecting creditors’ rights generally from time to time in effect and by general principles of equity).

 

		(b)	Non-contravention. The execution, delivery and performance of this Agreement, and the consummation
of the Subscription, do not and will not conflict with, or result in any violation or breach of, or default (with or without notice
or lapse of time or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to the
loss of a benefit under, or result in the creation of any lien (other than liens, if any, contained in the certificate of incorporation
or bylaws of the Company and restrictions on transfer pursuant to applicable securities laws, in each case in respect of the Subscription
Shares) in or upon any of the properties or other assets of the Subscriber under, (i) the organizational documents of the Subscriber
(if Subscriber is an entity), (ii) any Contract to which the Subscriber is a party or any of its properties or other assets is
subject or (iii) subject to (x) the filing of a Schedule 13D or an amendment to an existing Schedule 13D filing under the Exchange
Act, and (y) such filings and approvals as may be required by any applicable state securities or “blue sky” Laws, any
Law applicable to the Subscriber or its properties or other assets, other than, in the case of clauses (ii) and (iii), any such
conflicts, violations, breaches, defaults, rights, losses or liens that have not had or would not reasonably be expected to have,
individually or in the aggregate, a Subscriber Material Adverse Effect.

    	 	- 2 -	 

     

    

		(c)	Litigation. There is no Legal Proceeding pending or, to the Knowledge of the Subscriber,
threatened, and to the Knowledge of Subscriber, there is no external investigation pending or threatened with respect to the Subscriber,
nor is there any material judgment, decree, injunction, rule or order of any Governmental Authority or arbitrator outstanding with
respect to the Subscriber, except in each case for any Legal Proceedings that have not had and would not reasonably expected to
have, individually or in the aggregate, a Subscriber Material Adverse Effect.

 

		(d)	No Brokers. No broker, investment banker, financial advisor or other person is entitled
to any broker’s, finder’s, financial advisor’s or other similar fee or commission, or the reimbursement of expenses,
in connection with the Subscription based upon arrangements made by or on behalf of the Subscriber.

 

		(e)	Accredited Investor; Purchase for Own Account; No Registration.

 

		i.	The Subscriber has such knowledge and experience in financial and business matters such that it
is capable of evaluating the merits and risks of its investment.

 

		ii.	The Subscriber is an “accredited investor” as defined in Rule 501 of Regulation D promulgated
under the Securities Act of 1933 (as amended) (the “Securities Act”).

 

		iii.	The Subscriber is experienced in evaluating and investing in private placement transactions of
securities of companies in a similar stage of development and acknowledges that it is able to fend for itself, can bear the economic
risk of its investment in the Company and has such knowledge and experience in financial and business matters that the Subscriber
is capable of evaluating the merits and risks of the investment in the Subscription Shares and can afford a complete loss of its
investment.

 

		iv.	The Subscriber is acquiring the Subscription Shares for investment only and for its own account,
and not with a view toward or for sale in connection with any distribution thereof. The Subscriber has no present plan or intention
of distributing, selling, exchanging, transferring or otherwise disposing of any such Subscription Shares.

 

		v.	The Subscriber has been advised and understands that (1) the Subscription Shares have not been
registered under the Securities Act, or any state securities or “blue sky” Laws and, therefore, cannot be resold unless
they are registered under the Securities Act and applicable state securities and “blue sky” Laws or unless an exemption
from such registration requirements is available, (2) the Subscriber may be required to hold, and continue to bear the economic
risk of its investment in, the Subscription Shares indefinitely, unless the offer and sale of such Subscription Shares is subsequently
registered under the Securities Act and all applicable state securities and “blue sky” Laws or an exemption from such
registration is available, (3) Rule 144 promulgated under the Securities Act is not presently available with respect to the sale
of any Subscription Shares, (4) when and if the Subscription Shares may be disposed of without registration under the Securities
Act in reliance on Rule 144 of the Securities Act, the amount of Subscription Shares that may be disposed of may be limited in
accordance with the terms and conditions of such Rule and (5) if an exemption under Rule 144 of the Securities Act is not available,
the public offer or sale of the Subscription Shares without registration will require compliance with some other exemption under
the Securities Act and compliance with any state securities or “blue sky” Laws.

