Document:

EX-10.5

 Exhibit 10.5 

Portions of this Exhibit have been redacted because they are both (i) not material and (ii) would be competitively harmful if
publicly disclosed. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 

EXECUTION VERSION 
 October 17, 2019

 LumiraDx Limited 
 3 More London Riverside 

London SEl 2AQ 
 United Kingdom 

Attention: Chief Executive Officer, Chairman and Director 
 Re:
Strategic Relationship between the Bill & Melinda Gates Foundation and LumiraDx Limited 
 Ladies and Gentlemen: 

This Amended and Restated Letter Agreement (including all appendices and attachments hereto, the “Letter Agreement”) is
entered into as of October 17, 2019 between the Bill & Melinda Gates Foundation (the “Foundation”), a Washington charitable trust that is a tax exempt private foundation, and LumiraDx Limited, an exempted company with
limited liability incorporated in the Cayman Islands under company number 314391 with its registered office at c/o Estera Trust (Cayman) Limited, PO Box 1350, Clifton House, 75 Fort Street, Grand Cayman KYl 1108, Cayman Islands (the
“Company”). This Letter Agreement amends and restates in its entirety the Letter Agreement entered into by and between the Company and the Foundation effective as of July 17, 2018 (the “Original Agreement”)
in connection with the Foundation’s program-related investment in the amount of US$19,998,823 in the Series A Convertible Preferred Shares of the Company (the “Preferred Investment”). This Letter Agreement is being entered
into in connection with the program-related investment in the form of a loan by the Foundation to the Company in the amount of US$18,000,000 (the “Loan”, and together with the Preferred Investment, the “Foundation
Investment”) in accordance with the terms of a Note Purchase Agreement dated October 17, 2019 (the “Note Purchase Agreement”) and an Unsecured Subordinated Note dated October 17, 2019 (the
“Note”). The Foundation Investment is subject to the terms and conditions of the Note Purchase Agreement, the Note, any other documents executed in connection with the Loan, and the documents executed in connection with the
Preferred Investment (collectively, and together with this Letter Agreement and any additional documents that may be executed in connection with the Foundation Investment, in each case as amended from time to time in accordance with their terms, the
“Investment Documents”). The Foundation is making the Foundation Investment to induce the Company to perform the Global Access Commitments set forth herein, and the Company acknowledges and agrees that it would not undertake such
Global Access Commitments absent the Foundation Investment. The Foundation Investment is being made in accordance with the provisions of the Investment Documents and is conditioned upon the execution and delivery of the applicable Investment
Documents by the parties thereto and the Foundation obtaining written legal opinions from tax counsel that the Foundation Investment qualifies as a program-related investment under the Code. 

 In consideration of the Foundation making the Foundation Investment on the terms and
conditions stated herein and in the other Investment Documents, and for other good and valuable consideration, the parties hereto hereby irrevocably agree as follows: 

1. Definitions. For the purposes of this Letter Agreement the following terms have the meanings indicated. 

“Accelerated Commercialization Commitment” has the meaning given in Section 3(d)(i). 

“Archetype Health System” has the meaning given in Section 3(d)(ii) 

“Additional Assay Project” has the meaning given in Section 3(c)(i). 

“Additional Projects” has the meaning given in Section 3(c)(ii). 

“Additional Accelerated Commercialization Project” has the meaning given in Section 3(c)(ii). 

“Affiliate” means, as to any person or entity, any person or entity that, directly or indirectly, controls, is controlled by or is
under common control with such person or entity at any time and for so long as that control exists, where “control” (for purposes of this definition of “Affiliate” only) means having the decision-making authority as to the person
or entity and, further, where that control will be deemed to exist where a person or entity owns more than 50% of the equity (or that lesser percentage that is the maximum allowed to be owned by a foreign corporation in a particular jurisdiction)
entitled to vote regarding composition of the board of directors or other body entitled to direct the affairs of the person or entity. 

“Acquisition Transaction” means (a) the acquisition, directly or indirectly, after the date of this Letter Agreement, by any
person or group (within the meaning of Section 13(d)(3) of the Exchange Act) of beneficial ownership of securities of the Company possessing more than 50% of the total combined voting power of all outstanding voting securities of the Company,
(b) a merger, consolidation or other similar transaction involving the Company, except for a transaction in which the holders of the outstanding voting securities of the Company immediately prior to such merger, consolidation or other
transaction hold, in the aggregate, securities possessing more than 50% of the total combined voting power of all outstanding voting securities of the surviving entity immediately after such merger, consolidation or other transaction, or (c) an
assignment, sale, transfer or exclusive license of all or substantially all of the Company’s assets, whether by merger, stock transfer, or otherwise. 

“Challenging Market Countries” means those countries described as “Challenging Market Countries” on
Appendix A. 
 “Charitability Default” has the meaning given in Section 5(b). 

“Charitable Purpose” has the meaning given in Section 2(a). 

 “Claim” has the meaning given in Section 14. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Company” has the meaning given in the introductory paragraph. 

“Developing Countries” means those countries described as “Developing Countries” on Appendix A.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means (a) if the Foundation Securities are freely tradable, the closing price of the Foundation Securities on
the most recent day the Foundation Securities were traded on the applicable exchange prior to the closing date of the redemption or purchase or (b) if the Foundation Securities are not freely tradable, the then current fair market value as
determined by a mutually agreed upon (such agreement not to be unreasonably withheld) independent third-party appraiser. 
 “Feasibility
Grant” has the meaning given in Section 3(c)(i). 
 “Foundation” has the meaning given in the introductory
paragraph. 
 “Foundation Investment” has the meaning given in the introductory paragraph. 

“Foundation Securities” has the meaning given in Section 5(c). 

“Foundation-supported Entity” means an entity selected by the Foundation for participation in a project that receives funding,
directly or indirectly, from the Foundation, collaborates with the Foundation, or both, for the purpose of accomplishing the Foundation’s charitable objectives. 

“Funded Developments” has the meaning given in Section 3(k)(i). 

“Global Access” means that (a) knowledge gained using the Foundation’s funding is promptly and broadly disseminated and
(b) the products and technologies developed or supported with the Foundation’s funding will be made available and accessible at an affordable price to people most in need in Developing Countries. 

“Global Access Commitments” has the meaning given in Section 3. 

“Global Health License” has the meaning given in Section 3(k)(i). 

“Government Provisioned” has the meaning given in Section 3(d)(ii)(A). 

“Health Systems for Low Income People” has the meaning given in Section 3(d)(ii). 

“HIV Viral Load Assay” has the meaning given in Section 3(a). 

“HIV Viral Load Assay Development Project” has the meaning given in Section 3(a). 

“HIV Viral Load Launch Project” has the meaning given in Section 3(b)(i). 

 “Indemnitees” has the meaning given in Section 14. 

“Investment Documents” has the meaning given in the introductory paragraph. 

“Joint Steering Committee” has the meaning given in Section 3(h)(i). 

“Letter Agreement” has the meaning given in the introductory paragraph. 

“Loan” has the meaning given in the introductory paragraph. 

“Low Income People” means those individuals living at or below the World Bank poverty line for lower-middle-income countries, which,
at the time of the execution of the Letter Agreement, is US$3.20 per day. 
 “Note” has the meaning given in the introductory
paragraph. 
 “Note Purchase Agreement” has the meaning given in the introductory paragraph. 

“Original Agreement” has the meaning given in the introductory paragraph. 

“Partner with Health Systems for Low Income People” has the meaning given in Section 3(d)(iii). 

“Platform Technology” means the Company’s research, development, clinical, regulatory, manufacturing, commercialization, service
and support, and distribution capabilities in respect of point-of-care diagnostic tests, integrated assays, reagents, software and instruments, and health IT and care
solutions. This may include, but is not limited to, technology related to the dissemination and/or storage and management of diagnostic results, associated patient-related data, and quality control related data (e.g. real-time instrument
functionality and controls) within health systems. The Platform Technology includes technologies, materials, know-how, intellectual property, and intellectual property rights owned, controlled, or in licensed
by the Company or its Affiliates, whether existing at closing or later developed, owned, controlled or in licensed by the Company or its Affiliates. 

“PPP/NGO Provisioned” has the meaning given in Section 3(d)(ii)(B). 

“Preferred Investment” has the meaning given in the introductory paragraph. 

“Private Sector Provisioned” has the meaning given in Section 3(d)(ii)(C). 

“Product” means any diagnostic or other product or service developed pursuant to a Project. 

“Projects” means the HIV Viral Load Assay Development Project, HIV Viral Load Assay Launch Project, the [***] Diagnostic Instrument
Development Project, any Additional Project, and the Accelerated Commercialization Commitment. 
 “Public Market Provision” means
Government Provisioned and PPP/NGO Provisioned together. 

 “Reasonable Efforts” means the level of effort the Company would expend in the
development and commercialization of its lead commercial
 product(s). 
 “SOW” has the meaning given in Section 3(a). 

“Strategic Plan” has the meaning given in Section 3(a). 

“TPM” has the meaning given in Section 3(b)(ii). 

“TPP” has the meaning given in Section 3(a). 

“Trigger Event” has the meaning given in Section 3(k)(ii). 

“[***] Diagnostic Instrument” means a diagnostic instrument to be developed by the Company with the features set forth in the [***]
Diagnostic Instrument Target Product Profile that is low-cost, robust and appropriate for all clinical settings and intended to improve the access of people in Developing Countries to low cost point-of-care diagnostics. 
 “[***] Diagnostic Instrument Development
Plan” means the development plan for the [***] Diagnostic Instrument attached as Appendix G. 
 “[***]
Diagnostic Instrument Development Project” has the meaning given in Section 3(e). 
 “[***] Diagnostic Instrument Target
Product Profile” means the target product profile for the [***] Diagnostic Instrument attached as Appendix H. 

“[***] Joint Steering Committee” has the meaning given in Section 3(h)(ii). 

“WHO Essential Diagnostics List” means the list attached as Appendix B. 

“WHO PQ” has the meaning given in Section 3(a). 

“Withdrawal Right” has the meaning given in Section 5(c). 

2. Charitable Purpose; Use of Proceeds. 

(a) Charitable Purpose. The Foundation is making the Foundation Investment as a “program-related investment” within the
meaning of Section 4944(c) of the Code. The Foundation is committed to accelerating the development of lifesaving and low-cost drugs, therapeutics, diagnostics, and prophylactics to reduce the burden of disease in developing countries in
furtherance of its mission to help all people lead healthy, productive lives. The Foundation’s primary purpose in making the Foundation Investment is to secure Global Access to new, low-cost products and services developed through the use of
the Company’s proprietary capabilities and intellectual property, including in respect of the development, manufacturing, commercialization and distribution of (a) diagnostic tests, (b) integrated point-of-care
diagnostic platforms, and (c) connected health IT and care solutions in furtherance of the Foundation’s charitable mission (collectively, the “Charitable Purpose”). In furtherance of the Charitable Purpose, the
Foundation Investment will secure the Global Access Commitments described below. 

 (b) Use of Proceeds. 

(i) Preferred Investment. [***] of the proceeds from the Preferred Investment will be used solely to fund the HIV Viral Load Assay
Development Project and improvements in the Platform Technology in connection with the HIV Viral Load Assay Development Project in furtherance of the Charitable Purpose; provided, however, if the Joint Steering Committee at any time
determines that the Company is unlikely to meet the applicable milestones for the HIV Viral Load Assay Development Project contained in the SOW (defined below), the Company shall, at the Foundation’s election, instead apply any remaining
portion of such proceeds to an Additional Assay Project in furtherance of the Charitable Purpose. The remaining [***] of the proceeds from the Preferred Investment will be used solely to support the commercialization of the Platform Technology in
Challenging Market Countries in accordance with the Accelerated Commercialization Commitment. 
 (ii) Loan. All proceeds of the Loan
will be used solely to fund the [***] Diagnostic Instrument Development Project in furtherance of the Charitable Purpose. 
 The proceeds
from the Foundation Investment will not be required to be segregated in a separate account nor required to be used for dedicated employees or facilities. 

3. Global Access Commitments. 
 In
furtherance of the Charitable Purpose and Global Access, the Company agrees to the following (collectively “Global Access Commitments”): 

(a) HIV Viral Load Assay Development Project. The Company will diligently conduct the HIV Viral Load Assay Development Project.
“HIV Viral Load Assay Development Project” means (a) the Company’s development of an assay for HIV viral load (the “HIV Viral Load Assay”) in accordance with a mutually acceptable target
product profile (“TPP”) attached as Appendix C and scope of work (the “SOW”) attached as Appendix D through World Health Organization Pre-Qualification (“WHO PQ”) and (b) the development of a manufacturing, commercialization and distribution strategy (“Strategic Plan”) for delivery of point-of-care diagnostics within Developing Countries, including the HIV Viral Load Assay, which strategy will include the elements set forth in, and be consistent with, the
SOW for the HIV Viral Load Assay. 
 (b) HIV Viral Load Assay Launch Project. 

