Document:

EX-10.16

 Exhibit 10.16 
 BIOCEPT, INC. 
 NOTE AND WARRANT PURCHASE AGREEMENT 

THIS NOTE AND WARRANT PURCHASE
AGREEMENT (this “Agreement”) is made and entered into as of December 22, 2008 (the “Effective Date”) by and among BIOCEPT,
INC., a California corporation (the “Company”), and The Reiss Family GST Exempt Marital Deduction Trust (the “Investor”). 

RECITALS 
 WHEREAS, in exchange for a loan from the Investor, the Company will issue a secured convertible promissory note and a warrant to purchase shares of the Company’s
Preferred Stock (the “Preferred Stock”) to the Investor. 

AGREEMENT 
 NOW THEREFORE, the parties to this Agreement, for good and valuable consideration, the receipt and sufficiency of which is acknowledged and agreed,
hereby agree as follows: 
 1. LOAN AMOUNT; ISSUANCE OF
NOTE AND WARRANT. 
 1.1 Loan Amount; Issuance of Note.
Subject to the terms of this Agreement, the Investor agrees to lend to the Company $1,400,000.00 (the “Loan Amount”) against the issuance and delivery by the Company to the Investor of a Secured Convertible
Promissory Note for the Loan Amount in the form attached hereto as Exhibit A (the “Note”). 
 1.2 Issuance of Warrant. Subject to the terms of this Agreement, the Investor agrees to purchase from the Company, and the Company agrees to issue to the Investor at the Closing (as defined below),
a Warrant in the form attached hereto as Exhibit B (the “Warrant”) to purchase the number of shares of Preferred Stock set forth in the Warrant (the “Warrant
Shares”).  
 1.3 Security Interest. The payment
obligations evidenced by the Note shall be secured by a security interest as described in the Note and pursuant to a Security Agreement in the form attached hereto as Exhibit C (the “Security
Agreement”). 
 2. CLOSING; DELIVERY. 

2.1 Closing. The closing of the issuance of the Note and Warrant (the
“Closing”) shall be held on the date hereof at the offices of Cooley Godward Kronish LLP, 4401 Eastgate Mall, San Diego, California 92121, or at such other time and place as the Company and the Investor agree
(the “Closing Date”).  
 2.2 Delivery. At the Closing,
(a) the Investor will deliver to the Company, by check or wire transfer, funds in the amount of the Loan Amount and (b) the Company and the Investor shall deliver to each other a duly executed (i) Note for the Loan Amount,(ii) Warrant
to purchase the Warrant Shares, and (iii) Security Agreement. 

  
 1. 

 3. REPRESENTATIONS AND WARRANTIES
OF THE COMPANY. 
 The Company hereby represents and warrants
to the Investor as follows: 
 3.1 Organization and Standing; Articles and Bylaws. The Company is a
corporation duly organized and validly existing under, and by virtue of, the laws of the State of California and is in good standing under such laws. The Company has the requisite corporate power to own and operate its properties and assets, and to
carry on its business as presently conducted and as proposed to be conducted. The Company is duly qualified and is authorized to transact business and is in good standing as a foreign corporation in each jurisdiction in which the failure to so
qualify would have a material adverse effect on its business, properties, or financial condition. 

3.2 Corporate Power. The Company will have at the Closing Date all requisite legal and corporate power to execute
and deliver this Agreement and to carry out and perform its obligations under the terms of this Agreement. 
 3.3 Authorization. All corporate action on the part of the Company, its directors and its shareholders necessary for the authorization, execution, delivery and
performance of this Agreement, the Note, the Warrant and the Security Agreement (collectively, the “Loan Documents”) by the Company and the performance of the Company’s obligations hereunder and thereunder, including the
issuance and delivery of the Note and Warrant and the reservation of the equity securities issuable upon conversion of the Note and exercise of the Warrant (collectively, the “Conversion Shares” and, together with the Note
and the Warrant, the “Securities”) has been taken or will be taken prior to the issuance of such Securities, as applicable. The Loan Documents, when executed and delivered by the Company, shall constitute valid and binding
obligations of the Company enforceable against the Company in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of
creditors’ rights, (b) as limited by general principles of equity that restrict the availability of equitable remedies and (c) with respect to rights to indemnity, subject to federal and state securities laws. The Securities, when
issued in compliance with the provisions of the Loan Documents, will be validly issued, fully paid and nonassessable. The issuance of the Securities pursuant to the provisions of this Agreement will not violate any preemptive rights or rights of
first refusal granted by the Company that will not be validly complied with or waived. The Securities, when issued in compliance with the provisions of the Loan Documents, will be free of any liens or encumbrances, other than any liens or
encumbrances created by or imposed upon the Investor through no action of the Company; provided, however, that the Securities may be subject to restrictions on transfer under the Company’s Bylaws and state
and/or federal securities laws.  

