Document:

EX-10.17.1

 Exhibit 10.17.1 

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. 
 BIOCEPT, INC. 

WARRANT TO PURCHASE PREFERRED STOCK 
  

			
	No. PSW-2	  	January 21, 2009

 THIS CERTIFIES THAT,
for value received, GOODMAN CO. LTD., or its assigns (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 1,000,000 fully paid and nonassessable shares of the securities sold at the Next Equity Financing (defined
below) (the “Exercise Shares”) as set forth herein (subject to adjustment as provided for herein), during the Exercise Period (as defined below). This Warrant is issued pursuant to the Amended and Restated Loan Agreement of
even date herewith among the Company and the Holder. 
 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 Next Equity Financing and ending five (5) years from the date of the Next Equity Financing, unless sooner terminated as provided below. 

(b) “Exercise Price” shall mean the per share price of the securities sold at the Next Equity Financing.

 (c) “Next Equity Financing” shall mean the first equity financing following the date hereof
involving the sale by the Company of its Preferred Stock in which the Company receives an aggregate of at least $2,000,000 in cumulative gross proceeds, including conversion of any outstanding indebtedness of the Company. 

2. 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. 
 3. COVENANTS OF
THE COMPANY. 
 3.1 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. 

3.2 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. 
 4.
REPRESENTATIONS OF HOLDER. 
 4.1 The Holder represents
and warrants that it is acquiring this Warrant solely for its account for investment and not with a view to or for sale or distribution of said Warrant or any part thereof. 

4.2 By reason of its, or of its management’s, business or financial experience, the Holder represents and
warrants that it has the capacity to protect its own interests in connection with the acquisition of this Warrant. 

  
 2. 

 4.3 The Holder represents and warrants that it is an “accredited
investor” within the meaning of Regulation D under the Securities Act. 
 4.4 The Holder recognizes
that this Warrant and the Exercise Shares are not registered under the Securities Act and must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. The Holder
recognizes that the Company currently has no intention to register this Warrant or the Exercise Shares. 

4.5 The Holder is aware that neither this Warrant nor the Exercise Shares may be sold pursuant to Rule 144 adopted
under the Securities Act unless certain conditions are met, including, among other things, the existence of a public market for the Exercise Shares, the availability of certain current public information about the Company, the resale following the
required holding period under Rule 144 and the number of Exercise Shares being sold during any three month period not exceeding specified limitations. 
 4.6 The Holder further agrees not to make any disposition of all or any part of this Warrant in any event unless and until: 

(a) The Company shall have received a letter secured by the Holder from the Securities and Exchange Commission
stating that no action will be recommended with respect to the proposed disposition; 
 (b) 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 

(c) The Holder shall have notified the Company of the proposed disposition and shall have furnished the Company
with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, to the
effect that such disposition will not require registration of this Warrant under the Securities Act or any applicable state securities laws. 
 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 this Warrant in the aggregate and the Exercise Price shall
be correspondingly adjusted to give the Holder of this Warrant, on exercise for the same aggregate Exercise Price, the total number, class, and kind of shares as the Holder would have owned had this 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. 

  
 3. 

 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, 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 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. 

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 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. 
 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. 

  
 4. 

 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. 
 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: /s/ S. M. Coutts

	
	 Name: Stephen Coutts

	
	 Title: President & CEO

	
	 Address: 5810 Nancy Ridge Dr., #150

	                San Diego, CA 92121

 Acknowledged and accepted: 
 GOODMAN CO. LTD. 
  

	
	 By: /s/ Akira Yamamoto

	
	 Name: Akira Yamamoto

	
	 Title: President & CEO

	
	 Address: 108 Fujigaoka, Meito-Ku

	 Nagoya-Shi, Japan 465-0032

 [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.EX-10.17.2

 Exhibit 10.17.2 

LOAN CONVERSION AGREEMENT 
 THIS LOAN CONVERSION AGREEMENT (this “Agreement”) is made and entered into as of June 28,
2013, by and between BIOCEPT, INC., a California corporation (the “Company”), and Goodman Co. Ltd (the “Lender”). 

RECITALS 
 WHEREAS, the Company and the Lender previously entered into that certain Amended and Restated Loan Agreement, dated as of May 18, 2010 (the “Loan
Agreement”), pursuant to which the Company has promised to pay to the Lender the principal sum of $3,000,000, together with accrued and unpaid interest thereon (collectively, the “Loan”); 

WHEREAS, in connection with the execution of the Loan Agreement, the Company and the Lender entered
into that certain Subordinated Security Agreement (the “Security Agreement”), pursuant to which the Company granted the Lender a security interest in certain assets of the Company as described in the Security Agreement; and

 WHEREAS, the Company and the Lender now desire to convert
the Loan 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 Loan, the Loan Agreement and the Security
Agreement 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 Loan.  Effective immediately, the entire unpaid principal and accrued interest outstanding under the Loan (the
“Outstanding Balance”) shall be automatically converted into 3,777,324 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 Loan Agreement shall be deemed paid in full, the Loan and the Loan Agreement shall be terminated and cancelled in full and no party shall have any further obligations or commitments with respect to the Loan or the
Loan Agreement except as expressly provided for under this Agreement. Promptly following the date hereof the Company shall issue to the Lender the Conversion Shares. Other than the Lender’s right to receive the Conversion Shares, the Lender
hereby waives any and all demands, claims, suits, actions, causes of action, proceedings, assessments and rights in respect of the Loan and the Loan Agreement, including, without limitation, any rights arising from any default or event of default
under the Loan Agreement. 
 2.        Security Agreement.  Effective
immediately, the Security Agreement shall be terminated, and no party shall have any further obligations or commitments with respect thereto, and the security interests granted in and all liens created by the Security Agreement shall be

 
discharged and released in full. 

3.        Lender Representations.  The Lender hereby represents and warrants to
the Company as follows: 
 (a)        The Lender is the sole
beneficial owner of the Loan and the Lender 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 the Loan or any interest
therein, other than in connection with the cancellation of the Loan and the Loan Agreement as contemplated herein. 
 (b)        The Lender 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 Lender 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 Lender 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 Lender 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 Lender is an accredited investor within the meaning of
Regulation D under the Securities Act. 
 (f)        The
Lender 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
Lender 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 Lender has the requisite power and authority to enter into
this Agreement and to agree to the conversion of the Loan under this Agreement. 

4.        Market Stand-Off Agreement.  The Lender hereby agrees that the Lender
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
Lender (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 4 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar 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. 

5.        Miscellaneous. 

5.1        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. 
 5.2        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. 
 5.3        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. 
 5.4        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. 
 5.5        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. 

 5.6        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. 
 IN
WITNESS WHEREOF, the parties have executed this LOAN CONVERSION AGREEMENT as of the date first written above.

  

			
	COMPANY:
	
	BIOCEPT, INC. 
		
	By:	 	/s/ David F. Hale
	
	Name: David F. Hale
	Title:   Executive Chairman

  

			
	LENDER:
	
	GOODMAN CO. LTD.
		
	By:	 	/s/ Takehito Yogo
	
	Name: Takehito Yogo
	Title:   President & CEO

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