(i) Once the HIV Viral Load Assay has been developed as described above, the Foundation will have the right, at its discretion, to continue
providing funding (directly or through a Foundation-supported Entity) to advance the HIV Viral Load Assay through commercialization and distribution of a final product in accordance with the Strategic Plan, HIV Viral Load Assay TPP and a second
mutually acceptable SOW (the “HIV Viral Load Launch Project”). The HIV Viral Load Assay Launch Project may include applicable development, commercialization and associated activities conducted by the Company or partner(s) in
accordance with the Strategic Plan or as otherwise agreed by the Company and Foundation, if and to the extent these activities are requested by the Foundation, including seeking applicable country-level regulatory approvals. If the HIV Viral Load
Assay Launch Project is requested by the Foundation, it would be co-funded by additional funding from the Foundation or a Foundation-supported Entity pursuant to the

 
Foundation’s standard funding terms and processes. The specific level and allocation of funding responsibilities between the parties (and potentially Foundation-supported Entities) for the
HIV Viral Load Assay Launch Project will be mutually agreed in good faith in writing by the parties to fairly allocate the expected benefits between Developing Countries and developed countries. 

(ii) If the Foundation reasonably determines based on data from the HIV Viral Load Assay Development Project and/or HIV Viral Load Assay Launch
Project that the Company is unlikely to achieve prices and volumes for the HIV Viral Load Assay that are within [***] of the applicable maximum price and minimum volume commitments described in the HIV Viral Load Assay TPP and that a third-party
manufacturer (“TPM”) would likely be able to meet such price and volume commitments, the Foundation will notify the Company of such determination and provide a summary of the reasons for such determination in reasonable
detail. During the [***] period following delivery of such notice, the parties will engage in good-faith discussions regarding the Company’s ability to achieve the applicable price and volume commitments, its plan for doing so (if applicable)
and (if applicable) the reasons why a TPM may not be able to achieve such applicable price and volume commitments either. If the parties are unable to come to an agreement regarding a plan for the Company to achieve the applicable price and volume
commitments for the HIV Viral Load Assay, the Company will agree to license and transfer the necessary intellectual property and technology to such TPM (subject to such TPM entering into reasonable agreements with the Company regarding
confidentiality and use of the technology and licenses solely for the purposes contemplated herein) in order to allow the production, testing, approval, and distribution of the HIV Viral Load Assay for the Developing Countries. The Foundation will
be responsible for the reasonable costs payable for the transfer of the necessary technology to such TPM. 
 (iii) Any agreements for the HIV
Viral Load Assay Launch Project will include a proposal describing the relevant work (including specific global access commitments) and other related documents acceptable to the Foundation, and will be consistent with the HIV Viral Load Assay TPP.
The applicable funding agreements will also include a license to the HIV Viral Load Assay and related technology and intellectual property rights (including the right to sublicense or a direct grant to Foundation-supported Entities) that is
exercisable in the event of a breach of the Global Access Commitments related to the HIV Viral Load Assay Launch Project under the circumstances described below. 

(c) Additional Projects. 

(i) Additional Assay Projects. In addition to the Projects described above, if requested by the Foundation the Company will utilize the
Platform Technology to diligently conduct up to five (or two in case the Feasibility Grant as referenced below is not executed and granted) Additional Assay Projects at the Foundation’s discretion and subject to the terms below.
“Additional Assay Project” means a project proposed by the Foundation or a Foundation- supported Entity and accepted and conducted by the Company utilizing the Platform Technology to develop an assay in accordance with a
mutually agreed upon SOW and TPP, and potentially to further develop, commercialize, and distribute such assays under a similar launch project construct. It is acknowledged that the five assays covered under the “Feasibility
Grant” currently under discussion by the Parties (which include the molecular test for tuberculosis) would, if funding agreements for such Feasibility Grant are executed and the applicable work contemplated thereby is conducted,
exhaust all five Additional Assay Projects. 

 (ii) Additional Accelerated Commercialization Project. In addition, if requested by
the Foundation, subject to the Terms of Additional Projects outlined below, the Company will diligently conduct the Additional Accelerated Commercialization Project. “Additional Accelerated Commercialization Project” means a
project to accelerate commercialization of the Company’s products in a minimum of three countries among [***] in accordance with a mutually agreed SOW. The Additional Accelerated Commercialization Project and Additional Assay Projects are
referred to collectively as “Additional Projects”. 
 (iii) Terms of Additional Projects. Each Additional Project
will be funded and conducted pursuant to the Foundation’s standard funding terms and processes, which would include a proposal prepared in good faith by the Company (which will be submitted within [***] after the Foundation’s initial
request to the Company) describing the relevant work to be conducted by the Company and other related documents acceptable to the Foundation. If the Foundation requests that the Company continue development and commercialization of an assay
developed through an Additional Assay Project, the Company will consider in good faith and the parties will negotiate in good faith the terms of the applicable grant documents for such work. To the extent the parties agree to continue support of an
Additional Project, the specific level and allocation of additional funding responsibilities for such Additional Project will be mutually agreed in good faith in writing by the parties based on a fair allocation of the expected benefits between
Developing Countries and developed countries. 
 (d) Accelerated Commercialization Commitment. 

(i) The Company will diligently conduct the Accelerated Commercialization Commitment as further described below. “Accelerated
Commercialization Commitment” means (A) the Company’s commitment to Partner with Health Systems for Low Income People and (B) the Company’s commitment to Align with Essential Diagnostic List Market Coordination.

 (ii) The health systems serving Low Income People in Challenging Market Countries are heterogenous and very different from those in the US
and Europe. Often, they include the three archetype health delivery systems listed below. Each of these three health delivery systems operating in a Challenging Market Country is a different “Archetype Health System” and
collectively these three Archetype Health Systems are defined as “Health Systems for Low Income People.” 
 (A)
“Government Provisioned” means government healthcare providers that are publicly owned and operated including community healthcare workers, primary and community health centers, district and regional health centers, government-run pharmacies and diagnostic labs, and government-supported ambulance services. 
 (B)
“PPP/NGO Provisioned” means public-private-partnerships or non-government organization providers of publicly or philanthropically owned and publicly or privately operated healthcare
professionals operating community outreach programs (e.g., Médecins Sans Frontières), or healthcare services in partnership with governments (e.g. public-private-partnership clinics for outpatient care). 

 (C) “Private Sector Provisioned” means providers that are privately
owned and operated below the tertiary care level, including individual or consolidated chains of primary care clinics, pharmacies, ambulances, and home-based care services. 

(iii) The Company’s commitment to “Partner with Health Systems for Low Income People” consists of the following:

 (A) By [***], the Company will have [***]; 

(B) By [***], the Company will have [***]; 

(C) During the [***], Health Systems for Low Income People will have [***]; 

(D) During the [***], Health Systems for Low Income People will have [***]; 

(E) During the [***], Health Systems for Low Income People will have [***]; 

(F) During the [***], Health Systems for Low Income People will have [***]; and 

(G) During the [***], Health Systems for Low Income People will [***]. 

(iv) The Company’s commitment to “Align with Essential Diagnostic List Market Coordination” consists of good-faith
efforts to achieve the following: 
 (A) The Company will [***]; 

(B) The Company will [***]; and 

(C) The Company will [***]. 
 (v)
The Foundation understands that the achievement of the Accelerated Commercialization Commitments is dependent on the cooperation and/or purchase commitments of third-parties and the Archetype Health System operators. In the event the Company is
concerned that a lack of cooperation or commitment from Archetype Health System operators will make it impossible to achieve one or more of the Accelerated Commercialization Commitments, the Company may request the Foundation to assist with
discussions with such Archetype Health System operators and/or make other good-faith efforts to support the Company’s commercialization efforts. Where Accelerated Commercialization Commitments require changes or alterations (which are not
foreseen under the Company business plans) to the Platform Technology, instrument or assays to adjust these for resource-poor settings or projects or specific delivery or service models, extensions to timelines may be required. In the event of such

 
occurrence, the parties will discuss in good faith and (A) the Accelerated Commercialization Commitments may be modified; or (B) the Foundation may provide additional funding for such
project to achieve the Accelerated Commercialization Commitments, each of (A) and (B) at the sole discretion of the Foundation. 
 (e)
[***] Diagnostic Instrument Development Project. The Company will utilize the Platform Technology to diligently develop the [***] Diagnostic Instrument and assays thereon through commercialization no later than [***] (“[***]
Diagnostic Instrument Development Project”). The [***] Diagnostic Instrument will be developed in accordance with the [***] Diagnostic Instrument Development Plan. As part of the [***] Diagnostic Instrument Development Project, the Company
will use Reasonable Efforts to achieve the COGS goals set forth in the [***] Target Product Profile. The Company will provide the Foundation with documentation in the form of copies of invoices, relevant regulatory filings and/or clearances,
certified cost of goods statements and other documents that may be requested by the Foundation to demonstrate COGS of the [***] Diagnostic Instrument. 

(f) Receipt and Continuation of Licenses. The Foundation Investment will be conditioned on the Company’s receipt and continuation
of all necessary licenses and rights with respect to the Platform Technology needed to perform the Global Access Commitments. 
 (g)
Pricing and Volume Commitments. 
 (i) Products Developed Pursuant to the HIV Viral Load Assay Development Project, HIV Viral Load
Assay Launch Project, and Any Additional Assay Project. The Company agrees to make available to Low Income People in Developing Countries any Products developed and commercialized pursuant to the HIV Viral Load Assay Development Project, HIV Viral
Load Assay Launch Project, and any Additional Assay Project (a) at or below the price set forth in the applicable TPP and (b) in quantities meeting or exceeding those set forth in the applicable SOW (or other applicable global
access agreements between the Foundation and the Company). Additionally, other Products developed and distributed by the Company for Public Market Provision in the Challenging Market Countries will be commercialized consistent with the affordability
and availability intent of Global Access. In the event that the Foundation notifies the Company of the Foundation’s concerns that the affordability and availability intent of Global Access is being violated in a specific Challenging Market
Country, the parties agree to work together in good faith to rectify the concern to the satisfaction of the Foundation. These commitments do not apply to sales of Products used outside of the Developing Countries. 

(ii) [***] Diagnostic Instrument. The Company will make the [***] Diagnostic Instrument available to serve Low Income People in
Challenging Market Countries at an affordable price that is no greater than the maximum price and in at least the minimum volumes set forth in the [***] Target Product Profile. These commitments do not apply to sales of products used outside of
Challenging Market Countries or not targeting Low Income People. 

 (h) Joint Steering Committees. 

(i) Joint Steering Committee. The parties will each designate two individuals who are subject matter experts to be part of a joint
steering committee (the “Joint Steering Committee”) that provides a forum for discussion of the progress of the (a) Platform Technology and (b) the Projects (other than the [***] Diagnostic Instrument
Project). Certain key decisions of the Joint Steering Committee related to advancing to the next phase of development (as outlined in the SOW) will require the affirmative vote of the individuals designated by the Foundation. The Joint Steering
Committee will meet at least once quarterly via teleconference and at least once annually in-person. With the agreement of both parties and subject to the execution of appropriate confidentiality agreements,
third-parties may be invited from time to time to participate in certain Joint Steering Committee discussions, it being understood that the Company may object if competitive sensitive information would be released to one of its competitors. 

(ii) [***] Joint Steering Committee. In addition to the Joint Steering Committee described above, the parties will (a) each
designate one individual and (b) mutually designate one additional individual who is a subject matter expert to be part of a joint steering committee (the “[***] Joint Steering Committee”) that would provide a forum for
discussion of the progress of the [***] Diagnostic Instrument Development Project and channels and conditions to provide access to the [***] Diagnostic Instruments. Decisions of the [***] Joint Steering Committee, including in respect of
determinations regarding compliance with the pricing and volume commitments described in Section 3(g)(ii) above, will be made by majority vote, provided that certain key decisions of the [***] Joint Steering Committee related to
advancing to the next phase of development as outlined in the [***] Diagnostic Instrument Development Plan would require the approval of the individual designated by the Foundation, it being acknowledged that if the Foundation does not wish to
proceed to a next phase, the Company shall be entitled to continue to proceed at its own cost. The [***] Joint Steering Committee would meet at least once quarterly via teleconference and at least once annually
in-person. With the agreement of both parties and subject to the execution of appropriate confidentiality agreements, third parties may be invited from time to time to participate in certain [***] Joint
Steering Committee discussions, it being understood that the Company may object if competitive sensitive information would be released to one of its competitors. 

