Document:

Exhibit
10.6

 

COMPANY
WARRANT AGREEMENT

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as ofDecember 31, 2021, is entered into by and between Co-Diagnostics,
Inc., a Utah corporation (“Parent” or the “Company”), and VStock Transfer, LLC (the
“Warrant Agent”).

 

WHEREAS,
Parent consummated a merger (the “Merger”) of its wholly-owned subsidiary, ACI Acquisition Corp. (“Subco”),
with and into Advanced Conceptions Inc., a Utah corporation (“Company”), pursuant to an Agreement and Plan
of Merger (as such agreement may be amended from time to time, the “Merger Agreement”), by and among Parent,
Company, and Subco;

 

WHEREAS,
the Merger Agreement provides that the Company will issue warrants to purchase 232,500 shares of the Company’s common stock, par
value $0.001 per share, (the “Parent Common Stock”) exercisable subject to satisfaction of certain milestones
and over a seven year period at an initial exercise price of $9.125 per share (the “Warrants” or the “Company
Warrants”);

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, transfer, exchange and exercise of the Warrants; and

 

WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Warrant Agent and Depository. The Company hereby appoints the Warrant Agent to act as agent for the Company for
the Company Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms
and conditions set forth in this Agreement.

 

2.
Warrants.

 

2.1
Issuance of Warrants. Each Company Warrant will be uncertificated and in registered form only, substantially in the form of Exhibit
1, the provisions of which are incorporated herein. Any Warrant so issued shall have the same terms, force and effect as a certificated
Warrant that has been duly countersigned by the Warrant Agent in accordance with the terms of this Agreement.

 

2.2
Warrant Register.

 

(a)
The Warrant Agent shall maintain books (“Warrant Register”) for the registration of the original issuance and
the registration of any subsequent transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue
and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Warrant Agent by the Company.

 

    	 

    	 

    

 

(b)
Prior to due presentment for registration of transfer of any Warrant in accordance with Section 5.1.1 below, the Company and the Warrant
Agent may deem and treat the person in whose name such Warrant is then registered in the Warrant Register (each a “registered
holder”) as the absolute owner of such Warrant, for the purpose of any exercise thereof, and for all other purposes, and
neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

3.
Terms and Exercise of Warrants.

 

3.1
Exercise Price. For purposes of this Agreement, “Exercise Price” shall mean the initial exercise price
for each Warrant as set forth in the Exhibit 1, subject to adjustment as provided in Exhibit 1.

 

3.2
Duration of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) specified
in Exhibit 1 or as the same may be extended as hereinafter provided. Each Warrant not exercised on or before the expiration date, as
set forth in Exhibit 1 (the “Expiration Date”), shall become void, and all rights thereunder and all rights
in respect thereof under this Agreement shall cease at the close of business on the Expiration Date.

 

3.3
Exercise of Warrants. Warrants may be exercised, at the option of the registered holder of the Warrant, in whole or in part, at
any time or from time to time during the Exercise Period, by complying with the Warrant Agent’s procedures relating to the exercise
of such book-entry interest in the Warrants. In addition, the registered holder shall deliver to the Warrant Agent (the “Warrant
Agent Office”) (i) an exercise form set forth in the Warrant, executed by such registered holder or its duly authorized
agent or attorney (the “Exercise Form”) and (ii) payment of the aggregate Exercise Price. In case an exercise
of Warrants is in part only, the Warrant Agent shall make an appropriate adjustment to the account of the registered holder to reflect
a number of Warrants for the number of shares of Parent Common Stock equal (without giving effect to any adjustment thereof) to the number
of such shares called for by such registered holder’s Warrants prior to such exercise, minus the number of shares designated by
the registered holder upon such exercise.

 

3.3.1
Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the registered holder thereof
by delivering to the Warrant Agent at its corporate trust department (i) a warrant exercise form properly delivered by the registered
holder, and (iii) the payment in full of the Exercise Price for each share of Common Stock as to which the Warrant is exercised as follows:

 

(a)
in lawful money of the United States, in certified check or wire payable to the Warrant Agent; or

 

(b)
as provided in Section 7.5 hereof.

 

    	 

    	 

    

 

3.3.2
Procedures and Validity.

 

(a)
Any exercise of a Warrant by a registered holder pursuant to the terms of this Agreement shall be irrevocable and shall constitute a
binding agreement between the registered holder and the Company, enforceable in accordance with its terms.

 

(b)
The Warrant Agent shall:

 

(i)
examine all Exercise Forms and all other documents delivered to it by or on behalf of registered holders as contemplated hereunder to
ascertain whether or not, on their face, such Exercise Forms and any such other documents have been executed and completed in accordance
with their terms and the terms hereof;

 

(ii)
where an Exercise Form or other document appears on its face to have been improperly completed or executed or some other irregularity
in connection with the exercise of the Warrants exists, the Warrant Agent shall endeavor to inform the appropriate parties (including
the person submitting such instrument) of the need for fulfillment of all requirements, specifying those requirements which appear to
be unfulfilled;

 

(iii)
inform the Company of and cooperate with and assist the Company in resolving any reconciliation problems between the Exercise Forms received
and the crediting of Warrants to the respective registered holders’ accounts; and

 

(iv)
advise the Company no later than two (2) business days after receipt of an Exercise Form, of (i) the receipt of such Exercise Form and
the number of Warrants exercised in accordance with the terms and conditions of this Agreement, and (ii) such other information as the
Company shall reasonably require.

 

(c)
All questions as to the validity, form and sufficiency (including time of receipt) of an exercised Warrant and any Exercise Form will
be determined by the Company in good faith. The Company reserves the right to reject any and all Exercise Forms not in proper form or
for which any corresponding agreement by the Company to exchange would, in the opinion of the Company, be unlawful. Moreover, the Company
reserves the absolute right to waive any of the conditions to the exercise of Warrants or defects in the exercise thereof with regard
to any particular exercise of Warrants. Other than as required in Section 3.3.2(b)(ii) above, neither the Company nor the Warrant Agent
shall be under any duty to give notice to the registered holders of the Warrants of any irregularities in any exercise of Warrants or
any Exercise Form, nor shall it incur any liability for the failure to give such notice.

 

3.3.3
Issuance of Shares. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the
Exercise Price, the Company shall cause its Transfer Agent to issue to the registered holder of such Warrant a certificate or certificates,
or book entry position, representing the number of full shares of Parent Common Stock to which he, she or it is entitled, registered
in such name or names as may be directed by him, her or it. In the event that during the last 20 business days immediately prior to the
Expiration Date both (i) a registration statement with respect to the Parent Common Stock underlying the Warrants is not effective or
a current prospectus is not available and (ii) the Exercise Price of the Warrants is less than the price at which the Parent Common Stock
is trading on NASDAQ (or if the Parent Common Stock is no longer trading on NASDAQ, such other stock exchange on which the shares of
Parent Common Stock trades), the Exercise Period shall automatically be extended for a period of 20 business days after the date that
the Company causes a registration statement covering the Warrants and the Parent Common Stock underlying the Warrants to be effective
and a current prospectus is made available. In no event will the Company be required to “net cash settle” the warrant exercise.

 

    	 

    	 

    

 

3.3.4
Valid Issuance. All shares of Parent Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement
shall be validly issued, fully paid and nonassessable.
 

3.3.5
Date of Issuance. All shares of Parent Common Stock so issued shall be registered in the name of the registered holder or such
other name as shall be designated in the Exercise Form delivered by the registered holder. Such shares of Parent Common Stock shall be
deemed to have been issued and any person so designated to be named therein shall be deemed to have become the holder of record of such
shares of Parent Common Stock as of the date of delivery of the Exercise Form to the Warrant Agent Office duly executed by the registered
holder thereof and upon the Company’s receipt of payment of the Exercise Price.

 

4.
Adjustments.

 

4.1
Adjustments Generally. The Exercise Price, the number of shares of Parent Common Stock issuable upon exercise of the Warrants
and the number of Warrants outstanding are subject to adjustment from time to time upon the occurrence of certain events in accordance
with the provisions of Exhibit 1.