    	 	- 3 -	 

     

    

		(f)	Sufficiency of Funds. The Subscriber has uncalled capital commitments or otherwise has available
funds sufficient to pay the Purchase Price hereunder.

 

4. Representations and Warranties of
the Company. Except as disclosed in the reports, schedules, forms, statements and other documents (including exhibits and other
information incorporated therein) with the SEC since April 30, 2019 but prior to the date hereof and publicly available on the
SEC’s Electronic Data Gathering Analysis and Retrieval system (collectively, the “Company SEC Documents”)
(but (i) without giving effect to any amendment thereof filed with or furnished to the SEC on the date of this Agreement and (ii)
excluding any disclosure (other than statements of historical fact) contained in such Company SEC Documents under the heading “Risk
Factors” or “Cautionary Statement About Forward-Looking Statements” or similar heading and any other disclosures
contained or referenced therein of factors or risks that are predictive, cautionary or forward-looking in nature), the Company
represents and warrants to the Subscriber, as of the date hereof (except to the extent another date is specified below), as follows:

 

		(a)	Organization, Standing and Corporate Power. The Company is a corporation duly incorporated,
validly existing and in good standing under the Laws of the State of Delaware and has all requisite corporate power and authority
to carry on its business as now being conducted. Each Subsidiary of the Company is an entity duly organized, validly existing and
in good standing (except to the extent the “good standing” concept is not applicable in any relevant jurisdiction)
under the Laws of the jurisdiction in which it is formed and has all requisite corporate, limited liability company or other entity
power and authority to carry on its business as now being conducted, except to the extent that any failure to be so organized,
validly existing and in good standing has not had or would not reasonably be expected to have, individually or in the aggregate,
a Company Material Adverse Effect. The Company and each of its Subsidiaries is duly qualified or licensed to do business and is
in good standing in each jurisdiction in which the nature of its business or the ownership, leasing or operation of its properties
makes such qualification or licensing necessary, other than in such jurisdictions where the failure to be so qualified or licensed
has not had or would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. The
Company has, prior to the date hereof, made available to the Subscriber true and complete copies of the certificate of incorporation
and bylaws of the Company. There has been no breach by the Company of the certificate of incorporation or bylaws of the Company,
each as in effect from time to time, except as would not have a Company Material Adverse Effect.

 

		(b)	Subsidiaries. All the outstanding shares of capital stock of, or other equity interests
in, each Subsidiary of the Company have been validly issued and, where applicable, are fully paid and nonassessable, and are owned
directly or indirectly by the Company free and clear of any liens other than Permitted Liens. Except (i) as set forth on Schedule
5(b) hereto and (ii) for the capital stock or other equity or voting interests of its Subsidiaries, the Company does not own,
directly or indirectly, any capital stock or other equity or voting interests in any person. Neither the execution and delivery
of this Agreement, nor the repurchases of the Target Convertible Notes, by the Company will conflict with or result in a breach
of, or trigger a right of first refusal or other preferential purchase right or preemptive right under any organizational documents,
partnership agreement, joint venture agreement, stockholders agreement or similar agreement in connection with the Company’s
or its Subsidiaries’ ownership of any capital stock or other equity or voting interests in any Person set forth on Schedule
5(b) hereto.

    	 	- 4 -	 

     

    

		(c)	Authority and Approval; Enforceability. The Company has all necessary corporate power and
authority to execute and deliver this Agreement, to perform its obligations under this Agreement and to consummate the Subscription.
The execution, delivery and performance by the Company of this Agreement and the consummation by it of the Subscription, have been
duly and validly authorized by the board of directors of the Company and no other corporate action on the part of the Company pursuant
to Delaware Law, the applicable listing standards of the NASDAQ Stock Market or otherwise, is necessary to authorize the execution
and delivery by the Company of this Agreement and the consummation by it of the Subscription. This Agreement has been duly executed
and delivered by the Company and, assuming due authorization, execution and delivery hereof by the Subscriber, is a legal, valid
and binding obligation of the Company, enforceable against the Company in accordance with its terms (subject to applicable bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other Laws affecting creditors’ rights generally from time
to time in effect and by general principles of equity).