(iii) Additional Communications. In addition, if requested by the Foundation, members of the Company’s technical team will meet
with Foundation programmatic representatives at least once quarterly via teleconference or onsite visits at Company facilities to provide an update on any of the Projects, with such updates to provide a level of detail sufficient to assess the
status of such Projects against the applicable scopes of work and TPPs (as applicable). 
 (i) Publication; Access to Data and
Information. The Company will (in addition to the publication requirements of any other agreements with the Foundation): 
 (i) publish
the results and information developed in connection with each Project within a reasonable period of time after such information or results are obtained, subject to reasonable delays or limitations on content of such publications that are necessary
to protect intellectual property and trade secrets covering the Platform Technology itself. All publications must be made in accordance with “open access” terms and conditions consistent with the Foundation’s Open Access Policy
(available at: http://www.gatesfoundation.org/How-We- Work/General-Information/Open-Access-Policy), which may be modified from time to time; 

 (ii) promptly provide to the Foundation from time to time, upon the Foundation’s
request, access to data and information regarding the Projects, the reasonably contemplated use of the Platform Technology for such Projects, and the considerations made by the Company with respect to accessibility, affordability and cost
effectiveness; and 
 (iii) promptly provide to the Foundation from time to time, upon the Foundation’s request, rights to share such
data and information regarding the Projects, and the reasonably contemplated use of the Platform Technology for the Projects, subject to the reasonable need to protect confidential information and to avoid untimely public disclosures that may bar
access to patent protection or public disclosures that may undermine trade secret protection. 
 (j) No Inconsistent Rights. The
Company will not grant to a third-party any rights or enter into any arrangements or agreements that would limit or restrict the Foundation’s rights to the Global Access Commitments. 

(k) Global Health License. 

(i) Global Health License. In connection with and relating to the Projects (other than any Additional Project that has not yet resulted
in a product that was funded by the Foundation and sold in a Challenging Market Country), the Company hereby grants the Foundation and/or Foundation-supported Entities a worldwide, non-exclusive, non-terminable, perpetual, royalty-free license (with the right to sublicense) to the products, technologies, materials, processes, and other intellectual property and intellectual property rights developed using
funds from the Foundation or a Foundation-supported Entity or developed in connection with the Company’s conduct of such Projects (the “Funded Developments”) and the background intellectual property of the Company that
covers or is used in the Platform Technology and/or such Projects to use, reproduce, modify, make, distribute, sell, offer-for-sale, import, and otherwise dispose of
diagnostic products and services directed at pathogens or diseases that disproportionately affect people in Developing Countries in a manner consistent with the Foundation’s Charitable Purpose (“Global Health License”). The
Global Health License is a presently granted license. The Foundation will not exercise the Global Health License except in the event of a Trigger Event and Foundation’s rights upon exercise of such Global Health License will extend only to the
Product or Project from which the Trigger Event arises and only in furtherance of the Foundation’s Charitable Purpose. In the event of a Trigger Event that applies only to a particular Product or Project, the Foundation will have the right to
exercise the Global Health License (and the Company will have the obligation to take the further actions described in the following subsection (k)) only for such Product or Project. For avoidance of doubt, Additional Projects that result in
products funded by the Foundation and sold in one or more Challenging Market Countries shall be subject to the Global Health License which shall be exercisable only in the event of a Trigger Event. 

(ii) Trigger Events. The Foundation will not exercise its rights under the Global Health License (including its sublicensing rights)
unless at least one of the following occurs (each, a “Trigger Event”): 
 (A) a Charitability Default that remains uncured
for [***] following written notice by either party of such Charitability Default; or 

 (B) the Company (1) institutes any bankruptcy, insolvency, appointment of a receiver
and/or trustee or reorganization (in either case for the release of financially distressed debtors), general assignment for the benefit of creditors, winding-up, dissolution, liquidation or similar proceeding
relating to it under the laws of any jurisdiction or any such proceeding is instituted against the Company which remains undismissed or unstayed for a period of [***] or (2) ceases to conduct business in the ordinary course or is
determined to no longer be a going concern. 
 If either the Foundation or the Company becomes aware of a Trigger Event, it will promptly
notify the other party in writing of the occurrence of such Trigger Event. 
 (l) Cooperation; Technology Transfer. In connection with
the exercise of any license hereunder the Company will take further actions, including technology transfer (subject to appropriate confidentiality obligations), as would be commercially reasonable industry practice at the time with respect to
providing a biotechnology license to a third party, to accommodate that the Foundation, the Foundation’s sublicensees, and/or the relevant Foundation-supported Entity can effectively exercise the applicable Global Health License and use the
related technology and manufacture the relevant Products if a Trigger Event occurs (including the right to reference regulatory filings related to the applicable Products), in each case solely as permitted under the Global Health License.
Notwithstanding the foregoing, the technology transfer obligations described above will not apply with respect to the Company’s confidential manufacturing processes or technologies related to its Delta ModTech manufacturing line(s) so long as,
if requested by the Foundation, the Company enters into and performs its obligations under a supply agreement with the Foundation or a Foundation-supported Entity for the manufacture of the applicable funded product at a price that does not exceed
the Company’s cost of goods (Ex-Works) sold plus [***] and subject to other terms that are reasonably acceptable to the parties. 

(m) Intellectual Property Rights. The Company represents and covenants that the Company has and will continue to have all necessary
rights to the Platform Technology (including all rights in any patents, copyrights, trademarks, trade secrets, data, confidential information, know-how, and other intellectual property or proprietary right)
needed to perform the Global Access Commitments and grant the licenses hereunder. 
 (n) Duration of Global Access Commitments. The
Global Access Commitments will be ongoing and will continue for as long as the Foundation exists, except that (i) the Company’s obligation to accept Additional Assay Projects (in accordance with the terms above) will terminate seven years
following the closing of the initial Foundation Investment (such [***] period will be extended to accommodate initiation of any Additional Assay Projects that may be under discussion by the parties at the end of such period) and (ii) the
price and volume commitments set forth in Section 3(g)(ii) in respect of the [***] Diagnostic Instrument will expire [***] following the first commercial launch of the [***] Diagnostic Instrument in a Challenging Market Country. 

 4. Survival of Global Access Commitments. 

In the event of (i) an Acquisition Transaction, or (ii) the sale, exclusive license, or other transfer of the Platform Technology
owned or controlled by the Company or the Funded Developments, the Global Access Commitments will survive and be assumed in full by the purchaser, transferee, licensee, or acquirer and the Company will take all action necessary to ensure such
assumption. The Foundation will have the right to review the provisions of the written agreement with such third-party that relate to the assumption of the Global Access Commitments to confirm that the Global Access Commitments will survive and be
assumed by the third-party and will continue to be directly enforceable by the Foundation. For clarity, notwithstanding anything to the contrary in this Letter Agreement, the Foundation’s rights hereunder that exist on the date of the
Acquisition Transaction or sale, exclusive license, or other transfer of the Platform Technology or the Funded Developments will not be terminated by such transaction. 

In addition, at the earlier to occur of (a) the agreement by the Company with a third party on the key terms of an Acquisition
Transaction or (b) [***] prior to the closing of an Acquisition Transaction, the Company will provide the Foundation with written notice of the proposed Acquisition Transaction. The Company will also work in good faith with the Foundation and the
proposed acquirer to develop and agree to (prior to the closing of such Acquisition Transaction) a written plan that is acceptable to the Foundation that provides adequate assurances of the continued performance and timely transition of the Global
Access Commitments. Among other things, the plan will describe the resource commitments and timeline to support the transition and will provide that the personnel responsible for performance of the Global Access Commitments will have a level of
knowledge and experience that is appropriate for such performance. Upon approval of the plan by the Foundation, the plan will become part of the Global Access Commitments and will be binding on the Company and acquirer. 

5. Withdrawal Right. 
 (a) The
Withdrawal Right described and defined in this Section 5 will be triggered only as a result of a Charitability Default. 
 (b) A
“Charitability Default” means that the Company (i) is in material breach of any of the Global Access Commitments, including the failure to conduct the Projects as described herein, other than for reasons of technical or
scientific failure not within the control of the Company and not known to the Company at or before closing of each Foundation Investment, (ii) fails to comply with the restrictions in Sections 2 and 9 of this Letter Agreement on the
use of proceeds from the Foundation Investment, or (iii) fails to comply with the other related U.S. legal obligations set forth in this Letter Agreement, including the requirements set forth in Sections 6, 9, 11, and 12.
Each party agrees to promptly notify the other party in writing if it becomes aware of a Charitability Default and the Company will thereafter promptly provide to the Foundation a proposed strategy to remedy the Charitability Default.
Notwithstanding the foregoing, the Foundation will not lose any rights or remedies solely as a result of a failure to notify the Company after it becomes aware of a Charitability Default. 

(c) If the Company fails to cure the Charitability Default within [***] of the Foundation’s written notice of such Charitability Default,
and if the Foundation holds any securities of the Company, including securities issued in respect of or upon conversion or exercise of such securities (collectively, the “Foundation Securities”) or any loans from the
Foundation are outstanding, in each case issued or extended in connection with the Foundation Investment, the Company will have the obligation, if requested by the Foundation, to (i) redeem all of the Foundation Securities or locate a
third-party that will purchase the Foundation Securities and (ii) to 

 
repay the entire unpaid principal and accrued and unpaid interest on such loans without presentment, demand, protest or notice of any kind, all of which are expressly waived ((i) and (ii), the
“Withdrawal Right”). If the Company is unable to redeem all of the Foundation Securities, and no third party purchases the Foundation Securities, then the Company will use its best efforts to effect the Withdrawal Right, consistent
with the Code and applicable law, as soon as practicable. During any period when the Company is unable to exercise its obligations with respect to the Withdrawal Right, the Company will not pay dividends on any of its capital stock, redeem the
capital stock of any other stockholder of the Company (excluding repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Company or any subsidiary in connection with the cessation
of such employment or service at the lower of the original purchase price or the then-current fair market value thereof) or otherwise make any other distribution to any other stockholder of the Company (other than shares of common stock or stock
options issued to employees or directors of, or consultants or advisors to, the Company or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors of the Company). The Company’s obligations in
connection with the Withdrawal Right will be subordinate to the Company’s repayment obligations with respect to the Senior Indebtedness (as defined in the Note). 

(d) For redemption or purchase by the Company or a third-party pursuant to Section 5(c), the Foundation Securities will be valued at the
greater of (i) the original purchase price attributable to such shares plus a [***] per annum compounding interest rate calculated from the date of issuance of the Foundation Securities through the date of redemption or purchase or
(ii) Fair Market Value. 
 (e) Notwithstanding any exercise of the Withdrawal Right by the Foundation, the Foundation’s
rights under the Global Access Commitments will survive. 
 6. Required Reporting; Audit Rights. 

(a) In addition to reports required to be delivered to the Foundation under the Investment Documents, the Company will furnish, or cause to be
furnished, to the Foundation the following reports and certifications: 
 (i) within [***] after the end of each of the Company’s fiscal
years during which the Foundation owns any securities in the Company, a certificate from the Company signed by an officer of the Company and substantially in the form attached to this Letter Agreement as Appendix E,
certifying that the requirements of the Foundation Investment set forth in this Letter Agreement were met during the immediately preceding fiscal year, describing the use of the proceeds of the Foundation Investment and evaluating the Company’s
progress toward achieving the Global Access Commitments; 
 (ii) within [***] after the end of the Company’s fiscal year during which
the Foundation ceases to own any securities in the Company, a certificate from the Company signed by an officer of the Company and substantially in the form attached to this Letter Agreement as Appendix F, certifying that
the requirements of the Foundation Investment set forth in this Letter Agreement were met during the term of the Foundation Investment, describing the use of the proceeds of the Foundation Investment and evaluating the Company’s progress toward
achieving the Global Access Commitments; 

 (iii) any other information respecting the operations, activities and financial condition of
the Company as the Foundation may from time to time reasonably request to discharge any expenditure responsibility, within the meaning of Sections 4945(d)(4) and 4945(h) of the Code, of the Foundation with respect to the Foundation Investment,
and to otherwise monitor the charitable benefits intended to be served by the Foundation Investment. The Foundation will reimburse the Company for any reasonable third-party expenses incurred by the Company in order to prepare any information the
Company is required to prepare solely as a result of this Section 6(a)(iii); and 
 (iv) full and complete financial reports of
the type ordinarily required by commercial investors under similar circumstances to the extent required pursuant to Treasury Regulation 53.4945-5(b)(4). 