 

4.2
Notices of Vesting and Changes in Warrant. Promptly upon the satisfaction of the vesting requirements of the Warrants pursuant
to the Merger Agreement, the Company shall deliver written notice of such vesting and exercisability to the Warrant Agent, which notice
shall state the date upon which such warrants shall vest and become exercisable. Upon every adjustment of (i) the Exercise Price, (ii)
the number of shares of Parent Common Stock issuable upon exercise of the Warrants and (iii) the number of Warrants outstanding, the
Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting from such adjustment
and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth
in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified
in the Warrant certificate then, in any such event, the Company shall give written notice to each registered holder, at the last address
set forth for such registered holder in the Warrant register maintained by the Warrant Agent, of the record date or the effective date
of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.3
No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the registered holder of any Warrant
would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise,
round up or down to the nearest whole number the number of shares of Parent Common Stock to be issued to the registered holder.

 

    	 

    	 

    

 

4.4
Form of Warrant. The form of Warrant certificate need not be changed as a result of any adjustment pursuant to this Section. However,
the Company may, at any time, in its sole discretion, make any change in the form of Warrant certificate that the Company may deem appropriate
and that does not affect the substance thereof.

 

5.
Transfer and Exchange of Warrants.

 

5.1
Exchange and Transfer.

 

5.1.1
The Warrant Agent shall keep, at the Warrant Agent Office, books in which, subject to such reasonable regulations as it may prescribe,
it shall register Warrants and exchanges and transfers of outstanding Warrants upon request to exchange or transfer such Warrants, provided,
that the Warrant Agent shall have received a written instruction of transfer or exchange in form reasonably satisfactory to the Warrant
Agent, duly executed by the registered holder thereof or by its or her or his duly authorized agent or attorney, providing all information
required to be delivered hereunder, such signature to be guaranteed by an eligible guarantor institution to the extent required by the
Warrant Agent or the Depository. Upon any such registration of transfer, a Warrant Statement shall be issued to the transferee.

 

5.1.2
The Company shall pay for applicable service charges for any exchange or registration of transfer of Warrants; and the Warrant Agent
and/or the Company may require payment of a sum sufficient to cover any stamp or other tax or other charge that may be imposed in connection
with any such exchange or registration of transfer. Neither the Warrant Agent nor the Company shall be required to pay any stamp or other
tax or other charge required to be paid in connection with such transfer, and neither the Warrant Agent nor the Company shall be required
to issue or deliver any Warrants until it has been established to the Company’s and the Warrant Agent’s reasonable satisfaction
that such tax or other charge has been paid or that no such tax or other charge is due.

 

5.1.3
The Warrant Agent shall not affect any exchange or registration of transfer which will result in the issuance of a Warrant evidencing
a fraction of a Warrant or a number of full Warrants and a fraction of a Warrant.

 

5.1.4
All Warrants credited to a registered holder’s or transferee’s account upon any exchange or transfer of Warrants in accordance
with the provisions of this Agreement shall be the valid obligations of the Company evidencing the same obligations, and entitled to
the same benefits under this Agreement, as the Warrants that were so exchanged or transferred.

 

5.2
Treatment of Holders of Warrants. Each registered holder of Warrants, by accepting the same, consents and agrees with the Company,
the Warrant Agent and every subsequent registered holder of such Warrants that until the due presentment for registration of transfer
in accordance with Section 5.1.1 of such Warrants, the Company and the Warrant Agent may treat the registered holder of such Warrants
as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced
thereby, any notice to the contrary notwithstanding.

 

    	 

    	 

    

 

5.3
Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, either in certificated form or in book
entry position, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor
one or more new Warrants, or book entry positions, as requested by the registered holder of the Warrants so surrendered, representing
an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive
legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received
an opinion of counsel stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.4
Cancellation of Warrants. Promptly following the Expiration Date or at such earlier time that there are no longer outstanding
any Warrants, the Warrant certificate shall be cancelled or destroyed and the Warrant Agent shall deliver a certificate of such cancellation
or destruction to the Company.

 

6.
[Omitted].

 

7.
Other Provisions Relating to Rights of Holders of Warrants.

 

7.1
No Rights as Stockholder. No Warrant shall, and nothing contained in this Agreement, in the Warrant certificate or in the Warrant
Statement shall be construed to, entitle the registered holder or any beneficial owner thereof to any of the rights of a holder or beneficial
owner of Parent Common Stock, including, without limitation, the right to vote or to consent or to receive notice as a stockholder in
respect of any meeting of stockholders for the election of directors of the Company or any other matter, to receive dividends on Parent
Common Stock or any rights whatsoever as stockholders of the Company, until such Warrant is duly exercised in accordance with this Agreement
and such registered holder is issued the Parent Common Stock to which it is entitled in connection therewith.

 

7.2
Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Parent Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this
Agreement.

 

7.3
[Omitted].

 

7.4
Limitation on Monetary Damages. In no event shall the registered holder of a Warrant be entitled to receive monetary damages for
failure to settle any Warrant exercise if the Parent Common Stock issuable upon exercise of the Warrants has not been registered with
the SEC pursuant to an effective registration statement or if a current prospectus is not available for delivery by the Warrant Agent,
provided the Company has fulfilled its obligations under Section 7.5 to use its commercially reasonable efforts to effect the registration
under the Securities Act of 1933 (the “Securities Act”) of the Parent Common Stock issuable upon exercise of
the Warrants.

 

    	 

    	 

    

 

7.5
Registration of Shares of Common Stock; Cashless Exercise at Company’s Option.

 

7.5.1
Registration of the shares of Common Stock. If the Company shall fail to have maintained an effective registration statement covering
the issuance of the shares of Common Stock issuable upon exercise of the Warrants as required under the Merger Agreement, the registered
holders shall have the right to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with
Section 3(a)(9) of the Securities Act or another exemption) for that number of shares of Common Stock equal to the quotient obtained
by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair
Market Value” (as defined below) less the Exercise Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.5.1,
“Fair Market Value” shall mean the volume-weighted average price of the shares of Common Stock as reported during the ten
(10) trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the
registered holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise”
is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise”
of a Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an
outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a “cashless basis” in accordance
with this subsection 7.5.1 is not required to be registered under the Securities Act and (ii) the shares of Common Stock issued upon
such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is
defined in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except
as provided in subsection 7.5.2, for the avoidance of doubt, unless and until all of the Warrants have been exercised or have expired,
the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection
7.5.1

 

7.5.1
Cashless Exercise at Company’s Option. If the shares of Common Stock are at the time of any exercise of a Warrant not listed
on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of
the Securities Act, the Company may, at its option, (i) require holders of Warrants who exercise such Warrants to exercise such Warrants
on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act as described in subsection 7.5.1 and (ii)
in the event the Company so elects, the Company shall (x) not be required to file or maintain in effect a registration statement for
the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants, notwithstanding anything
in this Agreement to the contrary, and (y) use its commercially reasonable efforts to register or qualify for sale the shares of Common
Stock issuable upon exercise of the Warrant under applicable blue sky laws to the extent an exemption is not available..

 

8.
Concerning the Warrant Agent and Other Matters.

 

8.1
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Warrant Agent in respect of the issuance or delivery of shares of Parent Common Stock upon the exercise of Warrants, but the Company
shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

    	 

    	 

    

 

 

8.2
Resignation, Consolidation, or Merger of Warrant Agent.

 

8.2.1
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and
be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company
and to each registered holder. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the
Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment
within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by any registered
holder of a Warrant, then the registered holder of any Warrant may apply to the Supreme Court of the State of New York for the County
of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed
by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing
and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate
trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent
shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like
effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary
or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to
such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any
successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and
effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

8.2.2
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to each registered holder, the predecessor Warrant Agent and the transfer agent for the Parent Common Stock not later than the effective
date of any such appointment.

 

8.2.3
Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant
Agent under this Agreement without any further act.

 

8.3
Fees and Expenses of Warrant Agent.

 

8.3.1
Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder
and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of
its duties hereunder.

 

8.3.2
Further Assurances. The Company agrees to perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged
and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the
carrying out or performing of the provisions of this Agreement.

 

8.4
Liability of Warrant Agent.

 

8.4.1
Reliance on Company Statement. Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
and established by a statement signed by the General Counsel, President or Chairman of the Board of Directors of the Company and delivered
to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to
the provisions of this Agreement.

 

    	 

    	 

    

 

8.4.2
Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The
Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant
Agent’s gross negligence, willful misconduct or bad faith.

 

8.4.3
Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the
validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company
of any covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required
under the provisions of Section 4 hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of
the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any shares of Parent Common Stock to be issued pursuant to this Agreement or any
Warrant or as to whether any shares of Parent Common Stock will when issued be valid and fully paid and nonassessable.

 

8.5
Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same
upon the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants
exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of
Parent Common Stock through the exercise of Warrants.

