Document:

EX-10.38

 Exhibit 10.38 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”), dated as of September 1, 2021, (the “Effective Date”), is
entered into between Global Crossing Airlines, Inc., a Florida corporation (the “Company”), and Mark Salvador (“Executive”). 

RECITALS 

A.    The Company presently employs Executive, and Executive desires to continue such employment, on the terms and
conditions set forth in this Agreement. 
 B.    In addition to the capitalized terms defined elsewhere in this
Agreement, capitalized terms used herein are used herein as defined in Section 13 hereof. 
 AGREEMENTS

 In consideration of the mutual covenants of the parties hereto as hereinafter set forth and other good and valuable
consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto hereby agree as follows: 

1.    Employment. The Company presently employs Executive, and Executive hereby agrees to continue to be employed
by the Company, upon the terms and conditions set forth in this Agreement for the period beginning on the “Effective Date” listed at the top of this Agreement and ending as provided in Section 3 hereof (the
“Employment Period”). 
 2.    Position and Duties. 

(a)    Position. During the Employment Period, Executive shall serve as Chief Marketing Officer of the Company
and, in such capacity, shall have the duties, responsibilities and authority that are normally associated with such office, subject to the direction and supervision of the Board. 

(b)    Duties. Executive shall report to Edward Wegel, Chairman/Chief Executive Officer of the Company, and shall
devote all of his business time and attention (except for permitted vacation periods and periods of illness or incapacity) and his best efforts to the business and affairs of the Company. Executive shall comply with all policies and procedures of
the Company applicable to Executive. Executive will not enter into an employment or similar engagement with any other Person. 

3.    Term; Termination. 

(a)    The initial term of the Employment Period shall commence as of the Effective Date and, subject to
Section 3(b), continue for an initial term of three (3) years (the “Initial Term Date”). Commencing on the Initial Term Date and on each anniversary thereafter (each, a “Subsequent Anniversary
Date”), the Employment Period shall be automatically extended for successive one-year terms unless the Company or Executive elects not to extend the Employment Period in a written notice delivered to
the other at least sixty (60) days preceding the Initial Term Date or such Subsequent Anniversary Date, as applicable (the “Expiration Notice”). 

 (b)    The Employment Period (i) shall terminate automatically
upon Executive’s death, (ii) shall terminate automatically upon the Executive’s Disability, (iii) may be terminated by the Company at any time for Cause or without Cause by giving Executive written notice of such termination, and
(iv) may be terminated by Executive for Good Reason. Notwithstanding anything herein to the contrary, in no event shall delivery of an Expiration Notice be deemed a termination without Cause or for Cause. The date that the
Executive’s employment with the Company is terminated under this Agreement for any reason (including on or upon the expiration of the Employment Period) is referred to herein as the “Termination Date.” 

4.    Base Salary; Bonus Amounts and Benefits. 

(a)    Base Salary. During the year one (1) of this Agreement, Executive’s base salary shall be
$175,000.00 per year (the “Base Salary”). The Base Salary shall be reviewed annually by the Board and shall be increased in the Board’s discretion; provided, however, that the Base Salary shall increase no less than five
percent (5%) annually. The Base Salary shall be payable in regular installments in accordance with the Company’s general payroll practices which the Company may change in its sole discretion. 

(b)    Performance Bonus. In addition to the Base Salary, during the Employment Period, Executive shall be
eligible for an annual incentive bonus payment of up to 100% of Executive’s Base Salary (a “Performance Bonus”), as determined by the Board prior to the beginning of each calendar year. In order to be eligible for any
Performance Bonus for any fiscal year, Executive must be employed by the Company through the last date of the applicable fiscal year. If Executive’s employment terminates (other than termination for Cause or Resignation by Executive without
Good Reason) prior to the last date of the applicable fiscal year, and in the Board’s discretion performance bonuses will be paid and Executive has met his performance criteria, said Performance Bonus may be paid on a prorated basis for the
period Executive was employed through his last date of employment. Each Performance Bonus, if earned in accordance with this Section 4(b), shall be paid by the Company when bonus amounts are paid to the other employees of
the Company (but no later than March 1st of the following year). 

(c)    Equity. The Executive shall be entitled to receive equity interests in the Company under the terms and
conditions set forth in the Global Crossing Airlines Group Inc.’s 2020 Stock Option Plan, together with any amendments thereto (the “Stock Plan”) and Executive’s Incentive Stock Option Agreement (the “Award Agreement”).
If Executive’s employment is terminated without Cause or for Good Reason, Executive shall be entitled to receive the next scheduled installment of equity interests for which Executive is eligible under the Award Agreement, and all such unvested
equity in his possession shall vest upon said termination without Cause. 
 (d)    Expenses. During the
Employment Period, the Company will reimburse Executive for all reasonable travel and other out-of-pocket expenses incurred by Executive in connection with the
performance of his duties and obligations under this Agreement. Executive shall comply with such reasonable limitations and reporting requirements with respect to expenses as may be established by the Company from time to time. 

  
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 (e)    Vacation; Paid Time Off. The Executive shall receive no
less than (3) weeks’ vacation and/or paid time off on an annual basis in accordance with the Company’s policies, as in effect from time to time and subject to change. 

(f)    Benefits. Executive shall be entitled to participate in any and all of the Company’s employee benefit
programs for which executives of the Company or employees of the Company of comparable level to Executive are generally eligible. Executive recognizes that the Company reserves the right to change its benefits from time to time and the
Company’s right to make such changes shall not be restricted by, or violative of, this Agreement. 

5.    Severance. 

(a)    Termination without Cause, Resignation for Good Reason, or Change in Control. If the Employment Period is
terminated by the Company without Cause, by Executive for Good Reason, or as a result in a Change in Control (as defined below) then Executive shall be entitled to receive, an aggregate amount equal to twelve (12) months (“Severance
Period”) of Executive’s Base Salary as in effect immediately prior to the Termination Date as well as any unused and accrued Paid Time Off to be paid in installments in accordance with the Company’s customary payroll practices
(“Severance”). Except as set forth in Section 5(d), the Company’s obligation to make any other payments or provide any other benefits under this Agreement shall cease as of the Termination Date. Executive
shall forfeit the compensation and other benefits otherwise payable to Executive pursuant to this Section 5(a) and Section 5(d) unless, prior to the 21st day following the Termination Date,
Executive executes and delivers to the Company (and does not revoke or breach) a complete release in favor of the Company and its Affiliates, and their respective officers, directors, managers, partners, equity holders, employees and principals in a
form reasonably acceptable to the Company and does not revoke said document. If Executive provides the complete release, the Company will also provide a general release in favor of Executive. If Executive breaches or revokes the release provided
above, or breaches the Restrictive Covenants provided for in Sections 6, 7 and 8, then Executive shall promptly repay to the Company all amounts paid to Executive pursuant to this Section 5(a) and
Section 5(d) and Company’s obligation to continue to make Severance payments shall cease. 

(b)    Death or Disability. In the event of the death or Disability of Executive during the Employment Period,
except as set forth in Section 5(d), the Company’s obligation to make any payments or provide any other benefits under this Agreement shall cease as of the date of death or determination of Disability of Executive.
Executive shall submit to such medical examinations as may reasonably be requested by the Board in order to determine whether Executive is Disabled. 

(c)    Other Termination. If the Employment Period is terminated (i) by the Company for Cause or (ii) by
Executive for any reason (other than for Good Reason), Executive shall not be entitled to any Severance and, except as set forth in Section 5(d), all of Executive’s benefits shall cease to be effective immediately as
of the Termination Date. 
 (d)    Other Benefits. Except (i) as specifically provided in this
Section 5, (ii) for the payment of earned but unpaid Base Salary through the Termination Date, including any unused but accrued Paid Time Off (i.e., vacation pay), (iii) for the reimbursement of