(b) At the Foundation’s reasonable request, the Company will provide the Foundation with a summary of scientific data and progress to date
on all Projects and any Platform Technology related to the foregoing, and the considerations made by the Company with respect to accessibility, affordability and cost-effectiveness of the applicable Products for people and payors in Developing
Countries, in addition to the information that may be required under any grant agreements or other funding agreements. 
 (c) Without
limiting the foregoing, at the Foundation’s request, the Company will permit the Foundation or its representatives to inspect (at a reasonable time and location) the scientific records of the Company relating to each Project with due regard to
the reasonable need to protect trade secrets covering the Platform Technology. 
 (d) The Company will maintain books and records adequate to
provide information ordinarily required by commercial investors under similar circumstances, including accounting records and copies of any reports submitted to the Foundation related to each Project. The Company will retain such books, records, and
reports for four years after the Foundation ceases to hold Company securities and will make such books, records, and reports available to the Foundation at reasonable times to enable the Foundation to monitor and evaluate how the Foundation’s
funds have been used. 
 (e) The Company will permit employees or agents of the Foundation at any reasonable time and upon reasonable prior
notice, during normal business hours, to examine or audit the Company’s books and accounts of record and to make copies and memoranda of the same, in each case at the Foundation’s expense to audit the Company’s compliance with the use
of the Foundation Investment and the Global Access Commitments. If the Company maintains any records (including computer-generated records and computer software programs for the generation of such records) in the possession of a third party, the
Company, upon request of the Foundation, will notify such party to permit the Foundation free access to such records at all reasonable times and to provide the Foundation with copies of any records it may reasonably request in connection with such
audit, request or inquiry, all at the Foundation’s expense. 

 7. Board Observer. 

In addition to the Foundation’s right to appoint a director to the Company’s Board of Directors (as set forth in the other Investment
Documents), as long as the Foundation or an Affiliate thereof owns any Foundation Securities, the Foundation shall be entitled to designate one person to attend all meetings of the Company’s Board of Directors and committees thereof in a
nonvoting observer capacity and the Company shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in the same manner as provided to such directors;
provided that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the
attorney-client privilege between the Company and its counsel or result in a potential conflict of interest on the part of the Foundation. 
 8.
Assignment. 
 Notwithstanding anything in this Letter Agreement or any Investment Document to the contrary, the Foundation will
have the right to assign this Letter Agreement or transfer the Foundation Securities to (a) any successor charitable organization of the Foundation from time to time that is a tax exempt organization as described in Section 50l(c)(3) of
the Code, or (b) any tax exempt organization as described in Section 50l(c)(3) of the Code controlled by one or more trustees of the Foundation. The Foundation will notify the Company of any such assignment, including the identity of the
assignee, in a timely manner. For the avoidance of doubt, if the Foundation transfers the Foundation Securities as permitted by this Section 8, the Foundation may assign to any such transferee all of its rights attached to such Foundation
Securities, including the Withdrawal Right. 
 9. Prohibited Uses. 

The Company will not expend any proceeds of the Foundation Investment to carry on propaganda or otherwise to attempt to influence legislation,
to influence the outcome of any specific public election or to carry on, directly or indirectly, any voter registration drive, or to participate or intervene in any political campaign on behalf of or in opposition to any candidate for public office
within the meaning of Section 4945(d) of the Code. The proceeds of the Foundation Investment will not (a) be earmarked to be used for any activity, appearance or communication associated with the activities described in the foregoing
sentence, nor (b) be intended for the direct benefit, and will not benefit, any person having a personal or private interest in the Foundation, including descendants of the founders of the Foundation, or persons related to or controlled by,
directly or indirectly, such private interests. 
 For the avoidance of doubt, the Company will not use the funds received from the
Foundation to pay a dividend or redeem shares. 
 10. Disqualified Person. 

Neither the Company nor (to the best knowledge of the Company) any stockholder of the Company is a “disqualified person” with respect
to the Foundation (as the term “disqualified person” is defined in Section 4946(a) of the Code). The Foundation does not, and one or more disqualified persons with respect to the Foundation do not, directly or indirectly, control the
Company. 

 11. Anti-Terrorism. 

The Company will not use any portion of the Foundation Investment, directly or indirectly, in support of activities (a) prohibited by U.S.
laws related to combatting terrorism; (b) with persons on the List of Specially Designated Nationals (www.treasury.gov/sdn) or entities owned or controlled by such persons; or (c) with countries or territories against which the U.S.
maintains comprehensive sanctions (currently, Cuba, Iran, (North) Sudan, Syria, North Korea, and the Crimean Region of Ukraine), unless such activities are fully authorized by the U.S. government under applicable law and specifically approved by the
Foundation in its sole discretion. 
 12. Anti-Corruption and Anti-Bribery. 

The Company will not offer or provide money, gifts, or any other things of value directly or indirectly to anyone in order to improperly
influence any act or decision relating to the Foundation or any activities contemplated by this Letter Agreement or the Company’s organizational documents (e.g., certificate of incorporation or articles of association), including by assisting
any party to secure an unlawful advantage. Training and information on compliance with these requirements are available at www.leamfoundationlaw.org. 

13. Public Reports; Use of Name. 

The Foundation may include information on this investment in its periodic public reports and may make the investment public at any time on its
web page and as part of press releases, public reports, speeches, newsletters and other public document, and to the extent required by applicable law or regulation. Any announcement of the Foundation Investment by any other party, including the
Company, its representatives, directors, stockholders and agents, or any investor, will require the Foundation’s prior written approval. Such parties will also obtain the Foundation’s prior written approval for any other use of the
Foundation’s name or logo in any respect; provided, however, that the Company may use the Foundation’s name for any uses that have been pre-approved in writing by the Foundation.
Notwithstanding the foregoing, the Foundation’s name and logo will not be used by any party in any manner to market, sell or otherwise promote the Company, its products, services and/or business. 

14. Indemnification. 
 The Company
will indemnify, hold harmless, and defend the Foundation and its co-chairs, trustees, directors, officers, employees, agents, and representatives (collectively, the “Indemnitees”) from
and against any and all third party causes of action, claims, suits, legal proceedings, judgments, settlements, damages, penalties, losses, liabilities and costs (including reasonable attorneys’ fees and costs) (each a
“Claim”) finally awarded to such-third party by a court of competent jurisdiction against any of the Indemnitees or agreed to as part of a monetary settlement of the Claim and arising out of or relating to: (a) bodily
injury, death or property damage caused by the activities or omissions of the Company, including any development or commercialization or distribution activities carried out by the Company (including any failure to comply with applicable laws,
regulations or rules in connection therewith), or by any product; or 

 
(b) any Claim that the Platform Technology, any Funded Development or any product infringes upon a patent, proprietary, or other intellectual property right of a third-party. The Foundation will
give the Company prompt written notice of any Claim subject to indemnification; provided, that the Foundation’s failure to promptly notify the Company will not affect the Company’s indemnification obligations except to the extent
that the Foundation’s delay prejudices the Company’s ability to defend the Claim. The Company will have sole control over the defense and settlement of each and every Claim, with counsel of its own choosing which is reasonably acceptable
to the Foundation; provided, that the Company conducts the defense actively and diligently at the sole cost and expense of the Company and provided further that the Company will not enter into any settlement that adversely affects any
Indemnitee without the applicable Indemnitee’s prior written consent, such consent not to be unreasonably withheld, conditioned or delayed. The Foundation will provide the Company, upon request, with reasonable cooperation in connection with
the defense and settlement of the Claim. Subject to the Company’s rights above to control the defense and settlement of Claims, the Foundation and any Indemnitee may, at its own expense, employ separate counsel to monitor and participate in the
defense of any Claim under this Section 14. 
 The parties will not be liable to each other for any indirect, incidental,
consequential, or special damages (including lost revenues, lost savings, or lost profits suffered by such other party) suffered by such other party arising under or in connection with this Letter Agreement, regardless of the form of action, whether
in contract or tort, including negligence of any kind, whether active or passive, and regardless of whether the party knew of the possibility that such damages could result; provided, that to the extent an Indemnitee is entitled to be
indemnified hereunder for Claims of third parties and such third party has been awarded indirect, incidental, consequential, reliance, or special damages (including lost revenues, lost savings, or lost profits), the Company’s indemnification
obligations to the Indemnitee will extend to and include such third party’s indirect, incidental, consequential, reliance, or special damages (including lost revenues, lost savings, or lost profits). The parties further agree that under no
circumstances will any party be liable to the other party (or to any Indemnitee) more than once for the same losses arising under or in connection with this Letter Agreement. 

15. Insurance. 
 The Company agrees
to maintain insurance coverage sufficient to cover the activities, risks, and potential omissions in respect of the Projects in accordance with generally-accepted industry standards and as required by law. The Company will ensure all subcontractors
maintain insurance coverage consistent with this paragraph. 
 16. Compliance with Laws and Requirements; Responsibility. 

The Company will comply with all applicable laws and regulations, including intellectual property laws. The Company will conduct, control,
manage, and monitor the Projects in compliance with all applicable ethical, legal, regulatory, and safety requirements, including applicable international, national, local, and institutional standards. The Company will obtain and maintain all
necessary approvals, consents, and reviews before conducting the applicable activity. If a Project involves: 

 (a) any protected information (including personally identifiable, protected health, or third
party confidential), the Company will not disclose this information to the Foundation without obtaining the Foundation’s prior written approval and all necessary consents to disclose such information; 

(b) children or vulnerable subjects, the Company will obtain any necessary consents and approvals unique to these subjects; or 

(c) any trial involving human subjects, the Company will adhere to current Good Clinical Practice as defined by the International Council on
Harmonisation (ICH) E-6 Standards (or local regulations if more stringent) and will obtain applicable trial insurance. 

The Company will be solely responsible and liable for all activities related to the conduct of the Projects. For avoidance of doubt, as between the Foundation
and the Company, the Company will have responsibility for all clinical trials. Any activities by the Foundation in reviewing documents and providing input or funding do not modify the Company’s responsibility, including responsibility for
determining and complying with the provisions of this Section 16. 
 17. Entire Agreement; Modification. 

The terms and conditions set forth in this Letter Agreement are in addition to the provisions stated in the other Investment Documents and the
terms and conditions of this Letter Agreement will prevail over any inconsistent provision in any other Investment Document. No change, modification or waiver of any term or condition of this Letter Agreement will be valid unless it is in writing,
it is signed by the party to be bound, and it expressly refers to this Letter Agreement. 
 18. Authority; Governing Law. 

Each of the signatories below covenants, represents and warrants that he, she or it had all authority necessary to execute this Letter
Agreement and that, on execution, this Letter Agreement will be fully binding and enforceable in accordance with its terms, and that no other consents or approvals of any other person or third parties are required or necessary for this Letter
Agreement to be so binding. This Letter Agreement will be governed by the laws of England and Wales, excluding its conflicts of laws provisions. 
 19.
Counterparts. 
 This Letter Agreement may be executed in one or more counterparts, each of which will be deemed an original, but
all of which will be deemed to be and constitute one and the same instrument. 
 20. Construction. 

Section headings are not to be considered part of this Letter Agreement, are included solely for convenience, are not intended to be full or
accurate descriptions of the content thereof, and will not effect the construction of this Letter Agreement. The words “include,” “includes” and “including” will be considered to be followed by the words “without
limitation”. 
 [Signature Page Follows] 

 The parties have caused this Letter Agreement to be executed as of the date first set forth above. 