 

		(d)	Non-contravention. The execution, delivery and performance of this Agreement, and the consummation
of the Subscription, do not and will not, conflict with, or result in any violation or breach of, or default (with or without notice
or lapse of time or both) under, or give rise to a right of termination, cancellation or acceleration of any obligation or to the
loss of a benefit under, or result in the creation of any lien in or upon any of the properties or other assets of the Company
or any of its Subsidiaries under, (i) the organizational documents of the Company, (ii) any Contract to which the Company or any
of its Subsidiaries is a party or any of their respective properties or other assets is subject or (iii) any Law applicable to
the Company or any of its Subsidiaries or their respective properties or other assets, other than, in the case of clauses (ii)
and (iii), any such conflicts, violations, breaches, defaults, rights, losses or liens that have not had or would not reasonably
be expected to have, individually or in the aggregate, a Company Material Adverse Effect.

 

		(e)	Capital Structure. The authorized capital stock of the Company consists of (i) 180,000,000
shares of Common Stock and (ii) 20,000,000 shares of Voting Non-Economic Preferred Stock, par value $0.01 per share (“Preferred
Stock”). As of December 17, 2019, (A) 18,242,681 shares of Common Stock were issued and outstanding, (B) 1,886,667 shares
of Preferred Stock were issued and outstanding, (C) there were restricted stock units issued under the JTH Holding, Inc. 2011 Equity
and Cash Incentive Plan (the “2011 Stock Plan”) covering 69,373 shares of Common Stock, (D) there were options
to acquire 460,285 shares of Common Stock outstanding under the 2011 Stock Plan, (E) there were restricted stock units and performance
restricted stock units issued under the Franchise Group, Inc. 2019 Omnibus Incentive Plan (the “2019 Plan”)
covering 536,666 shares of Common Stock and (F) 4,463,334 shares of Common Stock were reserved for future issuances pursuant to
the 2019 Plan.

 

		(f)	Valid Issuance. The Common Stock issuable in the Subscription, when issued, sold and delivered
at the Closing, will be duly authorized and validly issued, fully paid and nonassessable, and will be issued free and clear of
any liens (other than such liens created by the certificate of incorporation of the Company or by applicable securities Laws) or
any preemptive rights.

 

		(g)	Company SEC Documents; No Undisclosed Liabilities.

 

		(i)	The Company has timely filed or furnished the Company SEC Documents. No Subsidiary of the Company
is required to file or furnish, or files or furnishes, any form, report or other document with the SEC.

    	 	- 5 -	 

     

    

		(ii)	As of their respective dates, the Company SEC Documents complied in all material respects with
the requirements of the Securities Act or the Securities Exchange Act of 1934, as amended, as the case may be, applicable to such
Company SEC Documents, and, as of their respective dates, none of the Company SEC Documents contained any untrue statement of a
material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading, unless such information contained in any Company SEC
Document has been amended or superseded by a later-filed Company SEC Document that was filed prior to the date hereof.

 

		(iii)	The financial statements of the Company included in the Company SEC Documents comply as of their
respective dates as to form in all material respects with applicable accounting requirements and the published rules and regulations
of the SEC with respect thereto, have been prepared in accordance with GAAP (except, in the case of unaudited statements, for normal
and recurring year-end adjustments not material in amount and as permitted by Form 10-Q of the SEC or other rules and regulations
of the SEC) applied by the Company on a consistent basis during the periods and at the dates involved (except as may be indicated
therein or in the notes thereto) and fairly present in all material respects the financial position of the Company and its consolidated
Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended
(except, in the case of unaudited statements, for normal and recurring year-end adjustments not material in amount and as permitted
by Form 10-Q of the SEC or other rules and regulations of the SEC). Neither the Company nor any of its Subsidiaries maintains any
“off balance sheet arrangements” within the meaning of Item 303 of Regulation S-K of the SEC.

