Document:

EX-10.19.2.1

 Exhibit 10.19.2.1 

NOTE CONVERSION AGREEMENT 
 THIS NOTE CONVERSION AGREEMENT (this “Agreement”) is made and entered into as of
[            ], 2013, by and between BIOCEPT, INC., a California corporation (the “Company”), and
             (the “Noteholder”). 

RECITALS 
 WHEREAS, the Company and the Noteholder previously entered into that certain Note and Warrant Purchase Agreement, dated as of January 13, 2012, as amended, pursuant to which the
Company issued and sold to the Noteholder the promissory notes set forth on SCHEDULE A hereto (each a “Note” and collectively, the “Notes”); and 

WHEREAS, the Company and the Noteholder now desire to convert the entire unpaid principal and
accrued interest outstanding under the Notes into shares of Series A Preferred Stock of the Company (“Series A Preferred”) on the terms and conditions set forth in this Agreement, and after such conversion, the Notes shall be
cancelled. 
 NOW, THEREFORE, in contemplation of the
foregoing and in consideration of the mutual agreements, covenants, representations and warranties contained herein, and for other valid consideration, the receipt and sufficiency of which the hereby acknowledged, and intending to be legally bound
hereby, the parties agree as follows: 
 AGREEMENT 

1.        Conversion of Notes.    Effective immediately, the entire
unpaid principal and accrued interest outstanding under the Notes (the “Outstanding Balance”) shall be automatically converted into an aggregate of
[            ] shares of Series A Preferred (the “Conversion Shares”). The parties hereto agree that upon such conversion of the Outstanding Balance, all
amounts owed under the Notes shall be deemed paid in full, the Notes shall be terminated and cancelled in full, and no party shall have any further obligations or commitments with respect thereto except as expressly provided for under this
Agreement. Promptly following the date hereof (i) the Noteholder agrees to return to the Company for cancellation the original Notes held by the Noteholder and (ii) the Company shall issue to the Noteholder the Conversion Shares. Other
than the Noteholder’s right to receive the Conversion Shares, the Noteholder hereby waives any and all demands, claims, suits, actions, causes of action, proceedings, assessments and rights in respect of the Notes, including, without
limitation, any rights arising from any default or event of default under the Notes. 

2.        Noteholder Representations.    The Noteholder hereby
represents and warrants to the Company as follows: 
 (a)      The
Noteholder is the sole beneficial owner of the Notes held by it as indicated on SCHEDULE A hereto and the Noteholder has not sold, assigned, transferred, endorsed, deposited under any agreement, hypothecated, pledged for
any bank or brokerage loan or otherwise, or disposed of in any manner any such Note or any interest therein, other than in 

 
connection with the cancellation of the Notes as contemplated herein. 
 (b)      The Noteholder is acquiring the Conversion Shares solely for its own account for investment purposes only and not with a view to any sale or distribution
thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). The Noteholder has no pre-existing agreement, arrangement or understanding, formal or informal, with any person to sell, distribute or transfer
all or any part of such Conversion Shares. 
 (c)      The Noteholder
understands that (i) the Conversion Shares have not been registered under the Securities Act or any state securities law by reason of their issuance in a transaction which is exempt from the registration requirements of the Securities Act and
state securities laws, and that such securities must be held indefinitely unless they are subsequently registered under the Securities Act and such laws or a subsequent disposition thereof is exempt from registration under the applicable provisions
of the Securities Act and such laws and (ii) the certificates evidencing such securities will contain a legend to the foregoing effect. 
 (d)      The Noteholder has sufficient knowledge and expertise in business and financial matters so as to enable it to analyze and evaluate the merits and risks of
acquiring the Conversion Shares pursuant to the terms of this Agreement. 

(e)      The Noteholder is an accredited investor within the meaning of
Regulation D under the Securities Act. 
 (f)      The Noteholder has
had an opportunity to discuss the Company’s business, management and financial affairs with directors, officers and management of the Company and has had the opportunity to review the Company’s operations and facilities. The Noteholder has
also had the opportunity to ask questions of and receive answers from, the Company and its management regarding the terms and conditions of this investment. 
 (g)      The Noteholder has the requisite power and authority to enter into this Agreement and to agree to the conversion of the Notes held by it under this Agreement.

