Exhibit
4.1


 


BIOQUEST
CORP.


 


2021
Equity Compensation Plan


 


SECTION
1


INTRODUCTION


 





1.1 Establishment.
  Bioquest Corp. (the “ Company ”), a Nevada corporation, hereby establishes the Bioquest Corp.
2021 Equity Compensation Plan (the “ Plan ”) for employees, consultants, directors, and other persons associated
with the Company and any of the Company’s subsidiaries, whom the Board wishes to incite.




 


1.2
Purposes. The purposes of this Plan are to (i) attract and retain the best available personnel for positions of responsibility within
the Company (ii) provide incentives to employees, officers, and management of the Company, (iii) provide Directors, Consultants and Advisors
of the Company with an opportunity to acquire a proprietary interest in the Company to encourage their continued provision of services
to the Company, and to provide such persons with incentives and rewards for superior performance more directly linked to the profitability
of the Company’s business and increases in shareholder value, and (iv) generally to promote the success of the Company’s
business and the interests of the Company and all of its stockholders, through the issuance of shares of the Company’s Common Stock.


 


Incentive
benefits granted hereunder may be shares. The amount of shares issued shall be determined by the board or the Compensation Committee
and reflected in the terms of written agreements.


 


SECTION
2


DEFINITIONS


 


2.1
Definitions. The following terms will have the meanings set forth below:


 


“
Affiliated Corporation” means any corporation or other entity (including, but not limited to, a partnership) which exercises
control over the Company through stock ownership or otherwise, and includes subsidiaries of the Company.


 


“Board”
means the Board of Directors of the Company.


 


“Code”
means the Internal Revenue Code of the USA or the Income Tax Act of Canada, as it may be amended form time to time, and as appropriate
to the context and as applies to the Eligible Participant.


 


“Effective
Date” means the effective date of the Plan, which will be upon approval of the Board of Directors of the Company.


 


“Eligible
Participants” means any employees (including, without limitation, all officers), directors, consultants and any other persons
whom the Board wishes to incite to contribute to the fortunes of the Company and permitted by law or policy to receive Shares.


 




    	 	 	 



    	 



    




 


“Non-Statutory
Share” means a Share issued under this Plan in accordance with the requirements of the Code, as amended from time to time.


 


“
Plan Limit” shall have the meaning set forth in section 4.1.


 


“Share”
or “Shares” shall mean the Company’s Common Shares, $0.001 par value per share, or, in the event that the
outstanding Common Shares are hereafter changed into or exchanged for different shares of securities of the Company, such other shares
or securities.


 


“Share
Agreement” shall mean an agreement that will be entered into by the Company and the Eligible Participant to whom the Shares
are issued and will contain terms and conditions governing the issuance of Shares.


 


“Stockholder”
means an Eligible Participant designated by the Share Issuance Committee from time to time during the term of the Plan to receive
one or more Shares under the Plan.


 


“Share
Issuance Committee” means the Compensation Committee of the Company, unless the Board strikes a separate committee, and in
the absence of an empowered committee shall mean the Board.


 


“Stock”
means the common stock of the Company.


 


2.2
Gender and Number. Except where otherwise indicated by the context, the masculine gender also will include the feminine gender, and
the definition of any term herein in the singular also will include the plural.


 


SECTION
3


PLAN
ADMINISTRATION


 


3.1
The Plan shall be administered by the Board. Subject to the express limitations of the Plan, the Board shall have authority in its
discretion to determine the Eligible Persons to whom, and the time or times at which, Awards may be granted, the number of shares subject
to each Award, the time or times at which an Award will become vested, the performance criteria, business or performance goals or other
conditions of an Award, and all other terms of the Award. The Board shall also have discretionary authority to interpret the Plan, to
make all factual determinations under the Plan, and to make all other determinations necessary or advisable for Plan administration.
The Board may prescribe, amend, and rescind rules and regulations relating to the Plan. All interpretations, determinations, and actions
by the Board shall be final, conclusive, and binding upon all parties.