  
 2. 

 3.4 Governmental Consents. All consents, approvals, orders, or
authorizations of, or registrations, qualifications, designations, declarations, or filings with, any governmental authority, required on the part of the Company in connection with the valid execution and delivery of the Loan Documents, the offer,
sale or issuance of the Securities, or the consummation of any other transaction contemplated hereby shall have been obtained and will be effective at the Closing, except for notices required or permitted to be filed with certain state and federal
securities commissions, which notices will be filed on a timely basis. 
 3.5
Offering. Assuming the accuracy of the representations and warranties of the Investor contained in Section 4 hereof, the offer, issue, and sale of the Note and Warrant are and will be exempt from the registration and
prospectus delivery requirements of the Securities Act of 1933, as amended (the “Securities Act”), and have been registered or qualified (or are exempt from registration and qualification) under the registration, permit, or
qualification requirements of all applicable state securities laws. 
 4. REPRESENTATIONS
AND WARRANTIES OF THE INVESTOR. 

The Investor hereby represents and warrants to the Company as of the Closing Date as follows: 

4.1 Requisite Power and Authority. The Investor has all necessary power and authority to execute and deliver this
Agreement and the Loan Documents and to carry out their provisions. All action on the Investor’s part required for the lawful execution and delivery of this Agreement and the Loan Documents has been taken. Upon their execution and delivery,
this Agreement and the Loan Documents will be valid and binding obligations of the Investor, enforceable against the Investor in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other laws of general application affecting enforcement of creditors’ rights, and (b) as limited by general principles of equity that restrict the availability of equitable remedies. 

4.2 Purchase for Own Account. The Investor represents that it is acquiring the Securities solely for its own
account and beneficial interest for investment only, and not for sale or with a view to distribution of the Securities or any part thereof, has no present intention of selling (in connection with a distribution or otherwise), granting any
participation in, or otherwise distributing the same, and does not presently have reason to anticipate a change in such intention.  
 4.3 Information and Sophistication. The Investor (i) acknowledges that it has received all the information that it or its qualified purchaser representative has requested from the Company and
that it considers necessary or appropriate for deciding whether to acquire the Securities, (ii) represents that it or its qualified purchaser representative has had an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the offering of the Securities and to obtain any additional information necessary to verify the accuracy of the information given the Investor and (iii) further represents that it has such knowledge and experience in
financial and business matters that it is capable of evaluating the merits and risk of this investment. Without limiting the foregoing, the Investor is relying on its own independent investigation of the Company and on its own respective
professional advisors in entering into this Agreement and consummating the transactions described herein. 

  
 3. 

 4.4 Ability to Bear Economic Risk. The Investor acknowledges that
investment in the Securities involves a high degree of risk, and represents that it is able, without materially impairing its financial condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of its
investment. 
 4.5 Further Limitations on Disposition. Without in any way limiting the
representations set forth above, the Investor further agrees not to make any disposition of all or any portion of the Securities unless and until: 
 (a) There is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or

 (b)(i) The transferee has agreed in writing to be bound by the terms of this Agreement,
(ii) the Investor shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (iii) if reasonably requested by
the Company, the Investor shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such shares under the Securities Act. It is agreed that the Company
will not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual circumstances. The Company will not require the transferee to be bound by the terms of this Agreement after the Company’s first firm commitment
underwritten public offering of its Common Stock registered under the Securities Act (the “Initial Offering”). 
 (c) Notwithstanding the provisions of subsections (a) and (b) above, no such restriction shall apply to a transfer by the Investor to an entity affiliated by common control (or other
related entity) with the Investor (each such transferee, an “Affiliate” of the Investor); provided that in each case the transferee will agree in writing to be subject to the terms of this Agreement to the same extent as if the
transferee were an original Investor hereunder. 
 (d) Each certificate evidencing the Securities to be
issued to the Investor shall be stamped or otherwise imprinted with legends substantially similar to the following (in addition to any legend required under the Company’s Bylaws and applicable state securities laws): 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND
MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH
REGISTRATION IS NOT REQUIRED. 

  
 4. 

 THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED
BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN NOTE AND WARRANT PURCHASE AGREEMENT BY AND BETWEEN THE INVESTOR AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.