 3.        Market Stand-Off Agreement.    The Noteholder
hereby agrees that the Noteholder shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Common Stock (or other
securities) of the Company held by the Noteholder (other than those included in the registration) during (i) the 180-day period following the effective date of the Company’s first firm commitment underwritten public offering of its Common
Stock registered under the Securities Act (or such longer period as the underwriters or the Company shall request in order to facilitate compliance with NASD Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation), and
(ii) the 90-day period following the effective date of a registration statement of the Company filed under the Securities Act (or such longer period as the underwriters or the Company shall request in order to facilitate compliance with NASD
Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation); provided, that, with respect to (i) and (ii) above, all officers and directors of the Company are bound by and have entered into similar agreements. The
obligations described in this Section 3 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar 

  
 2 

 
forms that may be promulgated in the future, or a registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in the future. 

4.        Miscellaneous. 

  4.1      Governing Law.    This Agreement shall be
governed by and construed under the laws of the State of California in all respects as such laws are applied to agreements among California residents entered into and to be performed entirely within California, without reference to conflicts of laws
or principles thereof. The parties agree that any action brought by either party under or in relation to this Agreement, including without limitation to interpret or enforce any provision of this Agreement, shall be brought in, and each party agrees
to and does hereby submit to the jurisdiction and venue of, any state or federal court located in the County of San Diego, California. 
   4.2      Counterparts; Facsimile.    This Agreement may be executed in any number of counterparts, each of which shall be an original,
but all of which together shall constitute one instrument. Facsimile signatures shall be as effective as original signatures. 
   4.3      Further Assurances.    Each party hereto agrees to execute and deliver, or cause to be executed and delivered, such further
instruments or documents or take such other actions as may be reasonably necessary to consummate the transactions contemplated by this Agreement. 
   4.4      Successors and Assigns.    Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of,
and be binding upon the parties hereto and their respective successors, assigns, heirs, executors and administrators and shall inure to the benefit of and be enforceable by each person who shall be a holder of the Conversion Shares from time to
time; provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Conversion Shares specifying the full name and address of the transferee, the Company may deem and treat the person listed as
the holder of such Conversion Shares in its records as the absolute owner and holder of such Conversion Shares for all purposes. 
   4.5      Severability.    In the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never
been contained herein. 
   4.6      Entire
Agreement.    This Agreement constitutes 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. 

  
 3 

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

 

			
	COMPANY:
	
	BIOCEPT, INC. 
		
	By:	 	 

 
			
		
	Name:	 	
	Title:	 	

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

 

			
	NOTEHOLDER:
		
	By:	 	 

 
			
		
	Name:	 	 

 
			
		
	Title:	 	 

 SCHEDULE A 

SCHEDULE OF NOTES 
  

							
	NOTEHOLDER	  	TITLE	  	DATE
ISSUED	  	 PRINCIPAL

AMOUNT
OUTSTANDING

	[________________]	  	Promissory Note	  	[_______]	  	$[_________]
	[________________]	  	Promissory Note	  	[_______]	  	$[_________]EX-10.19.3

 Exhibit 10.19.3 
 THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 

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

 

			
	No. PSW-[__]	  	[                    ], 2012

 THIS CERTIFIES THAT, for value
received, [                    ], or their assigns (collectively, the “Holder”), is entitled to subscribe for
and purchase at the Exercise Price (defined below) from BIOCEPT, INC., a California corporation (the “Company”), up to such number and series of fully paid and nonassessable
shares of Preferred Stock of the Company as set forth herein, during the Exercise Period (as defined below). 
 This Warrant is
issued pursuant to the Note and Warrant Purchase Agreement, dated January 13, 2012, among the Company and the Holder (the “Purchase Agreement”). Pursuant to the Purchase Agreement, the Company also issued Holder one or
more Promissory Notes (the “Notes”). Capitalized terms used and not otherwise defined herein shall have the meanings given to them in the Notes. 
 1. DEFINITIONS. As used herein, the following terms shall have the following respective meanings: 

(a) “Exercise Period” shall mean the period commencing on the date hereof and ending
five (5) years thereafter, unless sooner terminated as provided below. 
 (b)
“Exercise Price” shall mean (a) if the Company has not closed a Qualifying Financing, $0.54 and (b) if the Company has closed a Qualifying Financing, the price per share at which the Company sells
its Preferred Stock in such Qualifying Financing.  
 (c) “Exercise
Shares” shall mean (a) if the Company has not closed a Qualifying Financing, the Company’s Series A Preferred Stock and (b) if the Company has  

 
closed a Qualifying Financing, the Company’s Preferred Stock sold in such Qualifying Financing. 