 

9.
Miscellaneous Provisions.

 

9.1
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and
inure to the benefit of their respective successors and assigns.

 

9.2
Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the registered holder
of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier service,
addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

Co-Diagnostics,
Inc.

2401
South Foothill Dr., Suite D

Salt
Lake City, UT 84109

Telephone:
801-438-1036

Attention:
President

 

    	 

    	 

    

 

Attention:
General Counsel

 

Any
notice, statement or demand authorized by this Agreement to be given or made by the registered holder of any Warrant or by the Company
to or on the Warrant Agent shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed
(until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

VStock
Transfer, LLC

18
Lafayette Place

Woodmere,
New York 11598

Attn:
Compliance Department

 

Any
notice, sent pursuant to this Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed,
if sent by overnight courier, on the next business day of the delivery to the courier, and if sent by registered or certified mail on
the third day after registration or certification thereof.

 

9.3
Notices to Holders of Warrants. Any notice to registered holders of Warrants which by any provisions of this Warrant Agreement
or the Warrant certificate is required or permitted to be given shall be given by first class mail prepaid at such registered holder’s
address as it appears on the books of the Warrant Agent.

 

9.4
Applicable Law. The validity, interpretation and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the
substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or
relating in any way to this Agreement shall be brought and enforced in the courts located or situated in New York, New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be
exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.
Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail,
return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

9.5
Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the
provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Warrants, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition,
stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement
shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the registered holders of the
Warrants.

 

    	 

    	 

    

 

9.6
Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the
Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant
Agent may require any such registered holder to submit his, her or its Warrant Statements for inspection by it.

 

9.7
Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.8
Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof.

 

9.9
Amendments. This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of
curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other
provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and provided
such amendment shall not adversely affect the interest of the registered holders. All other modifications, adjustments or amendments
of this Agreement, shall require the written consent of the registered holders of a majority of the then outstanding Warrants provided
that no amendment to the Warrant certificate shall be effective to charge any registered holder who has not consented thereto. The Warrant
Agent may request from either the Company or the registered holders an opinion of counsel with respect to the validity of any amendment
as a condition to its exercise of any amendment.

 

9.10
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision
shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

[Signature
page follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	CO-DIAGNOSTICS, INC.	 
	 	 	 
	By:		 
	 	                        	 
	Name:		 
	 	 	 
	VSTOCK TRANSFER, LLC	 
	 	 	 
	By:		 
	 	 	 
	Name:		 
	 	 	 
	[Signature Page to Warrant Agreement]	 

 

    	 

    	 

    

 

EXHIBIT
1 TO COMPANY WARRANT AGREEMENT

 

FORM
OF GLOBAL WARRANT CERTIFICATE FOR COMPANY WARRANTS

 

EXERCISABLE
ONLY IF AUTHENTICATED BY THE WARRANT AGENT AS PROVIDED HEREIN

 

VOID
AFTER THE CLOSE OF BUSINESS ON _______________, 20__ OF CO-DIAGNOSTICS, INC.

 

Global
Warrant Certificate representing Warrants to purchase __________ shares of common stock, par value $0.001 per share, as described herein

 

NEITHER
THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION
THAT SUCH REGISTRATION IS NOT REQUIRED.

 

Each
Warrant (each a “Warrant”) represented hereby, entitles the registered holder to purchase one share (the “Warrant
Share”) of common stock, $0.001 par value (the “Common Stock”), of Co-Diagnostics, Inc., a Utah
corporation, (the “Corporation”) for the benefit of certain registered holders (as defined in the Warrant Agreement)
of such Warrants on the following terms. This Global Warrant Certificate represents the number of outstanding Warrants from time to time
endorsed hereon and the number of outstanding Warrants represented hereby may from time to time be reduced or increased, as appropriate
to reflect exchanges, redemptions, exercises and other similar transactions. This Global Warrant Certificate is issued under and in accordance
with that certain Warrant Agreement dated as of December 30, 2021 by and between the Corporation and VStock Transfer, LLC (as such agreement
may be amended from time to time, the “Warrant Agreement”), and is subject to the terms and provisions contained
therein, all of which terms and provisions the registered holders consent to by acceptance of their book-entry interests in the Global
Warrant Certificate. Copies of the Warrant Agreement are on file at the Corporation’s headquarters. In the event of any conflict
or inconsistency between this Global Warrant Certificate and the Warrant Agreement, this Global Warrant Certificate shall control. Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in the Warrant Agreement.

 

This
Global Warrant Certificate is also issued under and in accordance with that certain Agreement and Plan of Merger (as such agreement may
be amended from time to time, the “Merger Agreement”), by and among Co-Diagnostics, Inc., a Utah corporation,
Advanced Conceptions, Inc., a Utah corporation, and ACI Acquisition Corp., and is subject to the terms and provisions contained therein.
In the event of any conflict or inconsistency between this Global Warrant Certificate and the Merger Agreement, the Merger Agreement
shall control.

 

    	 

    	 

    

 

1.
Exercise Period. The Warrants shall vest in full and become exercisable immediately following either (i) satisfaction of Milestone
3 as such term is defined in the Merger Agreement or (ii) upon the occurrence of any of the events described in Section 3.1(e) of the
Merger Agreement (any such date, the “Vesting Date”). Promptly upon the satisfaction of clauses (i) or (ii),
the Corporation shall notify the Warrant Agent that the vesting conditions have been satisfied and the Vesting Date upon which the Warrants
shall become fully exercisable pursuant to the notice provision in the Warrant Agreement. Either the Corporation or the registered holder
may certify to the Warrant Agent in a form satisfactory to the Warrant Agent the occurrence of the Vesting Date. Notwithstanding anything
to the contrary contained herein, the Warrants shall expire at 5:00 p.m. (New York Time) on January 1, 2027 (the “Termination
Date”). Parent will provide registered holder at least fifteen (15) days’ written notice prior to the consummation
of any of the events described in Section 3.1(e) of the Merger Agreement.

 

2.
Exercise of Warrants.

 

(a)
The registered holder may, at any time on or after the Vesting Date and prior to the Termination Date, exercise this Warrant in whole
or in part at an exercise price per share equal to $9.125 (subject to proportionate adjustment in accordance with Section 6) (the “Exercise
Price”), by the delivery of the Warrant Exercise Form annexed hereto duly completed and executed to the Warrant Agent at
the Warrant Agent Office or at such other agency or office of the Corporation in the United States of America as the Corporation may
designate by notice in writing to the registered holder at the address of such registered holder appearing on the books of the Corporation.
Upon any partial exercise of a Warrant, the Warrant Agent shall make an appropriate adjustment to the account of the registered holder
to reflect a number of Warrant Shares for the account of the registered holder equal (without giving effect to any adjustment thereof)
to the number of Warrant Shares subject to such registered holder’s Warrants prior to such exercise, minus the number of Warrant
Shares exercised by the registered holder. In the event of the exercise of the rights represented by any Warrant, a certificate or certificates
for the Warrant Shares so purchased, as and if applicable, registered in the name of the registered holder, shall be delivered to the
registered holder hereof as soon as practicable after the exercise of such Warrant.

 

(b)
Payment to the Corporation of the Exercise Price for each share of Common Stock being purchased shall be made either (i) by wire transfer
or cashier’s check drawn on a United States bank payable to the Corporation (to an account as designated by the Warrant Agent by
notice in writing to the registered holders); or (ii) by instructing the Warrant Agent to issue Warrant Shares upon exercise of all or
any part of this Warrant on a net basis such that, without payment of any cash consideration or other immediately available funds, the
registered holder shall surrender this Warrant in exchange for the number of Warrant Shares equal to the quotient obtained by dividing
(x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”
(as defined below) less the Exercise Price by (y) the Fair Market Value. “Fair Market Value” shall mean the volume-weighted
average price of the shares of Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the
date that notice of exercise is received by the Warrant Agent from the registered holder of such Warrants or its securities broker or
intermediary.

 

    	 

    	 

    

 

3.
Reservation of Warrant Shares. The Corporation agrees that, prior to the expiration of this Warrant, it will at all times have
authorized and in reserve, and will keep available, solely for issuance or delivery upon the exercise of all outstanding Warrants represented
by this Global Warrant Certificate, the number of Warrant Shares as from time to time shall be issuable by the Corporation upon the exercise
of this Warrant.