 


SECTION
4


STOCK
SUBJECT TO THE PLAN AND EXCEPTIONS


 


4.1
Plan limit. A maximum of 2,000,000 Shares (“ Plan Limit ”) are authorized for issuance under the Plan in
accordance with the provisions of the Plan. Shares that are issued will be deducted from the Plan Limit and such Plan Limit shall
not be increased without approval of the board or, if shareholders of the Company have so required, without approval of the
shareholders of the Company. While any Shares are outstanding, the Company will retain as authorized and unissued Stock at least the
number of Shares from time to time required under the provisions of the Plan or otherwise assure itself of its ability to perform
its obligations hereunder.


 




    	 	 	 



    	 



    




 


4.2
Unused and Forfeited Stock. Any Shares that are subject to this Plan that are not used because the terms and conditions of the Share
Agreement are not met or any Shares that are used for full or partial payment of the purchase price of Shares or any Shares retained
by the Company for any purpose of this Plan automatically will be returned to the Plan Limit and become available for again for use under
the Plan.


 


4.3
Adjustments for Stock Split, Stock Dividend, Etc. If the Company at any time increases or decreases the number of its outstanding
Shares of Stock, or changes in any way the rights and privileges of such Shares by means of the Payment of a Stock dividend or any other
distribution upon such Shares payable in Stock, or through a stock split, subdivision, consolidation, combination, reclassification or
recapitalization involving the Stock, then, in relation to the Stock that is affected by the above events, the provisions of this Section
4.3 will apply. In such event, the numbers, rights and privileges of the following will be increased, decreased or changed in like manner
as if such shares had been issued and outstanding, fully paid and non-assessable at the time of such event.


 


4.4
General Adjustment Rules. If any adjustment or substitution provided for in this Section 4 will result in the creation of a fractional
Share, the number of Shares will be rounded to the next higher Share.


 


4.5
Determination by Share Issuance Committee, Etc. Adjustments under this Section 4 will be made by the Share Issuance Committee,
whose determinations with regard thereto will be final and binding upon all parties.


 


4.6
Shares Exceptional to Plan. With the concurrence of the Board, the Share Issuance Committee may issue Shares outside the Plan or
within the Plan cut in excess of the Plan Limit, such that the available Plan Limit is not diminished, for exceptional circumstances
or to acquire or retain personnel or achieve important goals or strategic targets considered important to the Company but which cannot
reasonably be fit into the Plan Limit or the Plan due to insufficiency of available Plan Shares, legal impediments whereby the recipient
cannot or is best not included in the Plan, or other purposes or reasons considered appropriate to the Board.


 


4.7
Limitations on Issuance . The Share Issuance Committee shall not, nor does it have the authority to, issue any stock compensation
under this Plan for service related to investor relations or capital raising activities.


 




    	 	 	 



    	 



    




 


SECTION
5


REORGANIZATION
OR LIQUIDATION


 


5.1
Reorganization and Shares. In the event that the Company is merged or consolidated with another corporation (other than a merger
or consolidation in which the Company is the continuing corporation and that does not result in any reclassification or change of outstanding
Shares), or if all or substantially all of the assets or control of the outstanding voting stock of the Company is acquired by any other
corporation, business entity or person (other than by a sale or conveyance in which the Company continues as a holding company of an
entity or entities that conduct the business of businesses formerly conducted by the Company), or in case of a reorganization (other
than a reorganization under the United States Bankruptcy Code) or liquidation of the Company, the Share Issuance Committee will have
the power and discretion to prescribe the terms and conditions for the modification of any outstanding Shares issued hereunder. By way
of illustration, and not by way of limitation, the Share Issuance Committee may provide that such Shares will be exchanged or converted
into Shares of the surviving or acquiring corporation, or may provide for a payment or distribution in respect of outstanding Shares
in cancellation thereof. Any such determinations by the Share Issuance Committee may be made generally with respect to all Stockholders,
or may be made on a case-by-case base with respect to particular Stockholders. The provisions of this Section 5 will not apply to any
transaction undertaken for the purpose of reincorporating the Company under the laws of another jurisdiction, if such transaction does
not materially affect the beneficial ownership of the Company’s capital stock. Any determination by the Share Issuance Committee
hereunder shall not amend the terms of any Share without the consent of the Stockholder unless, in the opinion of the Committee acting
reasonably, such amendment is necessary to permit the alterations to the Company to be effected and such is in the interest of shareholders
generally.