 

		(iv)	Neither the Company nor any of its Subsidiaries has any liabilities or obligations of any nature
(whether accrued, absolute, contingent or otherwise) that would be required under GAAP to be reflected on a consolidated balance
sheet of the Company and its Subsidiaries (including the notes thereto), except for any such liabilities or obligations (A) accrued,
disclosed, reflected or reserved against in the most recent financial statements (including any related notes) contained in the
Company SEC Documents filed prior to the date of this Agreement, (B) incurred in the ordinary course of business since the date
of the latest balance sheet included in such financial statements, (C) incurred in connection with this Agreement, the Merger Agreement,
the agreements and documents ancillary thereto, the Subscription, the Transaction and the other transactions ancillary to the Transaction
or (D) that have not had or would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse
Effect.

 

		(h)	Absence of Certain Changes or Events. Since April 30, 2019, until the date of this Agreement,
(i) the Company and its Subsidiaries have conducted their respective businesses in all material respects in accordance with the
ordinary course of such businesses and (ii) (A) there has not been any change, effect, event, circumstance, occurrence or state
of facts that has had or would reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect,
(B) neither the Company nor one of its Subsidiaries has sold, leased, transferred, assigned or otherwise disposed of any material
assets, other than in the ordinary course of business consistent with past practice, (C) the Company has not (1) declared, set
aside or paid any distribution in respect of the capital stock of the Company or other equity interests of the Company or (2) redeemed
or purchased any capital stock of the Company or other equity interests of the Company, (D) neither the Company nor its Subsidiaries
have made, changed or revoked any material Tax election, filed an amended Tax Return, settled any Tax audit or changed any Tax
accounting periods or methods and (E) neither the Company nor its Subsidiaries have committed to do any of the foregoing.

    	 	- 6 -	 

     

    

		(i)	Litigation. There is no material Legal Proceeding pending or, to the Knowledge of the Company,
threatened, and the Company has no Knowledge of any material external investigation pending or threatened with respect to the Company
or its Subsidiaries, nor is there any material judgment, decree, injunction, rule or order of any Governmental Authority or arbitrator
outstanding with respect to the Company or any of its Subsidiaries.

 

		(j)	Compliance with Laws.

 

		(i)	The Company and each of its Subsidiaries are and have been since April 30, 2019, in compliance
with all Laws applicable to them, their properties or other assets or their business or operations, except for such violations
or noncompliance that have not been and would not reasonably be expected to have, individually or in the aggregate, a Company Material
Adverse Effect. The Company and its Subsidiaries have in effect all Permits necessary to carry on their businesses as currently
conducted, and there has occurred no violation of, default (with or without notice or lapse of time or both) under, or event giving
to others any right of termination, amendment or cancellation of, with or without notice or lapse of time or both, any Permit,
except for such violation, defaults, terminations, amendments or cancellations that, individually or in the aggregate, have not
had and would not reasonably be expected to have a Company Material Adverse Effect. There is no event which has occurred that would
reasonably be expected to result in the termination, revocation, cancellation, non-renewal or adverse modification of any such
Permit, except where such termination, revocation, cancellation, non-renewal or adverse modification would not reasonably be expected
to have, individually or in the aggregate, a Company Material Adverse Effect.

