Document:

ruby_Ex10_2

		

			Exhibit 10.2

		

		
			FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT
		

		
			THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of September 16, 2019 (the “Amendment Effective Date”), is made among Rubius Therapeutics, Inc., a Delaware corporation (the “Borrower”), Solar Capital Ltd., a Maryland corporation (“Solar”), in its capacity as collateral agent (in such capacity, together with its successors and assigns in such capacity, “Collateral Agent”) and the Lenders listed on Schedule 1.1 of the Loan and Security Agreement (as defined below) or otherwise a party hereto from time to time including Solar in its capacity as a Lender (each a “Lender” and collectively, the “Lenders”).
		

		
			Borrower, the Lenders and Collateral Agent are parties to a Loan and Security Agreement dated as of December 21, 2018 (as amended, restated or modified from time to time, the “Loan and Security Agreement”).  Borrower has requested that the Lenders agree to certain amendments to the Loan and Security Agreement.  The Lenders have agreed to such request, subject to the terms and conditions hereof.
		

		
			Accordingly, the parties hereto agree as follows:
		

		
			SECTION 1        Definitions; Interpretation.
		

		
			(a)          Terms Defined in Loan and Security Agreement.  All capitalized terms used in this Amendment (including in the recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the Loan and Security Agreement.
		

		
			(b)          Interpretation.  The rules of interpretation set forth in Section 1.1 of the Loan and Security Agreement shall be applicable to this Amendment and are incorporated herein by this reference.
		

		
			SECTION 2        Amendments to the Loan and Security Agreement.
		

		
			(a)          The Loan and Security Agreement shall be amended as follows effective as of the Amendment Effective Date:
		

		
			(i)           Amended Definitions.  The following definitions are hereby amended as follows:
		

		
			“Permitted Indebtedness”.  Clause (d) of the definition of “Permitted Indebtedness” is hereby amended and restated as follows:
		

		
			“(d)        (i) unsecured indebtedness to trade creditors; and (ii) Indebtedness in connection with credit cards incurred in the ordinary course of business not to exceed Seven Hundred Fifty Thousand Dollars ($750,000.00) in the aggregate outstanding at any time;”
		

		
			“Permitted Liens”.  Clauses (i) and (j) of the definition of “Permitted Liens”  are hereby amended and restated as follows:
		

		
			“(i)         Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Section 8.4 or 8.7;
		

		
			“(j)         Permitted Licenses; and”
		

		
			“Permitted Liens”.  The definition of “Permitted Liens” is hereby amended by adding the following new clause (k) to the end of such definition:
		

		
			“(k)        Liens securing Indebtedness permitted under clause (d)(ii) of the definition of “Permitted Indebtedness.”
		

		
			 
		

		
			 
		

		
			

		 

		

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			(b)          References Within Loan and Security Agreement.  Each reference in the Loan and Security Agreement to “this Agreement” and the words “hereof,” “herein,” “hereunder,” or words of like import, shall mean and be a reference to the Loan and Security Agreement as amended by this Amendment.
		

		
			SECTION 3        Conditions of Effectiveness.  The effectiveness of Section 2 of this Amendment shall be subject to the satisfaction of each of the following conditions precedent:
		

		
			(a)          Fees and Expenses.  The Borrower shall have paid (i) all invoiced costs and expenses then due in accordance with Section 5(e), and (ii) all other fees, costs and expenses, if any, due and payable as of the Amendment Effective Date under the Loan and Security Agreement.
		

		
			(b)          This Amendment.  Collateral Agent shall have received this Amendment, executed by Collateral Agent, the Lenders and the Borrower.
		

		
			(c)          Representations and Warranties; No Default.  On the Amendment Effective Date, after giving effect to the amendment of the Loan and Security Agreement contemplated hereby:
		

		
			(i)           The representations and warranties contained in Section 4 shall be true and correct on and as of the Amendment Effective Date as though made on and as of such date; and
		

		
			(ii)          There exist no Events of Default or events that with the passage of time would result in an Event of Default.
		

		
			SECTION 4       Representations and Warranties.  To induce the Lenders to enter into this Amendment, the Borrower hereby confirms, as of the date hereof, (a) that the representations and warranties made by it in Section 5 of the Loan and Security Agreement and in the other Loan Documents are true and correct in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; (b) that there has not been and there does not exist a Material Adverse Change; and (c) that the information included in the Perfection Certificate delivered to Collateral Agent on the Effective Date remains true and correct.   For the purposes of this Section 4, (i) each reference in Section 5 of the Loan and Security Agreement to “this Agreement,” and the words “hereof,” “herein,” “hereunder,” or words of like import in such Section, shall mean and be a reference to the Loan and Security Agreement as amended by this Amendment, and (ii) any representations and warranties which relate solely to an earlier date shall not be deemed confirmed and restated as of the date hereof (provided that such representations and warranties shall be true, correct and complete in all material respects as of such earlier date).
		

