Document:

EX-10.20.1

 Exhibit 10.20.1 

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. 
 CONVERTIBLE PROMISSORY NOTE 
  

			
	 $[                    ]
	  	
[                    ],
2013
 San Diego, California

 FOR VALUE RECEIVED,
BIOCEPT, INC., a California corporation (the “Company”), hereby promises to pay to the order of
[                                    ] (collectively,
the “Investor”), the principal sum of $[                ] (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, dated June 28, 2013, by and among the Company and the investors listed on the Schedule of Investors thereto (the “Purchase Agreement”). Capitalized terms
used and not otherwise defined herein shall have the meanings given them in the Purchase Agreement. 

1.      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 rate of 8.0% per annum. Interest shall be due and payable on the Maturity Date (as defined below), and shall be calculated on the basis of a
365-day year for the actual number of days elapsed. 
 2.      Payment.  Unless
the indebtedness outstanding under this Note is converted in accordance with Section 4.2 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. 

 3.      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. 
 4.      Maturity Date; Automatic Conversion. 
 4.1      Maturity Date.  This Note and all unpaid principal and accrued interest outstanding under this Note (the “Conversion
Amount”) shall be due and payable on May 31, 2014 (the “Maturity Date”); provided, however, that the Maturity Date (i) may be extended for two successive six month periods upon the written
consent of the Investor and (ii) shall be accelerated upon the occurrence of an Event of Default (defined below). 
 4.2      Automatic Conversion.  Upon the closing of a Qualifying IPO (as defined below) before the Maturity Date, the Conversion Amount as of the date
thereof shall automatically be converted into that number of shares of Common Stock as is equal to the Conversion Amount divided by the per share purchase price of the Common Stock sold in the Qualifying IPO (the “Qualifying IPO
Price”). “Qualifying IPO” shall mean the closing of a firmly underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale
of the Common Stock for the account of the Company in which the gross cash proceeds to the Company (before underwriting discounts, commissions and fees) are at least $8,000,000. 

5.      Termination of Rights.  All rights with respect to this Note shall terminate upon
a payment or conversion of the Conversion Amount in full, whether or not this Note has been surrendered. 

6.      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 which is not cured within 5 calendar days after notice thereof from the Investor; 

(b)      The Company’s failure to pay all unpaid principal and accrued
interest outstanding under this Note on the Maturity Date; 
 (c)      The
voluntary dissolution or liquidation of the Company; 
 (d)      The
Company’s voluntary cessation of business operations; 
 (e)      The
Company’s closing 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); 

(f)      The occurrence of an event of default related to any indebtedness of the
Company which is not cured within 15 calendar days; 

  
 2. 

 (g)      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 
 (h)      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 (g) or (h) above, automatically, be immediately due,
payable and collectible by the Investor pursuant to applicable law. Subject to the provisions hereof, the Investor shall have all rights and may exercise any remedies available to it under law, successively or concurrently. 

7.      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 Qualifying IPO Price. 
 8.      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. 
 9.      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. 

 10.      Future Indebtedness.  Except with
respect to (i) any indebtedness which may be incurred pursuant to the terms of the Purchase Agreement, as the same may be amended from time-to-time, (ii) up to $200,000 of indebtedness incurred for the purchase of automation equipment, and
(iii) any indebtedness incurred in the ordinary course of business not in excess of $100,000, the Company shall not, without the prior written consent of Investor, incur any indebtedness. 

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 CONVERTIBLE PROMISSORY NOTE to be executed by its duly authorized officer as of the date first written
above. 
  

			
	 BIOCEPT, INC.

		
	 By:
	 	 

 
			
		
	 Title:
	 	 

 Acknowledged and Accepted: 
 [                                ]EX-10.20.2

 Exhibit 10.20.2 

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 COMMON STOCK 
  

			
	No. CSW-[__]	  	[                    ], 2013

 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 Common 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 June 28, 2013, among the Company
and the Holder (the “Purchase Agreement”). Pursuant to the Purchase Agreement, the Company also issued Holder a Convertible Promissory Note of even date herewith (the “Note”) in the principal amount of
$[                ]. Capitalized terms used and not otherwise defined herein shall have the meanings given to them in the Purchase Agreement. 

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 of the closing of a firmly underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale of
the Company’s Common Stock for the account of the Company (the “IPO”) and ending five (5) years thereafter, unless sooner terminated as provided below. 

(b)        “Exercise
Price” shall mean the per share purchase price of the Company’s Common Stock sold in the IPO.  

(c)        “Exercise
Shares” shall mean the Company’s Common Stock. 

(d)        “Warrant Coverage
Amount” shall mean the principal amount of the Note, multiplied by .50. 

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 to increase its authorized but unissued shares to such number of shares as shall be sufficient for such purposes. 

  
 2. 

 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 Common 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 7 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.        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.

 7.        EARLY
TERMINATION.  In the event of, at any time during the Exercise Period, 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 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 reorganization, reclassification, consolidation, merger or sale or
other disposition of the Company’s assets, and this Warrant shall terminate unless exercised prior to the occurrence of such reorganization, reclassification, consolidation, merger or sale or other disposition of the Company’s assets.

 8.        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 

  
 3. 

 
the Company filed under the Securities Act in connection with the IPO (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 8. The underwriters of the Company’s stock are intended third
party beneficiaries of this Section 8 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 
 9.        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. 

10.        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. 

11.        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. 
 12.        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, 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.

 13.        ACCEPTANCE.  Receipt of
this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein. 
 14.        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. 

  
 4. 

15.        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. 

16.        AMENDMENT;
WAIVER.    Any term of this Warrant may be amended or waived with the written consent of the Company and the Holder. 
 [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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