 (e) The Company shall be obligated to reissue promptly unlegended certificates representing any
Securities held by the Investor at the request of the Investor if the Company has completed its Initial Offering and the Investor has obtained an opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the Company
to the effect that the securities proposed to be disposed of may lawfully be disposed of without registration, qualification and legend. 
 (f) Any legend endorsed on an instrument pursuant to applicable state securities laws and the stop-transfer instructions with respect to such securities shall be removed upon receipt by the Company
of an order of the appropriate state securities authority authorizing such removal. 
 4.6 Accredited
Investor Status. The Investor is an accredited investor or is represented by a purchaser representative within the meaning of Regulation D under the Securities Act. 
 5. FURTHER ASSURANCES. The Company and the Investor agree and covenant that at any time and from time to time it will promptly execute and deliver to each other such
further instruments and documents and take such further action as each of the parties hereto may reasonably require in order to carry out the full intent and purpose of this Agreement. 

6. MISCELLANEOUS. 
 6.1 Binding Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement,
express or implied, is intended to confer upon any third party any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

6.2 Governing Law. This Agreement shall be governed by and construed under the laws of the State of California as
applied to agreements among California residents, made and to be performed entirely within the State of California without giving effect to its conflicts of laws principles.  

6.3 Counterparts; Facsimile. This Agreement may be executed in counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Facsimile signatures shall be as effective as original signatures. 

  
 5. 

 6.4 Expenses. Each party shall pay all costs and expenses that it
incurs with respect to the negotiation, execution, delivery and performance of this Agreement and the transactions contemplated hereby. 
 6.5 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

6.6 Notices. All notices required or permitted hereunder or under the Note or the Warrant shall be in writing
(including facsimile, electronic mail or similar electronic transmissions), and shall be deemed effectively given: (a) when received by the addressee, if delivered by hand, facsimile, electronic mail or similar form of electronic transmission,
(b) five days after mailing, if mailed by registered or certified mail, return receipt requested, postage prepaid or (c) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent (i) to the Company at 5810 Nancy Ridge Drive, San Diego, California 92121, Attn: Stephen Coutts, Ph.D., Facsimile No: (858) 320-8261 or (ii) to the Investor at the address
shown on Exhibit A, or at such other address as such party may designate by written notice to the other party. 
 6.7 Amendment; Waiver. Except as otherwise set forth herein, no amendment or waiver of any provision of this Agreement shall be effective unless in writing and approved by the Company and the
holders of at least a majority in interest of the outstanding Securities.  
 6.8 Expenses. Each
party shall pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance of this Agreement. 
 6.9 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to any party, upon any breach, default or noncompliance by another party under this
Agreement, the Note or the Warrant, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of or in any similar breach, default or
noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on any party’s part of any breach, default or noncompliance under this Agreement, the Note or the Warrant, or any
waiver on such party’s part of any provisions or conditions of this Agreement, the Note or the Warrant must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies under this Agreement, the
Note or the Warrant, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 
 6.10 Entire Agreement. This Agreement and the exhibits hereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be
liable or bound to any other in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein. 
 6.11 California Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA
AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF  

  
 6. 

 
THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION OR IN THE ABSENCE OF AN EXEMPTION FROM SUCH QUALIFICATION IS UNLAWFUL. PRIOR TO ACCEPTANCE OF SUCH CONSIDERATION BY THE COMPANY, THE
RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH QUALIFICATION BEING OBTAINED OR AN EXEMPTION FROM SUCH QUALIFICATION BEING AVAILABLE. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 7. 

 IN WITNESS WHEREOF, the
parties have executed this NOTE AND WARRANT PURCHASE AGREEMENT as of the date first written above. 

 

	
	 COMPANY:

	
	 Biocept, Inc.,
 a California corporation

  

			
	 By:
	 	 /s/ Stephen Coutts

Stephen Coutts, Ph.D.
 President and Chief Executive Officer

 [SIGNATURE PAGE TO NOTE AND
WARRANT PURCHASE AGREEMENT] 

  

 IN WITNESS WHEREOF, the
parties have executed this NOTE AND WARRANT PURCHASE AGREEMENT as of the date first written above. 