 

4.
No Stockholder Rights; No Rights to Net Cash Settled. No Warrant shall entitle the registered holder hereof to any voting rights
or other rights as a stockholder of the Corporation.

 

5.
Transferability of Warrant and Underlying Shares. Prior to the Termination Date and subject to compliance with applicable Federal
and State securities laws, this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the
Corporation by the registered holder in person or by duly authorized attorney in accordance with the provisions of the Warrant Agreement
and upon delivery of the Assignment Form annexed hereto properly endorsed for transfer. The Corporation or the Warrant Agent shall be
entitled to require, as a condition of any such transfer, that the registered holder and the transferee execute or provide such documents
and make such representations and warranties as the Corporation or the Warrant Agent may deem appropriate to evidence compliance with
applicable Federal and State securities laws.

 

6.
Certain Adjustments. With respect to any rights that any registered holder has to exercise any Warrant and convert into shares
of Common Stock, registered holder shall be entitled to the following adjustments:

 

(a)
Merger or Consolidation. If at any time there shall be a merger or a consolidation of the Corporation with or into another entity
when the Corporation is not the surviving corporation, then, as part of such merger or consolidation, lawful provision shall be made
so that the registered holder hereof shall thereafter be entitled to receive upon exercise of each Warrant, during the period specified
herein and upon payment of the aggregate Exercise Price then in effect, the number of shares of stock or other securities or property
(including cash) of the successor corporation resulting from such merger or consolidation, to which the registered holder hereof as the
registered holder of the stock deliverable upon exercise of each Warrant would have been entitled in such merger or consolidation if
each Warrant had been exercised immediately before such transaction. In any such case, appropriate adjustment shall be made in the application
of the provisions of each Warrant with respect to the rights and interests of the registered holder hereof as the registered holder of
each Warrant after the merger or consolidation.

 

(b)
Reclassification, Recapitalization, etc. If the Corporation at any time shall, by subdivision, combination or reclassification
of securities, recapitalization, automatic conversion, or other similar event affecting the number or character of outstanding shares
of Common Stock, or otherwise, change any of the securities as to which purchase rights under each Warrant exist into the same or a different
number of securities of any other class or classes, each Warrant shall thereafter represent the right to acquire such number and kind
of securities as would have been issuable as the result of such change with respect to the securities that were subject to the purchase
rights under each Warrant immediately prior to such subdivision, combination, reclassification or other change and the Exercise Price
shall be proportionately adjusted.

 

    	 

    	 

    

 

(c)
Split or Combination of Common Stock and Stock Dividend. In case the Corporation shall at any time subdivide, redivide, recapitalize,
split (forward) or change its outstanding shares of Common Stock into a greater number of shares or declare a dividend upon its Common
Stock payable solely in shares of Common Stock, the Exercise Price shall be proportionately reduced and the number of Warrant Shares
proportionately increased. Conversely, in case of a reverse stock split or the outstanding shares of Common Stock of the Corporation
shall be combined into a smaller number of shares, the Exercise Price shall be proportionately increased and the number of Warrant Shares
proportionately reduced.

 

(d)
Notices of Changes in Warrant. Upon every adjustment of (i) the Exercise Price, (ii) the number of shares of Parent Common Stock
issuable upon exercise of this Global Warrant Certificate and (iii) the number of Warrants outstanding, the Corporation shall give written
notice thereof to the registered holder, which notice shall state the Exercise Price resulting from such adjustment and the increase
or decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable
detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in this
Global Warrant Certificate then, in any such event, the Corporation shall give written notice to the registered holder, at the last address
set forth for such registered holder in the Warrant register maintained by the Warrant Agent, of the record date or the effective date
of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

7.
Compliance with Securities Laws; Legend and Stop Transfer Orders. Unless the Warrant Shares are subject to an effective registration
statement under the Securities Act, upon exercise of any part of any Warrant represented hereby, (i) the Corporation shall be entitled
to require that the registered holder make such representations and warranties as may be reasonably required by the Corporation to assure
that the issuance of Warrant Shares is exempt from the registration requirements of applicable securities laws and (ii) the Corporation
shall instruct its transfer agent to enter stop transfer orders with respect to such Warrant Shares, and the Warrant Shares shall bear
on the face thereof substantially the following legend:

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED,
TRANSFERRED, ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

 

8.
Miscellaneous. This Global Warrant Certificate and each Warrant represented hereby shall be governed by and construed in accordance
with the laws of the State of Utah. All the covenants and provisions of this Global Warrant Certificate and each Warrant by or for the
benefit of the Corporation shall bind and inure to the benefit of its successors and assigns hereunder. Nothing in this global Warrant
Certificate shall be construed to give to any person or corporation other than the Corporation and the registered holder of each Warrant
represented hereby any legal or equitable right, remedy, or claim under this Global Warrant Certificate and each Warrant represented
hereby. This Global Warrant Certificate and each Warrant represented hereby shall be for the sole and exclusive benefit of the Corporation
and the registered holder. The section headings herein are for convenience only and are not part of this Global Warrant Certificate and
shall not affect the interpretation hereof.

 

9.
Validity. This Warrant Certificate shall not be valid or obligatory for any purpose until authenticated by the Warrant Agent.

 

IN
WITNESS WHEREOF, the Corporation has caused this Global Warrant Certificate to be executed by its duly authorized officer, this _____
day of __________ 2021.

 

	CO-DIAGNOSTICS, INC.	
	 	 	 
	By:	                   	 
	Name:	          	 
	Title:	Chief Executive Officer	

 

    	 

    	 

    

 

Certificate
of Authentication

 

This
is the Global Warrant Certificate for the Warrants referred to in the within-mentioned Warrant Agreement.

 

VSTOCK
TRANSFER, LLC, as Warrant Agent

 

By:

 

Authorized
Signature

 

[TO
BE ATTACHED TO GLOBAL WARRANT CERTIFICATE] SCHEDULE OF INCREASES OR DECREASES IN WARRANT CERTIFICATE

 

The
following increases or decreases in this Warrant have been made:

 

Date

 

Amount
of decrease in the number of Warrants represented by this Warrant

 

Amount
of increase in number of Warrants represented by this Warrant

 

Number
of Warrants represented by this Warrant following such decrease or increase.

 

Signature
of authorized officer of the depository

 

    	 

    	 

    

 

FORM
OF EXERCISE FORM

 

To
Be Executed by the registered holder in Order to Exercise Company Warrant

 

The
undersigned hereby irrevocably elects to exercise the right, represented by the book-entry Warrant(s), to purchaseshares of the Common
Stock of Co-Diagnostics, Inc. (the “Warrant Shares”) and the undersigned herewith makes payment of the full
purchase price for such shares at the price per share provided for in such Warrant in accordance with the terms of the Warrant Agreement.
Such payment takes the form of $__________ in lawful money of the United States.

 

In
the event that the registered holder wishes to exercise through cashless exercise (i) the number of Warrant Shares that this Warrant
is exercisable for would be determined in accordance with Section 2(b) of this Global Warrant Certificate which allows for such cashless
exercise and (ii) the registered holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the
right, represented by this Global Warrant Certificate, through the cashless exercise provisions hereof, to receive Warrant Shares.

 

The
undersigned hereby requests that certificates for the Warrant Shares purchased be issued in the name of:

 

(please
print or type name and address)

 

(please
insert social security or other identifying number)

 

and
be delivered as follows:

 

(please
print or type name and address)

 

(please
insert social security or other identifying number)

 

and
if such number of shares of Common Stock shall not be all the shares evidenced by this Global Warrant Certificate, that a new Warrant
for the balance of such shares be registered in the name of, and delivered to, registered holder.

 

Signature
of Holder

 

SIGNATURE
GUARANTEE:

 

This
Warrant may be exercised by delivering the Exercise Form to VStock Transfer, LLC at the following addresses:

 

By
mail at

___________

[      ]

 

    	 

    	 

    

 

[FORM
OF ASSIGNMENT]

 

(TO
BE EXECUTED TO TRANSFER THE WARRANT)

 

For
value received, hereby sells, assigns and transfers unto the Assignee(s) named below the rights represented by such number of Company
Warrants listed opposite the respective name(s) of the Assignee(s) named below and all other rights of the registered holder with respect
to such Warrants, and does hereby irrevocably constitute and appoint _______________ attorney, to transfer said Warrant on the books
of the Depositary and/or the Warrant Agent with respect to the number of Warrants set forth below, with full power of substitution:

 

Name(s)
of

 

Assignee(s)
Address No. of Warrants

 

Dated:
_____________

 

Signature

 

(Signed
exactly as name appears in the records of the Depositary)

 

Signature
Guarantee:Exhibit
10.7

 

COMPANY
WARRANT AGREEMENT

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as ofDecember 31, 2021, is entered into by and between Co-Diagnostics,
Inc., a Utah corporation (“Parent” or the “Company”), and VStock Transfer, LLC (the
“Warrant Agent”).