 

									
	LumiraDx Limited	 		  	Bill & Melinda Gates Foundation
					
	By:	 	 /s/ David Scott
	 	        	  	By:	  	 /s/ Carolyn Ainslie

	Name: David Scott	 		  	Name: Carolyn Ainslie
	Title: Director	 		  	Title: Chief Financial OfficerEX-10.6

 Exhibit 10.6 

EXECUTION VERSION 

Portions of this Exhibit have been redacted because they are both (i) not material and (ii) would be competitively harmful if
publicly disclosed. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 

LUMIRADX LIMITED 

NOTE PURCHASE AGREEMENT 

OCTOBER 17, 2019 

 CONTENTS 
  

							
	 1.
	 	 Definitions
	  	 	2	 
			
	 2.
	 	 Amount and Terms of the Loan
	  	 	5	 
			
	 3.
	 	 Use of Proceeds
	  	 	5	 
			
	 4.
	 	 Closing
	  	 	5	 
			
	 5.
	 	 Warranties of the Company
	  	 	6	 
			
	 6.
	 	 Warranties of the Purchaser
	  	 	7	 
			
	 7.
	 	 Events of Default; Remedies
	  	 	7	 
			
	 8.
	 	 Conditions to Closing
	  	 	9	 
			
	 9.
	 	 Covenants of the Company
	  	 	10	 
			
	 10.
	 	 Miscellaneous
	  	 	12	 

 SCHEDULE 1 DATA ROOM 
 SCHEDULE 2
WARRANTIES 
 SCHEDULE 3 DISCLOSURE SCHEDULES 
 EXHIBIT A FORM
OF NOTE 
 EXHIBIT B FORM OF LETTER AGREEMENT 
 EXHIBIT C
KENNEDY LEWIS INVESTMENT AGREEMENT 

 EXECUTION VERSION 

NOTE PURCHASE AGREEMENT 

This NOTE PURCHASE AGREEMENT (this “Agreement”) is made as of October 17, 2019 (the “Effective Date”) by and
between LumiraDx Limited, an exempted company with limited liability incorporated in the Cayman Islands under company number 314391 with its registered office at c/o Estera Trust (Cayman) Limited, PO Box 1350, Clifton House, 75 Fort Street, Grand
Cayman KY1 1108, Cayman Islands (the “Company”), and the Bill & Melinda Gates Foundation of [***] (the “Purchaser”). The Company and the Purchaser are each referred to as a “Party” and
collectively as the “Parties”. 
 BACKGROUND 

(A)    The Purchaser desires to advance a loan to the Company in furtherance of the Purchaser’s exempt purposes described in
Section 170(c)(2)(B) of the Code and the Letter Agreement, and the Company desires to borrow from the Purchaser a loan (the “Loan”) in the principal amount of eighteen million United States dollars (US$18,000,000.00) (the
“Loan Amount”). 
 (B)    The Loan (i) will be evidenced by an unsecured subordinated promissory note in the form
attached hereto as Exhibit A (the “Note”); (ii) is subject to the Global Access Commitments and other agreements as described in the Letter Agreement with respect to the development of the [***] diagnostic instrument; and
(iii) is structured as a program-related investment within the meaning of Section 4944(c) of the Code. 
 The Parties agree as
follows: 
 1.    Definitions. In this Agreement, unless the context requires otherwise, the following terms shall
have the following meanings: 
 1.1    “2018 Preferred Shares Financing” means the
offering of 212,718 Series A 8% cumulative annual convertible preferred shares of US$0.001 each in the capital of the Company (the “Preferred Shares”) at a price of US$1,269.283 per Preferred Share in a gross amount of approximately
two-hundred and seventy million United States dollars (US$ 270,000,000) (including shares issued as fees) to certain strategic investors, including the Purchaser; 

1.2    “2019 Convertible Notes” means the convertible notes in
an amount not to exceed in the aggregate one hundred fifty million United States dollars (US$150,000,000.00) issued by the Company on October 15, 2019 and/or October 31, 2019 (or such other date as the board of directors may determine in accordance
with the terms of such convertible notes); 
 1.3    “Applicable Law” means applicable
federal, state, local, national and supra- national laws, statutes, rules and regulations of a Governing Authority, including any rules, regulations, orders, judgments, ordinances, guidelines or other requirements of any regulatory authority (in
each case having the force of law), that may be in effect and applicable to the Company, including all data protection requirements such as those specified in the EU Data Protection Directive; 

1.4    “Affiliate” means, as to any Person, any other Person that directly or indirectly
Controls or is under common Control with or is Controlled by such Person; 

1.5    “Agreement” has the meaning given in the introductory paragraph. 

1.6    “Claim” has the meaning given in Section 5.3(c); 

  
 2 

 EXECUTION VERSION 

 

 1.7    “Closing” has the meaning given
in Section 4.1; 
 1.8    “Closing Date” has the meaning given
in Section 4.1; 
 1.9    “Code” means the US Internal Revenue
Code of 1986, as amended from time to time, and the regulations thereunder; 

1.10    “Company” has the meaning given in the introductory paragraph; 

1.11    “Company IP” means all Intellectual Property owned by or controlled by the
Company; 
 1.12    “Constitutional Documents” means the constitutional documents of the
Company as applicable at the relevant time including the articles of association of the Company and any shareholders or investment agreement and similar agreements to which the Company is a party; 

1.13    “Control” means the direct or indirect ownership of more than fifty percent (50%)
of the outstanding voting securities of an entity, or the right to receive more than fifty percent (50%) of the profits or earnings of an entity. Any other relationship that in fact results in one entity having the ability to direct the management,
business and affairs of another entity shall also be deemed to constitute Control and Controlled shall be construed accordingly; 

1.14    “Data Protection Legislation” means the Data
Protection Act 1998, the EU Data Protection Directive 95/46/EC, the Privacy and Electronic Communications Directive 2002/58/EC (as amended), the Privacy and Electronic Communications (EC Directive) Regulations 2003 (as amended), the Regulation of
Investigatory Powers Act 2000, the Telecommunications (Lawful Business Practice) (Interception of Communications) Regulations 2000 and all Applicable Laws and regulations relating to processing of personal data, including where applicable the
guidance and codes issued by the Information Commissioner or other appropriate supervisory authority; 

1.15    “Data Room” means the documents contained in the Vault electronic data room made
available to you by the Company at least forty-eight (48) hours in advance of the date hereof, an index of which is attached to this Agreement as Schedule 1 and includes the name and location of each document in the data room. Any
documents not listed in such index shall not be considered to be contained in the Data Room. 

1.16    “Disclosure Schedules” means the disclosure schedules attached to this Agreement
as Schedule 3; 
 1.17    “Effective Date” means the date set out
in the introductory paragraph; 
 1.18    “Encumbrance” means any charge, pledge,
security interest, mortgage, easement, encroachment, lien, option, or restriction of any kind, including any restriction on use, voting, transfer or receipt of income; 

1.19    “Event of Default” has the meaning given in Section 7.1;

 1.20    “Fairly Disclosed” has the meaning given in
Section 5.3(a); 
 1.21    “Governing Authority” means any
federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other
non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the force of law), or any arbitrator, court or
tribunal of competent jurisdiction; 

  
 3 

 EXECUTION VERSION 

 

 1.22    “Governmental Order” means any
order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governing Authority; 

1.23    “Indebtedness” has the meaning given in the Kennedy Lewis Investment Agreement;

 1.24    “Intellectual Property” means all intellectual property, including
(a) patents, patent applications and statutory invention registrations, (b) trademarks, service marks, domain names, trade dress, logos, trade names, corporate names and other identifiers of source or goodwill, including registrations and
applications for registration thereof and including the goodwill of the business symbolized thereby or associated therewith, (c) mask works and copyrights and registrations and applications for registration thereof, and (d) confidential
and proprietary information, including trade secrets, know-how and invention rights; 

1.25    “Investment Documents” means this Agreement, the Note and the Letter Agreement, in
each case as amended from time to time; 
 1.26    “Junior Debt” has the meaning given
in Section 9.1(c); 
 1.27    “Kennedy Lewis Investment” has
the meaning given in Section 10.15; 
 1.28    “Kennedy Lewis
Investment Agreement” means the Loan and Security Agreement dated as of September 20, 2019 among the Company, Kennedy Lewis Investment, and the other parties thereto, which is attached hereto as Exhibit C; 

1.29    “Letter Agreement” means the Amended and Restated Side Letter Agreement in the
form set out in Exhibit B entered into between the Company and the Purchaser on or before the Effective Date (as amended from time to time); 

1.30    “Loan Documents” means this Agreement and the Note; 

1.31    “Material Adverse Change” means any fact, matter, event, circumstance, condition
or change in the business, operations, assets, liabilities, condition (whether financial, trading or otherwise), prospects or operating results of the Company which materially and adversely affects, or to the Company’s knowledge could
reasonably be expected to materially and adversely affect, the Company’s ability to perform its obligations under any of the Investment Documents in any material respect; 

1.32    “Note” has the meaning given in the Background section above; 

1.33    “Party” and “Parties” has the meaning given in the introductory
paragraph; 
 1.34    “Permitted Encumbrance” means (a) any liens for
taxes not yet due and payable; 
 (b)    easements, rights of way, zoning ordinances and other similar encumbrances
affecting real property which are not, individually or in the aggregate, material to the business of the Company; (c) other than with respect to owned real property, liens arising under original purchase price conditional sales contracts and
equipment leases with third parties entered into in the ordinary course of business consistent with past practice which are not, individually or in the aggregate, material to the business of the Company; (d) any Encumbrance created or permitted
by or referred 

  
 4 

 EXECUTION VERSION 

 

 
to in any existing document relating to existing financing arrangements that were fully disclosed in writing directly or by providing copies or detailed disclosures in the Data Room or in
connection with trade credit incurred in the ordinary course of business; (e) any other Permitted Lien; or (f) any other lien or Encumbrance in connection with Senior Indebtedness; 

1.35    “Permitted Lien” has the meaning given in the Kennedy Lewis Investment Agreement.

 1.36    “Person” means any individual, partnership, corporation, limited liability
company, association, trust, joint venture, unincorporated organization or other entity; 

1.37    “Personal Data” has the same meaning as the term “personal
data” under the Data Protection Legislation; 
 1.38    “Plans” means the LumiraDx
Limited Unapproved Option Scheme with US Appendix and the LumiraDx Limited Consultants’ and Non-Employees’ Option Scheme; 

1.39    “Process Agent” means the individual appointed by the Company pursuant to
Section 10.17. 
 1.40    “Purchaser” has the meaning given in the introductory
paragraph; 
 1.41    “Senior Indebtedness” means, unless expressly subordinated to or
made on a parity with the amounts due under the Note, all existing and future amounts due in connection with Indebtedness to commercial banks, commercial debt funds providers, equipment lenders or other financial institutions under secured or
unsecured lines of credit, term loans and/or equipment leases. For avoidance of doubt, Senior Indebtedness does not include the 2019 Convertible Notes, any other convertible notes that are unsecured or Junior Debt; 

1.42    “Subsidiary” has the meaning given in the Kennedy Lewis Investment Agreement; 

1.43    “Warranties” has the meaning given in Section 5.1; and

 1.44    “[***] Diagnostic Instrument” has the meaning given in the Letter Agreement.

 2.    Amount and Terms of the Loan. Subject to the terms of this Agreement: 

2.1    the Purchaser covenants and agrees to lend to the Company the Loan; and 

2.2    the Company agrees to issue to the Purchaser a Note in the Loan Amount as set out in this Agreement.

 3.    Use of Proceeds. The Company shall use the proceeds from the sale of the Note solely in accordance with
Section 2(b)(ii) of the Letter Agreement. 
 4.     Closing. 

4.1    Closing Date. The closing of the purchase and sale of the Note (the
“Closing”) shall be subject to the conditions set forth in Section 8 and shall be held on the Effective Date or at such other time as the Company and the Purchaser shall agree (the “Closing
Date”), whereby the Purchaser shall lend to the Company and the Company shall issue to the Purchaser the Note in the principal amount of the Loan Amount. 

  
 5 

 EXECUTION VERSION 

 

 4.2    Delivery on Closing. At Closing: 

(a)    the Purchaser will send to the bank account of the Company (notified in writing to the Purchaser at
least [***] in advance of the Closing Date) by wire transfer funds in the amount of the Loan Amount; 

(b)    the Company shall issue and deliver to the Purchaser the executed Note in favor of the Purchaser in
the principal amount of the Loan Amount and the Purchaser shall countersign the Note; 
 (c)    the
Company shall execute and deliver to the Purchaser the Letter Agreement; and 
 (d)    the Purchaser
shall execute and deliver to the Company the Letter Agreement. 
 5.    Warranties of the Company.

 5.1    Warranties. The Company hereby warrants to the Purchaser that each of the warranties set
forth on Schedule 2 is true and accurate on and as of the date hereof and as of the Closing Date (the “Warranties”). 

5.2    Company’s Knowledge. Any Warranty qualified by “to the Company’s
knowledge” or any similar expression shall, unless otherwise stated, be deemed to refer to the actual knowledge of [***]. 

5.3    Limitations on Liability. 

(a)    The Warranties are qualified to the extent, but only to the extent, that those matters are Fairly
Disclosed in (i) in the Data Room or (ii) the Disclosure Schedules. For this purpose, “Fairly Disclosed” means disclosed in such manner and in such detail as to enable a reasonable person who is not familiar with the
Company but has expertise in evaluating investments to make a reasonably informed and accurate assessment of the matter disclosed; provided that, forward-looking statements, including but not limited to financial projections and business plans and
risk factors shall not be considered “Fairly Disclosed” regardless of whether such forward- looking statements and risk factors are included in the data room or Disclosure Schedules. 

