Document:

EX-4.9

 Exhibit 4.9 

EXECUTION VERSION 

Warrant Instrument in respect of 

Warrants to subscribe for Common 

Shares 
 issued by 

LumiraDx Limited 
 to 

Jefferies Finance LLC 

6 November 2020 
  

 
 

 
 100 Bishopsgate 

London 
 EC2N 4AG 

Tel: +44 20 7972 9600 

Fax: +44 20 7972 9602 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	1.	  	DEFINITIONS AND INTERPRETATION	  	 	3	 
			
	2.	  	WARRANT ISSUE AND SUBSCRIPTION RIGHTS	  	 	7	 
			
	3.	  	EXERCISING SUBSCRIPTION RIGHTS	  	 	8	 
			
	4.	  	ISSUE OF SHARES UPON EXERCISE OF SUBSCRIPTION RIGHTS	  	 	9	 
			
	5.	  	REPRESENTATIONS BY JEFFERIES; REPRESENTATIONS BY THE COMPANY; LEGEND	  	 	10	 
			
	6.	  	RESTRICTIONS AND OBLIGATIONS OF THE COMPANY	  	 	11	 
			
	7.	  	REGISTRATION RIGHTS	  	 	13	 
			
	8.	  	MODIFICATION OF RIGHTS	  	 	13	 
			
	9.	  	LIQUIDATION	  	 	13	 
			
	10.	  	CERTIFICATES	  	 	14	 
			
	11.	  	NOTICES	  	 	14	 
			
	12.	  	INVALIDITY	  	 	15	 
			
	13.	  	ASSIGNMENT	  	 	16	 
			
	14.	  	THIRD PARTY	  	 	16	 
			
	 15.
	  	GOVERNING LAW	  	 	16	 
			
	 16.
	  	ENFORCEMENT	  	 	16	 
		
	 SCHEDULE 1 FORM OF CERTIFICATE
	  	 	17	 
		
	 SCHEDULE 2 THE REGISTER AND TRANSFERS
	  	 	20	 
		
	 SCHEDULE 3 ADJUSTMENTS TO WARRANT SHARES AND SUBSCRIPTION PRICE
	  	 	22	 

  
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 THIS WARRANT INSTRUMENT is executed on 6 November 2020 by LumiraDx Limited (company number
314391) a company incorporated in the Cayman Islands, whose registered office is at Ocorian Trust (Cayman) Limited, PO Box 1350, Clifton House, 75 Fort Street, Grand Cayman KY1-1108, Cayman Islands (the
“Company”) and Jefferies Finance LLC (“Jefferies”). 
 WHEREAS 

 

	(1)	 The Company has, by resolution of its directors, agreed to issue warrants to subscribe for Common Shares (as
defined below) in the share capital of the Company on the terms set out in this Warrant Instrument. 

  

	(2)	 All the registered holder(s) of shares in the Company have irrevocably waived all pre-emption rights conferred on them (whether by the Companies Act, the Articles or otherwise) in relation to the issue of Warrants (defined below) and the Common Shares to be issued pursuant to the exercise of the
Warrants under this Warrant Instrument. 

  

	(3)	 The Company has accordingly executed this Warrant Instrument as a deed in favour of Jefferies.

 BY THIS WARRANT INSTRUMENT THE COMPANY DECLARES AND COVENANTS as follows: 

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this Warrant Instrument, the following words and expressions shall have the following meanings unless the
context otherwise requires: 

 “Adjustment Event” means any: 

 

	 	(a)	 sub-division, reclassification or consolidation of or in respect of the
Equity Shares; 

  

	 	(b)	 allotment or issue of Equity Shares by way of capitalisation of profits or reserves (including share premium
account and any capital redemption reserve fund), scrip dividend or distribution in specie or bonus issue; and 

  

	 	(c)	 cancellation or purchase by the Company of Equity Shares or any reduction or repayment of share capital or
reserve; 

 “Admission” means: 
  

	 	(a)	 in the case of the Common Shares being admitted to trading on London Stock Exchanges market for listed
securities: (i) the admission to the Official List of the UK Listing Authority becoming effective in accordance with the Listing Rules; and (ii) the admission to trading on the London Stock Exchange’s market for listed securities
becoming effective in accordance with the Admission and Disclosure Standards of the London Stock Exchange; or 

  

	 	(b)	 the case of the Common Shares being approved for listing, subject only to notice of issuance, on any U.S.
National Securities Exchange; or 

  

	 	(c)	 the Common Shares being approved for listing on: (i) any other Recognised Investment Exchange and their
respective share dealing markets; (ii) any recognised overseas Investment exchange (as defined by section 292, Financial Services and Markets Act 2000); or (iii) any investment exchange included in the Financial Conduct Authority’s
list of designated investment exchanges; 

 “Affiliate” means with respect to any Person, a Person that
owns or controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the 

 Person, and control by any Person means the power of such Person directly or indirectly
(i) to vote 50% or more of the Voting Securities (determined on a fully diluted basis) of another Person, or (ii) to direct or cause the direction of the management and policies of such other Person (whether by contract or otherwise); 

“A Ordinary Shares” means A Ordinary Shares of US$0.001 each in the capital of the Company (and, if there is a sub-division, consolidation or reclassification of those shares, any shares resulting from such sub-division, consolidation or
re-classification); 
 “Articles” means the articles of association of the Company
from time to time; 
 “Asset Sale” means the sale, lease, transfer or other disposition, in a single transaction or series
of related transactions, by the Company or any subsidiary, of all or substantially all the assets of the Company and its subsidiaries taken as a whole, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly
owned subsidiary of the Company; 
 “Auditors” means the auditors of the Company from time to time; 

“Board” means the board of directors of the Company from time to time; 

“Business Day” means any day on which banks are generally open for business in London and the United States (excluding
Saturdays, Sundays and public holidays); 
 “Certificate” means a certificate evidencing the Warrantholder’s
entitlement to Warrants in the form, or substantially in the form, set out in Schedule 1; 
 “Common Shares” means common
shares of US $0.001 each in the capital of the Company (and, if there is a sub-division, consolidation or reclassification of those shares, any shares resulting from such
sub-division, consolidation or re-classification); 

“Company’s Account” means the Company’s US Dollar bank account with the following details: 

Bank:     

Account Name:     

Account Number:     

IBAN:     

Sort Code:     

SWIFT:     

OR 
 Bank:    

 Account Holder:     

Account Name:     

Account Number:     

Routing Number:     

“Companies Act” means the Companies Law (as revised) of the Cayman Islands; 

  
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 “Completion of the Initial Public Offering” means receipt by the Company of
the proceeds of the Initial Public Offering; 
 “Directors” means the board of directors of the Company from time to time;

 “Eligible Assignee” has the meaning given to it in the Loan and Security Agreement; 

“Equity Shares” means in relation to the Company, the Company’s issued share capital; 

“Event” means an Asset Sale or Offer; 

“Exercise Date” means the date on which the Warrantholder gives notice, in accordance with Clause 3, of its intention to
exercise any of its Subscription Rights from time to time; 
 “Initial Public Offering” means the initial public offering
and sale of certain of the Company’s Common Shares on Nasdaq under the symbol “LMDX” or on any other Recognised Investment Exchange; 

“Initial Public Offering Price” means the price per Common Share (before deducting underwriting discounts, commissions and
expenses) in the Initial Public Offering, as stated in the relevant registration statement issued or filed in respect of the Initial Public Offering; 

“Loan and Security Agreement” means the loan and security agreement dated 6 October 2020 between, amongst others, the
Company and Jefferies (as it may be amended and/or restated from time to time); 
 “Loans” means the Term Loans under and as
defined in the Loan and Security Agreement; 
 “Nasdaq” means the Nasdaq Global Market stock market; 

“Notice of Subscription” has the meaning ascribed to it in Clause 3.1; 

“Offer” means an offer by a Person to acquire Equity Shares carrying over 50% of the voting rights in the Company; 

“Person” means an individual, corporation, partnership, limited liability company, joint venture, trust, or unincorporated
organization, or a government or any agency or political subdivision thereof; 
 “Preferred Shares” means the Series A
preferred shares of US$0.001 each in the capital of the Company (and, if there is a sub-division, consolidation or reclassification of those shares, any shares resulting from such sub-division, consolidation or re-classification); 

“Recognised Investment Exchange” shall have the meaning ascribed to it in section 285(1)(a) of the Financial Services and
Market Acts 2000; 
 “Register” means the register of persons for the time being entitled to the benefit of the Warrants
required to be maintained pursuant to this Warrant Instrument; 
 “Registration Rights Agreements” means those certain
Registration Rights Agreements between the Company and the investors party thereto dated as of July 17, 2018, August 8, 2018, August 15, 2018 and October 12, 2018; 

“Restricted Period” means from the time the Company enters into the underwriting agreement with the relevant underwriters in
respect of the Initial Public Offering up to the date that is 180 days from the Completion of the Initial Public Offering (not taking into account any subsequent closing date and time with respect to any option granted to the underwriters in
connection with the Initial Public Offering to purchase additional Common Shares); 

  
 5 

 “Second 2020 Funding Round” means the proposed raising of up to
US$200 million through the allotment and issue of up to 40,000 Series B Preferred Shares at an issue price of $5,000 per share; 

“Securities Act” means the U.S. Securities Act of 1933, as amended; 

“Series B Preferred Shares” means the Series B preferred shares of US$0.001 each in the capital of the Company (and, if there
is a sub-division, consolidation or reclassification of those shares, any shares resulting from such sub-division, consolidation or
re-classification); 
 “Special Resolution” a resolution signed in writing by or on
behalf of such Warrantholders holding more than 50% of the Warrants outstanding at such time; 
 “Subscription Price” means
a subscription price which is equal to either (i) a price equal to the Initial Public Offering Price less an amount equal to 20% of the Initial Public Offering Price if Completion of the Initial Public Offering occurs on or before
31 January 2021, or (ii) if Completion of the Initial Public Offering has not occurred on or before 31 January 2021, $4,644.969; 

“Subscription Rights” means the subscription rights of the Warrantholder as defined in Clause 2.2; 

“Transfer” shall have the meaning given to it in the Articles; 

“U.S. National Securities Exchange” means a “national securities exchange” as defined in Section 6 of the
Securities Exchange Act of 1934, as amended; 
 “Voting Securities” means, with respect to any Person, equity interests of
any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person; 

“Warrantholder” means Jefferies, or such other person(s) who appear in the Register as the holder of such Warrants as a result
of any Transfer made in accordance with this Warrant Instrument; 
 “Warrants” means a warrant to subscribe for one Warrant
Share on the terms and conditions set out in this Warrant Instrument and “Warrant” shall be construed accordingly; 

“Warrant Shares” means the Common Shares issuable by the Company upon the exercise of the Subscription Rights pursuant to this
Instrument and “Warrant Share” means any one of them. 
 “2016 Warrants” means the warrants over A Ordinary
Shares issued pursuant to a warrant instrument dated 3 October 2016; 
 “2019 Notes” means the 5% unsecured
subordinated convertible loan notes due 2024 issued by the Company pursuant to a convertible loan note instrument dated 15 October 2019; 

“2019 Warrants” means the warrants over A Ordinary Shares issued pursuant to warrant instruments dated 20 September 2019;

 “2020 Notes” means the 10% convertible loan notes due 360 days from the date of issuance, issued by the Company pursuant
to a convertible loan note instrument dated 1 July 2020; and 
 “2020 Warrants” means the warrants over Common Shares
to be issued to holders of the 2020 Notes pursuant to a warrant instrument dated 1 July 2020. 