  
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unreimbursed business expenses incurred prior to the Termination Date pursuant to Section 4(d), and (iv) for the payment of earned but unpaid Performance Bonus for
the fiscal year ended immediately prior to the Termination Date (which Performance Bonus shall be paid at the same time as bonuses for all other senior executives of the Company for such fiscal year), the Company’s obligation to make any
payments or provide any other benefits hereunder shall terminate automatically as of the Termination Date. All of Executive’s rights to any fringe benefits not addressed hereunder (if any) which accrue or become payable after the termination of
the Employment Period shall cease as of the Termination Date. Executive shall be able to continue health insurance benefits pursuant to COBRA at Executive’s own expense. Executive’s rights to equity will be as provided in
Section 4(c). 
 6.    Non-Interference; Non-Disparagement. 
 (a)    By Executive: During the Employment Period
and thereafter: (a) Executive shall not, directly or indirectly, disclose, furnish or make available, except in the course of performing Executive’s duties for and on behalf of the Company (if any), any Confidential Information (regardless
of how Executive learned of it or who developed it), without the Company’s prior written approval; provided, however that Executive may disclose Confidential Information (i) to Executive’s attorneys, accountants, consultants and other
professionals to the extent necessary to obtain their services, (ii) as may be reasonably necessary in connection with Executive’s enforcement of Executive’s rights in connection with this Agreement, and (iii) as may otherwise be
required by law or legal, judicial and regulatory process, provided that Executive takes reasonable steps to minimize the extent of any required disclosures described in this clause; (b) Executive shall not, directly or indirectly, make any
statement or any other expressions on television, radio, the internet or other media (including via Twitter, Facebook or other social media) or to any Person, including in communications with any employee, developer, client, member, supplier,
licensee, licensor, franchisee or other business relation of the Company, which are in any way disparaging of the Company or any of its services; and (c) Executive agrees that Executive shall not disclose to the Company or induce the Company to
use any secret or confidential information belonging to Executive’s former employers. Executive warrants that Executive is not bound by the terms of a confidentiality agreement or other agreement with a third party that would preclude or limit
Executive’s right to work for the Company. 
 (b)    By Company: During the Employment Period and
thereafter, the Company’s CEO, CFO, COO and Members of the Board of Directors who were in those positions during Executive’s Period and as long as they continue in those positions, shall not directly or indirectly, make any statement or
any other expressions on television, radio, the internet or other media (including via Twitter, Facebook or other social media) or to any Person, including in communications with any employee, developer, client, member, supplier, licensee, licensor,
franchisee or other business relation of the Company, which are in any way disparaging of Executive. 
 7.    Non-Solicitation. During the Employment Period and for a period of one (1) year after the Termination Date (the “Restricted Period”), Executive shall not (other than in furtherance of
Executive’s legitimate job duties on behalf of the Company), directly or indirectly, on Executive’s own behalf or for any other Person (a) induce or attempt to induce any clients, 

  
 4 

 
licensees, licensors or other business relations of the Company to cease doing business with the Company or reduce its business relationship with the Company; (b) otherwise interfere or take
any action that would reasonably be expected to interfere with the relationship between the Company, on the one hand, and any clients, licensees, licensors or other business relations of the Company, on the other hand; provided that
(i) any action taken by Executive in his capacity as a client of the Company will not, in and of itself, be deemed to violate this paragraph; provided, however, that nothing herein shall be deemed to constitute a waiver of, or
otherwise limit, affect or modify, any rights (whether in contract, at law or in equity) of the Company under any contract, agreement or understanding with Executive or his Affiliates; and (ii) nothing in this
Section 7 will be deemed to prohibit Executive or his Affiliates from owning any interest in an Unrestricted Business; or (c) solicit or attempt to solicit any of the Company’s employees to resign from their
employment with the Company, or by damaging, impairing or interfering with the relationship between the Company and any of this consultants, agents, representatives or vendors. Executive acknowledges that this covenant is necessary to enable the
Company to maintain a stable workforce and remain in business. 

8.    Non-Competition. During the Restricted Period, Executive shall not,
directly or indirectly (whether for compensation or otherwise), whether as an employee, agent, consultant, lender, securityholder, director, manager, partner, member or otherwise, in the Geographic Region, own or hold any interest in, manage,
operate, control, consult with, render services for, or in any other manner engage in the Restricted Business or in any other business otherwise competing with the Restricted Business. Nothing herein shall prohibit Executive from being a passive
owner of not more than two percent (2%) of the outstanding securities of any public company engaged in the Restricted Business, so long as Executive has no active participation in the Restricted Business. 

9.    Enforcement. Executive acknowledges that the provisions of Sections 6, 7, and 8 are in consideration
of the compensation to be paid to Executive hereunder and additional good and valuable consideration as set forth in this Agreement, the receipt and sufficiency of which are hereby acknowledged. Executive expressly agrees and acknowledges that the
restrictions contained in Sections 6, 7, and 8 do not preclude Executive from earning a livelihood, nor do they unreasonably impose limitations on Executive’s ability to earn a living. In addition, Executive agrees and acknowledges that
the potential harm to the Company of the non-enforcement of Sections 6, 7, and 8 outweighs any harm to Executive of their enforcement by injunction or otherwise. Executive acknowledges that he has
carefully read this Agreement and has given careful consideration to the restraints imposed upon Executive by this Agreement, and is in full accord as to their necessity for the reasonable and proper protection of the Confidential Information and
the goodwill of the business of the Company. Executive expressly acknowledges and agrees that each and every restraint imposed by this Agreement is reasonable with respect to the subject matter, time period and Geographical area. If, at the time of
enforcement of any of Sections 6, 7, and 8, a court or an arbitrator shall hold that the duration, scope or area restrictions stated therein are unreasonable under the circumstances then existing, the parties agree that the maximum duration,
scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the court or arbitrator shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area
permitted by law. Because Executive’s services are unique and he has access to Confidential Information and Work Product, the parties hereto agree that money damages would not be an 

  
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adequate remedy for any breach of this Agreement. Therefore, in the event of a breach or threatened breach of this Agreement, the Company or its successors or assigns may, in addition to other
rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce or prevent any violations of the provisions hereof. In addition, upon
Executive’s breach of this Agreement, he must repay any Severance amount paid and the Company’s obligation to make any further Severance payment ceases. Executive agrees that the restrictions contained in Sections 6, 7, and 8 are
reasonable. In the event of any breach by Executive of any of Sections 6, 7, or 8, the running of the period of the applicable restriction shall be automatically tolled and suspended for the duration of such breach and shall automatically
recommence when such breach is remedied in order that the Company shall receive the full benefit of Executive’s compliance with each such covenant. The prevailing party in any such enforcement action shall be entitled to their reasonable
attorneys’ fees and costs associated with such action. 
 10.    Work Product. Executive hereby assigns and
agrees to assign to the Company all right, title and interest in and to all inventions, developments, methods, processes, designs, analyses, reports and all similar or related information (in each case whether or not patentable), all copyrightable
works, all trade secrets, confidential information and know how, and all other intellectual property rights that both (a) are conceived, reduced to practice, developed or made by Executive while employed by the Company and (b) either (i)
relate to the Company’s actual or anticipated business, research and development or existing or future products or services, or (ii) are conceived, reduced to practice, developed or made using any of the equipment, supplies, facilities,
Confidential Information, assets or resources of the Company (including, but not limited to, any intellectual property rights) (“Work Product”). Executive shall promptly disclose such Work Product to the Company and perform all
actions reasonably requested by the Company (whether during or after the Employment Period) to establish and confirm the Company’s ownership of the Work Product (including, without limitation, executing and delivering assignments, consents,
powers of attorney, applications and other instruments). All copyrightable Work Product that Executive creates shall be considered “work made for hire” and shall, upon creation, be owned exclusively by the Company. 

11.    Return of Property Upon Termination. Executive shall, immediately upon the Termination Date, return the
Company all records of any sort and all Company literature, supplies, letters, written or printed forms, diaries, phone lists, documents containing customer lists, customer information, product information, pricing information, information as to
sources of services, Company financial information and memoranda pertaining to the Company’s business. Executive shall also, immediately upon the Termination Date, return to the Company all other Company property in Executive’s possession
including automobiles, telephones, and any other Company-issued equipment, as applicable. 
 12.    Survival.
Section 5 (solely with respect to Executive’s rights thereunder prior to termination of the Employment Period) and Sections 6 through 16 shall survive and continue in full force in accordance with their
terms notwithstanding any termination or expiration of the Employment Period and any termination of Executive’s employment with the Company. 

  
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 13.    Definitions. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is
under common control with such Person. 
 “Board” means the Board of Directors of the Company. 

“Change in Control” means the sale, lease, exchange or other transfer, directly or indirectly, of all or substantially all of
the operating assets of Outstanding Securities of the Company (in one transaction or in a series of related transactions within 90 days) to any Successor; or a merger, consolidation or other form of business combination involving the Company that
results in a Successor controlling more than 50% of the combined voting power of the Company’s then Outstanding Securities. 

“Confidential Information” means all confidential information of the Company, whether or not reduced to written or recorded
form, that is related to the Company and that is not generally known or accessible to members of the public and/or competitors of the Company and not intended for general dissemination, including, without limitation, information about the
Company’s operations, processes, procedures, trade secrets, finances, business plans, costs, pricing, sales, customer lists, the needs and demands of customers, and vendor lists. In addition, Executive may develop other information that the
Company considers to be Confidential Information. Executive will not, directly or indirectly, disclose, furnish or make available, except in the course of performing Executive’s duties for and on behalf of the Company (if any), any Confidential
Information (regardless of how Executive learned of it or who developed it), without the Company’s prior written approval; provided, however that Executive may disclose Confidential Information (i) to Executive’s attorneys,
accountants, consultants and other professionals to the extent necessary to obtain their services, (ii) as may be reasonably necessary in connection with Executive’s enforcement of Executive’s rights in connection with this Agreement
or the Purchase Agreement, and (iii) as may otherwise be required by law or legal, judicial and regulatory process, provided that Executive takes reasonable steps to minimize the extent of any required disclosures described in this clause. 