 


SECTION
6


STOCK
SHARES


 


6.1
Issuance of Shares. An Eligible Participant may be issued one or more Shares.


 


6.2
Share Agreements. Each Share issued under the Plan will be evidenced by a written Share Agreement that will be entered into by the
Company and the Eligible Participant to whom the Share is issued (the “Stockholder”), and will be deemed to contain the following
terms and conditions, unless other terms and conditions inconsistent therewith have been entered into the Share Agreement. In the event
of inconsistency between the provisions of the Plan and any Share Agreement entered into, the provisions of the Share Agreement will
be considered to have been determined to be exceptional from the below and such Share Agreement shall govern where not inconsistent with
law. However, the provisions of the Plan will govern where the Share Agreement omits to provide for a matter governed by the Plan and
the Share Agreement will not be incomplete nor unenforceable if it fails to provide for a matter provided by the terms of this Plan as
such shall be incorporated by reference:


 


(a)
Number of Shares. Each Share Agreement will state that it covers a specified number of Shares, as determined by the Share Issuance
Committee and the Share Agreement. If the Share Agreement fails to state the number then it shall be the number set forth in the minutes
of the Share Issuance Committee.


 


(b)
Issuance. Each share agreement will state the amount of Shares which shall be issued.


 


(c)
Date of Issuance. Shares will be considered as having been issued on the date specified in the issuance resolution of the Share Issuance
Committee.


 


6.3
Stockholder Privileges. Prior to the issuance of the Shares to the Stockholder, the Stockholder will have no rights as a stockholder
with respect to any Shares issued to such person under this Plan and, until the Stockholder becomes the holder of the record of such
Stock, no adjustments, other than those described in Section 4, will be made for dividends or other distributions or other rights to
which there is a record date preceding the date such Stockholder becomes the holder of record of such Stock.


 




    	 	 	 



    	 



    




 


SECTION
7


RIGHTS
OF EMPLOYEES AND STOCKHOLDERS


 


7.1
Employment. Nothing contained in the Plan or in any Share Agreement will confer upon any Eligible Participant any right with respect
to the continuation of employment by the Company, or interfere in any way with the right of the Company, subject to the terms of any
separate employment agreement to the contrary, at any time to terminate such employment or to increase or decrease the compensation of
such Eligible Participant form the rate in existence at the time of the issuance of Shares.


 


SECTION
8


GENERAL
RESTRICTIONS


 


8.1
Investment representations. The Company may require any person to whom Shares are issued to give written assurances, in substance
and form satisfactory to the Company and its counsel, to the effect that such person is acquiring the Stock subject to the Share Agreement
for his own account for investment and not with any present intention of selling and to such other effects as the Company deems necessary
or appropriate in order to comply with federal and applicable state and provincial securities laws. Legends evidencing such restrictions
may be placed on the certificates evidencing the Stock.


 


8.2
Compliance with Securities Laws. Each Share Agreement will be subject to the requirement that if at any time counsel to the Company
determines that the listing, registration or qualification of the Shares upon any securities exchange or under any state, provincial
or federal law, or the consent or approval of any governmental or regulatory body, is necessary as a condition of, or in connection with,
the issuance of Shares thereunder, such Shares may not be issued in whole or in part unless such listing, registration, qualification,
consent or approval will have been effected or obtained on conditions acceptable to the Share Issuance Committee. Nothing herein will
be deemed to require the Company to apply for or to obtain such listing, registration or qualification. However, where available to the
circumstances of an Stockholder the Company will include the Share with any other filings that the Company elects, at its sole discretion,
to file under S-8 or any other filings with the SEC but the Company shall not be obliged to make an individual filing for a particular
Share, unless such shall have been required pursuant to the specific Share Agreement.