  
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	1.2	 In this Warrant Instrument, unless the context requires otherwise: 

 

	 	(a)	 any expression or word used in this Warrant Instrument which is not defined in it but which has been defined in
the Articles shall have the meaning given to it in the Articles unless the context requires otherwise; 

  

	 	(b)	 headings to clauses and paragraphs are for information only and shall not form part of the operative provisions
of this Warrant Instrument and shall be ignored in its construction; 

  

	 	(c)	 references to recitals, clauses or schedules are to recitals to, clauses of and schedules to this Warrant
Instrument. The recitals and schedules form part of the operative provisions of this Warrant Instrument and references to this Warrant Instrument shall, unless the context otherwise requires, include references to the recitals and schedules;

  

	 	(d)	 references to statutes or statutory provisions include references to any orders or regulations made under them
and any references to any statute, provision, order or regulation include references to that statute, provision, order or regulation as amended, modified, re-enacted or replaced from time to time whether
before or after the date of this Warrant Instrument (subject as otherwise expressly provided in this Warrant Instrument) and to any previous statute, statutory provision, order or regulation amended, modified,
re-enacted or replaced by such statute, provisions, order or regulation provided that nothing in this clause shall have the effect of Increasing the liability of any party; 

 

	 	(e)	 the terms subsidiary and holding company have the meanings ascribed by section 1159 Companies Act 2006 and
include parent and subsidiary undertakings as defined in section 1162 Companies Act 2006; and 

  

	 	(f)	 in this Warrant Instrument, the words other, includes, including and in particular
do not limit the generality of any preceding words and any words which follow them shall not be construed as being limited in scope to the same class as the preceding words where a wider construction is possible. 

 

	2.	 WARRANT ISSUE AND SUBSCRIPTION RIGHTS 

 

	2.1	 Issue of Warrants 

The Company hereby issues to the Warrantholders 1,000 Warrants and undertakes to enter the Warrantholder in the Register as holder of such
Warrants. 
 Entitlement to all rights attaching to the Warrants shall be evidenced by the issue to the Warrantholder of a Certificate. One
Certificate shall be issued to the Warrantholder for all of the Warrants registered in its name. 
  

	2.2	 Subscription Rights 

Each Warrant confers the right (but not the obligation) (“Subscription Rights”) on the Warrantholder to subscribe in cash at
the Subscription Price for one Warrant Share on the terms set out in this Warrant Instrument. 
  

	2.3	 Adjustment Event 

If an Adjustment Event occurs, the number and nominal value of Warrant Shares which the Warrantholder is entitled to subscribe and (as
appropriate) the Subscription Price payable in respect of such subscription shall be adjusted in accordance with the provisions set out in Schedule 3. If requested by the Warrantholder in writing, the Company will use its commercially

  
 7 

 
reasonable efforts to cause its Auditors to certify the appropriate adjustment in accordance with Schedule 3 (which, for the avoidance of doubt, shall include paying any fee of the Auditors in
connection with such certification). If the Auditors are unwilling or unable to perform any calculation or other task required of them under this Warrant Instrument, the Company and the Warrantholder shall appoint another reputable firm of
accountants agreed between them (or in the absence of agreement nominated by the President of the Institute of Chartered Accountants of England and Wales) to perform the calculation or task. 

 

	3.	 EXERCISING SUBSCRIPTION RIGHTS 

 

	3.1	 Timing 

Subject to Clause 3.5, a Warrantholder may at any time either: (i) on or after Admission or, if Admission does not occur by
31 January 2021, on or after 1 February 2021; or (ii) upon the occurrence of an Event (provided that an exercise of Subscription Rights which is conditional upon the occurrence of an Event shall be deemed to take effect immediately
prior to the occurrence of the relevant Event occurring), exercise its Subscription Rights in whole or part, by delivering to the Company a notice substantially in the form contained in the Certificate (“Notice of Subscription”)
together with: 
  

	 	(a)	 the Certificate for the Warrants in respect of which Subscription Rights are being exercised; and

  

	 	(b)	 a payment by telegraphic transfer to the Company’s Account (or such other mode of payment as the Company
and the Warrantholder shall agree) of the aggregate Subscription Price in respect of the Subscription Rights which are being exercised. 

  

	3.2	 Subject to the provisions of Clause 3.6 below, on any exercise of the Warrantholder’s Subscription Rights,
in lieu of payment of the aggregate Subscription Price in the manner specified in Clause 3.1(b) above, but otherwise in accordance with the requirements of this Clause 3.2, the Warrantholder may elect to authorise the Company to sell such number of
Warrant Shares as it indicates and deduct from such sale proceeds an amount equal to the aggregate Subscription Price payable for the Warrant Shares that have been sold (with the Company retaining such amounts), and with the net sale proceeds after
such deduction being used to fund the aggregate Subscription Price payable for the balance of the Warrant Shares that the Warrantholder wishes to subscribe for. The provisions of this Clause 3.2 shall only apply after Admission and to the extent the
relevant sale is in compliance with applicable securities laws. 

  

	3.3	 For the avoidance of doubt, where part only of the Warrantholder’s total Subscription Rights are
exercised, the Company shall update the Register to record the remaining Subscription Rights of the Warrantholder following the partial exercise of its Subscription Rights and shall issue to the Warrantholder an updated Certificate confirming the
remaining Subscription Rights in respect of which it is recorded in the Register as the holder on the terms set out in this Warrant Instrument. 

  

	3.4	 Irrevocable Election 

Delivery of the items specified in Clause 3.1 to the Company shall, other than with the Company’s written consent, be an irrevocable
election by the Warrantholder to exercise the relevant Subscription Rights. 
  

	3.5	 Lapse 

All Subscription Rights not exercised shall lapse on the date falling ten years from the date of this Warrant Instrument (the
“Termination Date”). 

  
 8 

	3.6	 Restriction on Transfer of Common Shares 

In the event that the Warrantholder elects to exercise its Subscription Rights during the Restricted Period, the Warrantholder hereby
undertakes and agrees not to Transfer any Common Shares it receives as a result of exercising any of the Warrants during the Restricted Period. The Company hereby confirms that the Company’s other Common Shares in issue at such time (other than
the new Common Shares issued pursuant to the Initial Public Offering) will, under the Company’s new Articles to be adopted in connection with the Initial Public Offering, also be subject to restrictions on Transfer during the Restricted Period
(except where a proposed Transfer is approved by the Board due to exceptional circumstances with the prior written consent of the relevant underwriters). 
  

	4.	 ISSUE OF SHARES UPON EXERCISE OF SUBSCRIPTION RIGHTS 

 

	4.1	 Allotment and Issue 

Following receipt of a validly completed and signed and dated Notice of Subscription, the Company shall: 

 

	 	(a)	 as soon as is reasonably practicable but in any event within three (3) Business Days after the Exercise
Date, resolve to allot and issue to the person identified in the relevant Notice of Subscription (“Allottee(s)”) the Warrant Shares specified in the Notice of Subscription and to enter the Allottee(s)’ name in the register of
members of the Company as the holder of the Warrant Shares issued to such Allottee(s); and 

  

	 	(b)	 within ten (10) Business Days of the allotment and issue of the Warrant Shares pursuant to this Clause 4
(“Warrant Share Delivery Date”), at the Company’s cost, send to the address stipulated in the Notice of Subscription share certificate(s) in respect of the Warrant Shares issued (if such Warrant Shares are held in certificated
form) and (in the event of a partial exercise by the Warrantholder) a balancing Certificate in respect of those Subscription Rights which remain unexercised. 

  

	4.2	 Rights attaching to Warrant Shares 

The Warrant Shares allotted pursuant to the exercise of the Subscription Rights shall: 

 

	 	(a)	 be allotted and issued fully paid; 

 

	 	(b)	 rank pari passu with the fully paid Common Shares then in issue and have the rights set out in the Articles
relating to the Common Shares; and 

  

	 	(c)	 subject to the Articles, be entitled to receive any dividend or other distribution which has previously been
announced or declared provided that the record date by which the holder of Warrant Shares must be registered to participate in such dividend or other distribution is after the date on which the Warrant Shares are allotted and issued.

  

	4.3	 Rounding 

If the number of Warrant Shares falling to be allocated to the Warrantholder (or at its direction) on an exercise of Subscription Rights would
otherwise require a fraction of a Warrant Share to be allotted, the number of Warrant Shares to be so allotted will be rounded down to the nearest whole number of Warrant Shares. 