“Cause” means Executive has: 

(a)    been convicted or entered a plea of nolo contendre for (i) a felony or (ii) any crime involving moral
turpitude; 
 (b)    committed any act of embezzlement or fraud involving the Company; 

(c)    the failure of Executive to substantially perform his duties hereunder (other than any such failure due to
physical or mental illness) or other willful and material breach by Executive of any of his obligations hereunder, after a demand for substantial performance is delivered, and a reasonable opportunity to cure is given (i.e., no less than 20 days),
to Executive by the Board, which demand identifies the manner in which the Board believes that Executive has not substantially performed his duties or breached his obligations; 

  
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 (d)    been continuously or repeatedly absent from the workplace
(unless such absences are (i) in compliance with the terms of this Agreement or the Company’s policies (including vacation policies) or (ii) is a result of Executive’s illness or Disability); or 

(e)    breached any material provision of this Agreement, which breach, if capable of being cured, is not cured within 20
days following written notice thereof to the Executive. 
 “Disability or Disabled” means a determination by independent
competent medical authority (selected by the Board) in accordance with applicable law that Executive is unable to perform the essential functions of his job with or without an accommodation and such inability has continued, or with a reasonable
medical likelihood such inability will continue, for a period in excess of 90 days, in the aggregate, in any 365-day period. 

“Geographic Region” means anywhere throughout the United States. 

“Good Reason” means: 

(a)    a material adverse change or diminution in Executive’s duties, responsibilities, reduction in annual salary
or bonus opportunity (except in connection with the termination of the Executive’s employment); a change of more than 50 miles in geographic location from where Executive was required to perform Executive’s primary duties at the time of
hire; 
 (b)    a material breach of this Agreement by the Company; or 

(c)    a resignation by Executive, if within 90 days, as a result of the current CEO’s termination or resignation.

 Executive may terminate his employment for Good Reason by giving the Board prior written notice of termination for Good Reason within 20
days after the Executive first becomes aware of the event or condition first giving rise to such Good Reason, and such notice shall become effective 20 days after the date of the notice, unless the Company corrects the circumstances that constitute
Good Reason within 20 days following the date of the notice, in which case the notice will be of no further effect. 

“Person” means an individual or any corporation, partnership, limited liability company, trust, unincorporated organization,
association, joint venture or any other organization or entity, whether or not a legal entity. 
 “Restricted Business”
means the business of providing airline charter services competitive with those provided by the Company, including, but not limited to, ACMI, wet lease, an airline certified as a US 121 supplemental carrier or
ad-hoc charter services in the airline industry. 

  
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 14.    Notices. Any notice provided for in this Agreement must be
in writing and must be either personally delivered or sent by reputable overnight courier service (charges prepaid), or emailed, to the recipient at the address below indicated: 

To the Company: 
 Global
Crossing Airlines, Inc. 
 4200 NW 36th Street 

4th Floor 

Miami, FL 33166 
 Attention: Ed
Wegel 
 To Executive: 

Mark A. Salvador 
 2625 NE 17th Terrace 
 Wilton Manors, FL 33334 

or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party. Any
notice under this Agreement shall be deemed to have been given when personally delivered, one business day after sent by reputable overnight courier service or at such time as it is transmitted via email. 

15.    Tax Matters. 

(a)    Withholding. Executive authorizes the Company to make any and all applicable withholdings of federal and
state taxes and other items the Company may be required to deduct, as such items may exist under this Agreement or otherwise from time to time. 

(b)    Intent of Parties. The intent of the parties is that payments and benefits under this Agreement comply with
U.S. Internal Revenue Code, as amended (the “Code”) Section 409A, and, accordingly, this Agreement will be interpreted to be in compliance therewith. In no event will the Company be liable for any additional tax, interest or
penalty that may be imposed on the Executive by Code Section 409A or damages for failing to comply with Code Section 409A. 

(c)    Specified Executive. Notwithstanding anything to the contrary in this Agreement, this
Section 15(c) will apply to the payment of Severance if the Executive is deemed to be a “specified Executive” (within the meaning of Code Section 409A(a)(2)(B)) on his separation from service date. To the
extent necessary to comply with Code Section 409A, payment of any Severance that is “deferred compensation” (within the meaning of Code Section 409A) will not be made until the first payroll paydate after the expiration of the six-month period following the Executive’s “separation from service” date. Upon the expiration of the foregoing delay period, all payments delayed pursuant to this
Section 15(c) will be paid to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement will be paid or provided in accordance with the normal payment dates specified for them herein.

 (d)    Separate Payments. For purposes of Code Section 409A, the Executive’s right to receive any
installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. 

  
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 16.    General Provisions. 

(a)    Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

(b)    Complete Agreement. This Agreement, together with Award Agreement and Stock Plan, embodies the complete
agreement and understanding between the parties and supersede and preempt any prior understandings, agreements or representations by or between the parties, written or oral, which may have been related to the subject matter hereof in any way.
Provided, however, that: (i) this Agreement supersedes the Award Agreement and Stock Plan with regard to post-termination equity vesting; and (ii) this Agreement shall not abrogate any other duty or obligation that Executive may have to or
in favor of the Company pursuant to common law or other applicable law or to any other contract, agreement or arrangement to which Executive is a party, including, but not limited to, any other
non-competition, non-solicitation, confidentiality or similar agreement. 

(c)    Counterparts; Electronic Delivery. This Agreement may be executed in separate counterparts, each of which
is deemed to be an original and all of which taken together constitute one and the same agreement. This Agreement, and any amendments hereto, to the extent signed and delivered by means of a facsimile machine or by attachment (e.g., PDF) to
electronic mail, shall be treated in all manner and respects as an original agreement and shall be considered to have the same binding legal effect as if it were the original signed version delivered in person. No party hereto shall raise the use of
a facsimile machine or electronic mail to deliver a signature or the fact that any signature was transmitted or communicated through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and
each such party forever waives any such defense. 
 (d)    Amendment and Waiver. The provisions of this
Agreement may be amended and waived only with the prior written consent of the Company and Executive. 

(e)    Business Days. If any time period for giving notice or taking action hereunder expires on a day which is a
Saturday, Sunday or legal holiday in the state in which the Company’s chief executive office is located, the time period shall be automatically extended to the business day immediately following such Saturday, Sunday or holiday. 

(f)    Assignment. Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and
be enforceable by Executive and the Company and their respective successors and assigns; provided, however, that the rights and obligations of Executive under this Agreement shall not be assignable. 

(g)    Governing Law. All questions concerning the construction, validity and interpretation of this Agreement
shall be construed in accordance with the internal laws, but not 

  
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the law of conflicts, of the State of Florida. For the purposes of any claim or cause of action in any legal proceeding initiated over any dispute arising out of or relating to this Agreement or
any of the transactions contemplated hereby, such claim or cause of action shall be initiated in any federal or state court located in Miami-Dade County, Florida, and the parties further agree that venue for all such matters shall lie exclusively in
those courts. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection that they may now or hereafter have, including, without limitation, any claim of forum non conveniens, to venue and any objection to
personal jurisdiction or venue in such jurisdiction in the courts located in Miami-Dade County, Florida. The parties agree that a judgment in any such dispute may be enforced in other jurisdictions by
proceedings on the judgment or in any other manner provided by law. 
 (h)    Attorney’s Fees. Should any
action or proceeding be commenced to enforce any of the provisions of this Agreement, or in connection with its meaning, the prevailing party in such action shall be awarded, in addition to any other relief it may obtain, its reasonable costs and
expenses, and its reasonable attorneys’ fees through all trial and appellate levels up to a cap of $25,000. 

(i)    Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY
JURY OF ANY CLAIM OR CAUSE OF ACTION IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS OR EVENTS CONTEMPLATED HEREBY OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS
OF ANY PARTY HERETO. THE PARTIES HERETO EACH AGREE THAT ANY AND ALL SUCH CLAIMS AND CAUSES OF ACTION SHALL BE TRIED BY THE COURT WITHOUT A JURY. EACH OF THE PARTIES HERETO FURTHER WAIVES ANY RIGHT TO SEEK TO CONSOLIDATE ANY SUCH LEGAL PROCEEDING IN
WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED. 
 [REMAINDER OF THIS
PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	GLOBAL CROSSING AIRLINES, INC.
		
