Amendment to Secured Convertible Promissory Note between Biocept, Inc. and The Reiss Family GST Exempt Marital Deduction Trust

Contract Categories: Business Finance Note Agreements
Summary

Biocept, Inc. and The Reiss Family GST Exempt Marital Deduction Trust have amended their existing Secured Convertible Promissory Note, originally issued in 2008 for $1,400,000. The amendment states that, immediately before any firm commitment initial public offering by Biocept (or its Delaware successor), the outstanding loan amount will automatically convert into shares of common stock at the IPO price. All other terms of the original note remain unchanged.

EX-10.16.1.1 38 d567346dex101611.htm EX-10.16.1.1 EX-10.16.1.1

Exhibit 10.16.1.1

AMENDMENT OF

SECURED CONVERTIBLE PROMISSORY NOTE

This Amendment of Secured Convertible Promissory Note is entered into as of July 15, 2013 between Biocept, Inc., a California corporation (“Biocept”) and The Reiss Family GST Exempt Marital Deduction Trust (the “Trust”) with respect to the Secured Convertible Promissory Note dated December 22, 2008 in the original principal amount of $1,400,000 issued by Biocept to the Trust (the “Note”).

The Note is amended by adding a new Section 5.1.1 thereto, to read in full as follows:

“5.1.1 Effective immediately before the closing of any bona fide firm commitment initial public offering by the Company (or Delaware reincorporation successor of the Company), the Conversion Amount shall automatically be converted into that number of (unregistered) shares of common stock of the Company (or, as the case may be, of the Company’s Delaware reincorporation successor) as is equal to the Conversion Amount divided by the public offering price per share to the public of such common stock in such initial public offering.”

Except as expressly set forth herein, the Note remains unchanged and in full force and effect.

 

BIOCEPT, INC.
By:  

/s/ William Kachioff

Title:  

CFO

THE REISS FAMILY GST EXEMPT MARITAL DEDUCTION TRUST
By:  

/s/ Claire Reiss, Trustee

  Claire Reiss, Trustee