  
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	5.	 REPRESENTATIONS BY JEFFERIES; REPRESENTATIONS BY THE COMPANY; LEGEND 

 

	5.1	 Representations by Jefferies 

Jefferies warrants to the Company as at the date of this Warrant Instrument that: 

 

	 	(a)	 It is acquiring Warrants for its own account and that such Warrants are being and will be acquired for the
purpose of investment and not with a view to distribution or resale thereof, subject, nevertheless, to the conditions that the disposition of the property of Jefferies shall at all times be within its control, and that Jefferies may at any time
transfer its Warrants, provided that any such transfer complies with applicable securities laws and the terms of this Warrant Instrument and, to the extent applicable, the Warrants and the Articles. The acquisition by Jefferies of Warrants shall
constitute a confirmation of this representation; 

  

	 	(b)	 It understands that no federal or state agency has approved, disapproved or made any findings or determinations
as to the fairness for investment, nor any recommendation of endorsement of the merits of the offering of the Warrants; Any representation to the contrary is a criminal offense; 

 

	 	(c)	 It is an “accredited investor” for purposes of Regulation D of the Securities Act
(“Regulation D”) and has knowledge and experience in financial and business matters such that it is capable of evaluating the merits and risks of the investment to be made hereunder and is financially able to undertake the risks
involved in such an investment. Jefferies further understands that (a) the Warrants have not been registered under the Securities Act, or any state securities law, by reason of their issuance in a transaction exempt from the registration
requirements of the Securities Act pursuant to Section 4(a)(2) and Regulation D promulgated thereunder and an exemption under the applicable state securities law and (b) the Warrants must be held indefinitely unless: (i) a
registration statement covering such securities is effective under the Securities Act and such state law; (ii) an exemption from registration under the Securities Act and such state law is available; (iii) the Subscription Rights are
exercised pursuant to the terms of this Warrant Instrument; or (iv) the Warrants are transferred pursuant to the terms of this Warrant Instrument; 

  

	 	(d)	 The Company has granted Jefferies and its attorneys or other representatives access to all information about
the Company and its subsidiaries which Jefferies has requested and which was relevant to its decision to acquire the relevant Warrants and to exercise the Warrants at the aggregate Subscription Price. Jefferies and its attorneys or other
representatives have had the opportunity to ask questions of, and receive answers from, representatives of the Company concerning such information and the Company’s financial condition and prospects. Jefferies is satisfied that it has received
information with respect to all matters that it considers material to its decision to make this investment; and 

  

	 	(e)	 It (a) is qualified by its knowledge and experience in financial and business matters to evaluate the
merits and risks of an investment in the Warrants and to make an informed decision relating thereto, (b) has the financial capability for making the investment and protecting its interests, and (c) can afford a complete loss of the
investment. The investment is a suitable one for Jefferies. 

  

	5.2	 Representations by the Company 

The Company represents that: 

  
 10 

	 	(a)	 its issued share capital as at the date of this Warrant Instrument comprises of 373,697 A Ordinary Shares,
212,718 Preferred Shares and no Common Shares. The only Common Shares that the Company is obliged to issue as at the date of this Warrant Instrument are those resulting from the conversion of the 2019 Notes and the 2020 Notes (and, when issued, the
Series B Preferred Shares) and any Common Shares arising from the exercise of the 2020 Warrants once the 2020 Warrants are issued. The only A Ordinary Shares which the Company is obligated to issue in addition to the A Ordinary Shares set out above
are 212,718 A Ordinary Shares arising from conversion of the Preferred Shares, 155,941 A Ordinary Shares arising from the exercise of options granted by the Company, 13,067 A Ordinary Shares arising from exercise of the 2016 Warrants and 2,284 A
Ordinary Shares arising from the exercise of the 2019 Warrants. As at the date of this Warrant Instrument, there are no Series B Preferred Shares in issue but the Company has accepted commitments from certain investors to subscribe for 25,000 Series
B Preferred Shares and is entitled to obtain and accept commitments to subscribe for up to an additional 15,000 Series B Preferred Shares during the period ending at 5:00 p.m. (EST) on 30 November 2020, in each case pursuant to the Second 2020
Funding Round. Each Series B Preferred Share may convert into Common Shares on and subject to the terms and conditions of the Second 2020 Funding Round; 

  

	 	(b)	 the registered holders of shares (as defined in the Articles) in the Company have irrevocably waived all pre-emption rights conferred on them (whether by the Companies Act, the Articles or otherwise) in relation to the issue of the Warrants and the Warrant Shares pursuant to the Warrant Instrument;

  

	 	(c)	 the Company has, and will have on the exercise of the Warrants, sufficient authorised share capital to enable
the issue and allotment of the Warrant Shares; and 

  

	 	(d)	 the Board has, and will have on the exercise of the Warrants, the authority to allot the Warrant Shares.

  

	5.3	 Legend 

Each Certificate shall bear the following legend or a legend substantially similar thereto: 

“The securities represented hereby have not been registered under the Securities Act of 1933, as amended, or any state “blue
sky” or other applicable securities law. These securities have been acquired for investment and not with a view to distribution or resale, and may not be sold, mortgaged, pledged, hypothecated or otherwise transferred (other than in accordance
with Clause 6.5 of the Warrant Instrument (the “Warrant Instrument”)) without an effective registration statement for such securities under the Securities Act of 1933, as amended, or an opinion of counsel reasonably satisfactory to
the Company that registration is not required under such Act. The securities represented hereby are subject to the Warrant Instrument.” 
  

	6.	 RESTRICTIONS AND OBLIGATIONS OF THE COMPANY 

 

	6.1	 Undertakings 

For so long as any Subscription Rights remain outstanding, the Company will comply with the undertakings in this Clause 6. 

 

	6.2	 Covenants 

Subject to Clause 6.3, as long as any Warrants remain outstanding, the Company covenants to the Warrantholder as follows: 

  
 11 

	 	(a)	 it will procure that at all times there are available for issue sufficient Common Shares free from pre-emptive rights to satisfy in full the exercise of Subscription Rights in respect of all outstanding Warrants (taking into account any other obligations of the Company to issue any shares in the Company), and
that the Board has authority to allot such Common Shares; 

  

	 	(b)	 unless approved by the shareholders of the Company by written resolution or at a general meeting on or prior to
the date hereof or unless authorised by the Board at a duly convened meeting of the Board held on or prior to the date hereof, it will notify the Warrantholder in writing of any proposed issue of securities to the holders of Common Shares as a class
by way of rights at least 10 Business Days prior to the proposed date of such issue; and 

  

	 	(c)	 if it is proposed that there shall be a reorganisation or other restructuring of the Company and its
subsidiaries involving the acquisition of the Company by a new holding company, the Company shall ensure that the Warrantholder’s Warrants are exchanged (to the extent not yet exercised) for warrants over the same proportion of the equity share
capital of the new holding company as the Warrant Shares to which the Warrants relate constituted as a percentage of the equity share capital of the Company prior to such reorganisation or other restructuring of the Company, such warrants to be
subject to the same terms and conditions as the Warrants. 

  

	6.3	 Events and Adjustment Events 

 

	 	(a)	 The Company will notify the Warrantholder in writing as soon as reasonably practicable and in any event within
two Business Days of the publication of any regulatory news service announcement in respect of a proposed Event specifying the proposed date and nature of such Event, provided that nothing in this Clause 6.3(a) shall require the Company to provide
any information relating to the proposed Event which has not already been made public pursuant to a regulatory news service announcement. 

  

	 	(b)	 In respect of any Offer, the Company shall procure that (i) appropriate provision is made in connection
with the Offer such that the Warrantholder shall, following the announcement of the Offer, be entitled, upon exercise of these Warrants, to receive the number of shares or other securities of the Company, or other successor entity, or property
(including cash) as to which the Warrantholder would have been entitled if the Warrantholder had exercised all of its rights pursuant to this Warrant immediately prior thereto and was able to participate in the Offer, or (ii) appropriate
provision is made in connection with the Offer such that, upon the consummation thereof, and without any exercise of this Warrant by the Warrantholder or other action, the Warrantholder shall be entitled to receive the consideration under the Offer
to which the Warrantholder would have been entitled if the Warrantholder had exercised its rights pursuant to the Warrants immediately prior thereto net of the aggregate Subscription Price of the Warrants. The Warrantholder agrees that an amount
equal to the aggregate Subscription Price for his Warrants may be deducted from the Offer consideration and paid to the Company. 

  

	6.4	 Shareholders, Board and Management Meetings 

The Warrantholder shall have the right to: 
  

	 	(a)	 receive notice of all shareholders meetings of the Company and class meetings of the holders of Common Shares
but shall not be entitled to attend, speak or vote at those meetings in its capacity as a Warrantholder; and 

  

	 	(b)	 receive (at the same time as the relevant shareholders) a copy of any proposed written resolution of the
shareholders or any proposed written class consent of the holders of Common Shares but shall not be entitled to vote on those resolutions in its capacity as a Warrantholder. 

  
 12 

	6.5	 Transfer of Warrants 

 

	 	(a)	 The Warrants shall be freely transferable, in whole or in part, in accordance with the transfer provisions set
out in paragraph 2 of Schedule 2 to any of the following persons or entities (together, the “Permitted Transferees”): 

  

	 	(i)	 any Affiliate of the Warrantholder and if such Affiliate is no longer an Affiliate of the Warrantholder, such
Affiliate shall transfer such Warrants back to the Warrantholder or to an Affiliate of the Warrantholder; 

  

	 	(ii)	 an Eligible Assignee to whom all or a portion of the Loans has been transferred by the Warrantholder pursuant
to and in accordance with the Loan and Security Agreement; and 

  

	 	(iii)	 any person or entity approved by the Board. 

 

	 	(b)	 Subject to Clause 6.5(a) above and further subject to compliance with federal and applicable state or foreign
securities laws, and, as applicable, the provisions of the Warrants and the Articles as the same may be in effect from time to time, the registered holder of any warrants may surrender such Warrants at the principal office of the Company for
transfer or exchange. Within a reasonable time after notice to the Company from the registered holder of its intention to make such transfer or exchange and without expense (other than transfer taxes, if any) to such registered holder, the Company
shall issue in exchange therefor another Warrant or Warrants, containing the same provisions and subject to the same terms and conditions as the Warrant so surrendered, and for the same aggregate number of Warrant Shares so surrendered. The new
Warrant(s) shall be issued in the name of such person or registered assignee, as the registered holder of such surrendered Warrants may designate in writing. 