(b)    The Company’s maximum aggregate liability in respect of all claims for breach of the Warranties
shall not exceed the amount equal to the Loan Amount plus accrued interest and the reasonable cost and expenses (including attorney’s fees) incurred in connection with making a successful claim for breach. 

(c)    The Company shall not be liable in respect of any claim for breach of a Warranty (a
“Claim”) unless Purchaser provides written notice to the Company of that Claim (setting out reasonable details of the subject matter giving rise to the Claim) by no later than [***] from the Closing Date. 

  
 6 

 EXECUTION VERSION 

 

 (d)    The provisions of this
Section 5.3 shall not apply to any claim (including any Claim) to the extent that it arises or is increased as a result of the fraud or willful misconduct of the Company. 

6.    Warranties of the Purchaser. 

6.1    Organization and Standing. Purchaser is duly formed, is validly existing and in good standing
under the laws of the jurisdiction in which it was formed and has the requisite power and authority to enter into and perform its obligations under the Investment Documents. 

6.2    Purchaser Action. This Agreement and the other Investment Documents to which the Purchaser is
a party constitute legal, valid and binding obligations of the Purchaser enforceable in accordance with their terms. 

6.3    Information and Sophistication. Without lessening or obviating the warranties of the Company
set forth in Section 5, the Purchaser hereby: 
 (a)    acknowledges that it
has received all the information it has requested from the Company and it considers necessary or appropriate for deciding whether to make the Loan; and 

(b)    warrants that it has had an opportunity to ask questions and receive answers from the Company
regarding the terms and conditions of the Note and to request any additional information necessary to verify the accuracy of the information given to the Purchaser. 

7.    Events of Default; Remedies. 

7.1    Events of Default. Each of the following shall constitute an
event of default (each, an “Event of Default”) under the Loan Documents: 
 (a)    The
Company fails to pay (i) when due any principal or interest payment on the due date required under the terms of the Note (or where not paid on its due date solely due to technical or administrative error, within [***] of its due date); or
(ii) any other payment required under the terms of the Note on the date due; 
 (b)    Any Warranty
made by the Company pursuant to Section 5 proves to be false or misleading in any material respect as of the time it was given (save that the Purchaser shall not be entitled to claim that any fact, matter or circumstance
causes any of the Warranties to be false or misleading if it has been fairly disclosed pursuant to Section 5.3(a)); 

(c)    The Company fails to observe or perform any covenant, obligation, condition or agreement contained
in this Agreement, the Letter Agreement (to the extent pertaining to the [***] Diagnostics Instrument) and/or the Note (including any occurrence that would constitute a Charitability Default pursuant to the Letter Agreement (to the extent pertaining
to the [***] Diagnostics Instrument) and, in each case, such default is material and is not remedied within one hundred twenty (120) days of the date on which the Purchaser notifies the Company of such default; 

(d)    The Company is in default under the terms of the Senior Indebtedness, Junior Debt or 2019
Convertible Notes and such default is not cured within the applicable time period under the applicable definitive agreement for the Senior Indebtedness, Junior Debt or the 2019 Convertible Notes (if a cure period is applicable) provided that the
Purchaser’s exercise of any remedies under Section 7.2 upon the occurrence of such default shall be subject to Section 10.15. 

  
 7 

 EXECUTION VERSION 

 

 (e)    The Company files any petition or action for
relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any general assignment for the benefit of creditors or takes any corporate
action in furtherance of any of the foregoing; 
 (f)    An involuntary petition is filed against the
Company (unless such petition is dismissed or discharged within [***]) under any bankruptcy or insolvency statute now or hereafter in effect, or a custodian, administrator, receiver, trustee or assignee for the benefit of creditors (or other similar
official) is appointed to take possession, custody or control of any material assets of the Company; 

(g)    The Company or any of its Subsidiaries (but in the case of a Subsidiary only if the operation of the
Subsidiary is material to the business of the Company or performance of the obligations under the Letter Agreement in respect of the [***] Diagnostics Instrument) (i) stops (or threatens to stop) payment of its debts generally or ceases (or
threatens to cease) to carry on its business or a substantial part of its business or (ii) is unable to pay its debts as they fall due under the requirements of section 123 of the Insolvency Act 1986 or similar laws or compounds or proposes or
enters into any reorganization or special arrangement with its creditors generally or any similar proceedings; and 

(h)    The Company’s shareholders or board of directors affirmatively vote to liquidate, dissolve, or
wind up the Company or the Company otherwise ceases to carry on its ongoing business operations. 

7.2    Remedies. 

(a)    Upon the occurrence of any Event of Default and while it is continuing, all unpaid principal on the
Note, accrued and unpaid interest thereon and all other amounts owing under the Loan Documents shall, at the option of the Purchaser, or, upon the occurrence of any Event of Default pursuant to Section 7.1 (e),
(f), (g), or (h) above, automatically, be immediately due, payable and, subject to Section 10.15, collectible by the Purchaser pursuant to Applicable Law. 

(b)    In the event of any Event of Default, the Company shall immediately notify the Purchaser of such
event pursuant to Section 10.3 and shall pay all reasonable attorneys’ fees and costs incurred by the Purchaser in enforcing its rights under the Note and the other Investment Documents and collecting any amounts due
and payable under the Note, the payment of any such fees, costs and amounts so accrued subject to Section 10.15. No right or remedy conferred upon or reserved to the Purchaser under this Agreement is intended to be
exclusive of any other right or remedy, and every right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now and hereafter existing under Applicable Law. 

7.3    Additional Provisions. Without limiting and in addition to the Purchaser’s other rights
pursuant to this Agreement, the Letter Agreement and Applicable Law, the Company agrees that following the occurrence of an Event of Default pursuant to Section 7.1 above, even if the Purchaser exercises its rights pursuant
to Section 7.2 above, the Company will remain obligated to perform the Global Access Commitments (as defined in the Letter Agreement) pursuant to the Letter Agreement as if the Purchaser had fully funded the Note and the
Company shall continue to 

  
 8 

 EXECUTION VERSION 

 

 
comply with the terms and conditions of such Letter Agreement, to the extent permitted by Applicable Law. For the avoidance of doubt, payment of the sums due under
Section 7.2 following the occurrence of any Event of Default and (where applicable) performance by the Company of its obligations under this Section 7.3 shall not limit or otherwise affect any
other obligations of the Company or other rights or remedies of the Purchaser pursuant to this Agreement, the Letter Agreement or Applicable Law in respect of that or any other Event of Default. 

8.    Conditions to Closing. 

8.1    Conditions to the Purchaser’s Obligations at Closing. The obligations of
the Purchaser under the Investment Documents are subject to the fulfillment on or before the Closing of each of the following conditions, which may be waived in writing by the Purchaser: 

(a)    Warranties. The Warranties of the Company contained in Section 5,
subject to the provisions of Section 5, shall be true on and as of the Closing Date as though such Warranties had been made on and as of such date. 

(b)    Performance. The Company shall have performed and complied with all agreements, obligations,
and conditions contained in the Investment Documents that are required to be performed or complied with by it on or before the Closing. 

(c)    Qualifications. All authorizations, approvals, or permits, if any, of any governmental
authority or regulatory body of the Cayman Islands, the United States or any other jurisdiction that are required in connection with the lawful issuance and sale of the Note shall be duly obtained and effective as of the Closing. 

(d)    No Material Adverse Change. No Material Adverse Change shall have occurred and be continuing.

 (e)    Compliance Certificate. A Director of the Company shall deliver to the Purchaser at the
Closing a certificate certifying that the conditions specified in Sections 8.1(a), (b), (c), and (d) have been fulfilled. 

(f)    Proceedings and Documents. No action or proceeding by or before any court, administrative
body or governmental agency shall have been instituted or threatened which seeks to enjoin, restrain or prohibit, or might result in damages in respect of, this Agreement or the complete consummation of the transactions contemplated by this
Agreement, and which would in the reasonable judgment of the Purchaser make it inadvisable to consummate such transactions. No law or regulation shall be in effect and no court order shall have been entered in any action or proceeding instituted by
any party which enjoins, restrains or prohibits this Agreement or the complete consummation of the transactions contemplated by this Agreement. 

(g)    Closing Documents. The Company shall have duly executed and delivered to the
Purchaser the following documents: 
 (i)    This Agreement; 

(ii)    The Note; and 

(iii)    The Letter Agreement. 

  
 9 

 EXECUTION VERSION 

 

 8.2    Conditions to
Obligations of the Company. The obligations of the Company under the documents listed in Sections 8.1(g)(i) to (iii) are subject to the fulfillment on or before
the Closing of each of the following conditions, which may be waived in writing by the Company: 

(a)    Warranties. The warranties made by the Purchaser in Section 6 shall
be true on and as of the Closing with the same effect as though such warranties had been made on and as of the date of the Closing. 

(b)    Performance. The Purchaser shall have performed and complied with all agreements,
obligations, and conditions contained in the Investment Documents that are required to be performed or complied with by it on or before the Closing. 

(c)    Qualifications. All authorizations, approvals, or permits, if any, of any Governing Authority
of the United States or of any state that are required in connection with the lawful issuance and sale of the Note shall be duly obtained and effective as of the Closing. 

(d)    Loan Amount. The Purchaser shall have delivered to the Company the Loan Amount in respect of
the Note being purchased by the Purchaser at Closing. 
 (e)    Closing Documents. The Purchaser
shall have duly executed each of the following documents: 
 (i)    This Agreement; 

(ii)    The Note; and 

(iii)    The Letter Agreement. 

(f)    Acceptance of Appointment to
Receive Service of Process. The Purchaser shall have received evidence of the acceptance by the Process Agent of the appointment and designation provided for by
Section 10.17 for the period from the Closing Date to one year after maturity of the Note (and the payment in full of all fees in respect thereof). 

9.    Covenants of the Company. 

9.1    Negative Covenants. While the Note is outstanding, the Company shall not, without the prior
written consent of the Purchaser: 
 (a)    Distributions, Dividends and Repurchases. Make any
distributions or pay any dividends to holders of equity securities of the Company or undertake any return of capital (whether by reduction of capital, purchase of shares or otherwise) without the Purchaser’s prior written consent, except for:

 (i)    dividends or other distributions which are due and payable to holders of preferred equity
securities of the Company or pursuant to existing obligations of the Company as per the issued Preferred Shares; 

(ii)    dividends or other distributions payable on the shares of the Company solely in the form of
additional shares of the Company; and 

  
 10 

 EXECUTION VERSION 

 

 (iii)    repurchases of shares from current and former
employees, officers, directors, consultants or other persons who performed services for the Company or any Affiliate in connection with the cessation of such employment or service at the lower of the original purchase price or the then-current fair
market value thereof; 
 (b)    Swaps and Exchanges. Swap, exchange or replace any of its existing
equity (which shall for these purposes not be construed to include the 2019 Convertible Notes or any other convertible debt issued by the Company) as of the Effective Date for Company debt of any kind. 

(c)    Additional Indebtedness. Incur, assume, or be liable for additional unsecured debt that is
subordinated to the 2019 Convertible Notes in excess of an aggregate amount of [***] (“Junior Debt”). 

(d)    Acquisition Transactions. Complete any transaction or series of transactions that would
constitute an Acquisition Transaction (as defined in the Letter Agreement) or enter into any binding agreement for a transaction or series of transactions that would constitute an Acquisition Transaction; provided that the restrictions contained in
this Section 9.1(d) shall not apply if the applicable acquirer, successor entity, or transferee in any such Acquisition Transaction provides a confirmation of acceptance of the Company’s obligations under this
Agreement and the Note. 
 (e)    Encumbrance. Create, incur, allow, or suffer any Encumbrance on
any of its property, or assign or convey any right to receive income, or permit any of its Subsidiaries to do so, except (i) in the ordinary course of business consistent with past practice, (ii) as permitted under the Kennedy Lewis
Investment Agreement or (iii) otherwise in connection with any Senior Indebtedness. 

(f)    Investments. Make any loan, advance or capital contribution to any Person (other than a
Subsidiary or Affiliate), except as permitted under the Kennedy Lewis Investment Agreement or otherwise in the ordinary course of business consistent with past practice. 

(g)    Transactions with Affiliates. Directly or indirectly enter into or permit to exist any
material transaction with any Affiliate of the Company any of its Subsidiaries, except for transactions permitted under the Kennedy Lewis Investment Agreement, any transactions or arrangements completed or existing on or prior to the date hereof and
transactions on an arm’s length basis. 
 9.2    Letter Agreement. The terms and conditions
of the Letter Agreement shall be in addition to the provisions of this Agreement and the Company shall continue to comply with such terms and conditions, unless the Letter Agreement shall expire pursuant to the terms thereof. 