 

		(ii)	Since April 30, 2019, (A) neither the Company nor any of its Subsidiaries has received any written
notice from any Governmental Authority that alleges or relates to (1) any violation or noncompliance (or reflects that the Company
or any of its Subsidiaries is under investigation or the subject of an inquiry by any such Governmental Authority for such alleged
noncompliance) with any applicable Law or (2) any fine, assessment or cease and desist order, or the suspension, revocation or
limitation or restriction of any Permit and (B) neither the Company nor any of its Subsidiaries has entered into any agreement
or settlement with any Governmental Authority with respect to its alleged noncompliance with, or violation of, any applicable Law,
except in each case in clauses (A) and (B) above to the extent any such violation, noncompliance, fine, assessment, order, suspension,
revocation, limitation or restriction has not had and would not reasonably be expected to have, individually or in the aggregate,
a Company Material Adverse Effect.

 

		(k)	No Brokers. No broker, investment banker, financial advisor or other person is entitled
to any broker’s, finder’s, financial advisor’s or other similar fee or commission, or the reimbursement of expenses,
in connection with the Subscription based upon arrangements made by or on behalf of the Company or its Subsidiaries.

    	 	- 7 -	 

     

    

5. Remedies.

 

The parties hereto agree that irreparable
damage would occur and that they would not have any adequate remedy at Law in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties
hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the
terms and provisions of this Agreement without proof of actual damages and without the requirement to post any bond or other security,
this being in addition to any other remedy to which any such party is entitled at law or in equity.

 

6. Miscellaneous.

 

		(a)	Notices. Except for notices that are specifically required by the terms of this Agreement
to be delivered orally, all notices, requests, claims, demands and other communications hereunder shall be in writing and shall
be deemed given, delivered and/or provided (i) when delivered personally or when sent by e-mail of a .pdf attachment (provided
no notice of non-delivery is generated), or (ii) on the next Business Day when dispatched for overnight delivery by Federal Express
or a similar courier, in either case, to the parties hereto at the following addresses (or at such other address for a party hereto
as shall be specified by like notice):

 

if to the Company, to:

 

Franchise Group, Inc.

1716 Corporate Landing Parkway

Virginia Beach, VA 23454

Email: tiffany.mcwaters@libtax.com

Attention: Tiffany McMillan-McWaters

 

with a copy to:

 

Troutman Sanders LLP

600 Peachtree Street NE

Suite 3000

Atlanta, GA 30308

Email: David.Ghegan@troutman.com

Attention: David W. Ghegan

 

if to the Subscriber, to:

 

Stefac LP

c/o Vintage Capital Management

4705 S. Apopka Vineland Road

Suite 206

Orlando, FL 32819

Attention: Brian R. Kahn

Email: bkahn@vintcap.com

 

with a copy to:

 

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, NY 10019

Email: rleaf@willkie.com

Attention: Russell L. Leaf

 

    	 	- 8 -	 

     

    

		(b)	Further Assurances. The parties agree to execute and deliver to each other such other documents
and to do such other acts and things, all as the other party may reasonably request for the purpose of carrying out the intent
of this Agreement.

 

		(c)	Exclusivity of Representations and Warranties; No Limitation of Other Representations or Warranties.

 

		(i)	The representations and warranties made by the Subscriber in Section 3 of this Agreement
and those contained in the Accredited Investor Questionnaire delivered by the Subscriber in connection with this Subscription (the
“Questionnaire”) are the exclusive representations and warranties made by the Subscriber in connection with
the Subscription. The Company hereby acknowledges that none of the Subscriber, any of its Subsidiaries, any of their respective
equity holders or Representatives, or any other person, has made or is making any other express or implied representation or warranty
with respect to the Subscriber, including any information provided or made available to the Company or its Subsidiaries or Representatives
in anticipation or contemplation of the Subscription. Nothing in any representation or warranty in this Agreement or the Questionnaire
shall in any way limit or restrict the scope, applicability or meaning of any other representation or warranty made by the Subscriber
in this Agreement or the Questionnaire.