 

	7.	 REGISTRATION RIGHTS 

If at any time the Company files a registration statement to register the resale of any Common Shares pursuant to any of the Registration Rights Agreements,
the Company shall, subject to applicable securities laws, include the Warrant Shares in such registration as if the Warrantholder had been party to the Registration Rights Agreements. 

 

	8.	 MODIFICATION OF RIGHTS 

This Warrant Instrument may be modified only with the prior sanction of a Special Resolution. 

 

	9.	 LIQUIDATION 

  

	9.1	 Liquidation and Dissolutions 

If an order is made or an effective resolution is passed for the winding-up or dissolution of the
Company or if any other dissolution of the Company by operation of law is to be effected then the provisions of Clause 9.2 or 9.3 shall apply. 
  

	9.2	 Sanctioned Agreement 

If the winding-up or dissolution is for the purpose of a reorganisation or amalgamation pursuant to a
scheme of arrangement sanctioned by a special resolution of the Company, the terms of the scheme of arrangement will be binding on the Warrantholder. 

  
 13 

	9.3	 Non Sanctioned Agreement 

If Clause 9.2 does not apply, the Company shall immediately notify the Warrantholder, in writing, that such an order has been made or
resolution has been passed or other dissolution is to be effected. The Warrantholder shall be entitled at any time within three months after the date such notice is given to elect by notice in writing to the Company to be treated as if they had,
immediately before the date of the making of the order or passing of the resolution or other dissolution, exercised the Subscription Rights and they shall be entitled to receive out of the assets which would otherwise be available in the liquidation
to the holders of Common Shares, such a sum, if any, as they would have received had they been the holders of and paid for the Warrant Shares to which they would have become entitled by virtue of such exercise, after deducting from such sum the
amount which would have been payable by them in respect of the Warrant Shares if they had exercised the Subscription Rights. Nothing contained in this paragraph shall have the effect of requiring the Warrantholder to make any actual payment to the
Company. If no such notice is given by the Warrantholder within the three month period specified above, the Subscription Rights shall lapse without claim if an order is made or an effective resolution is passed for the
winding-up or the dissolution of the Company. 
  

	10.	 CERTIFICATES 

  

	10.1	 Issues of Certificates 

Within five Business Days of entering the name of the Warrantholder in the Register of the Company, the Company shall issue to the
Warrantholder a Certificate in respect of the Subscription Rights in respect of which it is recorded in the Register as the holder. 
  

	10.2	 Lost Certificates, etc. 

If a Certificate is mutilated, defaced, lost, stolen or destroyed the Company will replace it provided that: 

 

	 	(a)	 the Warrantholder seeking the replacement provides the Company with such evidence and indemnity in respect of
the mutilation, defacement, loss, theft or destruction as the Company may reasonably require; 

  

	 	(b)	 the Warrantholder seeking the replacement pays the Company’s reasonable costs in connection with the issue
of the replacement; 

  

	 	(c)	 mutilated or defaced Certificates in respect of which replacements are being sought are surrendered.

  

	11.	 NOTICES 

  

	11.1	 Mode of Service 

Subject to Clause 11.2 any notice, demand or other communication given or made under or in connection with the matters contemplated by this
Warrant Instrument shall be in writing and shall be delivered personally or sent by prepaid first class post: 
  

	 	(a)	 In the case of the Company to: 

 

			
	Name:	  	LumiraDx Limited
		
	Address:	  	c/o 3 More London Riverside, London SE1 2AQ, England
		
	Name:	  	General Counsel

  
 14 

 with a copy by email to Veronique Ameye at the following email address:
Veronique.ameye@lumiradx.com (or such other email address as the Company may provide from time to time); 
  

	 	(b)	 in the case of the Warrantholder, to the address of the Warrantholder shown in the Register or, if no address
is shown in the Register, to its last known place of business or residence. 

  

	11.2	 Procedure if no known address 

If no address has been notified to the Company by a Warrantholder, any notice, demand or other communication given or made under or in
connection with the matters contemplated by this Warrant Instrument may be given to that Warrantholder by the Company by exhibiting it for ten Business Days at the registered office of the Company. 

 

	11.3	 Deemed Service 

Any notice, demand or other communication given or made under or in connection with the matters contemplated by this Warrant Instrument shall
be deemed to have been duly given or made as follows: 
  

	 	(a)	 if personally delivered, upon delivery at the address of the relevant party; 

 

	 	(b)	 if sent by first class post, ten Business Days after the date of posting; 

 

	 	(c)	 if Clause 11.2 applies, at the expiry of the ten Business Day period referred to in that clause,

 provided that if, in accordance with the above provision, any such notice, demand or other communication would otherwise
be deemed to be given or made after 5.30 pm such notice, demand or other communication shall be deemed to be given or made at 9.30 am on the next Business Day. 
  

	11.4	 Joint Registered Holders 

All notices and other communications with respect to Warrants standing in the names of joint registered holders shall be given to whichever of
such persons is named first in the Register and such notice so given shall be sufficient notice to all the registered holders of such Warrants. 
  

	11.5	 Successors 

Any person who becomes entitled to any Warrant (whether by operation of law, transfer or otherwise) shall be bound by every notice given in
respect of that Warrant before its name and address is entered on the Register. 
  

	12.	 INVALIDITY 

Where any provision of this Warrant Instrument is or becomes illegal, invalid or unenforceable in any respect under the laws of any
jurisdiction then such provision shall be deemed to be severed from this Warrant Instrument and, if possible, replaced with a lawful provision which, as closely as possible, gives effect to the intention of the parties under this Warrant Instrument
and, where permissible, that shall not affect or impair the legality, validity or enforceability in that, or any other, jurisdiction of any other provision of this Warrant Instrument. 

  
 15 

	13.	 ASSIGNMENT 

No party may without the prior written consent of the other parties assign or transfer or grant any security interest over any of its rights or
obligations under this Agreement. Notwithstanding the foregoing, the Warrantholder may assign or transfer its rights and obligations under this Agreement to a permitted transferee of all of the Warrantholder’s Warrants pursuant to Clause 6.5
above. 
  

	14.	 THIRD PARTY 

The parties to this Warrant Instrument expressly agree for the purposes of the Contracts (Rights of Third Parties) Act 1999 that they do not
intend any person other than a party to this Warrant Instrument or a Warrantholder to be able to enforce any term of this Warrant Instrument. 
  

	15.	 GOVERNING LAW 

This Warrant Instrument and any non-contractual obligations arising out of or in connection with it are
governed by English law. 
  

	16.	 ENFORCEMENT 

The courts of England and Wales have exclusive jurisdiction to settle any dispute arising out of or in connection with this Warrant instrument
(including a dispute relating to the existence, validity or termination of this Warrant Instrument or any non-contractual obligation arising out of or in connection with this Warrant Instrument). 

  
 16 

 SCHEDULE 1 

FORM OF CERTIFICATE 
 The securities
represented hereby have not been registered under the Securities Act, as amended, or any state “blue sky” or other applicable securities law. These securities have been acquired for investment and not with a view to distribution or resale,
and may not be sold, mortgaged, pledged, hypothecated or otherwise transferred (other than in accordance with Clause 6.5 of the Warrant Instrument (the “Warrant Instrument”)) without an effective registration statement for such
securities under the Securities Act, as amended, or an opinion of counsel reasonably satisfactory to the Company that registration is not required under such Act. The securities represented hereby are subject to the Warrant Instrument. 

LUMIRADX LIMITED 

Registered in the Cayman Islands (No. 314391) 

WARRANT CERTIFICATE 

Warrant Certificate Number [●] 
 This is to
certify that the person named below is a Warrantholder for the purpose of the warrant instrument issued by the Company on                     2020
(“Warrant Instrument”) and has the right to subscribe in cash at the aggregate Subscription Price for such number of the Warrant Shares (as defined in the Warrant Instrument) specified below on the terms set out in the Warrant
Instrument. The Warrants are issued with the benefit of, and subject to, the provisions contained in this Warrant Instrument. Unless the context otherwise requires terms defined in the Warrant Instrument shall have the same meanings in this
Certificate. 
 Warrantholder 
 Name: 

Address: 
 Warrants 

Number of Warrants represented by this Certificate: [●] 

(Subject to adjustment in accordance with Clause 2.3 of the Warrant Instrument) 

Total Subscription Price for the Warrants represented by this Certificate: $[●]] 

  
 17 

					
	Date of Issue	  		 	
			
	 Executed as a Deed by
	  	                            )	 	  

			
	 LumiraDx Limited
	  	                            )	 	  

  

	
	 acting by a director in the presence of
  

 
 Signature of witness

  

			
	 Name
	 	  

		
	 Address
	 	  

		
		 	  

 Notes: 
  

	(1)	 The Subscription Rights are transferable prior to exercise only in accordance with the provisions of the
Warrant Instrument. 

  

	(2)	 All transfers must be accompanied by this Warrant Certificate. 

  
 18 

 NOTICE OF SUBSCRIPTION 

(To be printed on the back of the Certificate) 

We hereby exercise the Subscription Rights as set out below* pursuant to this Certificate and confirm payment by [telegraphic transfer to the
Company’s account] [other method of payment agreed by the Company] of $[●] being the Subscription Price payable in respect of the aggregate Subscription Rights we are exercising. 

[This exercise is conditional upon the Event referred to in the notice from the Company dated [date] taking place.] 

We acknowledge that the legal and beneficial title to the Common Shares are accepted subject to the Articles. 

We direct the Company pursuant to this exercise to allot and issue the number of Common Shares to be issued pursuant to this exercise to the following
proposed allottees. Any proposed allottee must be a person or entity permitted in accordance with Clause 6.5 of the Warrant Instrument: 
  

							
	 	  	 [●] Number of Common
Shares••
	  	 Name of Proposed Allottee
	  	 Address of Proposed Allottee

	 1.
	  		  		  	
	 2.
	  		  		  	
	 3.
	  		  		  	