	By:	 	 /s/ Edward Wegel

	 Name: Edward Wegel
 Title: Chairman
and CEO

  

	
	 /s/ Mark A. Salvador

	MARK A. SALVADOR

  
 12First Amended and Restated 2020 Equity Incentive Plan

  FIRST AMENDED AND RESTATED
 RAPID THERAPEUTIC SCIENCE LABORATORIES, INC.
 2020 EQUITY INCENTIVE PLAN
  
 TABLE OF CONTENTS
  
  
 	 ARTICLE I. PREAMBLE
	 1

	 ARTICLE II. DEFINITIONS
	 1

	 ARTICLE III. ADMINISTRATION
	 7

	 ARTICLE IV. INCENTIVE STOCK OPTIONS
	 12

	 ARTICLE V. NONQUALIFIED STOCK OPTIONS
	 13

	 ARTICLE VI. INCIDENTS OF STOCK OPTIONS
	 14

	 ARTICLE VII. RESTRICTED STOCK
	 16

	 ARTICLE VIII. STOCK AWARDS
	 18

	 ARTICLE IX. PERFORMANCE SHARES
	 19

	 ARTICLE X. OTHER STOCK-BASED AWARDS
	 20

	 ARTICLE XI. CHANGES OF CONTROL OR OTHER FUNDAMENTAL CHANGES
	 21

	 ARTICLE XII. AMENDMENT AND TERMINATION
	 22

	 ARTICLE XIII. SECURITIES MATTERS AND REGULATIONS
	 23

	 ARTICLE XIV. SECTION 409A OF THE CODE
	 23

	 ARTICLE XV. MISCELLANEOUS PROVISIONS
	 24

  
  
  
  
  
  
 
 First Amended and Restated Rapid Therapeutic Science Laboratories, Inc.
 2020 Equity Incentive Plan
 
  
FIRST AMENDED AND RESTATED
 RAPID THERAPEUTIC SCIENCE LABORATORIES, INC.
 2020 EQUITY INCENTIVE PLAN
  
 ARTICLE I. 
PREAMBLE
 1.1.  This First Amended and Restated 2020 Equity Incentive Plan of Rapid Therapeutic Science Laboratories, Inc. (the “Company”) is intended to secure for the Company and its Affiliates the benefits arising from ownership of the Company’s Common Stock by the Employees, Officers, Directors and Consultants of the Company and its Affiliates, all of whom are and will be responsible for the Company’s future growth. The Plan is designed to help attract and retain for the Company and its Affiliates personnel of superior ability for positions of exceptional responsibility, to reward Employees, Officers, Directors and Consultants for their services and to motivate such individuals through added incentives to further contribute to the success of the Company and its Affiliates. With respect to persons subject to Section 16 of the Act, transactions under this Plan are intended to satisfy the requirements of Rule 16b-3 of the Act.
 1.2.  Awards under the Plan may be made to an Eligible Person in the form of (i) Incentive Stock Options (to Eligible Employees only); (ii) Nonqualified Stock Options; (iii) Restricted Stock; (iv) Stock Awards; (v) Performance Shares; (vi) other Stock-Based Awards; or (vii) any combination of the foregoing.
 1.3.  The Company’s Board of Directors adopted the Plan on December 29, 2020, subject to shareholder approval (the “Adoption Date”), which was received on December 30, 2020 (the “Effective Date”). Unless sooner terminated as provided elsewhere in this Plan, this Plan shall terminate upon the close of business on the day next preceding the tenth (10th) anniversary of the Adoption Date. Award Agreements outstanding on such date shall continue to have force and effect in accordance with the provisions thereof.
 1.4.  The Plan shall be governed by, and construed in accordance with, the laws of the State of Nevada (except its choice-of-law provisions).
 1.5.  Capitalized terms shall have the meaning provided in ARTICLE II unless otherwise provided in this Plan or any related Award Agreement.
 ARTICLE II.
DEFINITIONS
 DEFINITIONS. Except where the context otherwise indicates, the following definitions apply:
  
 2.1.  “Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended.
 2.2.  “Adoption Date” has the meaning given to such term in Section 1.3.
 2.3.  “Administrator” means the Board or a Committee.
 2.4.  “Affiliate” means any parent corporation or subsidiary corporation of the Company, whether now or hereinafter existing, as those terms are defined in Sections 424(e) and (f), respectively, of the Code.
 2.5.  “Applicable Laws” means all applicable laws, rules, regulations and requirements, including, but not limited to, all applicable U.S. federal, state or local laws, any Stock Exchange rules or 
 
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regulations and the applicable laws, rules or regulations of any other country or jurisdiction where Awards are granted under the Plan or Participants reside or provide services, as such laws, rules and regulations shall be in effect from time to time.
 2.6.  “Available Shares” means the sum of (i) 25,000,000 shares of Common Stock, and (ii) an annual increase on March 1st of each calendar year, beginning in 2022 and ending in 2030 (each a “Date of Determination”), in each case subject to the approval and determination of the Administrator on or prior to the applicable Date of Determination, equal to the lesser of (A) five percent (5%) of the total shares of Common Stock of the Company outstanding on the last day of the immediately preceding fiscal year, (B) 25,000,000 shares of Common Stock; and (C) such smaller number of shares as determined by the Administrator (the “Share Limit”). Notwithstanding the foregoing, shares added to the Available Shares by the Share Limit are available for issuance as Incentive Stock Options only to the extent that making such shares available for issuance as Incentive Stock Options would not cause any Incentive Stock Option to cease to qualify as such. In the event that the Administrator shall not take action to affirmatively approve an increase in the Share Limit on or prior to the applicable Date of Determination, the Share Limit and Available Shares, shall remain at such level as they were prior to such applicable Date of Determination. For clarity, the Available Shares is a limitation on the number of shares of Common Stock that may be issued pursuant to the Plan.
 2.7.  “Award” means an award granted to a Participant in accordance with the provisions of the Plan, including, but not limited to, Stock Options, Restricted Stock, Stock Awards, Performance Shares, or any combination of the foregoing.
 2.8.  “Award Agreement” means the separate written agreement evidencing each Award granted to a Participant under the Plan.
 2.9.  “Board of Directors” or “Board” means the Board of Directors of the Company, as constituted from time to time.
 2.10.  “Bylaws” means the Company’s Bylaws as amended and restated from time to time.
 2.11.  “Change of Control” means (i) consumation of a plan of merger or consolidation of the Company with any other corporation or association as a result of which the holders of the voting capital stock of the Company as a group would receive less than 50% of the voting capital stock of the surviving or resulting corporation; (ii) the approval by the Board of Directors of an agreement providing for the sale or transfer (other than as security for obligations of the Company) of substantially all the assets of the Company; or (iii) in the absence of a prior expression of approval by the Board of Directors, the acquisition of more than 30% of the Company’s voting capital stock by any person within the meaning of Rule 13d-3 under the Act (other than the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company).
 2.12.  “Code” means the Internal Revenue Code of 1986, as amended, and the regulations and interpretations promulgated thereunder.
 2.13.  “Committee” means a committee of two or more members of the Board appointed by the Board in accordance with Section 3.2 of the Plan. In the event the Company has not designated a Committee pursuant to Section 3.2 of the Plan, “Committee” shall refer to the Compensation Committee of the Company (in the event the Company has a Compensation Committee and it has authority to administer the Plan), if any, or the Board of Directors of the Company.
 2.14.  “Common Stock” means the Company’s common stock.
 