(d) “Warrant Coverage Amount” shall mean the aggregate principal amount of the
Notes issued to Holder on the date of issuance of such Notes to Holder pursuant to the Purchase Agreement, multiplied by .20. 
 2. NUMBER OF SHARES. The number of Exercise Shares for up to which this Warrant may be exercisable shall be determined by dividing
the Warrant Coverage Amount by the Exercise Price, and rounding down to the nearest whole share. 
 3.
EXERCISE OF WARRANT. The rights represented by this Warrant may be exercised in whole or in part at any time during the Exercise Period, by delivery of the following to the Company at
its address set forth on the signature page hereto (or at such other address as it may designate by notice in writing to the Holder): 
 (a) An executed Notice of Exercise in the form attached hereto; 

(b) Payment of the Exercise Price either (i) in cash or by check, (ii) by cancellation of indebtedness, or
(iii) any combination thereof; and 
 (c) This Warrant. 

Upon the exercise of the rights represented by this Warrant, a certificate or certificates for the Exercise Shares so purchased,
registered in the name of the Holder or persons affiliated with the Holder, if the Holder so designates, shall be issued and delivered to the Holder within a reasonable time after the rights represented by this Warrant shall have been so exercised.

 The person in whose name any certificate or certificates for Exercise Shares are to be issued upon exercise of this Warrant
shall be deemed to have become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price was made, irrespective of the date of delivery of such certificate or certificates, except that,
if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock
transfer books are open. 
 4. COVENANTS OF THE
COMPANY. 
 4.1 Covenants as to Exercise Shares. The Company covenants and agrees that all Exercise
Shares that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance
thereof. The Company further covenants and agrees that the Company will at all times during the Exercise Period, have authorized and reserved, free from preemptive rights, a sufficient number of shares to provide for the exercise of the rights
represented by this Warrant. If at any time during the Exercise Period the number of authorized but unissued shares is not sufficient to permit exercise of this Warrant, the Company will take such corporate action as may, in the opinion of its
counsel, be necessary 

  
 2. 

 
to increase its authorized but unissued shares to such number of shares as shall be sufficient for such purposes. 
 4.2 No Impairment. Except and to the extent as waived or consented to by the Holder, the Company will not, by amendment of its Amended and Restated Articles of Incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of 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 Warrant and in the taking of all such action as may be necessary or appropriate in order to protect the exercise rights of the Holder against
impairment. 
 5. ADJUSTMENT OF EXERCISE PRICE. In the
event of changes in the outstanding Preferred Stock of the Company by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations, or the like, the
number and class of shares available under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of the Warrant, on exercise for the same aggregate Exercise Price, the total number, class, and kind
of shares as the Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment; provided, however, that such adjustment shall not be made
with respect to, and this Warrant shall terminate if not exercised prior to, the events set forth in Section 8 below. The form of this Warrant need not be changed because of any adjustment in the number of Exercise Shares subject to this
Warrant. 
 6. ADJUSTMENTS FOR DILUTING ISSUANCES. The
Exercise Price and the number of Exercise Shares issuable upon exercise of this Warrant or, if the Exercise Shares are Preferred Stock, the number of shares of common stock issuable upon conversion of the Exercise Shares, shall be subject to
adjustment, from time to time in the manner set forth in the Company’s Amended and Restated Articles of Incorporation, as amended from time to time, as if the Exercise Shares were issued and outstanding on and as of the date of any such
required adjustment. Any adjustment to the conversion rate of the Exercise Shares issuable upon the exercise of this Warrant effected prior to any exercise of this Warrant shall apply to any Exercise Shares thereafter issued pursuant to the terms
hereof. 
 7. FRACTIONAL SHARES. No fractional shares shall be issued upon the exercise of
this Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance of any
fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the
product resulting from multiplying the then current fair market value of an Exercise Share by such fraction. 
 8.
EARLY TERMINATION. In the event of, at any time during the Exercise Period, an initial public offering of securities of the Company registered under the Securities Act, or any capital reorganization, or any
reclassification of the capital stock of the Company (other than a change in par value or from par value to no par value or no par value to par value or as a result of 

  
 3. 