	 4.
	  		  		  	

 We hereby instruct you to sell [●] Warrant Shares to fund the Subscription Price for the balance of our entitlement in
accordance with Clause 3.2. 
 Share certificates should be sent to [include details] 

 

			
	Signed	 	  

		
	Print Name	 	  

		
	Address:	 	  

		
		 	  

 [*Details of all rights should be inserted as shown.] 

[••Number of shares over which Subscription Rights are to be exercised.] 

  
 19 

 SCHEDULE 2 

THE REGISTER AND TRANSFERS 
  

	1.	 Register 

  

	1.1	 An accurate register of entitlement to the Warrants (the Register) will be kept by the Company at its
registered office in which the Company shall enter: 

  

	 	(a)	 the names and addresses of the persons for the time being entitled to be registered as the holders of the
Warrants; 

  

	 	(b)	 the number of Warrants held by every registered holder; and 

 

	 	(c)	 the date on which the name of every registered holder is entered in the Register in respect of the Warrants in
his name. 

  

	1.2	 Any change in the name or address of the Warrantholder shall be notified as soon as reasonably practicable
following such change to the Company which shall cause the Register to be amended accordingly. The Warrantholder and any person authorised by the Warrantholder may at all reasonable times during office hours inspect the Register and take copies of
or extracts from it or any part of it. 

  

	1.3	 The Company may treat the registered Warrantholder as the absolute owner of a Warrant and accordingly shall
not, except as ordered by a court of competent jurisdiction or as required by law, be bound to recognise any equitable or other claim to or interest in a Warrant on the part of any other person, whether or not it shall have express or other notice
of such a claim. 

  

	1.4	 The Warrantholder will be recognised by the Company as entitled to its Warrants free from any equity, set-off or cross-claim on the part of the Company against the original or any intermediate holder of the Warrants. 

  

	2.	 Transfers 

  

	2.1	 The Warrants may only be transferable in whole or in part by the Warrantholder to any other person or entity
permitted in accordance with Clause 6.5 of the Warrant Instrument. 

  

	2.2	 Every transfer of a Warrant shall be made by an instrument of transfer in the usual or common form or in any
other form which may be approved by the Directors. 

  

	2.3	 The instrument of transfer of a Warrant shall be executed by or on behalf of the transferor but need not be
executed by or on behalf of the transferee. The transferor shall be deemed to remain the holder of the Warrant until the name of the transferee is entered in the Register in respect of the Warrant being transferred. 

 

	2.4	 No fee shall be charged for any registration of a transfer of a Warrant or for the registration of any other
documents which in the opinion of the Directors require registration. 

  

	2.5	 The registration of a transfer shall be conclusive evidence of the approval by the Directors of such a
transfer. 

  

	3.	 Stock Exchange Dealings 

 

	 	•	 	 Provided that at the time of issue of Warrant Shares pursuant to the exercise of the Warrants, the Common Shares
(or any of them) are quoted on the Official List of the United Kingdom Listing Authority, admitted to trading on the Alternative Investment Market operated by The London Stock Exchange plc, and/or permission or approval has been granted for dealings
therein or listing on any U.S. National Securities Exchange or any Recognised Investment Exchange in any part of the world, the Company will apply to such exchange or body for 

  
 20 

	 	 
permission to deal in, approval to list or for quotation of and Admission of such Warrant Shares (as the case may be) and shall use its commercially reasonable efforts to secure such permission
or quotation as soon as reasonable practicable after the issue of such Warrant Shares (which, for the avoidance of doubt, shall include paying any fee in connection thereto). 

  
 21 

 SCHEDULE 3 

ADJUSTMENTS TO WARRANT SHARES AND SUBSCRIPTION PRICE 
  

	1.	 If there is an Adjustment Event whilst any of the Warrants are outstanding, the number and nominal value of
Warrant Shares to be, or capable of being, subscribed on any subsequent exercise of the Subscription Rights and the Subscription Price will be adjusted in such manner as Board determines (acting in good faith). If requested by the Warrantholder in
writing within 7 Business Days of such determination by the Company, the Company will use its commercially reasonable efforts to cause its (i) Auditors or (ii) if the Auditors are unwilling (or unable) to so do, such other reputable,
independent and internationally recognised firm of accountants (determined in accordance with clause 2.3) (acting on the joint instructions of the WarranthoIder and the Company, as experts and not as arbitrators) to certify that, after such
adjustment: 

  

	 	(a)	 the total number of Warrant Shares to be, or capable of being, subscribed on any subsequent exercise of the
Subscription Rights conferred by the Warrants: 

  

	 	(i)	 will carry as nearly as possible (and in any event not less than) the same proportion (expressed as a
percentage of the total number of votes exercisable in respect of all the Equity Shares) of the votes available to be cast at a general meeting of the Company; and 

 

	 	(ii)	 will carry the same entitlement (expressed as a percentage of the total entitlement conferred by all the Equity
Shares) to participate in the profits and assets of the Company; 

 as would the total number of Warrant Shares which could
have been subscribed pursuant to the Subscription Rights conferred by the Warrants had there been no such adjustment and no such event giving rise to such adjustment; and 
  

	 	(b)	 the aggregate Subscription Price payable in order to subscribe for all the Warrant Shares will be as nearly as
possible the same as it was prior to such adjustment. 

  

	2.	 In calculating the aggregate entitlement to additional Subscription Rights under paragraph 1 above, any
entitlement to a fraction of a Warrant Share shall be rounded down to the nearest whole Warrant Share. 

  

	3.	 The Company will send the Warrantholder written notice of: 

 

	 	(a)	 any Adjustment Event as soon as reasonably practicable after the relevant resolution of the Board giving effect
to or sanctioning the same; 

  

	 	(b)	 any determination of the Board made in accordance with paragraph 1 of this Schedule 3 as soon as reasonably
practicable after the relevant resolution of the Board giving effect to or sanctioning the same; and 

  

	 	(c)	 any adjustments to the Subscription Rights together with a replacement Warrant Certificate evidencing the
Warrantholder’s adjusted Subscription Rights. 

  
 22 

 Executed and delivered by the Company and Jefferies as a Deed on the date stated at the beginning of this
Deed. 
  

					
	Executed as a Deed by	  	)	  	/s/ Veronique Ameye                            
			
	LumiraDx Limited	  	)	  	
			
	acting by its attorney	  		  	
			
	Veronique Ameye, under a	  		  	
			
	power of attorney, in the	  		  	
			
	presence of	  		  	
			
	/s/ Suneet S. Bakhshi                        	  		  	

 Signature of witness 
  

			
	Name	 	 Suneet S. Bakhshi

		
	Address	 	  

		
		 	  

  

					
	Executed as a Deed by	  	)	  	
			
	Jefferies Finance LLC	  		  	
			
		  	)	  	
			
	acting by its authorized signatory	  		  	
			
	/s/ E. Joseph Hess                            	  		  	
	 E. Joseph Hess
 Managing DirectorEX-10.1

 Exhibit 10.1 

LumiraDx Limited 

Consultants’ and Non-Employees’ 

Option Scheme 

Adopted by resolution of the Board on 19 September 2016 and 

amended by the Board on 26 September 2016, 28 October 

2016 and 17 January 2018 

 Contents 
  

							
	1.	  	 Definitions and interpretation
	  	 	3	 
	2.	  	 Grant of Option
	  	 	5	 
	3.	  	 Rights to exercise Options
	  	 	6	 
	4.	  	 Procedures to exercise Options
	  	 	9	 
	5.	  	 Release of Options
	  	 	10	 
	6.	  	 Adjustment of Options
	  	 	10	 
	7.	  	 Taxation
	  	 	10	 
	8.	  	 Administration and amendment
	  	 	11	 
	9.	  	 General
	  	 	11	 
	 Letter Notifying Grant
	  	 	13	 
	 Share Option Certificate
	  	 	15	 

 Rules of the LumiraDx Limited 

Consultants’ and Non-Employees’ Option Scheme 

 

	1.	 Definitions and interpretation 

 

	1.1	 In this Scheme, unless the context otherwise requires, the following definitions shall apply:

 “Acquiring Company” has the meaning set out in rule 5.1. 

“Associated Company” has the meaning set out in section 449 Corporation Tax Act 2010. 

“Board” means the board of directors of the Company or a duly authorised committee of the board. 

“Company” means LumiraDx Limited (incorporated in the Cayman Islands under company No. 314391). 

“Compulsory Acquisition Event” means any event as a result of which any person or group of persons acting in concert becomes
bound or entitled to acquire shares in the Company under section 88 of the Companies Law (2013 Revision) of the Cayman Islands. 

“Control” has the meaning set out in section 995 Income Tax Act. 

“Date of Grant” means the date on which an Option is granted pursuant to rule 2.1. 

“Employee’s Contributions” means an employee’s primary Class 1 national insurance contribution or any
equivalent social security liability in any jurisdiction outside England and Wales. 
 “Employees’ Share Scheme” has
the meaning set out in section 1166 Companies Act 2006. 
 “Employer’s Contributions” means an employer’s
secondary Class 1 national insurance contributions or any equivalent social security liability in any jurisdiction outside England and Wales. 

“Exercise Date” has the meaning set out in rule 4.2. 

“Exercise Price” means the price payable per Share on the exercise of an Option, not being less than the nominal value of a
Share. 
 “FCA” means the Financial Conduct Authority in its capacity as the competent authority under Part VI of the FSMA.

 “FSMA” means the Financial Services and Markets Act 2000. 

“Group Company” means the Company and any of its Subsidiaries from time to time. 

“Income Tax Act” means the Income Tax Act 2007. 

“Income Tax Liability” means any income tax which is PAYE income for the purposes of section 683 Taxes Act (or the equivalent
in any jurisdiction outside England & Wales). 
 “Listing” means the listing or admission of any part of the
ordinary share capital of the Company on AIM, the market of that name operated by London Stock Exchange plc or the Official List or its admission to any other recognised investment exchange as defined in section 1005, Income Tax Act. 