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2.15.  “Company” means Rapid Therapeutic Science Laboratories, Inc., a Nevada corporation.
 2.16.  “Consultant” means any person, including an advisor engaged by the Company or an Affiliate to render bona fide consulting or advisory services to the Company or an Affiliate, other than as an Employee, Director or Non-Employee Director.
 2.17.  “Continuous Service Status” means the absence of any interruption or termination of service as an Employee or Consultant (unless otherwise provided for in the applicable Award Agreement), as determined by the Administrator in good faith and subject to Applicable Laws. Subject to Applicable Laws, the Administrator shall determine whether a leave of absence, or absence in military or government service, shall constitute an interruption of Continuous Service Status; provided, however, that, (i) if an Employee is holding an Incentive Stock Option and such leave exceeds 3 months, then, for purposes of Incentive Stock Option status only, such Employee’s service as an Employee shall be deemed terminated on the 1st day following such 3-month period, and the Incentive Stock Option shall thereafter automatically become a Nonqualified Stock Option in accordance with Applicable Laws, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to a written Company policy, and (ii) the Administrator shall not have any such discretion to the extent that the grant of such discretion would cause any tax to become due under Section 409A of the Code. Also, Continuous Service Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of a transfer between locations of the Company or between the Company, its subsidiaries or Affiliates, or their respective successors.
 2.18.  “Director” means a member of the Board of Directors of the Company.
 2.19.  “Disability” means the permanent and total disability of a person within the meaning of Section 22(e)(3) of the Code.
 2.20. “Effective Date” shall be the date set forth in Section 1.3 of the Plan.
 2.21. “Eligible Employee” means an Eligible Person who is an Employee of the Company or any Affiliate.
 2.22.  “Eligible Person” means any Employee, Officer, Director, Non-Employee Director or Consultant of the Company or any Affiliate, except for instances where services are in connection with the offer or sale of securities in a capital-raising transaction, or they directly or indirectly promote or maintain a market for the Company’s securities, subject to any other limitations as may be provided by the Code, the Act, or the Administrator. In making such determinations, the Administrator may take into account the nature of the services rendered by such person, his or her present and potential contribution to the Company’s success, and such other factors as the Administrator in its discretion shall deem relevant.
 2.23.  “Employee” means an individual who is a common-law employee of the Company or an Affiliate including employment as an Officer. Mere service as a Director or payment of a director’s fee by the Company or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate.
 2.24.  “ERISA” means the Employee Retirement Income Security Act of 1974, as now in effect or as hereafter amended.
 2.25.   “Fair Market Value” means, as of any date and unless the Administrator determines otherwise, the value of Common Stock determined as follows:
 
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2.25.1  If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the NYSE American, Nasdaq National Market or The Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system for the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
 2.25.2  If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported for the date in question, or the Common Stock is quoted on an over-the-counter market, the Fair Market Value will be the mean between the high bid and low asked prices for the Common Stock for the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or
 2.25.3  In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.
 2.25.4  The Administrator may also adopt a different methodology for determining Fair Market Value with respect to one or more Awards if a different methodology is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular Award(s) (for example, and without limitation, the Administrator may provide that Fair Market Value for purposes of one or more Awards will be based on an average of closing prices (or the average of high and low daily trading prices) for a specified period preceding the relevant date).
 2.26.  “Grant Date” means, as to any Award, the latest of:
 2.26.1  the date on which the Administrator authorizes the grant of the Award; or
 2.26.2  the date the Participant receiving the Award becomes an Employee or a Director of the Company or its Affiliate, to the extent employment status is a condition of the grant or a requirement of the Code or the Act; or
 2.26.3  such other date (later than the dates described in 2.26.1 and 2.26.2 above) as the Administrator may designate and as set forth in the Participant’s Award Agreement.
 2.27.  “Immediate Family” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall include adoptive relationships.
 2.28.  “Incentive Stock Option” means a Stock Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and is granted under ARTICLE IV of the Plan and designated as an Incentive Stock Option in a Participant’s Award Agreement.
 2.29.  “Non-Employee Director” shall have the meaning set forth in Rule 16b-3 under the Act.
 2.30.  “Nonqualified Stock Option” means a Stock Option not intended to qualify as an Incentive Stock Option and is not so designated in the Participant’s Award Agreement.
 2.31.  “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Act.
 
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2.32.  “Option Period” means the period during which a Stock Option may be exercised from time to time, as established by the Administrator and set forth in the Award Agreement for each Participant who is granted a Stock Option.
 2.33.  “Option Price” means the purchase price for a share of Common Stock subject to purchase pursuant to a Stock Option, as established by the Administrator and set forth in the Award Agreement for each Participant who is granted a Stock Option.
 2.34.  “Outside Director” means a Director who either is not a current employee of the Company.
 2.35.  “Participant” means an Eligible Person to whom an Award has been granted and who has entered into an Award Agreement evidencing the Award or, if applicable, such other person who holds an outstanding Award.
 2.36.  “Performance Objectives” shall have the meaning set forth in ARTICLE IX of the Plan.
 2.37.  “Performance Period” shall have the meaning set forth in ARTICLE IX of the Plan.
 2.38.  “Performance Share” means an Award under ARTICLE IX of the Plan of a unit valued by reference to the Common Stock, the payout of which is subject to achievement of such Performance Objectives, measured during one or more Performance Periods, as the Administrator, in its sole discretion, shall establish at the time of such Award and set forth in a Participant’s Award Agreement.
 2.39.  “Plan” means this First Amended and Restated Rapid Therapeutic Science Laboratories, Inc. 2020 Equity Incentive Plan, as it may be amended from time to time.
 2.40.  “Reporting Person” means a person required to file reports under Section 16(a) of the Act.
 2.41.  “Restricted Stock” means an Award under ARTICLE VII of the Plan of shares of Common Stock that are at the time of the Award subject to restrictions or limitations as to the Participant’s ability to sell, transfer, pledge or assign such shares, which restrictions or limitations may lapse separately or in combination at such time or times, in installments or otherwise, as the Administrator, in its sole discretion, shall determine at the time of such Award and set forth in a Participant’s Award Agreement.
 2.42.  “Restriction Period” means the period commencing on the Grant Date with respect to such shares of Restricted Stock and ending on such date as the Administrator, in its sole discretion, shall establish and set forth in a Participant’s Award Agreement.
 2.43.  “Retirement” means retirement as determined under procedures established by the Administrator or in any Award, as set forth in a Participant’s Award Agreement.
 2.44.  “Rule 16b-3” means Rule 16b-3 promulgated under the Act or any successor to Rule 16b-3, as in effect from time to time. Those provisions of the Plan which make express reference to Rule 16b-3, or which are required in order for certain option transactions to qualify for exemption under Rule 16b-3, shall apply only to a Reporting Person.
 2.45.  “Shares” means shares of Common Stock issued in connection with Awards granted under this Plan, including, where applicable, upon exercise of Stock Options granted under this Plan.
 2.46.                        “Share Limit” has the meaning given to such term under the definition of Available Shares, above. 
 
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2.47.  “Stock Exchange” means any stock exchange or consolidated stock price reporting system (including, but not limited to NASDAQ) on which prices for the Common Stock are quoted at any given time, and shall initially mean The NASDAQ Capital Market.
 2.48.  “Stock Award” means an Award of shares of Common Stock under ARTICLE VIII of the Plan.
 2.49.  “Stock-Based Awards” has the meaning given to such term in Section 10.1.
 2.50.  “Stock Option” means an Award under ARTICLE IV or ARTICLE V of the Plan of an option to purchase Common Stock. A Stock Option may be either an Incentive Stock Option or a Nonqualified Stock Option.
 2.51.  “Ten Percent Shareholder” means an individual who owns (or is deemed to own pursuant to Section 424(d) of the Code), at the time of grant, stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any of its Affiliates.
 2.52.  “Termination of Service” means (i) in the case of an Eligible Employee, the discontinuance of employment of such Participant with the Company or its Subsidiaries for any reason other than a transfer to another member of the group consisting of the Company and its Affiliates and (ii) in the case of a Director who is not an Employee of the Company or any Affiliate, the date such Participant ceases to serve as a Director. The determination of whether a Participant has discontinued service shall be made by the Administrator in its sole discretion. In determining whether a Termination of Service has occurred, the Administrator may provide that service as a Consultant or service with a business enterprise in which the Company has a significant ownership interest shall be treated as employment with the Company.
 ARTICLE III.
ADMINISTRATION
 3.1.  The Plan shall be administered by the Administrator and shall be administered, to the extent applicable, in accordance with Rule 16b-3. The Administrator shall have the exclusive right to interpret and construe the Plan, to select the Eligible Persons who shall receive an Award, and to act in all matters pertaining to the grant of an Award and the determination and interpretation of the provisions of the related Award Agreement, including, without limitation, the determination of the number of shares subject to Stock Options and the Option Period(s) and Option Price(s) thereof, the number of shares of Restricted Stock or shares subject to Stock Awards or Performance Shares subject to an Award, the vesting periods (if any) and the form, terms, conditions and duration of each Award, and any amendment thereof consistent with the provisions of the Plan. The Administrator may adopt, establish, amend and rescind such rules, regulations and procedures as it may deem appropriate for the proper administration of the Plan, make all other determinations which are, in the Administrator’s judgment, necessary or desirable for the proper administration of the Plan, amend the Plan or a Stock Award as provided in ARTICLE XII, and terminate or suspend the Plan as provided in ARTICLE XII. All acts, determinations and decisions of the Administrator made or taken pursuant to the Plan or with respect to any questions arising in connection with the administration and interpretation of the Plan or any Award Agreement, including the severability of any and all of the provisions thereof, shall be conclusive, final and binding upon all persons. On or after the date of grant of an Award under the Plan, the Administrator may (i) accelerate the date on which any such Award becomes vested, exercisable or transferable, as the case may be, (ii) extend the term of any such Award, including, without limitation, extending the period following a termination of a Participant’s employment during which any such Award may remain outstanding, or (iii) waive any conditions to the vesting, exercisability or transferability, as the case may be, of any such Award; 
 