 
a stock dividend or subdivision, split-up or combination of shares), or an Asset Transfer or Acquisition (as defined in the Company’s Amended and Restated Articles of Incorporation, as
amended) (other than a merger solely to effect a reincorporation of the Company into another state), the Company shall provide to the Holder 20 days advance written notice of such public offering, reorganization, reclassification, consolidation,
merger or sale or other disposition of the Company’s assets, and this Warrant shall terminate unless exercised prior to the date such public offering is closed or the occurrence of such reorganization, reclassification, consolidation, merger or
sale or other disposition of the Company’s assets. 
 9. MARKET STAND-OFF
AGREEMENT. Holder shall not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to, any
Common Stock (or other securities) of the Company held by such Holder, for a period of time specified by the managing underwriter(s) not to exceed 180 days following the effective date of a registration statement of the Company filed under the
Securities Act in connection with the Company’s initial public offering (or such longer period, not to exceed 34 days after the expiration of the 180-day period, as the underwriters or the Company shall request in order to facilitate compliance
with NASD Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation). Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Company and/or the managing underwriter(s) which are
consistent with the foregoing or which are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to such Common Stock (or other securities) until the end
of such period. Each Holder agrees that any transferee of Common Stock (or other securities) shall be bound by this Section 9. The underwriters of the Company’s stock are intended third party beneficiaries of this Section 9 and shall
have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 
 10.
NO SHAREHOLDER RIGHTS. This Warrant in and of itself shall not entitle the Holder to any voting rights or other rights as a shareholder of the Company. 

11. TRANSFER OF WARRANT. Subject to applicable laws and the restrictions on
transfer set forth in this Warrant, this Warrant and all rights hereunder are transferable, by the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto to any transferee designated
by Holder. The transferee shall sign an investment letter in form and substance satisfactory to the Company. 
 12.
LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or
otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant
shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 

13. NOTICES, ETC. All notices required or permitted hereunder shall be in writing and shall
be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if not,

  
 4. 

 
then on the next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company and the Holder at the address set forth on the signature page hereto, or at such other
address as the Company or Holder may designate by 10 days advance written notice to the other party hereto. 
 14.
ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein. 
 15. COUNTERPARTS. This Warrant 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. 
 16. GOVERNING LAW. This Warrant 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 conflicts of law principles. 

17. AMENDMENT; WAIVER. Any term of this Warrant may be amended or waived with the written
consent of (i) the Company and (ii) the holder(s) of warrants issued pursuant to the Purchase Agreement representing at least a majority of the aggregate Exercise Shares issuable upon exercise of all warrants issued pursuant to the
Purchase Agreement. 
 [REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK] 

  
 5. 

 IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its duly authorized officer as of the date set forth above. 
  

			
	BIOCEPT, INC.

 
			
		
	By:	 	 

 
			
	Name:	 	 

 
			
	Title:	 	 

 
			
		
	Address:	 	5810 Nancy Ridge Drive
		 	San Diego, California 92121

  

			
	Acknowledged and accepted:
	
	[                    ]
	
	  
	
	  
		
	Address:	 	 
		 	 

 [SIGNATURE PAGE TO WARRANT] 

 NOTICE OF EXERCISE 
 TO: BIOCEPT, INC. 
 (1) The undersigned
hereby elects to purchase                      Exercise Shares of Biocept, Inc. (the “Company”) pursuant to the terms
of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 
 (2) Please issue a certificate or certificates representing said Exercise Shares in the name of the undersigned or in such other name as is specified below: 

 
  

(Name) 
  

 
  

 
 (Address)

 (3) The undersigned represents that (i) the aforesaid Exercise Shares are being acquired for the account of the
undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares; (ii) the undersigned is aware of the
Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision regarding its investment in the Company; (iii) the undersigned is experienced in
making investments of this type and has such knowledge and background in financial and business matters that the undersigned is capable of evaluating the merits and risks of this investment and protecting the undersigned’s own interests;
(iv) the undersigned understands that the Exercise Shares issuable upon exercise of this Warrant have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific
exemption from the registration provisions of the Securities Act, which exemption depends upon, among other things, the bona fide nature of the investment intent as expressed herein, and, because such securities have not been registered under the
Securities Act, they must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available; (v) the undersigned is aware that the aforesaid Exercise Shares may not be sold pursuant
to Rule 144 adopted under the Securities Act unless certain conditions are met and until the undersigned has held the shares for the number of years prescribed by Rule 144, that among the conditions for use of the Rule is the availability of current
information to the public about the Company and the Company has not made such information available and has no present plans to do so; and (vi) the undersigned agrees not to make any disposition of all or any part of the aforesaid Exercise
Shares unless and until there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with said registration statement, or the undersigned has provided the
Company with an opinion of counsel satisfactory to the Company, stating that such registration is not required. 
  

							
	(Date)	 		 	(Signature)
			
		 		 	
		 		 	(Print name)
		 		 		 	

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to 
  

			
	Name:	  	 
		  	(Please Print)
		
	Address: 	  	 
		  	(Please Print)

 Dated:
                    , 20__ 

Holder’s 

Signature:                       
                                         
                                         
         
 Holder’s 
 Address:                                
                                         
                                        

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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