 

WHEREAS,
Parent consummated a merger (the “Merger”) of its wholly-owned subsidiary, IDMO Acquisition Corporation, Inc.
(“Subco”), with and into Idaho Molecular Inc., an Idaho corporation (“Company”),
pursuant to an Agreement and Plan of Merger (as such agreement may be amended from time to time, the “Merger Agreement”),
by and among Parent, Company, and Subco;

 

WHEREAS,
the Merger Agreement provides that the Company will issue warrants to purchase 232,500 shares of the Company’s common stock, par
value $0.001 per share, (the “Parent Common Stock”) exercisable subject to satisfaction of certain milestones
and over a seven year period at an initial exercise price of $9.125 per share (the “Warrants” or the “Company
Warrants”);

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, transfer, exchange and exercise of the Warrants; and

 

WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment
of Warrant Agent and Depository. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Company Warrants,
and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set
forth in this Agreement.

 

2. Warrants.

 

2.1 Issuance
of Warrants. Each Company Warrant will be uncertificated and in registered form only, substantially in the form of Exhibit 1, the
provisions of which are incorporated herein. Any Warrant so issued shall have the same terms, force and effect as a certificated Warrant
that has been duly countersigned by the Warrant Agent in accordance with the terms of this Agreement.

 

2.2 Warrant
Register.

 

(a) The
Warrant Agent shall maintain books (“Warrant Register”) for the registration of the original issuance and the
registration of any subsequent transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and
register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Warrant Agent by the Company.

 

    	 

     

    

 

(b)
Prior to due presentment for registration of transfer of any Warrant in accordance with Section 5.1.1 below, the Company and the Warrant
Agent may deem and treat the person in whose name such Warrant is then registered in the Warrant Register (each a “registered
holder”) as the absolute owner of such Warrant, for the purpose of any exercise thereof, and for all other purposes, and
neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

3. Terms
and Exercise of Warrants.

 

3.1 Exercise
Price. For purposes of this Agreement, “Exercise Price” shall mean the initial exercise price for each
Warrant as set forth in the Exhibit 1, subject to adjustment as provided in Exhibit 1.

 

3.2 Duration
of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) specified in Exhibit
1 or as the same may be extended as hereinafter provided. Each Warrant not exercised on or before the expiration date, as set forth in
Exhibit 1 (the “Expiration Date”), shall become void, and all rights thereunder and all rights in respect thereof
under this Agreement shall cease at the close of business on the Expiration Date.

 

3.3 Exercise
of Warrants. Warrants may be exercised, at the option of the registered holder of the Warrant, in whole or in part, at any time or
from time to time during the Exercise Period, by complying with the Warrant Agent’s procedures relating to the exercise of such
book-entry interest in the Warrants. In addition, the registered holder shall deliver to the Warrant Agent (the “Warrant
Agent Office”) (i) an exercise form set forth in the Warrant, executed by such registered holder or its duly authorized
agent or attorney (the “Exercise Form”) and (ii) payment of the aggregate Exercise Price. In case an exercise
of Warrants is in part only, the Warrant Agent shall make an appropriate adjustment to the account of the registered holder to reflect
a number of Warrants for the number of shares of Parent Common Stock equal (without giving effect to any adjustment thereof) to the number
of such shares called for by such registered holder’s Warrants prior to such exercise, minus the number of shares designated by
the registered holder upon such exercise.

 

3.3.1 Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the registered holder thereof by delivering
to the Warrant Agent at its corporate trust department (i) a warrant exercise form properly delivered by the registered holder, and (iii)
the payment in full of the Exercise Price for each share of Common Stock as to which the Warrant is exercised as follows:

 

(a) in
lawful money of the United States, in certified check or wire payable to the Warrant Agent; or

 

(b) as
provided in Section 7.5 hereof.

 

    	 

     

    

 

3.3.2 Procedures
and Validity.

 

(a) Any
exercise of a Warrant by a registered holder pursuant to the terms of this Agreement shall be irrevocable and shall constitute a binding
agreement between the registered holder and the Company, enforceable in accordance with its terms.

 

(b) The
Warrant Agent shall:

 

(i) examine
all Exercise Forms and all other documents delivered to it by or on behalf of registered holders as contemplated hereunder to ascertain
whether or not, on their face, such Exercise Forms and any such other documents have been executed and completed in accordance with their
terms and the terms hereof;

 

(ii) where
an Exercise Form or other document appears on its face to have been improperly completed or executed or some other irregularity in connection
with the exercise of the Warrants exists, the Warrant Agent shall endeavor to inform the appropriate parties (including the person submitting
such instrument) of the need for fulfillment of all requirements, specifying those requirements which appear to be unfulfilled;

 

(iii) inform
the Company of and cooperate with and assist the Company in resolving any reconciliation problems between the Exercise Forms received
and the crediting of Warrants to the respective registered holders’ accounts; and

 

(iv) advise
the Company no later than two (2) business days after receipt of an Exercise Form, of (i) the receipt of such Exercise Form and the number
of Warrants exercised in accordance with the terms and conditions of this Agreement, and (ii) such other information as the Company shall
reasonably require.

 

(c) All
questions as to the validity, form and sufficiency (including time of receipt) of an exercised Warrant and any Exercise Form will be
determined by the Company in good faith. The Company reserves the right to reject any and all Exercise Forms not in proper form or for
which any corresponding agreement by the Company to exchange would, in the opinion of the Company, be unlawful. Moreover, the Company
reserves the absolute right to waive any of the conditions to the exercise of Warrants or defects in the exercise thereof with regard
to any particular exercise of Warrants. Other than as required in Section 3.3.2(b)(ii) above, neither the Company nor the Warrant Agent
shall be under any duty to give notice to the registered holders of the Warrants of any irregularities in any exercise of Warrants or
any Exercise Form, nor shall it incur any liability for the failure to give such notice.

 

3.3.3 Issuance
of Shares. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Exercise Price,
the Company shall cause its Transfer Agent to issue to the registered holder of such Warrant a certificate or certificates, or book entry
position, representing the number of full shares of Parent Common Stock to which he, she or it is entitled, registered in such name or
names as may be directed by him, her or it. In the event that during the last 20 business days immediately prior to the Expiration Date
both (i) a registration statement with respect to the Parent Common Stock underlying the Warrants is not effective or a current prospectus
is not available and (ii) the Exercise Price of the Warrants is less than the price at which the Parent Common Stock is trading on NASDAQ
(or if the Parent Common Stock is no longer trading on NASDAQ, such other stock exchange on which the shares of Parent Common Stock trades),
the Exercise Period shall automatically be extended for a period of 20 business days after the date that the Company causes a registration
statement covering the Warrants and the Parent Common Stock underlying the Warrants to be effective and a current prospectus is made
available. In no event will the Company be required to “net cash settle” the warrant exercise.

 

    	 

     

    

 

3.3.4 Valid
Issuance. All shares of Parent Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall
be validly issued, fully paid and nonassessable.

 

3.3.5 Date
of Issuance. All shares of Parent Common Stock so issued shall be registered in the name of the registered holder or such other name
as shall be designated in the Exercise Form delivered by the registered holder. Such shares of Parent Common Stock shall be deemed to
have been issued and any person so designated to be named therein shall be deemed to have become the holder of record of such shares
of Parent Common Stock as of the date of delivery of the Exercise Form to the Warrant Agent Office duly executed by the registered holder
thereof and upon the Company’s receipt of payment of the Exercise Price.

 

4. Adjustments.

 

4.1 Adjustments
Generally. The Exercise Price, the number of shares of Parent Common Stock issuable upon exercise of the Warrants and the number
of Warrants outstanding are subject to adjustment from time to time upon the occurrence of certain events in accordance with the provisions
of Exhibit 1.