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provided, that the Administrator shall not have any such authority to the extent that the grant of such authority would cause any tax to become due under Section 409A of the Code.
 3.2.  The Administrator may, to the full extent permitted by and consistent with Applicable Law and the Company’s Bylaws, and subject to Subparagraph 3.2.1 herein below, delegate any or all of its powers with respect to the administration of the Plan to the Company’s Compensation Committee (if any) or another Committee of the Company consisting of not fewer than two members of the Board each of whom shall qualify (at the time of appointment to the Committee and during all periods of service on the Committee) in all respects as a Non-Employee Director and as an Outside Director.
 3.2.1  If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Administrator as set forth herein, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in the Plan to the Administrator shall thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not consistent with the provisions of the Plan, as may be adopted from time to time by the Board.
 3.2.2  The Board may abolish the Committee at any time and reassume all powers and authority previously delegated to the Committee.
 3.2.3  In addition to, and not in limitation of, the right of Administrator, the full Board of Directors and/or the Company’s Compensation Committee (if any) may from time to time grant Awards to Eligible Persons pursuant to the terms and conditions of this Plan, subject to the requirements of the Code, Rule 16b-3 under the Act or any other Applicable Law, rule or regulation. In connection with any such grants, the Board of Directors and/or the Company’s Compensation Committee shall have all of the power and authority of the Administrator to determine the Eligible Persons to whom such Awards shall be granted and the other terms and conditions of such Awards.
 3.3.  Without limiting the provisions of this ARTICLE III, and subject to the provisions of ARTICLE XI, the Administrator is authorized to take such action as it determines to be necessary or advisable, and fair and equitable to Participants and to the Company, with respect to an outstanding Award in the event of a Change of Control as described in ARTICLE XI or other similar event. Such action may include, but shall not be limited to, establishing, amending or waiving the form, terms, conditions and duration of an Award and the related Award Agreement, so as to provide for earlier, later, extended or additional times for exercise or payments, differing methods for calculating payments, alternate forms and amounts of payment, an accelerated release of restrictions or other modifications. The Administrator may take such actions pursuant to this Section 3.3 by adopting rules and regulations of general applicability to all Participants or to certain categories of Participants, by including, amending or waiving terms and conditions in an Award and the related Award Agreement, or by taking action with respect to individual Participants from time to time. In the event any Award is not evidenced by a written Award Agreement, such Award shall be governed by the terms of this Plan and the terms and conditions of the grant of the Award as evidenced by the minutes of the Board (or any authorized Committee thereof). For the sake of clarity, the failure of the Company to document an Award by way of a written Award Agreement shall not affect the validity of such Award.
 3.4.  Subject to the provisions of Section 3.9 and this Section 3.4, the maximum aggregate number of shares of Common Stock which may be issued pursuant to Awards under the Plan shall be the Available Shares. Such shares of Common Stock shall be made available from authorized and unissued shares of the Company.
 
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3.4.1  For all purposes under the Plan, each Performance Share awarded shall be counted as one share of Common Stock subject to an Award.
 3.4.2  If, for any reason, any shares of Common Stock (including shares of Common Stock subject to Performance Shares) that have been awarded or are subject to issuance or purchase pursuant to Awards outstanding under the Plan are not delivered or purchased, or are reacquired by the Company, for any reason, including but not limited to a forfeiture of Restricted Stock or failure to earn Performance Shares or the termination, expiration or cancellation of a Stock Option, or any other termination of an Award without payment being made in the form of shares of Common Stock (whether or not Restricted Stock), such shares of Common Stock shall not be charged against the aggregate number of shares of Common Stock available for Award under the Plan and shall again be available for Awards under the Plan. In no event, however, may Common Stock that is surrendered or withheld to pay the exercise price of a Stock Option or to satisfy tax withholding requirements be available for future grants under the Plan.
 3.4.3  For purposes of clarifying the preceding paragraph, shares of Common Stock covered by Awards shall only be counted as used to the extent they are actually issued and delivered to a Participant (or such Participant’s permitted transferees as described in the Plan) pursuant to the Plan. In addition, shares of Common Stock related to Awards that expire, are forfeited or cancelled or terminate for any reason without the issuance of shares shall not be treated as issued pursuant to the Plan. 
 3.4.4  The foregoing subsections 3.4.1 and 3.4.2 of this Section 3.4 shall be subject to any limitations provided by the Code or by Rule 16b-3 under the Act or by any other Applicable Law, rule or regulation.
 3.5.  Each Award granted under the Plan shall be evidenced by a written Award Agreement, which shall be subject to and shall incorporate (by reference or otherwise) the applicable terms and conditions of the Plan and shall include any other terms and conditions (not inconsistent with the Plan) required by the Administrator. In the event any Award is not evidenced by a written Award Agreement, such Award shall be governed by the terms of this Plan and the terms and conditions of the grant of the Award as evidenced by the minutes of the Administrator (or any authorized Committee thereof). For the sake of clarity, the failure of the Company to document an Award by way of a written Award Agreement shall not affect the validity of such Award.
 3.6.  In the event the Plan and/or the Common Stock issuable in connection with Awards hereunder are registered with the Securities Exchange Commission (the “SEC”) under the Act on Form S-8, no registered shares of Common Stock shall be issuable by the Company under the Plan and pursuant to such registration statement, (a) except to natural persons (as such term is interpreted by the SEC); and (b) except where such persons provide bona fide services to the Company; and no such registered shares shall be issuable (i) in connection with services associated with the offer or sale of securities in a capital-raising transaction; or (ii) where the services directly or indirectly promote or maintain a market for the Company’s securities.
 3.7.  The Administrator may require any Participant acquiring shares of Common Stock pursuant to any Award under the Plan to represent to and agree with the Company in writing that such person is acquiring the shares of Common Stock for investment purposes and without a view to resale or distribution thereof. Shares of Common Stock issued and delivered under the Plan shall also be subject to such stop-transfer orders and other restrictions as the Administrator may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any Stock Exchange upon which the Common Stock is then listed and any applicable federal or state laws, and the Administrator may cause a legend or legends to be placed on the certificate or certificates representing 
 
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any such shares to make appropriate reference to any such restrictions. In making such determination, the Administrator may rely upon an opinion of counsel for the Company.
 3.8.  Except as otherwise expressly provided in the Plan or in an Award Agreement with respect to an Award, no Participant shall have any right as a shareholder of the Company with respect to any shares of Common Stock subject to such Participant’s Award except to the extent that, and until, one or more certificates representing such shares of Common Stock shall have been delivered to the Participant. No shares shall be required to be issued, and no certificates shall be required to be delivered, under the Plan unless and until all of the terms and conditions applicable to such Award shall have, in the sole discretion of the Administrator, been satisfied in full and any restrictions shall have lapsed in full, and unless and until all of the requirements of law and of all regulatory bodies having jurisdiction over the offer and sale, or issuance and delivery, of the shares shall have been fully complied with.
 3.9.  The total amount of shares with respect to which Awards may be granted under the Plan, the Share Limit, the ISO Limit and rights of outstanding Awards (both as to the number of shares subject to the outstanding Awards and the Option Price(s) or other purchase price(s) of such shares, as applicable) shall be appropriately adjusted for any increase or decrease in the number of outstanding shares of Common Stock of the Company resulting from payment of a stock dividend on the Common Stock, a stock split or subdivision or combination of shares of the Common Stock, or a reorganization or reclassification of the Common Stock, or any other change in the structure of shares of the Common Stock. The foregoing adjustments and the manner of application of the foregoing provisions shall be determined by the Administrator in its sole discretion. Any such adjustment may provide for the elimination of any fractional shares which might otherwise become subject to an Award. All adjustments made as a result of the foregoing in respect of each Incentive Stock Option shall be made so that such Incentive Stock Option shall continue to be an Incentive Stock Option, as defined in Section 422 of the Code.
 3.10.  No director or person acting pursuant to authority delegated by the Administrator shall be liable for any action or determination under the Plan made in good faith. The members of the Administrator shall be entitled to indemnification by the Company in the manner and to the extent set forth in the Company’s Articles of Incorporation, as amended, Bylaws or as otherwise provided from time to time regarding indemnification of Directors.
 3.11.  The Administrator shall be authorized to make adjustments in any performance based criteria or in the other terms and conditions of outstanding Awards in recognition of unusual or nonrecurring events affecting the Company (or any Affiliate, if applicable) or its financial statements or changes in Applicable Laws, regulations or accounting principles. The Administrator may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award Agreement in the manner and to the extent it shall deem necessary or desirable to reflect any such adjustment. In the event the Company (or any Affiliate, if applicable) shall assume outstanding employee benefit awards or the right or obligation to make future such awards in connection with the acquisition of another corporation or business entity, the Administrator may, in its sole discretion, make such adjustments in the terms of outstanding Awards under the Plan as it shall deem appropriate.
 3.12.  Subject to the express provisions of the Plan, the Administrator shall have full power and authority to determine whether, to what extent and under what circumstances any outstanding Award shall be terminated, canceled, forfeited or suspended. Notwithstanding the foregoing or any other provision of the Plan or an Award Agreement, all Awards to any Participant that are subject to any restriction or have not been earned or exercised in full by the Participant shall be terminated and canceled if the Participant is terminated for cause, as determined by the Administrator in its sole discretion.
 