 


SECTION
9


OTHER
EMPLOYEE BENEFITS


 


9.1
Benefits and Taxes. The amount of any compensation deemed to be received by a Stockholder as a result of a Share issuance will not
constitute “earnings” with respect to which any other employee benefits of such Stockholder are determined, including, without
limitation, benefits under any pension, profit sharing, life insurance or salary continuation plan. Any taxable consequences of any Share
issuance are entirely the responsibility of the Stockholder and no contribution shall be required of the Company and, further, if the
Company should suffer liability for unpaid taxes of a Stockholder then the full amount of such shall be a debt of the Stockholder to
the Company payable immediately and for which the Company may seek judgment and, before judgment or process, may set-off against any
amounts due to the Stockholder or may recover, again before judgment or process, by exercise of voiding the Share Issuance at the discretion
of the Share Issuance Committee.


 


SECTION
10


PLAN
AMENDMENT, MODIFICATION AND TERMINATION


 


10.1
Amendment. The Board may at any time terminate and, from time to time, may amend or modify the Plan provided, however, that no amendment
or modification may become effective without approval of the amendment or modification by the stockholders where stockholder approval
is required to enable the Plan to satisfy any applicable statutory requirements, or if the Company, on the advice of counsel, determines
that stockholder approval otherwise is necessary or desirable.


 




    	 	 	 



    	 



    




 


No
amendment, modification or termination of the Plan will in any manner adversely affect any Shares theretofore issued under the Plan,
without the consent of the Stockholders holding such Shares.


 


SECTION
11


WITHHOLDING


 


11.1
Withholding Requirement. The Company’s obligations to issue Shares will be subject to the Stockholder’s satisfaction
of all applicable federal, state and local income and other tax withholding requirements and applicable securities requirements.


 


11.2
Withholding With Stock. At the time Shares are issued the Share Issuance Committee, in its sole discretion, may permit the Stockholder
to pay all such amounts of tax withholding, or any part thereof, that is due upon exercise of the Share by such adjustments as the Share
Issuance Committee determines.


 


SECTION
12


BROKERAGE
ARRANGEMENTS


 


12.1
Brokerage. The Share Issuance Committee, in its discretion, may enter into arrangements with one or more banks, brokers or other
financial institutions to facilitate the disposition of shares acquired upon, including, without limitation, sale of acquired Shares.


 


SECTION
13


NON-EXCLUSIVITY
OF THE PLAN


 


13.1
Other Plans. The adoption of this Plan by the Board will not be construed as creating any limitations on the power or authority of
the Board to adopt such other or additional incentive or other compensation arrangements of whatever nature as the Board may deem necessary
or desirable or preclude or limit the continuation of any other plan, practice or arrangement for the payment of compensation or fringe
benefits to employees generally, or to any class or group of employees, or any other persons that the Company or any Affiliated Corporation
now has lawfully put into effect, including, without limitation, any retirement, pension, savings and stock purchase plan, insurance,
death and disability benefits and executive short-term incentive plans.


 


SECTION
14


REQUIREMENTS
OF LAW


 


14.1
Requirements of Law. The issuance of Stock and the payment of cash pursuant to the Plan will be subject to all applicable laws, rules
and regulations.


 


14.2
Governing Law. The Plan and all agreements hereunder will be construed in accordance with and governed by the laws of the State of
Nevada.


 


SECTION
15


DURATION
OF THE PLAN


 


15.1
Termination . The Plan will terminate at such time as may be determined by the Board, and no Shares will be issued after such termination.
If not sooner terminated under the preceding sentence, the Plan will fully cease and expire on the date that the Plan Limit has been
exhausted and all Shares issued.