9.3    Conduct of Business. The Company shall: 

(a)    maintain its corporate existence in good standing; and 

(b)    carry on the business of the Company in a usual, regular and ordinary course manner consistent with
the Company’s business plan, which includes the development of the [***] Diagnostic Instrument, and in accordance with the provisions of this Agreement, the Letter Agreement and all Applicable Laws. 

  
 11 

 EXECUTION VERSION 

 

 9.4    Events of Default. The Company shall
promptly, and in any event no later than [***] from the date on which the Company becomes aware of an Event of Default, give written notice to the Purchaser that an Event of Default has occurred including reasonable details of such Event of Default.

 9.5    Reporting. The Company undertakes, so long as the Note is outstanding, as follows: 

(a)    the Company shall deliver within [***] of the end of each calendar quarter management accounts for
the relevant period; 
 (b)    the Company shall deliver forthwith on the same becoming available, and in
any event not later than one hundred and [***] after the end of each of its financial year, copies of the consolidated annual audited accounts of the Company; and 

(c)    the Company shall deliver any updated business plan of the Company and its Subsidiaries, promptly
and in any event within [***] of such updated business plan being adopted by the Company. 

9.6    Books and Records. The Company shall maintain the books and records of the Company in
accordance with past practice and shall use its commercially reasonable efforts to maintain in full force and effect all authorizations reasonably required to conduct the Company’s business. 

10.    Miscellaneous. 

10.1    Assignment. Notwithstanding anything in this Agreement to the contrary, the Purchaser will
have the right to assign this Agreement (in whole but not in part) or transfer this Agreement to: 

(a)    any Affiliate of the Purchaser; 

(b)    any successor charitable organization of the Purchaser from time to time that is a tax-exempt organization as described in Section 501(c)(3) of the Code; or 

(c)    any tax-exempt organization as described in
Section 501(c)(3) of the Code (that is not a competitor of the Company in the business of point of care diagnostics) controlled by one or more trustees of the Purchaser. 

The Purchaser will notify the Company of any such proposed assignment pursuant to Section 10.3, including the
identity of the assignee, prior to the date of such assignment. 
 10.2    No
Other Assignment. Except as provided in Section 10.1, neither Party shall have the right to assign or transfer (whether by sale or license of assets, or otherwise) this Agreement without the prior
written consent of the other Party, which consent will not be unreasonably withheld, conditioned or delayed. 

10.3    Notices. All notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: 
 (a)    upon personal delivery to the Party to be notified; 

  
 12 

 EXECUTION VERSION 

 

 (b)    [***] after having been sent by registered or
certified mail, return receipt requested, postage prepaid; 
 (c)    [***] after deposit with a
nationally recognized overnight courier, specifying next day delivery, with written verification of receipt; or 

(d)    when sent by confirmed electronic mail or facsimile if sent during normal business hours of the
recipient or, if not sent during normal business hours of the recipient, then on [***]. 
 All communications being sent to the Company shall
be sent to: 
 LumiraDx Limited 

c/o Estera Trust (Cayman) Limited 

PO Box 1350, Clifton House, 75 Fort Street 

Grand Cayman KY1 1108, Cayman Islands 

[***] 
 All communications being
sent to the Purchaser shall be sent to: 
 If delivered by UPS, FedEx, DHL, or other courier service, to all of the following: 

Bill & Melinda Gates Foundation 

[***] 
 Attention: [***] 

with a copy to (which shall not constitute notice): 

Morgan, Lewis & Bockius LLP 

[***] 
 Attention: [***] 

Bill & Melinda Gates Foundation 

[***] 
 Attention: [***] 

If delivered by United States Postal Service, to all of the following: 

Bill & Melinda Gates Foundation 

[***] 
 Attention: [***] 

with a copy to (which shall not constitute notice): 

Morgan, Lewis & Bockius LLP 

[***] 
 Attention: [***] 

  
 13 

 EXECUTION VERSION 

 

 If delivered by email, to all of the following: 

[***]; and [***] 
 with a copy to
(which shall not constitute notice): 
 [***] 

Or at such other address or electronic mail address as any Party may designate by [***] advance written notice to the other Parties hereto.

 10.4    Entire Agreement. This Agreement and the other Investment Documents, including all
exhibits hereto and thereto, set forth all the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties with respect to the subject matter of the Investment Documents, and supersede and
terminate all prior agreements, negotiations and understandings between the Parties, whether oral or written, with respect to such subject matter. 

10.5    Modification. No subsequent alteration, modification, amendment, change or addition to this
Agreement shall be binding upon the Parties unless reduced to writing and signed by the respective authorized officers of the Parties. In the event of a conflict between the terms of the Investment Documents, the terms of the Letter Agreement shall
prevail. 
 10.6    Binding Agreement. The terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the Parties. 

10.7    Third-Party Rights. The Parties do not intend that any term of this Agreement should be
enforceable, by virtue of the Contracts (Rights of Third Parties) Act 1999, by any person who is not a party to this Agreement, except for Kennedy Lewis Investment solely pursuant to Section 10.15. Notwithstanding the
foregoing or any term of this Agreement, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time. 

10.8    Waiver. Failure or delay by either Party in exercising or enforcing any provision, right, or
remedy under this Agreement, or waiver of any remedy hereunder, in whole or in part, shall not be deemed a waiver thereof, or prevent the subsequent exercise of that or any other rights or remedy. The rights, powers and remedies provided in this
Agreement are cumulative and not exclusive of any rights, powers and remedies provided by law. 

10.9    Further Assurances. From time to time after the Effective Date, each Party shall execute,
acknowledge and deliver to each other any further documents, assurances, and other matters, and will take any other action consistent with the terms and conditions of this Agreement that may reasonably be requested by a Party and necessary or
desirable to carry out the purpose of this Agreement. 
 10.10    Interpretation. The headings
contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation.” 

  
 14 

 EXECUTION VERSION 

 

 10.11    Counterparts. This Agreement may be
executed in one or more counterparts, including by signatures delivered by facsimile or pdfs, each of which shall be deemed an original, but all of which shall be deemed to be and constitute one and the same instrument. 

10.12    Severability. If one or more provisions of this Agreement are held to be unenforceable
under Applicable Law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

10.13    Survival of Obligations. The Warranties and all covenants,
undertakings and other obligations set out in this Agreement (except for any obligation which is fully performed at Closing) shall continue in full force and effect after the Closing. 

10.14    Expenses. The Company and the Purchaser shall pay their own costs and expenses incurred
with respect to the negotiation, execution, delivery and performance of this Agreement. 

10.15    Subordination. The indebtedness evidenced by the Note shall be (a) pari
passu in right of payment to the 2019 Convertible Notes and (b) subordinated with respect to priority, security, enforcement and payment (other than regularly scheduled fees, expenses and interest) to all amounts owed to
holders of Senior Indebtedness, including without limitation to Kennedy Lewis Investment Management LLC (“Kennedy Lewis Investment”) as collateral agent, Kennedy Lewis Capital Partners Master Fund LP as lender and the other lenders
under their respective Senior Indebtedness. Kennedy Lewis Investment is hereby specifically named an express third-party beneficiary of the foregoing and may enforce the same to the fullest extent of the law. 

10.16    Governing Law. This Agreement and any dispute, controversy, proceeding or claim of any
nature arising out of or in any way relating to this Agreement or its formation (including non-contractual disputes or claims), shall be governed by and construed in accordance with English law and any dispute
will be submitted to the exclusive jurisdiction and venue of the courts located in London, England. 

10.17    Process Agent. The Company hereby irrevocably appoints Veronique Ameye, care of 3 More
London Riverside, SE1 2AQ, London, UK to receive for it, and on its behalf, service of process in England. 
 [SIGNATURE PAGE TO FOLLOW] 

  
 15 

 IN WITNESS WHEREOF, the Parties have executed this Note Purchase Agreement as of the day and year first
written above. 
  

			
	COMPANY:
	
	LUMIRADX LIMITED
		
	By:	 	 /s/ David Scott

	Name:	 	David Scott
	Title:	 	Director
	
	PURCHASER:
	
	BILL & MELINDA GATES FOUNDATION
		
	By:	 	 /s/ Carolyn Ainslie

	Name:	 	Carolyn Ainslie
	Title:	 	Chief Financial Officer

 SCHEDULE 1 

DATA ROOM 

 SCHEDULE 2 

WARRANTIES 

1.    Organization and Standing. Each of the Company and its Affiliates is duly incorporated, is validly existing and is in good
standing under the laws of the jurisdiction in which it was incorporated and each has all requisite corporate power and authority to carry on its business as now conducted, each as presently proposed to be conducted, and to enter into and perform
its obligations under the Investment Documents to which it is party. 
 2.    Company Action. This Agreement and the other
Investment Documents to which it is party constitute legal, valid and binding obligations of the Company enforceable in accordance with their terms. 

3.    Authorization. 

3.1    All corporate action required to be taken by the Company’s board of directors and shareholders
in order (a) to authorize the Company to enter into this Agreement and the other Investment Documents and (b) to issue the Note, has been taken. A copy of the board of directors resolution to approve (a) and (b) has been provided to
Purchaser prior to the Effective Date. 
 3.2    When issued in accordance with the terms and for the
consideration set forth in the Investment Documents, the Note will be validly issued and free of Encumbrances. 

4.    Capitalization 

4.1    Immediately prior to the Effective Date, the authorized capital of the Company consists of: 

(a)    5,000,000 A Ordinary Shares of $0.001 par value per share, 372,438 of which are issued and
outstanding. All the issued A Ordinary Shares have been duly authorized, are fully paid and were issued in compliance with all Applicable Laws. The Company holds no A Ordinary Shares in treasury. 

(b)    250,000 Preferred Shares of $0.001 par value per share, 212,718 of which are issued and outstanding.
The Company holds no Preferred Shares in treasury. 
 (c)    5,000,000 Common Shares, $0.001 par value
per share, none of which are issued. The Company holds no Common Shares in treasury. 
 4.2    A true,
complete and detailed capitalization table reflecting the capitalization of the Company as of the Effective Date was provided to the Purchaser in the Data Room. 

5.    Options. 

5.1    The Company has granted options to purchase 149,140 A Ordinary Shares in favour of it officers,
directors, employees and consultants of the Company pursuant to its Plans, all of which are currently outstanding. Such Plans have been duly adopted by the Company’s board of directors. The Plans are not subject to any restrictions on further
share issues, save that a maximum of 60,000 ISOs can be granted under the US Appendix. 
 5.2    Except
for the 2019 Convertible Notes, the conversion privileges of the shares issued under the Preferred Share Subscription Letter dated July 17, 2018, for a warrant instrument granted in favour of US Boston Capital Corporation, for warrant
instruments granted in favour of the lenders pursuant to the Kennedy Lewis Investment Agreement and for rights which Petrichor Opportunities Fund I LP has, there are no outstanding options (other than those granted under the Plans), warrants, rights
(including conversion or preemptive rights and rights of first refusal or 

 
similar rights) or agreements, orally or in writing, to purchase or acquire from the Company any A Ordinary Shares or Preferred Shares, or any securities convertible into or exchangeable for A
Ordinary Shares or Preferred Shares. 
 6.    Debt. 

6.1    Other than the Permitted Encumbrances, neither the Company nor any of the Company Affiliates has
granted any security (other than liens arising in the normal course of trading or by operation of law) over any material part of its undertaking or assets. 

6.2    All assets used by the Company and each of the Company Affiliates or which have otherwise been
represented as being its property or used or held for the purposes of its business are at the date of Closing its absolute property or right to use or hold and none is the subject of any Encumbrance other than Permitted Encumbrances or the subject
of any factoring arrangement, hire- purchase, retention of title, conditional sale or credit sale agreement. 

6.3    Full details of all borrowings of the Company and each of the Company Affiliates (excluding bank
overdraft positions and trade credit in the ordinary course) in an amount greater than [***] are set out in the Disclosure Schedules and neither the Company nor any of the Company Affiliates is in breach of any of their terms and none of such
facilities or terms of such borrowings have been terminated as a result of the entry into this Agreement. 
 7.    Intellectual
Property. 
 7.1    The Company alone is the sole and exclusive legal and beneficial owner of all
right, title and interest in and to the Company IP, and, to the Company’s knowledge, has the valid right to use all other Intellectual Property used in the conduct of the Company’s current business or operations, in each case, free and
clear of Encumbrances other than Permitted Encumbrances. Without limiting the generality of the foregoing, the Company and its Affiliates have entered into binding, written agreements with every current and former employee engaged in research and
development activities at the Company, and with every current and former independent contractor engaged in research and development activities at the Company, in each case who has materially contributed to the development of Company IP that is
material to the Company and its Affiliates, whereby such employees and independent contractors assign to the Company any ownership interest and right they may have in the Company IP. 