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3.13.  Limitation on Non-Employee Director Awards. The maximum number of Shares subject to Awards granted during a single calendar year to any non-employee Director, taken together with any cash fees paid during the calendar year to the non-employee Director, in respect of the Director’s service as a member of the Board during such year (including service as a member or chair of any committees of the Board), shall not exceed $500,000 in total value (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes). For avoidance of doubt, compensation will count towards this limit for the calendar year in which it was granted or earned, and not later when distributed, in the event it is deferred.
 ARTICLE IV.
INCENTIVE STOCK OPTIONS
 4.1.  The Administrator, in its sole discretion, may from time to time on or after the Effective Date grant Incentive Stock Options to Eligible Employees, subject to the provisions of this ARTICLE IV and ARTICLE III and ARTICLE VI and subject to the following conditions:
 4.1.1  Incentive Stock Options shall be granted only to Eligible Employees, each of whom may be granted one or more of such Incentive Stock Options at such time or times determined by the Administrator.
 4.1.2  The Option Price per share of Common Stock for an Incentive Stock Option shall be set in the Award Agreement, but shall not be less than (i) one hundred percent (100%) of the Fair Market Value of the Common Stock at the Grant Date, or (ii) in the case of an Incentive Stock Option granted to a Ten Percent Shareholder, one hundred ten percent (110%) of the Fair Market Value of the Common Stock at the Grant Date.
 4.1.3  An Incentive Stock Option may be exercised in full or in part from time to time within ten (10) years from the Grant Date, or such shorter period as may be specified by the Administrator as the Option Period and set forth in the Award Agreement; provided, however, that, in the case of an Incentive Stock Option granted to a Ten Percent Shareholder, such period shall not exceed five (5) years from the Grant Date; and further, provided that, in any event, the Incentive Stock Option shall lapse and cease to be exercisable upon a Termination of Service or within such period following a Termination of Service as shall have been determined by the Administrator and set forth in the related Award Agreement; and provided, further, that such period shall not exceed the period of time ending on the date three (3) months following a Termination of Service (except as otherwise provided in any employment agreement approved by the Administrator), unless employment shall have terminated:
 (i)  as a result of Disability, in which event such period shall not exceed the period of time ending on the date twelve (12) months following a Termination of Service; or
 (ii) as a result of death, or if death shall have occurred following a Termination of Service (other than as a result of Disability) and during the period that the Incentive Stock Option was still exercisable, in which event such period may not exceed the period of time ending on the earlier of the date twelve (12) months after the date of death;
 (iii) and provided, further, that such period following a Termination of Service or death shall in no event extend beyond the original Option Period of the Incentive Stock Option.
 
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4.1.4  The aggregate Fair Market Value of the shares of Common Stock with respect to which any Incentive Stock Options (whether under this Plan or any other plan established by the Company) are first exercisable during any calendar year by any Eligible Employee shall not exceed one hundred thousand dollars ($100,000), determined based on the Fair Market Value(s) of such shares as of their respective Grant Dates; provided, however, that to the extent permitted under Section 422 of the Code, if the aggregate Fair Market Values of the shares of Common Stock with respect to which Stock Options intended to be Incentive Stock Options are first exercisable by any Eligible Employee during any calendar year (whether such Stock Options are granted under this Plan or any other plan established by the Company) exceed one hundred thousand dollars ($100,000), the Stock Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as Nonqualified Stock Options.
 4.1.5  No Incentive Stock Options may be granted more than ten (10) years from the Adoption Date.
 4.1.6  The Award Agreement for each Incentive Stock Option shall provide that the Participant shall notify the Company if such Participant sells or otherwise transfers any shares of Common Stock acquired upon exercise of the Incentive Stock Option within two (2) years of the Grant Date of such Incentive Stock Option or within one (1) year of the date such shares were acquired upon the exercise of such Incentive Stock Option.
 4.2.  The Administrator may provide for any other terms and conditions which it determines should be imposed for an Incentive Stock Option to qualify under Section 422 of the Code, as well as any other terms and conditions not inconsistent with this ARTICLE IV or ARTICLE III or ARTICLE VI, as determined in its sole discretion and set forth in the Award Agreement for such Incentive Stock Option.
 4.3.  Each provision of this ARTICLE IV and of each Incentive Stock Option granted hereunder shall be construed in accordance with the provisions of Section 422 of the Code, and any provision hereof that cannot be so construed shall be disregarded.
 4.4.  Subject to the limitations of Section 3.4, and notwithstanding the Share Limit, and subject to adjustment in accordance with Section 3.9 hereof, the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under the Plan is 250,000,000 shares (the “ISO Limit”).
 4.5.  Incentive Stock Options may be granted only to Employees of the Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and (f) of the Code).
 ARTICLE V.
NONQUALIFIED STOCK OPTIONS
 5.1.  The Administrator, in its sole discretion, may from time to time on or after the Effective Date grant Nonqualified Stock Options to Eligible Persons, subject to the provisions of this ARTICLE V and ARTICLE III or ARTICLE VI and subject to the following conditions:
 5.1.1  Nonqualified Stock Options may be granted to any Eligible Person, each of whom may be granted one or more of such Nonqualified Stock Options, at such time or times determined by the Administrator.
 
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5.1.2  The Option Price per share of Common Stock for a Nonqualified Stock Option shall be set in the Award Agreement and may be less than one hundred percent (100%) of the Fair Market Value of the Common Stock at the Grant Date; provided, however, that the exercise price of each Nonqualified Stock Option granted under the Plan shall in no event be less than the par value per share of the Company’s Common Stock.
 5.1.3  A Nonqualified Stock Option may be exercised in full or in part from time to time within the Option Period specified by the Administrator and set forth in the Award Agreement; provided, however, that, in any event, the Nonqualified Stock Option shall lapse and cease to be exercisable upon a Termination of Service or within such period following a Termination of Service as shall have been determined by the Administrator and set forth in the related Award Agreement.
 5.2.  The Administrator may provide for any other terms and conditions for a Nonqualified Stock Option not inconsistent with this ARTICLE V or ARTICLE III or ARTICLE VI, as determined in its sole discretion and set forth in the Award Agreement for such Nonqualified Stock Option.
 ARTICLE VI.
INCIDENTS OF STOCK OPTIONS
 6.1.  Each Stock Option shall be granted subject to such terms and conditions, if any, not inconsistent with this Plan, as shall be determined by the Administrator and set forth in the related Award Agreement, including any provisions as to continued employment as consideration for the grant or exercise of such Stock Option and any provisions which may be advisable to comply with Applicable Laws, regulations or rulings of any governmental authority.
 6.2.  Except as hereinafter described, a Stock Option shall not be transferable by the Participant other than by will or by the laws of descent and distribution, and shall be exercisable during the lifetime of the Participant only by the Participant or the Participant’s guardian or legal representative. In the event of the death of a Participant, any unexercised Stock Options may be exercised to the extent otherwise provided herein or in such Participant’s Award Agreement by the executor or personal representative of such Participant’s estate or by any person who acquired the right to exercise such Stock Options by bequest under the Participant’s will or by inheritance. The Administrator, in its sole discretion, may at any time permit a Participant to transfer a Nonqualified Stock Option for no consideration to or for the benefit of one or more members of the Participant’s Immediate Family (including, without limitation, to a trust for the benefit of the Participant and/or one or more members of such Participant’s Immediate Family or a corporation, partnership or limited liability company established and controlled by the Participant and/or one or more members of such Participant’s Immediate Family), subject to such limits as the Administrator may establish. The transferee of such Nonqualified Stock Option shall remain subject to all terms and conditions applicable to such Nonqualified Stock Option prior to such transfer. The foregoing right to transfer the Nonqualified Stock Option, if granted by the Administrator shall apply to the right to consent to amendments to the Award Agreement.
 6.3.  Shares of Common Stock purchased upon exercise of a Stock Option shall be paid for in such amounts, at such times and upon such terms as shall be determined by the Administrator, subject to limitations set forth in the Stock Option Award Agreement. The Administrator may, in its sole discretion, permit the exercise of a Stock Option by payment in cash or by tendering shares of Common Stock (either by actual delivery of such shares or by attestation), or any combination thereof, as determined by the Administrator. In the sole discretion of the Administrator, payment in shares of Common Stock also may be made with shares received upon the exercise or partial exercise of the Stock Option, whether or not involving a series of exercises or partial exercises and whether or not share certificates for such shares surrendered have been delivered to the Participant. The Administrator also may, in its sole discretion, 
 