 

		(ii)	The representations and warranties made by the Company in Section 4 of this Agreement are
the exclusive representations and warranties made by the Company in connection with the Subscription. The Subscriber hereby acknowledges
that none of the Company, any of its Subsidiaries, any of their respective equity holders or Representatives, or any other person,
has made or is making any other express or implied representation or warranty with respect to the Company and its Subsidiaries
or any of their respective businesses, operations, assets or liabilities, including any information provided or made available
to the Subscriber or its Representatives in anticipation or contemplation of the Subscription. Nothing in any representation or
warranty in this Agreement shall in any way limit or restrict the scope, applicability or meaning of any other representation or
warranty made by the Company or its Subsidiaries in this Agreement.

 

		(d)	Waivers and Amendments.

 

		(i)	At any time prior to the Closing, each party hereto may (A) extend the time for the performance
of any of the obligations or other acts of the other party hereto or (B) subject to the proviso to the first sentence of Section
6(d)(iii) of this Agreement and to the extent permitted by Law, waive compliance with any of the agreements or conditions contained
herein. Any agreement on the part of any party hereto to any such extension or waiver shall be valid only if set forth in an instrument
in writing signed on behalf of such party hereto.

 

		(ii)	The failure of any party to this Agreement to exercise any of its rights under this Agreement or
otherwise shall not constitute a waiver by such party of such right.

 

    	 	- 9 -	 

     

    

		(iii)	This Agreement may not be amended except by an instrument in writing signed on behalf of each of
the parties hereto; provided, that notwithstanding anything herein to the contrary, Section 6(h) (and any provision
of this Agreement to the extent a modification, waiver or termination of such provision would modify the substance of any of the
foregoing provisions) may not be modified, waived or terminated in a manner that impacts or is adverse in any respect to a Non-Recourse
Party without the prior written consent of such Non-Recourse Party.

 

		(e)	Severability. Except as expressly set forth in this Agreement, if any term or other provision
of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions
and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties hereto as closely as possible to the fullest extent permitted by applicable
Law in an acceptable manner to the end that the Subscription is fulfilled to the extent possible.

 

		(f)	Entire Agreement.  This Agreement (including the Schedules hereto) and the Merger Agreement
constitute the entire agreement, and supersede all prior agreements and understandings, both written and oral, among the parties
hereto with respect to the subject matter of this Agreement.

 

		(g)	No Third-Party Beneficiaries. Except with respect to the Non-Recourse Parties, who are intended
express third-party beneficiaries of the provisions of Section 6(h), this Agreement (including the Exhibits and Schedules
hereto) is not intended to confer upon any person other than the parties hereto any rights, benefits or remedies.

 

		(h)	No Recourse. Except for any party who is a signatory to this Agreement, and only to the
extent of such party’s obligations hereunder, no former, current or future direct or indirect equity holders, controlling
persons, stockholders, directors, officers, employees, members, managers, agents, trustees, Affiliates, general or limited partners
or assignees of the Company or the Subscriber or of any former, current or future direct or indirect equity holder, controlling
person, stockholder, director, officer, employee, member, manager, trustee, general or limited partner, Affiliate, agent or assignee
of the Company or the Subscriber (collectively, “Non-Recourse Parties”) shall have any liability or obligation
for any of the representations, warranties, covenants, agreements, obligations or liabilities of the Company or the Subscriber,
as applicable, under this Agreement or of or for any Legal Proceeding based on, in respect of, or by reason of, the Subscription,
(including the breach, termination or failure to consummate the Subscription), whether based on contract, tort or strict liability,
by the enforcement of any assessment, by any legal or equitable proceeding, by virtue of any statute, regulation or applicable
Law or otherwise and whether by or through attempted piercing of the corporate or partnership veil, by or through a claim by or
on behalf of a party who is a signatory to this Agreement or any other person or otherwise. The parties hereto hereby agree that
the Non-Recourse Parties shall be express third party beneficiaries of this Section 6(h).

 

		(i)	Successors and Assigns. Subject to the provisions of Section 6(n), all the terms
and provisions of this Agreement shall be binding upon, inure to the benefit of and be enforceable by the respective successors
and permitted assigns of the parties hereto.

 

		(j)	Choice of Law. This Agreement shall be governed by, and construed in accordance with, the
Laws of the State of Delaware, regardless of the Laws that might otherwise govern under applicable principles of conflicts of Laws
thereof.