7.2    To the Company’s knowledge, the Company’s rights in the Company IP are valid, subsisting
and enforceable. The Company has taken reasonable steps to maintain the Company IP and to protect and preserve the confidentiality of all trade secrets included in the Company IP, including having a policy of requiring agreements with its employees
and independent contractors who are involved in research and development activities at the Company, whereby such employees and independent contractors assign to the Company any ownership interest and right they may have in the Company IP (to the
extent that the Company IP would not otherwise automatically vest in the Company by operation of law). 

7.3    All required filings and fees in respect of applications made by, or registrations obtained by, the
Company in respect of Company IP have been timely filed and paid to the relevant Governing Authorities and authorized registrars. 

7.4    The Company has not received written notice that the conduct of the Company’s business as
currently conducted, and the current products, processes and services of the Company, 

 
have infringed or otherwise violated, or infringe or otherwise violate the Intellectual Property or other rights of any person or entity. To the knowledge of the Company, the conduct of the
Company’s business as currently conducted, and the current products, processes and services of the Company, do not infringe or otherwise violate the Intellectual Property or other rights of any person or entity. To the Company’s knowledge,
no person or entity has infringed or otherwise violated, or is currently infringing or otherwise violating, any Company IP. 

7.5    There are no actions (including oppositions, interferences or
re-examinations) settled, active or threatened in writing: (a) alleging any infringement, misappropriation, dilution or violation of the Intellectual Property of any person or entity by the Company;
(b) challenging the validity, enforceability, registrability or ownership of any Company IP or the Company’s rights with respect to any Company IP; or (c) by the Company or any other person or entity alleging any infringement,
misappropriation, dilution or violation by any person or entity of the Company IP. The Company is not subject to any outstanding or prospective Governmental Order (including any motion or petition therefor) that does or would restrict or impair the
use of any Company IP. 
 7.6    The Company has not granted and is not under any obligation to grant any
exclusive right or license to any diagnostic Intellectual Property comprised in the Company IP to any third party. The Company is not a party to any non-competition or other similar restrictive agreement or
arrangement relating to any business or service anywhere in the world (including as to the Company IP) that would adversely impact the Company’s ability to perform the Global Access Commitments under the Letter Agreement. 

8.    Compliance with Laws. The Company has complied, and is now complying, in all material respects with Applicable Law. All
nonclinical and other studies and tests conducted by or on behalf of, or sponsored by, the Company, have been conducted in all material respects in accordance with standard medical and scientific research procedures and in compliance with Applicable
Law. The Company has not received, at any time, any written notice or to the Company’s knowledge, any other non-written communication from any Governing Authority regarding any actual or possible material
violation of, or failure to comply in all material respects with, any Applicable Law. 
 9.    Permits. All permits required for
the Company to conduct its business in the manner currently carried on have been obtained by it and are valid and in full force and effect. All fees and charges with respect to such permits have been paid in full when due. No event has occurred
that, with or without notice or lapse of time or both, would reasonably be expected to result in the revocation, suspension, lapse or limitation of any such permit. 

10.    Assets. The Company owns and has good and valid title to all of the material assets purported to be owned by it subject only
to Permitted Encumbrances. 
 11.    Certain Business Practices. Neither the Company nor, to the Company’s knowledge, any of
its respective directors, officers, or employees (in their capacity as directors, officers, or employees) has: (a) used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity in
respect of the Company’s business; (b) directly or indirectly paid or delivered any fee, commission or other sum of money or item of property, however characterized, to any finder, agent, or other party acting on behalf of or under the
auspices of a governmental official or Governing Authority which is in any manner illegal under any Applicable Law; or (c) made any payment to any customer or supplier of the Company, or given any other consideration to any such customer or
supplier in respect of the Company’s business, that violates Applicable Law in any material respect. 

 12.    Anticorruption Compliance. 

12.1    Neither the Company nor any director, officer, employee, nor, to the Company’s knowledge, any
distributor, reseller, consultant, agent or other third party acting on behalf of the Company, has provided, attempted to provide, or authorized the provision of anything of value (including but not limited to payments, meals, entertainment, travel
expenses or accommodations, or gifts), directly or indirectly, to any person, including a “foreign official”, as defined by the Foreign Corrupt Practices Act of 1977, as amended (“FCPA”), which includes employees or
officials working for state-owned or controlled entities, a foreign political party or candidate, any individual employed by or working on behalf of a public international organization, or any other person, for the purpose of: (i) influencing
any act or decision of a foreign government official in their official capacity; (ii) inducing a foreign government official to do or omit to do any act in violation of their lawful duties; (iii) directing business to another person; or
(iv) securing any advantage, in a manner that would be a violation of the FCPA, United Kingdom Bribery and Foreign Corrupt Practices Act of 2010 (“UKBA”) or any applicable local, domestic or international anticorruption laws.

 12.2    Neither the Company nor any of its directors, officers, employees, nor, to the Company’s
knowledge, any of its agents has used any Company funds to maintain any off-the- books funds or engage in any off-the-books transactions or falsified any Company documents. 

12.3    The Company has not conducted any internal or government-initiated investigation, or made a
voluntary, directed or involuntary disclosure to any Governing Authority with respect to any alleged act or omission arising under or relating to any noncompliance with any anticorruption law, including the FCPA and UKBA. 

12.4    The Company has not received written notice of active claims nor, to the Company’s knowledge,
are there any threatened claims against the Company with respect to violations of the FCPA and UKBA or any applicable local, domestic, or international anticorruption laws. 

13.    Consents. No consent, authorisation, licence or approval of or notice to the Company’s shareholders or any
governmental, administrative, judicial or regulatory body, authority or organisation is required to authorise the execution, delivery, validity, enforceability or admissibility in evidence of the Investment Documents or the performance by the
Company of its obligations under the Investment Documents (including the issue of the Note). 

14.    Non-Contravention. 

14.1    The execution, delivery or performance of the Investment Documents will not (with or without notice
or lapse of time): 
 (a)    contravene, conflict with or result in a violation of (i) any of the
provisions of the Constitutional Documents of the Company, or (ii) any resolution adopted by the shareholders or the board of directors; 

(b)    contravene or result in a violation of any Applicable Law to which the Company, or any of the assets
owned or used by the Company, may be subject; 
 (c)    contravene or result in a violation, in a
material respect, of any of the material terms or material requirements of, or give any Governing Authority the right to revoke, withdraw, suspend, cancel, terminate or modify, any permit that is held by the Company or that otherwise relates to the
business of the Company or to any of the material assets owned or used by the Company; 

 (d)    contravene or result in a violation or breach of,
or result in a default under, in any material respect, any provision of any agreement to which the Company is a party thereto or give any person or entity the right to (i) declare a default or exercise any remedy under any such agreement,
(ii) a rebate, chargeback, penalty or change in delivery schedule under any such agreement, (iii) accelerate the maturity or performance of any obligation under any such agreement, or (iv) cancel, terminate or modify any term of any
such agreement; or 
 (e)    result in the imposition or creation of any Encumbrance upon or with respect
to any material asset owned or used by the Company (except for Permitted Encumbrances). 
 15.    Material Agreements. The
Company is not in material breach of any agreement which is material to the business of the Company as currently carried on (a “Material Agreement”), and, to the Company’s knowledge, no counterparty to a Material Agreement is
in material breach thereof. The Data Room contains complete copies of all Material Agreements, cooperation agreements and side letters relating to Material Agreements and cooperation agreements to which the Company is a party. 

16.    Employment. 

16.1    Other than disclosed in the Disclosure Schedules, There are no actions which have been commenced
against the Company, and to the Company’s knowledge, no such proceedings have been threatened (in writing or otherwise) to be brought or filed in, by, or with any court, Governing Authority, or arbitral forum in connection with the employment
of any current or former applicant, employee, consultant, or independent contractor of the Company. 

16.2    To the Company’s knowledge, no employee or consultant is in material breach of any
confidentiality or non-competition agreement with a third-party by performing his or her duties at the Company. 

17.    Financial Statements; Financial Controls. 

17.1    The consolidated accounts of the Company for the financial year ended 31 December 2018 have
been properly prepared in accordance with International Financial Reporting Standards (IFRS) and give a true and fair view of the state of affairs of the Company and its Subsidiaries as at the date to which they are made up and the profit or
loss for the financial year ended on that date. 
 17.2    The Company maintains accurate books and
records identifying its material assets and liabilities and maintains adequate internal accounting controls that provide reasonable assurance that: (a) payments are executed with management’s authorization; and (b) transactions are
recorded as necessary to permit preparation of the financial statements of the Company in accordance with applicable accounting standards. 

18.    Litigation. No Company or Affiliate of the Company is engaged in any capacity in any litigation, arbitration, prosecution or
other legal proceedings which are likely to have a material adverse effect on the Company and its Subsidiaries and, to the Company’s knowledge, no such litigation, arbitration, prosecution or other proceedings have been threatened. There is no
outstanding judgment, order, decree, arbitral award or decision of any court, tribunal, arbitrator or governmental agency against the Company, any Company Affiliate or any person for whose acts that company may be vicariously liable which is likely
to have a material adverse effect on the Company and its Subsidiaries. There is no action, suit, proceeding or investigation by the Company pending or which the Company intends to initiate. 

19.    No Knowledge of Information Relating to Lack of Safety. The Company and its Affiliates have no knowledge of any scientific
or technical facts or circumstances with respect to the safety of the Company’s products that could reasonably be expected to adversely affect the commercial potential of such products. 

 20.    Accuracy of Performance Data. The written clinical and blood analysis data
(“Performance Data”) that the Company previously disclosed to Purchaser regarding the technical capabilities of the Company’s platform has been prepared with due care and attention and fairly presents in all material respects
the technical performance of the Company platform for those assays on which the Performance Data is based, having regard to the test methodology applied to prepare such Performance Data and as at the date the relevant tests were conducted. 

21.    Solvency. No Company or Company Affiliate has stopped paying its debts as and when they fall due nor has any Company or
Company Affiliate by reason of actual or anticipated financial difficulties commenced negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness nor is it insolvent or unable to pay its debts within the
meaning of section 123 (1) or 123 (2) of the Insolvency Act 1986 or any equivalent insolvency laws applicable to the Company or any Company Affiliates. 

22.    Personal Data. The Company has adopted a security policy and maintains such security policy with respect to all Personal
Data obtained. To the Company’s knowledge, no breach or violation of such policy has occurred. To the Company’s knowledge, there has been no unauthorized or illegal use of or access to any of the data or information in any of the
Company’s databases. The Company has complied at all times in all material respects with all Applicable Laws governing data protection, privacy and Personal Data. 

23.    Related Party Transactions. Other than (a) standard employee benefits generally made available to all employees,
including the reimbursement of business expenses (b) standard director and officer indemnification agreements approved by the board of directors, (c) the purchase of shares of the Company’s capital and the issuance of options to
purchase shares of the Company’s capital stock (d) transactions made in the ordinary course of business and pursuant to the reasonable requirements of the Company’s business and upon fair and reasonable arms-length terms approved by
the board of directors, (e) as disclosed in the consolidated financial statements for the year ended 31 December 2018, (f) agreements or understandings entered into in connection with the 2018 Preferred Shares Financing,
(g) investment agreements entered into in connection with the funds raised by the Company through loan commitments in early 2018, which were later repaid or converted (2018 First Funding Round) and Preferred Shares issued in 2018, as well as
investments through the 2019 Convertible Notes there are no agreements or understandings between the Company and any of its directors or senior employees (where a senior employee means any of Ron Zwanziger, David Scott, Jerome McAleer, Peter Welch,
Peter Scheu, Nigel Lindner, David Walton, Dorian Leblanc and Veronique Ameye). 
 24.    Undisclosed Liabilities. Except as set
forth in the consolidated financial statements for the year ended 31 December 2018, the Company has no material liabilities or obligations, contingent or otherwise, other than (a) liabilities incurred in the ordinary course of business,
(b) obligations under contracts and commitments incurred in the ordinary course of business, (c) liabilities and obligations of a type or nature not required under IFRS to be reflected in the Financial Statements, (iv) liabilities
disclosed in the Disclosure Schedules pursuant to Section 6.3 of this Schedule 3, and (v) liabilities and obligations incurred under or in connection with the 2018 Preferred Shares Financing, the 2019 Funding Round and the Kennedy
Lewis Investment Agreement which, in all such cases, individually and in the aggregate, would not have a material adverse effect on the Company.

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