 

4.2 Notices
of Vesting and Changes in Warrant. Promptly upon the satisfaction of the vesting requirements of the Warrants pursuant to the Merger
Agreement, the Company shall deliver written notice of such vesting and exercisability to the Warrant Agent, which notice shall state
the date upon which such warrants shall vest and become exercisable. Upon every adjustment of (i) the Exercise Price, (ii) the number
of shares of Parent Common Stock issuable upon exercise of the Warrants and (iii) the number of Warrants outstanding, the Company shall
give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting from such adjustment and the
increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable
detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in the
Warrant certificate then, in any such event, the Company shall give written notice to each registered holder, at the last address set
forth for such registered holder in the Warrant register maintained by the Warrant Agent, of the record date or the effective date of
the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.3 No
Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the registered holder of any Warrant
would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise,
round up or down to the nearest whole number the number of shares of Parent Common Stock to be issued to the registered holder.

 

    	 

     

    

 

4.4 Form
of Warrant. The form of Warrant certificate need not be changed as a result of any adjustment pursuant to this Section. However,
the Company may, at any time, in its sole discretion, make any change in the form of Warrant certificate that the Company may deem appropriate
and that does not affect the substance thereof.

 

5. Transfer
and Exchange of Warrants.

 

5.1 Exchange
and Transfer.

 

5.1.1 The
Warrant Agent shall keep, at the Warrant Agent Office, books in which, subject to such reasonable regulations as it may prescribe, it
shall register Warrants and exchanges and transfers of outstanding Warrants upon request to exchange or transfer such Warrants, provided,
that the Warrant Agent shall have received a written instruction of transfer or exchange in form reasonably satisfactory to the Warrant
Agent, duly executed by the registered holder thereof or by its or her or his duly authorized agent or attorney, providing all information
required to be delivered hereunder, such signature to be guaranteed by an eligible guarantor institution to the extent required by the
Warrant Agent or the Depository. Upon any such registration of transfer, a Warrant Statement shall be issued to the transferee.

 

5.1.2 The
Company shall pay for applicable service charges for any exchange or registration of transfer of Warrants; and the Warrant Agent and/or
the Company may require payment of a sum sufficient to cover any stamp or other tax or other charge that may be imposed in connection
with any such exchange or registration of transfer. Neither the Warrant Agent nor the Company shall be required to pay any stamp or other
tax or other charge required to be paid in connection with such transfer, and neither the Warrant Agent nor the Company shall be required
to issue or deliver any Warrants until it has been established to the Company’s and the Warrant Agent’s reasonable satisfaction
that such tax or other charge has been paid or that no such tax or other charge is due.

 

5.1.3 The
Warrant Agent shall not affect any exchange or registration of transfer which will result in the issuance of a Warrant evidencing a fraction
of a Warrant or a number of full Warrants and a fraction of a Warrant.

 

5.1.4 All
Warrants credited to a registered holder’s or transferee’s account upon any exchange or transfer of Warrants in accordance
with the provisions of this Agreement shall be the valid obligations of the Company evidencing the same obligations, and entitled to
the same benefits under this Agreement, as the Warrants that were so exchanged or transferred.

 

5.2 Treatment
of Holders of Warrants. Each registered holder of Warrants, by accepting the same, consents and agrees with the Company, the Warrant
Agent and every subsequent registered holder of such Warrants that until the due presentment for registration of transfer in accordance
with Section 5.1.1 of such Warrants, the Company and the Warrant Agent may treat the registered holder of such Warrants as the absolute
owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced thereby, any notice
to the contrary notwithstanding.

 

    	 

     

    

 

5.3 Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, either in certificated form or in book entry position,
together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more
new Warrants, or book entry positions, as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate
number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant
Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel
stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.4 Cancellation
of Warrants. Promptly following the Expiration Date or at such earlier time that there are no longer outstanding any Warrants, the
Warrant certificate shall be cancelled or destroyed and the Warrant Agent shall deliver a certificate of such cancellation or destruction
to the Company.

 

6. [Omitted].

 

7. Other
Provisions Relating to Rights of Holders of Warrants.

 

7.1 No
Rights as Stockholder. No Warrant shall, and nothing contained in this Agreement, in the Warrant certificate or in the Warrant Statement
shall be construed to, entitle the registered holder or any beneficial owner thereof to any of the rights of a holder or beneficial owner
of Parent Common Stock, including, without limitation, the right to vote or to consent or to receive notice as a stockholder in respect
of any meeting of stockholders for the election of directors of the Company or any other matter, to receive dividends on Parent Common
Stock or any rights whatsoever as stockholders of the Company, until such Warrant is duly exercised in accordance with this Agreement
and such registered holder is issued the Parent Common Stock to which it is entitled in connection therewith.

 

7.2 Reservation
of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Parent
Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.3 [Omitted].

 

7.4 Limitation
on Monetary Damages. In no event shall the registered holder of a Warrant be entitled to receive monetary damages for failure to
settle any Warrant exercise if the Parent Common Stock issuable upon exercise of the Warrants has not been registered with the SEC pursuant
to an effective registration statement or if a current prospectus is not available for delivery by the Warrant Agent, provided the Company
has fulfilled its obligations under Section 7.5 to use its commercially reasonable efforts to effect the registration under the Securities
Act of 1933 (the “Securities Act”) of the Parent Common Stock issuable upon exercise of the Warrants.

 

    	 

     

    

 

7.5
Registration of Shares of Common Stock; Cashless Exercise at Company’s Option.

 

7.5.1 Registration of the shares of Common Stock. If the Company shall fail to have maintained
an effective registration statement covering the issuance of the shares of Common Stock issuable upon exercise of the Warrants as required
under the Merger Agreement, the registered holders shall have the right to exercise such Warrants on a “cashless basis,”
by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of shares
of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants,
multiplied by the excess of the “Fair Market Value” (as defined below) less the Exercise Price by (y) the Fair Market Value.
Solely for purposes of this subsection 7.5.1, “Fair Market Value” shall mean the volume-weighted average price of the shares
of Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the date that notice of exercise
is received by the Warrant Agent from the registered holder of such Warrants or its securities broker or intermediary. The date that
notice of “cashless exercise” is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In
connection with the “cashless exercise” of a Warrant, the Company shall, upon request, provide the Warrant Agent with an
opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise
of the Warrants on a “cashless basis” in accordance with this subsection 7.5.1 is not required to be registered under the
Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely tradable under United States federal securities
laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of the Company and, accordingly,
shall not be required to bear a restrictive legend. Except as provided in subsection 7.5.2, for the avoidance of doubt, unless and until
all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations
under the first three sentences of this subsection 7.5.1

 

7.5.1 Cashless Exercise at Company’s Option. If the shares of Common Stock are at the
time of any exercise of a Warrant not listed on a national securities exchange such that they satisfy the definition of a “covered
security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, (i) require holders of Warrants who exercise
such Warrants to exercise such Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act as
described in subsection 7.5.1 and (ii) in the event the Company so elects, the Company shall (x) not be required to file or maintain
in effect a registration statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise
of the Warrants, notwithstanding anything in this Agreement to the contrary, and (y) use its commercially reasonable efforts to register
or qualify for sale the shares of Common Stock issuable upon exercise of the Warrant under applicable blue sky laws to the extent an
exemption is not available..

 

8. Concerning
the Warrant Agent and Other Matters.

 

8.1 Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant
Agent in respect of the issuance or delivery of shares of Parent Common Stock upon the exercise of Warrants, but the Company shall not
be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

    	 

     

    

 

8.2 Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1 Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company and to each registered
holder. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint
in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period
of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by any registered holder of
a Warrant, then the registered holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York
for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company
or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having
its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust
powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall
be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect
as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate,
the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor
Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant
Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

8.2.2 Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to each
registered holder, the predecessor Warrant Agent and the transfer agent for the Parent Common Stock not later than the effective date
of any such appointment.

 

8.2.3 Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant
Agent under this Agreement without any further act.

 

8.3 Fees
and Expenses of Warrant Agent.

 

8.3.1 Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse
the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

8.3.2 Further
Assurances. The Company agrees to perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and
delivered all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

 

8.4 Liability
of Warrant Agent.

 

8.4.1 Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or
desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a statement signed by the General Counsel, President or Chairman of the Board of Directors of the Company and delivered to the Warrant
Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions
of this Agreement.

 

    	 

     

    

 

8.4.2 Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to
indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees,
for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s
gross negligence, willful misconduct or bad faith.

 

8.4.3 Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section
4 hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would
require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any shares of Parent Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares
of Parent Common Stock will when issued be valid and fully paid and nonassessable.

 

8.5 Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
and conditions herein set forth and, among other things, shall account promptly to the Company with respect to Warrants exercised and
concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of Parent Common
Stock through the exercise of Warrants.