 

			
	 THE REISS FAMILY GST
EXEMPT
 MARITAL DEDUCTION TRUST:

		
	 By:
	 	 /s/ Claire Reiss

		
	 Name:
	 	 Claire Reiss

		
	 Title:
	 	 Trustee

 [SIGNATURE PAGE TO NOTE
AND WARRANT PURCHASE AGREEMENT] 

  

 LIST OF EXHIBITS 

 

			
	Exhibit A:	 	Form of Secured Convertible Promissory Note
		
	Exhibit B:	 	Form of Warrant
		
	Exhibit C:	 	Security Agreement

  

 EXHIBIT A 

FORM OF SECURED CONVERTIBLE PROMISSORY NOTE 

  

 EXHIBIT B 

FORM OF WARRANT 

  

 EXHIBIT C 

FORM OF SECURITY AGREEMENTEX-10.16.1

 Exhibit 10.16.1 

THIS NOTE AND THE SECURITIES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 
 THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THIS
NOTE AND THE SECURITIES ISSUABLE HEREUNDER IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN NOTE AND WARRANT PURCHASE AGREEMENT BY AND BETWEEN THE INVESTOR AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE
SECRETARY OF THE COMPANY. 
 BIOCEPT, INC. 
 SECURED CONVERTIBLE PROMISSORY NOTE 
  

			
	 $1,400,000.00
	 	December 22, 2008
		 	San Diego, California

 FOR VALUE RECEIVED,
BIOCEPT, INC., a California corporation (the “Company”), hereby promises to pay to the order of THE REISS FAMILY
GST EXEMPT MARITAL DEDUCTION TRUST (the “Investor”), the principal sum of $1,400,000.00 (the “Loan Amount”), together with
accrued and unpaid interest thereon, each due and payable on the date and in the manner set forth below. 

This Note is issued pursuant to the Note and Warrant Purchase Agreement of even date herewith among the
Company and the Investor (the “Purchase Agreement”), and is referred to in the Security Agreement of even date herewith among the Company and the Secured Party set forth therein (the “Security
Agreement”). Additional rights and obligations of the Investor are set forth in the Security Agreement. Capitalized terms used and not otherwise defined herein shall have the meanings given them in the Purchase Agreement.

 1. Maturity Date. Upon the date of written demand of the Secured Party (as defined
in the Security Agreement) at any time on or after the earliest to occur of: (a) the date 48 months after the date hereof; (b) the closing date of an Acquisition or Asset Transfer (each as defined in the Company’s Amended and Restated
Articles of Incorporation (the “Articles”)) (except that an Acquisition or Asset Transfer shall not include a reincorporation of the Company solely to effect a change of domicile of the Company); or (c) the closing date
of an issuance and sale of shares of Common Stock of the Company in the Company’s first underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Maturity
Date”), the entire outstanding principal balance and all unpaid accrued interest hereof shall become fully due and payable to the Investor. 

 2. Interest. Interest shall accrue on the outstanding principal amount hereof
from the date of this Note until payment or conversion in full, which interest shall be payable at the variable rate of interest per annum, published as the “prime lending rate” in the Wall Street Journal. Interest shall be due and payable
on the Maturity Date, and shall be calculated on the basis of a 365-day year for the actual number of days elapsed. 
 3.
Payment. Unless the indebtedness outstanding under this Note is converted in accordance with Section 5 hereof, payment shall be made in lawful money of the United States to the Investor at the Company’s principal offices or, at the
option of the Investor, at such other place in the United States as Investor shall have designated by written notice to the Company. All payments shall be applied first to accrued interest and thereafter to principal. 

4. No Prepayment. Prepayment by the Company of principal or accrued interest outstanding under this Note may be made only with the
prior written consent of the Investor. 
 5. Conversion. 

5.1 Automatic Conversion. Upon the closing of a Qualifying Financing (as defined
below) before the Maturity Date, all unpaid principal and accrued interest outstanding under this Note (the “Conversion Amount”) as of the date thereof shall be converted into that number of shares of the Preferred Stock sold
by the Company in the Qualifying Financing as is equal to the Conversion Amount divided by the per share purchase price of the Preferred Stock sold in the Qualifying Financing (the “Qualifying Financing Price”) and on the
other terms and conditions provided to investors in the Qualifying Financing. “Qualifying Financing” shall mean the first equity financing following the date hereof involving the sale by the Company of its Preferred Stock in
which the Company receives an aggregate of at least $20,000,000 in cumulative gross proceeds, including conversion of the Loan Amount made hereunder and interest hereon.  

5.2 Optional Conversion. If the Company closes an equity financing before the Maturity
Date involving the sale by the Company of its Preferred Stock (a “Next Equity Financing”), then the Investor may, at any time prior to the payment or conversion of the Conversion Amount in full, upon written notice to the
Company, elect to convert the Conversion Amount into that number of shares of the Preferred Stock sold by the Company in the Next Equity Financing as is equal to the Conversion Amount divided by the per share purchase price of the Preferred Stock
sold in the Next Equity Financing (the “Next Equity Financing Price”) and on the other terms and conditions provided to investors in the Next Equity Financing. 