    	 	- 10 -	 

     

    

		(k)	Exclusive Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally
submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware (or in the event, but only in the event,
that such court does not have subject matter jurisdiction over such action or proceeding, the Superior Court of the State of Delaware
(Complex Commercial Division) or, if subject matter jurisdiction over the action or proceeding is vested exclusively in the federal
courts of the United States of America, the United States District Court for the District of Delaware) (such courts, the “Chosen
Courts”). In addition, each of the parties hereto irrevocably (a) submits itself to the exclusive jurisdiction of the
Chosen Courts for the purpose of any Legal Proceeding directly or indirectly based upon, relating to or arising out of this Agreement
or the Subscription, or any related agreement, certificate or other document delivered in connection therewith or the negotiation,
execution, interpretation, enforcement or performance hereof or thereof, (b) agrees that it will not attempt to deny or defeat
such personal jurisdiction by motion or other request for leave from the Chosen Courts and (c) agrees that it will not bring
any action relating to this Agreement or the Subscription in any court other than the Chosen Courts. Each of the parties hereto
hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any Legal Proceeding
with respect to this Agreement or the Subscription, or any related agreement, certificate or other document delivered in connection
therewith or the negotiation, execution, interpretation, enforcement or performance hereof or thereof, (x) any claim that it is
not personally subject to the jurisdiction of the Chosen Courts for any reason other than the failure to serve in accordance with
this Section 6(k), (y) any claim that it or its property is exempt or immune from jurisdiction of any such court or from
any legal process commenced in the Chosen Courts (whether through service of notice, attachment prior to judgment, attachment in
aid of execution of judgment, execution of judgment or otherwise) and (z) to the fullest extent permitted by the applicable Law,
any claim that (i) the suit, action or proceeding in such court is brought in an inconvenient forum, (ii) the venue of such suit,
action or proceeding is improper or (iii) this Agreement, or the subject matter of this Agreement, may not be enforced in or by
such courts. Each of the parties hereto hereby irrevocably consents to service being made through the notice procedures set forth
in Section 6(a) and agrees that service of any process, summons, notice or document by email or mail to the respective addresses
set forth in Section 6(a) shall be effective service of process for any Legal Proceeding in connection with this Agreement
or the Subscription. Nothing in this Section 6(k) shall affect the right of any party hereto to serve legal process in any
other manner permitted by Law.

 

		(l)	WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH
MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN OR THE PERFORMANCE OF SERVICES THEREUNDER OR RELATED THERETO.
EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A
CLAIM, (B) SUCH PARTY HAS CONSIDERED AND UNDERSTANDS THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY
AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 6(l).

    	 	- 11 -	 

     

    

		(m)	Survival of Provisions; Knowledge.

 

		(i)	The representations and warranties made by the parties hereto in Section 3 and Section
4 hereof shall survive the Closing until the first anniversary of the Closing, and any claim with respect thereto must be made
prior to the expiration of such survival period; provided, that if any claim with respect thereto is made prior to the expiration
of such survival period, then the applicable representation or warranty that is the subject of such claim shall survive until such
time as such claim is finally resolved by the parties or finally determined by a court of competent jurisdiction and is non-appealable.
The covenants and agreements made by the parties hereto shall survive the Closing in accordance with their terms.

 

		(ii)	The Company shall not be liable to the Subscriber based upon or arising out of any inaccuracy in
or breach of any of the representations or warranties of the Company contained in this Agreement to the extent that any such inaccuracy
or breach was within the Knowledge of the Subscriber on or prior to the date hereof.

 

		(n)	Assignment. No party to this Agreement may assign any of its rights or obligations under
this Agreement without the prior written consent of the other party to this Agreement; provided, that the Subscriber may
assign any of its rights or obligation under this Agreement, in whole or in part, to an Affiliate of the Subscriber without the
prior written consent of the Company, except that any such assignment shall not receive the Subscriber of its obligations under
this Agreement.