		
			SECTION 5        Miscellaneous.
		

		
			(a)          Loan Documents Otherwise Not Affected; Reaffirmation; No Novation.
		

		
			(i)           Except as expressly amended pursuant hereto or referenced herein, the Loan and Security Agreement and the other Loan Documents shall remain unchanged and in full force and effect and are hereby ratified and confirmed in all respects.  The Lenders’ and Collateral Agent’s execution and delivery of, or acceptance of, this Amendment shall not be deemed to create a course of dealing or otherwise create any express or implied duty by any of them to provide any other or further amendments, consents or waivers in the future.
		

		
			(ii)          Borrower hereby expressly (1) reaffirms, ratifies and confirms its Obligations under the Loan Agreement and the other Loan Documents, (2) reaffirms, ratifies and confirms the grant of security under Section 4.1 of the Loan and Security Agreement, (3) reaffirms that such grant of security in the Collateral secures all Obligations under the Loan and Security Agreement, and with effect from (and including) the Amendment Effective Date, such grant of security in the Collateral: (x) remains in full force and effect notwithstanding the amendments expressly referenced herein; and (y) secures all Obligations under the Loan and Security Agreement, as amended by this Amendment, and the other Loan Documents, (4) agrees that this Amendment shall be a “Loan Document” under the Loan and Security Agreement and (5) agrees that the Loan and Security Agreement and each other Loan Document shall remain in full force and effect following any action contemplated in connection herewith.
		

		
			
		

		
			

		 

		

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			(iii)         This Amendment is not a novation and the terms and conditions of this Amendment shall be in addition to and supplemental to all terms and conditions set forth in the Loan Documents. Nothing in this Amendment is intended, or shall be construed, to constitute an accord and satisfaction of Borrower’s Obligations under or in connection with the Loan and Security Agreement and any other Loan Document or to modify, affect or impair the perfection or continuity of Agent’s security interest in, (on behalf of itself and the Lenders) security titles to or other liens on any Collateral for the Obligations.
		

		
			(b)          Conditions.  For purposes of determining compliance with the conditions specified in Section 3, each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless Collateral Agent shall have received notice from such Lender prior to the Amendment Effective Date specifying its objection thereto.
		

		
			(c)        Release.  In consideration of the agreements of Collateral Agent and each Lender contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower, on behalf of itself and its successors, assigns, and other legal representatives, hereby fully, absolutely, unconditionally and irrevocably releases, remises and forever discharges Collateral Agent and each Lender, and its successors and assigns, and its present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, Lenders and all such other persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which Borrower, or any of its successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Amendment, including, without limitation, for or on account of, or in relation to, or in any way in connection with the Loan and Security Agreement, or any of the other Loan Documents or transactions thereunder or related thereto.  Borrower understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release.  Borrower agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the release set forth above.
		

		
			(d)          No Reliance.  The Borrower hereby acknowledges and confirms to Collateral Agent and the Lenders that the Borrower is executing this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation, understanding or communication by or on behalf of any other Person.
		

		
			(e)          Costs and Expenses.  The Borrower agrees to pay to Collateral Agent within ten (10) days of its receipt of an invoice (or on the Amendment Effective Date to the extent invoiced on or prior to the Amendment Effective Date), the reasonable, out-of-pocket costs and expenses of Collateral Agent and the Lenders party hereto, and the reasonable and documented fees and disbursements of counsel to Collateral Agent and the Lenders party hereto (including reasonable and documented allocated costs of internal counsel), in connection with the negotiation, preparation, execution and delivery of this Amendment and any other documents to be delivered in connection herewith on the Amendment Effective Date or after such date.
		

		
			(f)           Binding Effect.  This Amendment binds and is for the benefit of the successors and permitted assigns of each party.
		

		
			(g)          Governing Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAWS OTHER THAN THE LAWS OF THE STATE OF NEW YORK), INCLUDING ALL MATTERS OF
		

		
			
		

		
			

		 

		

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			CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE COLLATERAL.
		

		
			(h)          Complete Agreement; Amendments; Exit Fee Agreement.  This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements with respect to such subject matter.  All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.  For the avoidance of doubt and notwithstanding anything to the contrary in this Amendment, Borrower (a) reaffirms its obligations under the Exit Fee Agreement, including without limitation its obligation to pay the Success Fee (as defined in the Exit Fee Agreement) if and when due thereunder, and (b) agrees that the defined term “Loan and Security Agreement” as defined in the Exit Fee Agreement shall on and after the Amendment Effective Date mean the Loan and Security Agreement as amended by this Amendment and as may be amended, restated or modified from time to time on or after the Amendment Effective Date.
		