 

9. Miscellaneous
Provisions.

 

9.1 Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to
the benefit of their respective successors and assigns.

 

9.2 Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the registered holder of
any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed
(until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

Co-Diagnostics,
Inc.

2401
South Foothill Dr., Suite D

Salt
Lake City, UT 84109

Telephone:
801-438-1036

Attention:
President

Attention:
General Counsel

 

    	 

     

    

 

Any
notice, statement or demand authorized by this Agreement to be given or made by the registered holder of any Warrant or by the Company
to or on the Warrant Agent shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed
(until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

VStock
Transfer, LLC

18
Lafayette Place

Woodmere,
New York 11598

Attn:
Compliance Department

 

Any
notice, sent pursuant to this Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed,
if sent by overnight courier, on the next business day of the delivery to the courier, and if sent by registered or certified mail on
the third day after registration or certification thereof.

 

9.3 Notices
to Holders of Warrants. Any notice to registered holders of Warrants which by any provisions of this Warrant Agreement or the Warrant
certificate is required or permitted to be given shall be given by first class mail prepaid at such registered holder’s address
as it appears on the books of the Warrant Agent.

 

9.4 Applicable
Law. The validity, interpretation and performance of this Agreement and of the Warrants shall be governed in all respects by the
laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in
any way to this Agreement shall be brought and enforced in the courts located or situated in New York, New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such
process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return
receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal
service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

9.5 Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the
registered holders of the Warrants, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation,
promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be
for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the registered holders of the Warrants.

 

    	 

     

    

 

9.6 Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent
in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may
require any such registered holder to submit his, her or its Warrant Statements for inspection by it.

 

9.7 Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.8 Effect
of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation
thereof.

 

9.9 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and provided such amendment shall
not adversely affect the interest of the registered holders. All other modifications, adjustments or amendments of this Agreement, shall
require the written consent of the registered holders of a majority of the then outstanding Warrants provided that no amendment to the
Warrant certificate shall be effective to charge any registered holder who has not consented thereto. The Warrant Agent may request from
either the Company or the registered holders an opinion of counsel with respect to the validity of any amendment as a condition to its
exercise of any amendment.

 

9.10 Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective
only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

[Signature
page follows]

 

    	 

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	CO-DIAGNOSTICS,
    INC.	 
	 	 	 
	By:	 	 
	 	 	 
	Name:
    	 	 
	 	 	 
	VSTOCK
    TRANSFER, LLC	 
	 	 	 
	By:	                         	 
	 	 	 
	Name:
    	 	 

 

[Signature
Page to Warrant Agreement]

 

    	 

     

    

 

EXHIBIT
1 TO COMPANY WARRANT AGREEMENT

 

FORM
OF GLOBAL WARRANT CERTIFICATE FOR COMPANY WARRANTS

 

EXERCISABLE
ONLY IF AUTHENTICATED BY THE WARRANT AGENT AS PROVIDED HEREIN

 

VOID
AFTER THE CLOSE OF BUSINESS ON _______________, 20__ OF CO-DIAGNOSTICS, INC.

 

Global
Warrant Certificate representing Warrants to purchase __________ shares of common stock, par value $0.001 per share, as described herein

 

NEITHER
THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION
THAT SUCH REGISTRATION IS NOT REQUIRED.

 

Each
Warrant (each a “Warrant”) represented hereby, entitles the registered holder to purchase one share (the “Warrant
Share”) of common stock, $0.001 par value (the “Common Stock”), of Co-Diagnostics, Inc., a Utah
corporation, (the “Corporation”) for the benefit of certain registered holders (as defined in the Warrant Agreement)
of such Warrants on the following terms. This Global Warrant Certificate represents the number of outstanding Warrants from time to time
endorsed hereon and the number of outstanding Warrants represented hereby may from time to time be reduced or increased, as appropriate
to reflect exchanges, redemptions, exercises and other similar transactions. This Global Warrant Certificate is issued under and in accordance
with that certain Warrant Agreement dated as of December 30, 2021 by and between the Corporation and VStock Transfer, LLC (as such agreement
may be amended from time to time, the “Warrant Agreement”), and is subject to the terms and provisions contained
therein, all of which terms and provisions the registered holders consent to by acceptance of their book-entry interests in the Global
Warrant Certificate. Copies of the Warrant Agreement are on file at the Corporation’s headquarters. In the event of any conflict
or inconsistency between this Global Warrant Certificate and the Warrant Agreement, this Global Warrant Certificate shall control. Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in the Warrant Agreement.

 

This
Global Warrant Certificate is also issued under and in accordance with that certain Agreement and Plan of Merger (as such agreement may
be amended from time to time, the “Merger Agreement”), by and among Co-Diagnostics, Inc., a Utah corporation,
Idaho Molecular Inc., an Idaho corporation, and IDMO Acquisition Corporation, Inc., and is subject to the terms and provisions contained
therein. In the event of any conflict or inconsistency between this Global Warrant Certificate and the Merger Agreement, the Merger Agreement
shall control.

 

    	 

     

    

 

1. Exercise
Period. The Warrants shall vest in full and become exercisable immediately following either (i) satisfaction of Milestone 3 as such
term is defined in the Merger Agreement or (ii) upon the occurrence of any of the events described in Section 3.1(e) of the Merger Agreement
(any such date, the “Vesting Date”). Promptly upon the satisfaction of clauses (i) or (ii), the Corporation
shall notify the Warrant Agent that the vesting conditions have been satisfied and the Vesting Date upon which the Warrants shall become
fully exercisable pursuant to the notice provision in the Warrant Agreement. Either the Corporation or the registered holder may certify
to the Warrant Agent in a form satisfactory to the Warrant Agent the occurrence of the Vesting Date. Notwithstanding anything to the
contrary contained herein, the Warrants shall expire at 5:00 p.m. (New York Time) on January 1, 2027 (the “Termination Date”).
Parent will provide registered holder at least fifteen (15) days’ written notice prior to the consummation of any of the events
described in Section 3.1(e) of the Merger Agreement.

 

2. Exercise
of Warrants.

 

(a) The
registered holder may, at any time on or after the Vesting Date and prior to the Termination Date, exercise this Warrant in whole or
in part at an exercise price per share equal to $9.125 (subject to proportionate adjustment in accordance with Section 6) (the “Exercise
Price”), by the delivery of the Warrant Exercise Form annexed hereto duly completed and executed to the Warrant Agent at
the Warrant Agent Office or at such other agency or office of the Corporation in the United States of America as the Corporation may
designate by notice in writing to the registered holder at the address of such registered holder appearing on the books of the Corporation.
Upon any partial exercise of a Warrant, the Warrant Agent shall make an appropriate adjustment to the account of the registered holder
to reflect a number of Warrant Shares for the account of the registered holder equal (without giving effect to any adjustment thereof)
to the number of Warrant Shares subject to such registered holder’s Warrants prior to such exercise, minus the number of Warrant
Shares exercised by the registered holder. In the event of the exercise of the rights represented by any Warrant, a certificate or certificates
for the Warrant Shares so purchased, as and if applicable, registered in the name of the registered holder, shall be delivered to the
registered holder hereof as soon as practicable after the exercise of such Warrant.

 

(b) Payment
to the Corporation of the Exercise Price for each share of Common Stock being purchased shall be made either (i) by wire transfer or
cashier’s check drawn on a United States bank payable to the Corporation (to an account as designated by the Warrant Agent by notice
in writing to the registered holders); or (ii) by instructing the Warrant Agent to issue Warrant Shares upon exercise of all or any part
of this Warrant on a net basis such that, without payment of any cash consideration or other immediately available funds, the registered
holder shall surrender this Warrant in exchange for the number of Warrant Shares equal to the quotient obtained by dividing (x) the product
of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as
defined below) less the Exercise Price by (y) the Fair Market Value. “Fair Market Value” shall mean the volume-weighted average
price of the shares of Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the date that
notice of exercise is received by the Warrant Agent from the registered holder of such Warrants or its securities broker or intermediary.

 

    	 

     

    

 

3. Reservation
of Warrant Shares. The Corporation agrees that, prior to the expiration of this Warrant, it will at all times have authorized and
in reserve, and will keep available, solely for issuance or delivery upon the exercise of all outstanding Warrants represented by this
Global Warrant Certificate, the number of Warrant Shares as from time to time shall be issuable by the Corporation upon the exercise
of this Warrant.