  
 3 

 “Market Value” means on any day, the market value of a Share which shall be
the value specified for this purpose by the Board in accordance with Part VIII of the TCGA. 
 “National Insurance Contribution
Liability” means any national insurance contributions which fall to be paid to HM Revenue & Customs by the Company (or the relevant employing Group Company) under the modified PAYE system as it applies for national insurance
purposes under the Social Security Contributions and Benefits Act 1992 and regulations referred to in it (or the equivalent in any jurisdiction outside England and Wales). 

“New Holding Company” means a company which has the same (or substantially the same) shareholders holding the same (or
substantially the same) proportionate shareholdings as the shareholders of the Company immediately before its creation. 
 “Official
List” means the Official List maintained by the FCA. 
 “Option” means a right granted under this Scheme to acquire
Shares. 
 “Option Holder” means a person to whom an Option has been granted under the Scheme or, where applicable, the
legal personal representatives of such a person. 
 “Ordinary Shares” means shares comprising the ordinary share capital of
the Company as defined in section 989 Income Tax Act. 
 “Reconstruction” means a compromise or arrangement which the court
sanctions under sections 86 and 87 of the Companies Law (2013 Revision) of the Cayman Islands. 
 “Sale” means: 

 

	 	(a)	 the transfer of an interest in ordinary shares in the capital of the Company conferring in aggregate more than
50% of the total voting rights conferred by all such ordinary shares for the time being in issue or, in the absolute discretion of the Board, otherwise by which there is a change in Control of the Company; or 

 

	 	(b)	 the completion of an agreement whereby any person, firm or company becomes bound to purchase the whole or
substantially the whole of the Company’s undertaking, business and assets. 

 “Scheme” means this
scheme being the LumiraDx Limited Consultants’ and Non-Employees’ Option Scheme adopted by a resolution of the Board dated 19 September 2019 and approved by resolution of the members dated
19 September 2016 or as subsequently amended in accordance with rule 8. 
 “Service Providers” means consultants and non-employees who provide services to the Company or any Group Company from time to time or any prospective employee nominated by the Board from time to time. 

“Shares” means A Ordinary Shares of $0.001 each in the capital of the Company (or any shares representing the same) which
comply with the terms of this Scheme. 
 “Subsidiary” means a company (wherever incorporated) which for the time being is
under the Control of the Company. 
 “Taxes Act” means the Income Tax (Earnings and Pensions) Act 2003. 

“Tax Liabilities” has the meaning contained in rule 7.2. 

“TCGA” means the Taxation of Chargeable Gains Act 1992. 

“Unvested Option” means, on any date, that part of an Option that has not vested in accordance with these Rules and the
Vesting Schedule. 

  
 4 

 “Vests” means a right to exercise has arisen and “Vesting” shall
be construed accordingly. 
 “Vested Option” means, on any date, that part of an Option that has vested in accordance with
these Rules and the Vesting Schedule. 
 “Vesting Schedule” means the table showing the dates on which an Option vests and
becomes exercisable and the number of shares over which the Option may then be exercised as set out in rule 3.2 or any other vesting schedule or vesting events determined by the Board pursuant to rule 3.3. 

 

	1.2	 In this Scheme, unless the context otherwise requires: 

 

	 	(a)	 words in the singular include the plural and vice versa and words in one gender include any other gender;

  

	 	(b)	 a reference to a statute or statutory provision refers to a United Kingdom statute or statutory provision
unless otherwise stated and includes: 

  

	 	(i)	 any subordinate legislation (as defined in section 21(1), of the Interpretation Act 1978) made under it;

  

	 	(ii)	 any repealed statute or statutory provision which it re-enacts (with or
without modification); and 

  

	 	(iii)	 any statute or statutory provision which modifies, consolidates,
re-enacts or supersedes it; 

  

	 	(c)	 a reference to rules is to rules in these Rules and references to
sub-rules are to sub- rules in which they appear; and 

  

	 	(d)	 the table of contents and headings are inserted for convenience only and shall not affect the interpretation of
these Rules. 

  

	2.	 Grant of Option 

 

	2.1	 The Board may at any time grant Options to such Service Providers over such number of Shares as it, in its
absolute discretion, thinks fit. 

  

	2.2	 When granting an Option the Board may specify conditions which, unless otherwise stated in these Rules, must be
satisfied prior to the exercise of the Option. The Board may in its absolute discretion amend or waive the conditions relating to a particular Option or part of an Option if events happen which cause the Board reasonably to consider that it would be
fairer so to amend or waive the conditions to ensure that they achieve their original purpose, provided that any amended conditions are neither no more nor no less difficult to achieve than those previously imposed. 

 

	2.3	 As soon as reasonably practicable after the Board has resolved to grant an Option pursuant to rule 2.1 the
Company shall issue to the Option Holder a letter enclosing an Option certificate in such form as the Board may determine , specifying: 

  

	 	(a)	 the number of Shares subject to the Option; 

 

	 	(b)	 the Exercise Price; 

  

	 	(c)	 the Date of Grant; 

  

	 	(d)	 when the Option will ordinarily become exercisable and the number of Shares over which the Option may then be
exercised; 

  
 5 

	 	(e)	 whether the Option Holder is required either to bear some or all of the cost of any Employer’s
Contributions (if any) arising from the exercise of the Option or jointly to elect with the Company to transfer some or all of such liability to the Option Holder; and 

 

	 	(f)	 any conditions attaching to the exercise of the Option. 

In the event of any conflict between the rules of the Scheme and any such document, the provisions of the Scheme shall prevail. 

 

	2.4	 An Option shall be personal to the Option Holder and may not be transferred, assigned or charged. Any purported
transfer (except a transfer to the Option Holder’s personal representatives on death), assignment, charge, disposal or other dealing in the Option shall render the Option void and cause it to lapse. Each Option certificate shall carry a
statement to this effect. 

  

	2.5	 An Option shall be granted by way of deed or otherwise as the Board may determine. No cash payment shall be
required in consideration of such grant. 

  

	2.6	 No Option may be granted more than 10 years after the date on which the Scheme is adopted by a resolution of
the Board. 

  

	3.	 Rights to exercise Options 

 

	3.1	 Options may be exercised in accordance with the following provisions of this rule 3 and rule 4.

  

	3.2	 Except as provided elsewhere in this rule 3, or as the Board may at any time in its absolute discretion
determine in exceptional circumstances, an Option may only be exercised: 

  

	 	(a)	 if any conditions which apply to the Option under rule 2.2 have been fulfilled to the satisfaction of the Board
or waived; 

  

	 	(b)	 at a time when the Option Holder is a Service Provider; and 

 

	 	(c)	 in accordance with the following Vesting Schedule: 

 

			
	
                
            Date                        
	  	 Vesting percentage

	 12 months after Date of Grant
	  	25% of Shares under Option
	 24 months after Date of Grant
	  	25% of Shares under Option
	 36 months after Date of Grant
	  	25% of Shares under Option
	 48 months after Date of Grant
	  	25% of Shares under Option

 In the above Vesting Schedule the phrase “Shares under Option” shall refer to the total number of
Shares under Option at the Date of Grant. 
  

	3.3	 The Board may, in its absolute discretion, specify an alternative Vesting Schedule or other events upon which
an Option may be exercised (and such alternative Vesting Schedule or other events shall be set out in, or attached in the form of a schedule to, the option certificate). 

Sale or Reconstruction – Vested Options 
  

	3.4	 Subject to rule 3.5, on a Sale or Reconstruction, provided that such event is not implemented in connection
with a reorganisation which creates a New Holding Company, notwithstanding 

  
 6 

 the Vesting Schedule accelerated Vesting shall apply, so that an Option Holder may exercise
any Option held by him in full, during whichever of the following periods applies: 
  

	 	(a)	 in the event of a Sale, the period beginning on the day before unconditional completion of the Sale and ending
on completion of the Sale; or 

  

	 	(b)	 in the event of a Reconstruction, the period beginning with the date on which the Court sanctions the
Reconstruction and ending on the effective date of the Reconstruction, 

 after which, unless the Option Holder has
released his Option under rule 5, it shall lapse. 
  

	3.5	 Prior to a proposed Sale, the Board may give notice to Option Holders inviting Option Holders to exercise their
Options within such period prior to the Sale as the Board may in its absolute discretion determine. If such notice is given, to the extent that any Option is not exercised within such period, it will lapse immediately thereafter.

 Compulsory Acquisition Event – Vested Options 

 

	3.6	 Where a Compulsory Acquisition Event arises, notwithstanding the Vesting Schedule accelerated Vesting shall
apply, so that an Option Holder may exercise any Option held by him during the period of one month from the first date on which the acquirer for the purposes of the Compulsory Acquisition Event becomes bound or entitled to give a notice to acquire
Shares, after which period, unless the Option Holder has released his Option under rule 5, it shall lapse. 

Listing 
  

	3.7	 On the occurrence of a Listing, vesting shall continue to be determined under rule 3.2 (or as otherwise
determined by the Board) and the other provisions of this rule 3. 

 Termination of Service Provider relationship
– Vested Options 
  

	3.8	 Where an Option Holder ceases to be a Service Provider by reason of: 

 

	 	(a)	 injury, disability or ill-health (such determination to be made by the
Board); 

  

	 	(b)	 a Group Company ceasing to be under the Control of the Company or a business or part of a business being
transferred to a company which is neither an Associated Company nor a company of which the Company has control; or 

  

	 	(c)	 any other reason as the Board may determine, 

an Option Holder may exercise any Vested Option held by him (calculated up to and including the date of termination of the Service Provider
relationship) during the period commencing on the date of termination and ending 12 months after Listing or, if later, 90 days after the date of termination (or such longer period as the Board may allow, subject to rule 3.14), after which it shall
lapse. Rule 3.10 shall apply to any Unvested Options. 
 Termination of Service Provider relationship for other reasons – Vested
Options 

  
 7 

	3.9	 Where an Option Holder ceases to be a Service Provider in circumstances different to those provided for in rule
3.8 (including death) a Vested Option (calculated up to and including the date of termination of the Service Provider relationship) shall remain exercisable during the period commencing on the date of termination and ending 90 days after the date of
termination after which it shall lapse, provided that if the termination derives from the Option Holder’s gross misconduct in his role as Service Provider or other disciplinary reasons (as determined in the absolute discretion of the Board) a
Vested Option shall lapse on the date of termination or, if earlier, the date that notice of termination is given. Rule 3.10 shall apply to any Unvested Options. 