		
			(i)           Severability of Provisions.  Each provision of this Amendment is severable from every other provision in determining the enforceability of any provision.
		

		
			(j)           Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Amendment.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile, portable document format (.pdf) or other electronic transmission will be as effective as delivery of a manually executed counterpart hereof.
		

		
			(k)          Loan Documents. This Amendment and the documents related thereto shall constitute Loan Documents.
		

		
			[Balance of Page Intentionally Left Blank; Signature Pages Follow]
		

		
			 
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment, as of the date first above written.
		

			
					
						 

					
					
						BORROWER:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						RUBIUS THERAPEUTICS, INC.,

					
						as Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Andrew Oh

				
	
					
						 

					
					
						Title:

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to First Amendment (Solar/Rubius)]

		

		

			 

		

	
					
						

					
						 

					
					
						COLLATERAL AGENT:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SOLAR CAPITAL LTD.,

					
						as Collateral Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Anthony J. Storino

				
	
					
						 

					
					
						Name:

					
					
						Anthony J. Storino

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			
		

		

		 

		

			[Signature Page to First Amendment (Solar/Rubius)]

		

		

			 

		

	
					
						

					
						 

					
					
						LENDERS:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SOLAR CAPITAL LTD.,

					
						as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Anthony J. Storino

				
	
					
						 

					
					
						Name:

					
					
						Anthony J. Storino

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SCP PRIVATE CREDIT INCOME FUND L.P.,

					
						as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Anthony J. Storino

				
	
					
						 

					
					
						Name:

					
					
						Anthony J. Storino

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SUNS SPV LLC,

					
						as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Anthony J. Storino

				
	
					
						 

					
					
						Name:

					
					
						Anthony J. Storino 

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		 

		

			[Signature Page to First Amendment (Solar/Rubius)]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 has authorized the sale and issuance of up to 5,058,824 shares (the “Shares”) of the Company’s
common stock, no par value per share (the “Common Stock”). The purchase price for the Shares shall be $1.70
per share (the “Purchase Price”) (the “Offering”). The Offering and issuance of the Shares
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 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 with certain other 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”)
as is set forth on the signature page hereto (the “Signature Page”). The Investor acknowledges that the Offering
is not a firm commitment underwriting and that there is no minimum offering amount. Certificates representing the Shares purchased
by the Investor will not be issued to the Investor; instead, such Shares will be credited to the Investor using customary procedures
for book-entry transfer through the facilities of The Depository Trust Company (“DTC”). 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 a closing (the “Closing”) which shall
occur no later than the second (2nd) Trading Day (as defined below) following the date set forth on the Signature Page
(the “Closing Date”). At the Closing, (a) the Company shall cause its transfer agent to release to the Investor
the number of Shares being purchased by the Investor and (b) the aggregate purchase price for the Shares being purchased by the
Investor (the “Subscription Amount”) will be delivered by or on behalf of the Investor to the Company by wire
transfer. In the event that the Company is unable to fulfill its obligations hereunder at Closing by the fifth (5th)
Trading Day following the date set forth on the Signature Page, 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 market (or if such exchange or market does not designate in advance the closing
time of trading on such exchange or market, then during the hour ending at 4:00 p.m., New York time).

 

    	 	 	 

    	 

    

 

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 the receipt of
the Company’s Prospectus in portable document format, or .pdf, via e-mail.

 

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 purchase price for the Shares being purchased hereunder as set forth on the Signature Page 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.
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 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, 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 at 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 at 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.

 

    	 	 	 

    	 

    

 

(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, the preliminary financial disclosure as of
and for the quarter ended September 30, 2019, 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) promptly issue a press release or other announcement disclosing all material aspects 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.

 

    	 	 	 

    	 

    

 

(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, 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)
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).

 

(c)
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.

 

    	 	 	 

    	 

    

 

(d)
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. 

 

(e)
The Investor has agreed with the Company to 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.

 

(f)
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. 

 

(g)
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, has acquired or obtained the right to acquire, by virtue
of this Offering, 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:

 

 

 

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

 

(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 form 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.
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.

 

10.
 This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Investor.

 

11.
 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.

 

12.
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.

 

13.
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. 

 

14.
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.

 

    	 	 	 

    	 

    

 

INVESTOR
SIGNATURE PAGE

 

Number
of Shares:                                                                  

Purchase
Price Per Share: $1.70

Aggregate
Purchase Price: $                                                    

 

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: November 13, 2019

 

                                                              

INVESTOR

 

By:
                                                       

Print
Name:                                           

Title:
                                                     

Name
in which Securities are to be registered: _____________________

Mailing
Address: ____________________________

____________________________

____________________________

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)
	 	 
	 	 	 	 
	 	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 __th day of November, 2019:

 

OncoCyte
Corporation

 

By:                                                                        

Name:                                                                  

Title:                                                                    

 

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.

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