6. Termination of Rights. All rights with respect to this Note and the Security Agreement shall terminate upon a payment or
conversion of the Conversion Amount in full, whether or not this Note has been surrendered. 
 7. Default. Each of
the following events shall be an “Event of Default” hereunder: 
 (a) The
Company commits a material breach of the representations, warranties or covenants in the Purchase Agreement or the Security Agreement which is not cured within 5 calendar days after notice thereof from the Investor; 

  
 2. 

 (b) The Company files a petition or action for relief under any
bankruptcy, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any action in furtherance of any of the foregoing; or

 (c) An involuntary petition is filed against the Company (unless such petition is dismissed or
discharged within 60 days) under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any
property of the Company. 
 Upon the occurrence of an Event of Default, all unpaid principal, accrued interest
and other amounts owing hereunder shall, at the option of the Investor, and, in the case of an Event of Default pursuant to (b) or (c) above, automatically, be immediately due, payable and collectible by the Investor pursuant
to applicable law. Subject to the provisions hereof and of the Security Agreement, the Investor shall have all rights and may exercise any remedies available to it under law, successively or concurrently. 

8. Fractional Shares. No fractional shares shall be issued upon conversion of this Note. In lieu of any fractional shares to which
the Investor would otherwise be entitled, after combining any fractional interests of the Investor into as many whole shares as is possible, the Investor shall be paid in cash an amount equal to the product resulting from multiplying such fraction
by the then current Qualifying Financing Price or Next Equity Financing Price, as applicable, of one share of Preferred Stock.  
 9. No Impairment. Except and to the extent as waived or consented to by the Investor in accordance with Section 14 below, the Company will not, by amendment of the Articles or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of any debt or equity securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or
performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Note in order to protect the rights of Investor hereunder against impairment. 

10. Highest Lawful Rate. Anything herein to the contrary notwithstanding, if during any period for
which interest is computed hereunder, the amount of interest computed on the basis provided for in this Note, together with all fees, charges, and other payments or rights which are treated as interest under applicable law, as provided for herein or
in any other document executed in connection herewith, would exceed the amount of such interest computed on the basis of the Highest Lawful Rate (as defined below), the Company shall not be obligated to pay, and the Investor shall not be entitled to
charge, collect, receive, reserve, or take, interest in excess of the Highest Lawful Rate, and during any such period the interest payable hereunder shall be computed on the basis of the Highest Lawful Rate. “Highest Lawful
Rate” means the maximum non-usurious rate of interest, as in effect from time to time, which may be charged, contracted for, reserved, received, or collected by the Investor in connection with this Note under applicable law. In
accordance with this section, any amounts received in excess of the Highest Lawful Rate shall be applied towards the prepayment of principal then outstanding. 

  
 3. 

 11. Waiver. Subject to any other provision herein or in the Loan Documents, the
Company hereby waives demand, notice, presentment, protest and notice of dishonor. 
 12. Governing Law. This Note
shall be governed by, and construed and enforced in accordance with, the laws of the State of California, applied to agreements between California residents, made to be performed entirely within the State of California, without giving effect to
conflict of laws principles.  
 13. Successors and Assigns. Neither this Note nor any rights hereunder shall be
transferable by the Investor without the prior written consent of the Company, except to an Affiliate of the Investor that agrees in writing to be subject to the terms of this Note to the same extent as if such Affiliate were an original Investor
hereunder. Subject to the foregoing, the provisions of this Note shall inure to the benefit of and be binding on any successor to the Company and shall extend to any holder hereof.  

14. Amendment; Waiver. Any term of this Note may be amended or waived with the written consent of the Company and the Investor.

 15. Counterparts. This Note may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument.  
 [REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK] 

  
 4. 

 IN WITNESS
WHEREOF, the Company has caused this SECURED CONVERTIBLE PROMISSORY NOTE to be executed by its duly authorized officer as of the date
first written above. 
  

			
	 BIOCEPT, INC.

		
	 By:
	 	 /s/ Stephen Coutts

		 	 Stephen Coutts, Ph.D.

		 	 President and Chief Executive Officer

 Acknowledged and Accepted: 

 

	
	 THE REISS FAMILY GST EXEMPT MARITAL DEDUCTION
TRUST

			
		
	 By:
	 	 /s/ Claire
Reiss

			
		
	 Printed Name:
	 	 Claire Reiss

			
		
	 Title:
	 	 Trustee

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]