Unvested Options 
  

	3.10	 An Unvested Option shall lapse on termination of the Service Provider relationship within rules 3.8 and 3.9
unless the Board determines in its absolute discretion prior to the date of termination and gives notice to an Option Holder that either: 

  

	 	(a)	 his Unvested Option shall remain in full force and effect and continue to Vest in accordance with the Vesting
Schedule following termination of the Service Provider relationship and be exercised during the period specified in rule 3.8 or at the time specified by the Board in its absolute discretion; or 

 

	 	(b)	 he may exercise his Unvested Option within such period and to such extent as the Board in its absolute
discretion determines. 

 If such notice is given, the Option shall lapse to the extent unexercised at the end of any
period for exercise specified by the Board. 
 Death 
  

	3.11	 Where the Option Holder dies any Vested Option held by him (calculated as at the date of death) may be
exercised by his personal representatives (or, if applicable, the overseas equivalent of such personal representatives) during the period of 12 months following the Option Holder’s death and will lapse if unexercised during that period.
Unvested Options shall lapse on the date of death. 

 Voluntary winding-up

  

	3.12	 If notice is given to members of a resolution at a general meeting for the voluntary winding-up of the Company, except for the purposes of a Reconstruction, accelerated Vesting of the right to exercise an Option shall apply so that, notwithstanding the Vesting Schedule set out in rule 3.2 (or as
otherwise determined by the Board), an Option Holder may exercise any Option held by him in full (but so that any exercise under this rule shall be conditional on such resolution being passed) at any time after the notice is given until the
resolution is duly passed or defeated or the general meeting adjourned sine die, whichever shall first occur. If such resolution is passed the Option shall, to the extent unexercised, lapse. 

Demerger 
  

	3.13	 If a Group Company is, or is expected to be the subject of a demerger, dividend in specie or other transaction
which the Board determines in its absolute discretion would materially affect the value of the Option, the Board may determine on a fair and reasonable basis that any Option Holder may exercise any Option held by him in respect of such proportion of
the Shares under Option and during such period as the Board in its discretion determines and notifies to the Option Holder. 

Lapse of Options 
  

	3.14	 An Option will lapse to the extent it has not been exercised on the earliest to occur of the following:

  
 8 

	 	(a)	 the 10th anniversary of the Date of Grant; 

 

	 	(b)	 subject to Rule 3.11, the death of the Option Holder; 

 

	 	(c)	 the passing of a resolution by the shareholders in respect of a creditor’s voluntary liquidation, the
making by the Court of a winding up order, or the appointment of an administrator or receiver in respect of the Company; 

  

	 	(d)	 the Option Holder being adjudicated bankrupt, making or proposing a voluntary arrangement under the Insolvency
Act 1986 or otherwise being deprived (except on death) of the legal or beneficial ownership of the Option; 

  

	 	(e)	 subject to rule 3.11, the expiry of the relevant period referred to in this rule 3 and where more than one such
period applies, the earliest to expire of those periods. 

  

	4.	 Procedures to exercise Options 

 

	4.1	 An Option shall be exercised by notice in writing (in the form prescribed by the Board) given by the Option
Holder to the Company in respect of all or some of the Shares comprised in the Option, and such notice shall be accompanied by: 

  

	 	(a)	 the relevant option certificate (or an indemnity in respect of a lost option certificate);

  

	 	(b)	 if required by the Board, an election to transfer liability for Employer’s Contributions to the Option
Holder (in the form prescribed by the Board and approved by HM Revenue & Customs); and 

  

	 	(c)	 if required by the Board, if the Option Holder is, has been in the previous 7 years or is expected to become a
director or employee of a Group Company and if the Shares to be acquired on exercise of the Option are considered to be restricted securities as defined in Part 7, Chapter 2, Taxes Act (such determination to be in the sole discretion of the Board),
a joint section 431, Taxes Act election (electing that the Market Value of the Shares acquired on exercise of the Option be calculated as if the Shares were not restricted securities), 

together with a remittance for the aggregate Exercise Price payable, unless the Company and the Option Holder agree that an alternative
arrangement can be used to satisfy the Exercise Price. 
  

	4.2	 Provided the conditions for exercise are satisfied, exercise of the Option shall be effective on the date of
receipt or deemed receipt by the Company (as determined by rule 9.2) (the “Exercise Date”) of the documents referred to in rule 4.1. 

  

	4.3	 As soon as reasonably practicable after the Exercise Date the Company shall: 

 

	 	(a)	 allot and issue such Shares which are to be issued pursuant to the exercise of the Option; or

  

	 	(b)	 procure the transfer of such Shares which are to be transferred pursuant to the exercise of the Option,

 to the Option Holder (or his nominee) and, subject to rule 4.4, cause to be registered in his name (or the name of his
nominee) the number of Shares specified in the notice of exercise (as reduced in accordance with any alternative arrangement applicable under rule 4.1). 
  

	4.4	 The Option Holder shall be responsible for any stamp duty arising on the transfer of Shares.

  

	4.5	 An Option may only be exercised in respect of a whole number of Shares, not a fraction of a Share.

  
 9 

	4.6	 When an Option is exercised only in part, the balance shall remain exercisable on the same terms as originally
applied to the whole Option and an endorsement to that effect shall be noted on the Option Certificate as soon as reasonably practicable after the partial exercise. 

 

	4.7	 The Board may, if it sees fit, settle any Option by making a cash payment to the Option Holder equal to the
market value (as determined by the Board) of the Shares in respect of which the Option is exercised, less the amount of the aggregate Exercise Price in respect of those Shares. 

 

	4.8	 Any cash payment made pursuant to Rule 4.7 shall be net of any Tax Liabilities which any Group Company is
required to withhold. 

  

	4.9	 Rule 4.7 shall not apply to any Option if its application would cause any adverse issues for any Group Company
or the Option Holder. Such adverse issues may relate, but shall not be limited to, securities law, exchange control, tax or social security. 

  

	4.10	 Save for any right determined by reference to a date preceding the date on which Shares are issued, Shares
issued on the exercise of an Option shall rank equally with the Shares then in issue. Shares transferred on the exercise of an Option will be transferred without the benefit of any rights attaching to them by reference to a record date preceding the
date of exercise. 

  

	4.11	 An Option Holder to whom Shares are issued or transferred on the exercise of an Option shall be bound by the
Company’s articles of association as they apply to such Shares and if required to do so by the Board, shall enter into a deed of adherence pursuant to any shareholders’ agreement relating to the Company. 

 

	5.	 Release of Options 

 

	5.1	 If a company (the “Acquiring Company”) obtains Control of the Company, then, subject to the prior
agreement of the Acquiring Company, any Option Holder holding an Option at the relevant time may release such Option in consideration of the grant to him of an equivalent right over shares in the Acquiring Company. If the rights under the Option are
released by the Option Holder under this rule 5.1, the occurrence of the event giving rise to such release shall not be an event triggering the exercise of the Option under rules 3.4 and 3.6. 

 

	6.	 Adjustment of Options 

 

	6.1	 In the event of any capitalisation or offer by way of rights (including an open offer) or on any consolidation,
sub-division, reduction or other variation of the capital of the Company, the number of Shares subject to the Option and the Exercise Price may be adjusted in such manner as the Board, on a fair and reasonable
basis, may deem appropriate. Notice of any such adjustments shall be given to the Option Holder by the Company. 

  

	7.	 Taxation 

  

	7.1	 An Option Holder shall be accountable for any Income Tax Liability and, if applicable, Employee’s
Contributions chargeable on any assessable income deriving from: 

  

	 	(a)	 the grant or exercise of, or other dealing in, any Option held by him; 

 

	 	(b)	 the acquisition, holding or disposal of any Shares acquired on exercise of any Option held by him; and

  

	 	(c)	 any action, event or thing done or omitted to be done following the Option Holder’s acquisition of the
Shares acquired on exercise of any Option held by him which directly or indirectly gives rise to a liability under the Taxes Act in respect of the Shares (including the entering into of an election under section 431 of the Taxes Act).

  
 10 

	7.2	 In respect of such assessable income the Option Holder shall indemnify the Company and (at the direction of the
Company) any Group Company which is or may be treated as the employer of the Option Holder in respect of the following (together, the “Tax Liabilities”): 

 

	 	(a)	 any Income Tax Liability; and 

 

	 	(b)	 if applicable, any Employee’s Contributions. 

For the avoidance of doubt, the Employer’s Contributions shall be borne by the Company unless the Company, as a condition of exercise,
required the Option Holder to enter into an agreement to bear the cost of the Employer’s Contributions. 
  

	7.3	 Pursuant to the indemnity referred to in rule 7.2, the Option Holder shall make such arrangements as the
Company requires to meet the cost of the Tax Liabilities, including at the direction of the Company any of the following: 

  

	 	(a)	 making a cash payment of an appropriate amount to the relevant Group Company whether by way of cheque,
banker’s draft or deduction from salary in time to enable that Group Company to remit such amount to HM Revenue & Customs before the 14th day following the end of the month in which the event giving rise to the relevant Tax Liabilities
occurs or earlier if so requested by the Company; or 

  

	 	(b)	 appointing the Company as agent and/or attorney for the sale of sufficient of the Shares acquired pursuant to
the exercise of the Option to cover the Tax Liabilities and authorising the payment to the relevant Group Company of the appropriate amount (including all reasonable fees, commissions and expenses incurred by the relevant Company in relation to such
Sale) out of the net proceeds of sale of the Shares. 

  

	8.	 Administration and amendment 

 

	8.1	 The Scheme shall be administered by the Board acting on behalf of the Company and the Board’s decision on
all disputes shall be final. 