 

4. No
Stockholder Rights; No Rights to Net Cash Settled. No Warrant shall entitle the registered holder hereof to any voting rights or
other rights as a stockholder of the Corporation.

 

5. Transferability
of Warrant and Underlying Shares. Prior to the Termination Date and subject to compliance with applicable Federal and State securities
laws, this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the Corporation by the
registered holder in person or by duly authorized attorney in accordance with the provisions of the Warrant Agreement and upon delivery
of the Assignment Form annexed hereto properly endorsed for transfer. The Corporation or the Warrant Agent shall be entitled to require,
as a condition of any such transfer, that the registered holder and the transferee execute or provide such documents and make such representations
and warranties as the Corporation or the Warrant Agent may deem appropriate to evidence compliance with applicable Federal and State
securities laws.

 

6. Certain
Adjustments. With respect to any rights that any registered holder has to exercise any Warrant and convert into shares of Common
Stock, registered holder shall be entitled to the following adjustments:

 

(a) Merger
or Consolidation. If at any time there shall be a merger or a consolidation of the Corporation with or into another entity when the
Corporation is not the surviving corporation, then, as part of such merger or consolidation, lawful provision shall be made so that the
registered holder hereof shall thereafter be entitled to receive upon exercise of each Warrant, during the period specified herein and
upon payment of the aggregate Exercise Price then in effect, the number of shares of stock or other securities or property (including
cash) of the successor corporation resulting from such merger or consolidation, to which the registered holder hereof as the registered
holder of the stock deliverable upon exercise of each Warrant would have been entitled in such merger or consolidation if each Warrant
had been exercised immediately before such transaction. In any such case, appropriate adjustment shall be made in the application of
the provisions of each Warrant with respect to the rights and interests of the registered holder hereof as the registered holder of each
Warrant after the merger or consolidation.

 

(b) Reclassification,
Recapitalization, etc. If the Corporation at any time shall, by subdivision, combination or reclassification of securities, recapitalization,
automatic conversion, or other similar event affecting the number or character of outstanding shares of Common Stock, or otherwise, change
any of the securities as to which purchase rights under each Warrant exist into the same or a different number of securities of any other
class or classes, each Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been
issuable as the result of such change with respect to the securities that were subject to the purchase rights under each Warrant immediately
prior to such subdivision, combination, reclassification or other change and the Exercise Price shall be proportionately adjusted.

 

    	 

     

    

 

(c) Split
or Combination of Common Stock and Stock Dividend. In case the Corporation shall at any time subdivide, redivide, recapitalize, split
(forward) or change its outstanding shares of Common Stock into a greater number of shares or declare a dividend upon its Common Stock
payable solely in shares of Common Stock, the Exercise Price shall be proportionately reduced and the number of Warrant Shares proportionately
increased. Conversely, in case of a reverse stock split or the outstanding shares of Common Stock of the Corporation shall be combined
into a smaller number of shares, the Exercise Price shall be proportionately increased and the number of Warrant Shares proportionately
reduced.

 

(d) Notices
of Changes in Warrant. Upon every adjustment of (i) the Exercise Price, (ii) the number of shares of Parent Common Stock issuable
upon exercise of this Global Warrant Certificate and (iii) the number of Warrants outstanding, the Corporation shall give written notice
thereof to the registered holder, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease,
if any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method
of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in this Global Warrant
Certificate then, in any such event, the Corporation shall give written notice to the registered holder, at the last address set forth
for such registered holder in the Warrant register maintained by the Warrant Agent, of the record date or the effective date of the event.
Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

7. Compliance
with Securities Laws; Legend and Stop Transfer Orders. Unless the Warrant Shares are subject to an effective registration statement
under the Securities Act, upon exercise of any part of any Warrant represented hereby, (i) the Corporation shall be entitled to require
that the registered holder make such representations and warranties as may be reasonably required by the Corporation to assure that the
issuance of Warrant Shares is exempt from the registration requirements of applicable securities laws and (ii) the Corporation shall
instruct its transfer agent to enter stop transfer orders with respect to such Warrant Shares, and the Warrant Shares shall bear on the
face thereof substantially the following legend:

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED,
TRANSFERRED, ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

 

8. Miscellaneous.
This Global Warrant Certificate and each Warrant represented hereby shall be governed by and construed in accordance with the laws of
the State of Utah. All the covenants and provisions of this Global Warrant Certificate and each Warrant by or for the benefit of the
Corporation shall bind and inure to the benefit of its successors and assigns hereunder. Nothing in this global Warrant Certificate shall
be construed to give to any person or corporation other than the Corporation and the registered holder of each Warrant represented hereby
any legal or equitable right, remedy, or claim under this Global Warrant Certificate and each Warrant represented hereby. This Global
Warrant Certificate and each Warrant represented hereby shall be for the sole and exclusive benefit of the Corporation and the registered
holder. The section headings herein are for convenience only and are not part of this Global Warrant Certificate and shall not affect
the interpretation hereof.

 

    	 

     

    

 

9. Validity.
This Warrant Certificate shall not be valid or obligatory for any purpose until authenticated by the Warrant Agent.

 

IN
WITNESS WHEREOF, the Corporation has caused this Global Warrant Certificate to be executed by its duly authorized officer, this _____
day of __________ 2021.

 

	 	CO-DIAGNOSTICS,
    INC.	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:
    	Chief
    Executive Officer	 

 

    	 

     

    

 

Certificate
of Authentication

 

This
is the Global Warrant Certificate for the Warrants referred to in the within-mentioned Warrant Agreement.

 

VSTOCK
TRANSFER, LLC, as Warrant Agent

 

By:

 

Authorized
Signature

 

[TO
BE ATTACHED TO GLOBAL WARRANT CERTIFICATE] SCHEDULE OF INCREASES OR DECREASES IN WARRANT CERTIFICATE

 

The
following increases or decreases in this Warrant have been made:

 

Date

 

Amount
of decrease in the number of Warrants represented by this Warrant

 

Amount
of increase in number of Warrants represented by this Warrant

 

Number
of Warrants represented by this Warrant following such decrease or increase.

 

Signature
of authorized officer of the depository

 

    	 

     

    

 

FORM
OF EXERCISE FORM

 

To
Be Executed by the registered holder in Order to Exercise Company Warrant

 

The
undersigned hereby irrevocably elects to exercise the right, represented by the book-entry Warrant(s), to purchase shares of the
Common Stock of Co-Diagnostics, Inc. (the “Warrant Shares”) and the undersigned herewith makes payment of
the full purchase price for such shares at the price per share provided for in such Warrant in accordance with the terms of the
Warrant Agreement. Such payment takes the form of $__________ in lawful money of the United States.

 

In
the event that the registered holder wishes to exercise through cashless exercise (i) the number of Warrant Shares that this Warrant
is exercisable for would be determined in accordance with Section 2(b) of this Global Warrant Certificate which allows for such cashless
exercise and (ii) the registered holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the
right, represented by this Global Warrant Certificate, through the cashless exercise provisions hereof, to receive Warrant Shares.

 

The
undersigned hereby requests that certificates for the Warrant Shares purchased be issued in the name of:

 

(please
print or type name and address)

 

(please
insert social security or other identifying number)

 

and
be delivered as follows:

 

(please
print or type name and address)

 

(please
insert social security or other identifying number)

 

and
if such number of shares of Common Stock shall not be all the shares evidenced by this Global Warrant Certificate, that a new Warrant
for the balance of such shares be registered in the name of, and delivered to, registered holder.

 

Signature
of Holder

 

SIGNATURE
GUARANTEE:

 

This
Warrant may be exercised by delivering the Exercise Form to VStock Transfer, LLC at the following addresses:

 

By
mail at

___________

[
      ]

 

    	 

     

    

 

[FORM
OF ASSIGNMENT]

 

(TO
BE EXECUTED TO TRANSFER THE WARRANT)

 

For
value received, hereby sells, assigns and transfers unto the Assignee(s) named below the rights represented by such number of
Company Warrants listed opposite the respective name(s) of the Assignee(s) named below and all other rights of the registered holder
with respect to such Warrants, and does hereby irrevocably constitute and appoint _______________ attorney, to transfer said Warrant
on the books of the Depositary and/or the Warrant Agent with respect to the number of Warrants set forth below, with full power of
substitution:

 

Name(s)
of

 

Assignee(s)
Address No. of Warrants

 

Dated:
_____________

 

Signature

 

(Signed
exactly as name appears in the records of the Depositary)

 

Signature
Guarantee:

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