 

		(o)	Defined Terms; Interpretation. Except as otherwise expressly provided herein, capitalized
terms used but not defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement. For purposes
of this Agreement, (i) “Knowledge” means with respect to any party hereto the actual (but not constructive or
imputed) knowledge of such party hereto or, if applicable, the executive officers of such party hereto (except with respect to
Section 6(m)(ii) hereof, after due inquiry of such party hereto or, if applicable, the officers of such party hereto with
oversight responsibilities for the matter in question), (ii) “Subscriber Material Adverse Effect” means any
change, effect, event, circumstance, occurrence or state of facts that prevents or materially impairs or materially delays the
ability of the Subscriber to consummate the Subscription and (iii) “Company Material Adverse Effect” means any
change, effect, event, circumstance, occurrence or state of facts that that (A) is materially adverse to the business, condition
(financial or otherwise), assets or results of operations of the Company and its Subsidiaries (taken as a whole), or (B) prevents
or materially impairs or materially delays the ability of the Company and its Subsidiaries, as applicable, to consummate the repurchases
of the Convertible Notes and/or the Subscription, other than in the case of clause (A), any change, effect, event, circumstance,
occurrence or state of facts to the extent relating to (1) changes in general economic conditions or the credit, financial or capital
markets, including changes in interest or exchange rates; (2) changes in general conditions in any industry in which the Company
or any of its Subsidiaries operates or participates; (3) any failure, in and of itself, by the Company or any of its Subsidiaries
to meet any analyst projections or any internal or published projections, forecasts, estimates or predictions of revenue, earnings
or other financial or operating metrics before, on or after the date of this Agreement (provided that the underlying factors
contributing to such failure shall not be deemed excluded unless such underlying factors would otherwise be excepted from this
definition); (4) changes in general regulatory or political conditions after the date of this Agreement; (5) changes
in GAAP or applicable Law or the interpretation thereof after the date of this Agreement; (6) changes in the trading price
or volume of the Common Stock (provided that the underlying factors contributing to such change shall not be excluded unless
such underlying factors would otherwise be excepted from this definition); (7) any natural or man-made disaster; or (8)
any pandemic, act of terrorism, sabotage, military action or war, or any escalation or worsening thereof; provided,
that with respect to clauses (1), (2), (4), (5), and (8), such change, effect, event, circumstance, occurrence or state of facts
does not materially and disproportionately affect the Company and its Subsidiaries (taken as a whole) relative to other persons
operating in the industries in which the Company or any of its Subsidiaries operate. The provisions of Section 1.3 of the Merger
Agreement are incorporated herein by reference, mutatis mutandis.

    	 	- 12 -	 

     

    

		(p)	Counterparts. This Agreement may be executed in one or more counterparts, all of which shall
be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the
parties and delivered to the other parties. Facsimile signatures or signatures received as a .pdf attachment to electronic mail
shall be treated as original signatures for all purposes of this Agreement.

 

[Remainder of page intentionally left
blank.]

 

 

 

 

 

 

 

 

 

 

 

 

    	 	- 13 -	 

     

    

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the day and year first above written.

 

 

	 	THE COMPANY:
	 	 
	 	FRANCHISE GROUP, INC.

 

 

 

		By:	/s/ Eric Seeton

Name: Eric Seeton

Title: Chief Financial Officer

 

 

    
[Signature Page to Closing Subscription Agreement]

     

    

	 	THE SUBSCRIBER:
	 	 
	 	 	 
	 	STEFAC LP
	 	By: FCF GP LLC, its general partner
	 	 
	 	 
	 	 	 
	 	By:	/s/ Brian R. Kahn
	 	 	Name: Brian R. Kahn
	 	 	Title: Manager

 

 

 

 

 

 

    
[Signature Page to Closing Subscription Agreement]

     

    

SCHEDULE 5(b)

Minority Equity Interests

 

The Company owns approximately 18.3% of Trilogy Software Inc.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]