  

	8.2	 Subject to rule 8.3, the Board may at any time amend these Rules in any way it thinks fit.

  

	8.3	 No amendment may be made to these Rules if, or to the extent that, in the reasonable opinion of the Board, it
would materially abrogate or adversely affect the subsisting rights of an Option Holder as regards an Option granted prior to the amendment being made unless it is made: 

 

	 	(a)	 with the written consent of the number of Option Holders that hold Options under the Scheme to acquire more
than 50% of the Shares which would be delivered if all Options granted and subsisting under the Scheme were exercised (ignoring any conditions which may be attached to their exercise); or 

 

	 	(b)	 by a resolution at a meeting of Option Holders passed by not less than 50% of the Option Holders who attend and
vote either in person or by proxy. 

  

	8.4	 The Board shall have power from time to time to make and vary such rules (not being inconsistent with these
rules) for the implementation and administration of this Scheme as it may think fit. 

  

	9.	 General 

  

	9.1	 The Company shall at all times keep available sufficient authorised and unissued Shares to satisfy the exercise
to the full extent still possible of any Options (excluding those the exercise of which is to be satisfied by the transfer of existing Shares) taking account of any other obligations of the Company to issue new Shares or shall otherwise ensure that
Shares are available for transfer to satisfy the exercise of any Option. 

  
 11 

	9.2	 Any notice or other communication under or in connection with these Rules may be given to the Option Holder
either personally or by electronic mail or post and/or to the Company either personally or by electronic mail (with a report of receipt), post or by fax. Items sent by electronic mail shall be deemed to have been received at the time specified in
the report of receipt returned to the sender. Items sent by post should be first class prepaid and shall be deemed to have been received 48 hours after posting. Items sent by fax shall be deemed to have been received on the day that they are sent.

  

	9.3	 The terms on which an Option Holder provides services as a Service Provider to the Company or any Group Company
shall not be affected in any way by his participation in the Scheme which shall not form part of such terms (either expressly or impliedly) nor in any way entitle him to take into account such participation in calculating any compensation or damages
on the termination of the Service Provider relationship with the Company or any Group Company for whatever reason which might otherwise be payable to him. 

  

	9.4	 This Scheme is entirely discretionary and may be suspended or terminated by the Company at any time. Such
suspension or termination will not affect any Options granted under the Scheme to the extent that they are subsisting at the date of such suspension or termination. The grant of an Option is likewise entirely discretionary and does not create any
contractual or other right to receive future grants of options, or benefits in lieu of options. All determinations with respect to future grants will be at the sole discretion of the Company. Rights under the Scheme are not pensionable.

  

	9.5	 The costs of introducing and administering this Scheme shall be borne by the Company. 

 

	9.6	 Subject to applicable law, the Company and any Group Company may enter into arrangements (including the payment
of money or making of loans) with any person on such terms as it thinks fit whereby, on the exercise of an Option, existing Shares may be transferred to an Option Holder in satisfaction of his rights under this Scheme. 

 

	9.7	 Nothing in these Rules shall be taken to impose any restriction or limitation on the exercise by the members of
the Company of their rights to make any alteration to the articles of association of the Company or the share capital of the Company. 

  

	9.8	 In the event that the Shares are listed or traded on any recognised investment exchange (as defined in section
1005, Income Tax Act) or on AIM, the Company shall apply to the appropriate body for any Shares allotted on exercise of an Option to be admitted to trading on that exchange. 

 

	9.9	 The Board may adopt appendices to this Scheme which shall provide for the grant of options to Eligible
Employees who are not at the relevant time exclusively resident for tax purposes in the United Kingdom, or who are employed by any non-UK resident Subsidiary, subject to such modifications as the Board
considers appropriate to take account of local tax, exchange control, securities laws or other regulatory requirements. 

  

	9.10	 The Scheme and any dispute, claim or obligation arising out of or in connection with it, its subject matter or
formation (whether contractual or non-contractual) shall be governed by English law. The Option Holder and the Company irrevocably agree that the English courts shall have exclusive jurisdiction to settle any
dispute or claim (whether contractual or non-contractual) arising out of or in connection with this Scheme, its subject matter or formation. 

  
 12 

 Letter Notifying Grant 

[to be typed onto Company letterhead] 

●[Name] 
 ●[Address] 

●[Date] 
 Dear [ Name ●] 

LumiraDx Limited Consultants’ and Non-Employees’ Option Scheme 

I am pleased to inform you that the Board has granted you an option over ● [insert number] Shares in the Company (the “Option”)
in accordance with the LumiraDx Limited Consultants’ and Non- Employees’ Option Scheme (the “Scheme”). 

You will find an Option Certificate enclosed with this letter. 

By accepting this Option you are agreeing to the terms of the Scheme (a copy of which is available from the Company Secretary) and that this Option is
governed by those terms and those set out in the Option Certificate. 
 Taxation 

When you wish to exercise your option (which is unapproved for tax purposes) you must do so on the form of exercise specified under the Rules of the Scheme or
by the Board from time to time. On such exercise (or other dealing in the option), you will be responsible for paying any income tax that arises. If HM Revenue & Customs (“HMRC”) deems you to be an employee of the Company
or any Group Company, income tax under PAYE and national insurance contribution liabilities may arise, and accordingly you shall be required to indemnify, or make arrangements to reimburse the Group in respect of any income tax and (if applicable)
employee’s primary national insurance that the Company or any Group Company deemed by HMRC to be your employer will become liable to deduct through the PAYE system and pay to HMRC on your behalf. 

The shares under Option are subject to certain restrictions as set out in the Company’s articles of association enclosed with the option certificate. If
you have been an employee or director of the Company or any Group Company at any time during the seven years preceding the exercise of your option or if you are a director or if it is intended that you will become an employee or director in the
foreseeable future, the exercise of your Option will be conditional on your entering into a joint section 431, Taxes Act election (electing that the market value of the shares acquired on exercise of the Option be calculated as if the shares were
not restricted securities) with the Company. You will be asked to sign this form when you exercise your Option. 

  
 13 

 When you sell the shares, any sale proceeds may be subject to capital gains tax. It will be your
responsibility to report and pay any capital gains tax to HMRC as required. 
 Yours sincerely 

 

	
	  

	For and on behalf of
LumiraDx Limited

  
 14 

 Share Option Certificate 

LumiraDx Limited Consultants’ and Non-Employees’ Option Scheme 

 

					
	 Date of Grant
	  	 Exercise Price per Share
	  	 Number of Shares

	 ●[Insert date second party signs]
	  	●	  	●

 This is to certify
that                                        
                                         
                                         
               

of                         
                                         
                                         
                                         
                   

                          
                                         
                                         
                                
                              

has been granted an Option to acquire ● Shares in the Company at the exercise price shown above under the Rules of the LumiraDx Limited
Consultants’ and Non-Employees’ Option Scheme. 
 The Option is unapproved for UK tax purposes. 

The Option is exercisable in accordance with the Rules of the Scheme. In particular, [the Option is exercisable only if the conditions and performance target
set out in the attached schedule have been satisfied and] the right to exercise the Option shall vest in normal circumstances according to the Vesting Schedule below. 
  

			
	
                
        Date                        
	  	 Vesting percentage

	 12 months after Date of Grant
	  	25% of Shares under Option
	 24 months after Date of Grant
	  	25% of Shares under Option
	 36 months after Date of Grant
	  	25% of Shares under Option
	 48 months after Date of Grant
	  	25% of Shares under Option

 In this Vesting Schedule the phrase “Shares under Option” shall refer to the total number of Shares
under Option at the Date of Grant. 
 The Shares under Option are subject to certain restrictions as set out in the Company’s articles of association, a
copy of which is available from the company secretary. 
 Tax treatment 

Under current legislation a gain made on the exercise of the Option will be liable to income tax for which you will be accountable under self-assessment,
unless HMRC deems you to be an employee of the Company or a Group Company. If you are deemed to be an employee, income tax and national insurance contributions may be payable at exercise through the PAYE system, and you shall indemnify the Company
and all its Subsidiaries accordingly under the Rules of the Scheme. Capital gains tax may become payable on eventual disposal of the Shares acquired. 

This Certificate is executed by the Company as a deed and delivered on the date shown above. 

  
 15 

 Executed as a deed      

by LumiraDx     

Limited     
 acting by [name],
a director 
 in the presence of: 
  

	
	  

	Director

  

	
	Signature of witness:
	
	 Name:

	
	Address:

 Notes 
  

	(1)	 The Option is not transferable, and will lapse on any transfer, assignment, charge or other disposal.

  

	(2)	 A copy of the rules of the Scheme is available from the Company Secretary. 

THIS CERTIFICATE IS IMPORTANT AND SHOULD BE KEPT IN A SAFE PLACE 

  
 16 

 Performance Conditions 

[to be enclosed with the option certificate] 

The Board has resolved that the right to exercise the Option granted by the attached certificate will be conditional upon meeting the performance conditions
set out below. 
 [appropriate wording inserted here] 

The Board will review the performance conditions at intervals to ensure they remain appropriate. As a result of any such review the Board may amend or waive
the conditions if events happen which cause the Board reasonably to consider that it would be a fairer measure of performance so to amend or waive the conditions to ensure that they achieve their original purpose. 

  
 17 

 Form of Exercise 

LumiraDx Limited Consultants’ and Non-Employees’ Option Scheme 

 

	To:	 The Company Secretary 

LumiraDx Limited 
 I wish to exercise the Option
in respect of ● Shares (“Shares”) comprised in the enclosed option certificate. 
 I enclose a cheque for $● in favour of
LumiraDx Limited (the “Company”) as payment in full of the exercise price of $● per Share. 
 I apply for the number of Shares
specified above and request you to arrange the registration of them in my name subject to the memorandum and articles of association of the Company. 
 I
agree: 
  

	(a)	 to indemnify the Company and any of its subsidiaries in respect of any Tax Liabilities (as defined in rule 7.2
of the Scheme); and 

  

	(b)	 that the issue of these Shares to me is conditional on my first making arrangements to the satisfaction of the
Company to discharge the Tax Liabilities pursuant to such indemnity (if applicable) and entering into a section 431 election (if applicable). 

  

									
	Signed:	 	  
	 	            	 	Date:	 	  

									
		
	Name:	 	  

									
		
	Address:	 	  

					
			
	                                      
                                         
         	 	Postcode:	 	  

  
 18

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