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permit the payment of the exercise price of a Stock Option by the voluntary surrender of all or a portion of the Stock Option. Shares of Common Stock previously held by the Participant and surrendered in payment of the Option Price of a Stock Option shall be valued for such purpose at the Fair Market Value thereof on the date the Stock Option is exercised.
 6.4.  The holder of a Stock Option shall have no rights as a shareholder with respect to any shares covered by the Stock Option (including, without limitation, any voting rights, the right to inspect or receive the Company’s balance sheets or financial statements or any rights to receive dividends or non-cash distributions with respect to such shares) until such time as the holder has exercised the Stock Option and then only with respect to the number of shares which are the subject of the exercise. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.
 6.5.  The Administrator may permit the voluntary surrender of all or a portion of any Stock Option granted under the Plan to be conditioned upon the granting to the Participant of a new Stock Option for the same or a different number of shares of Common Stock as the Stock Option surrendered, or may require such voluntary surrender as a condition precedent to a grant of a new Stock Option to such Participant. Subject to the provisions of the Plan, such new Stock Option shall be exercisable at such Option Price, during such Option Period and on such other terms and conditions as are specified by the Administrator at the time the new Stock Option is granted. Upon surrender, the Stock Options surrendered shall be canceled and the shares of Common Stock previously subject to them shall be available for the grant of other Stock Options.
 6.6.  The Administrator may at any time offer to purchase a Participant’s outstanding Stock Option for a payment equal to the value of such Stock Option payable in cash, shares of Common Stock or Restricted Stock or other property upon surrender of the Participant’s Stock Option, based on such terms and conditions as the Administrator shall establish and communicate to the Participant at the time that such offer is made.
 6.7.  The Administrator shall have the discretion, exercisable either at the time the Award is granted or at the time the Participant discontinues employment, to establish as a provision applicable to the exercise of one or more Stock Options that, during a limited period of exercisability following a Termination of Service, the Stock Option may be exercised not only with respect to the number of shares of Common Stock for which it is exercisable at the time of the Termination of Service but also with respect to one or more subsequent installments for which the Stock Option would have become exercisable had the Termination of Service not occurred.
 6.8.  Notwithstanding anything to the contrary herein, the Company may reprice any Stock Option without the approval of the shareholders of the Company, or the holder of the Stock Option. For this purpose, “reprice” means (i) any of the following or any other action that has the same effect: (A) lowering the exercise price of a Stock Option after it is granted, (B) any other action that is treated as a repricing under U.S. generally accepted accounting principles (“GAAP”), or (C) cancelling a Stock Option at a time when its exercise price exceeds the Fair Market Value of the underlying Common Stock, in exchange for another Stock Option, restricted stock or other equity, unless the cancellation and exchange occurs in connection with a merger, acquisition, spin-off or other similar corporate transaction; and (ii) any other action that is considered to be a repricing under formal or informal guidance issued by exchange or market on which the Company’s Common Stock then trades or is quoted, provided that no repricing may (1) increase the exercise price of any Stock Option, or (2) reduce the exercise price below the Fair Market Value of the Company’s Common Stock on the date the action is taken to reduce such exercise price (without the approval of the holder thereof). 
 
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6.9.  In addition to, and without limiting the above Section 6.8, the Administrator may permit the voluntary surrender of all or a portion of any Stock Option granted under the Plan to be conditioned upon the granting to the Participant of a new Stock Option for the same or a different number of shares of Common Stock as the Stock Option surrendered, or may require such voluntary surrender as a condition precedent to a grant of a new Stock Option to such Participant. Subject to the provisions of the Plan, such new Stock Option shall be exercisable at such Option Price, during such Option Period and on such other terms and conditions as are specified by the Administrator at the time the new Stock Option is granted. Upon surrender, the Stock Options surrendered shall be canceled and the shares of Common Stock previously subject to them shall be available for the grant of other Stock Options.
 ARTICLE VII.
RESTRICTED STOCK
 7.1.  The Administrator, in its sole discretion, may from time to time on or after the Effective Date award shares of Restricted Stock to Eligible Persons as a reward for past service and an incentive for the performance of future services that will contribute materially to the successful operation of the Company and its Affiliates, subject to the terms and conditions set forth in this ARTICLE VII.
 7.2.  The Administrator shall determine the terms and conditions of any Award of Restricted Stock, which shall be set forth in the related Award Agreement, including without limitation:
 7.2.1  the purchase price, if any, to be paid for such Restricted Stock, which may be zero, subject to such minimum consideration as may be required by Applicable Law;
 7.2.2  the duration of the Restriction Period or Restriction Periods with respect to such Restricted Stock and whether any events may accelerate or delay the end of such Restriction Period(s);
 7.2.3  the circumstances upon which the restrictions or limitations shall lapse, and whether such restrictions or limitations shall lapse as to all shares of Restricted Stock at the end of the Restriction Period or as to a portion of the shares of Restricted Stock in installments during the Restriction Period by means of one or more vesting schedules;
 7.2.4  whether such Restricted Stock is subject to repurchase by the Company or to a right of first refusal at a predetermined price or if the Restricted Stock may be forfeited entirely under certain conditions;
 7.2.5  whether any performance goals may apply to a Restriction Period to shorten or lengthen such period; and
 7.2.6  whether dividends and other distributions with respect to such Restricted Stock are to be paid currently to the Participant or withheld by the Company for the account of the Participant.
 7.3.  Awards of Restricted Stock must be accepted within a period of thirty (30) days after the Grant Date (or such shorter or longer period as the Administrator may specify at such time) by executing an Award Agreement with respect to such Restricted Stock and tendering the purchase price, if any. A prospective recipient of an Award of Restricted Stock shall not have any rights with respect to such Award, unless such recipient has executed an Award Agreement with respect to such Restricted Stock, has delivered a fully executed copy thereof to the Administrator and has otherwise complied with the applicable terms and conditions of such Award.
 
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7.4.  In the sole discretion of the Administrator and as set forth in the Award Agreement for an Award of Restricted Stock, all shares of Restricted Stock held by a Participant and still subject to restrictions shall be forfeited by the Participant upon the Participant’s Termination of Service and shall be reacquired, canceled and retired by the Company. Notwithstanding the foregoing, unless otherwise provided in an Award Agreement with respect to an Award of Restricted Stock, in the event of the death, Disability or Retirement of a Participant during the Restriction Period, or in other cases of special circumstances (including hardship or other special circumstances of a Participant whose employment is involuntarily terminated), the Administrator may elect to waive in whole or in part any remaining restrictions with respect to all or any part of such Participant’s Restricted Stock, if it finds that a waiver would be appropriate.
 7.5.  Except as otherwise provided in this ARTICLE VII, no shares of Restricted Stock received by a Participant shall be sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of during the Restriction Period.
 7.6.  Upon an Award of Restricted Stock to a Participant, a certificate or certificates representing the shares of such Restricted Stock will be issued to and registered in the name of the Participant. Unless otherwise determined by the Administrator, such certificate or certificates will be held in custody by the Company until (i) the Restriction Period expires and the restrictions or limitations lapse, in which case one or more certificates representing such shares of Restricted Stock that do not bear a restrictive legend (other than any legend as required under applicable federal or state securities laws) shall be delivered to the Participant, or (ii) a prior forfeiture by the Participant of the shares of Restricted Stock subject to such Restriction Period, in which case the Company shall cause such certificate or certificates to be canceled and the shares represented thereby to be retired, all as set forth in the Participant’s Award Agreement. It shall be a condition of an Award of Restricted Stock that the Participant deliver to the Company a stock power endorsed in blank relating to the shares of Restricted Stock to be held in custody by the Company.
 7.7.  Except as provided in this ARTICLE VII or in the related Award Agreement, a Participant receiving an Award of shares of Restricted Stock Award shall have, with respect to such shares, all rights of a shareholder of the Company, including the right to vote the shares and the right to receive any distributions, unless and until such shares are otherwise forfeited by such Participant; provided, however, the Administrator may require that any cash dividends with respect to such shares of Restricted Stock be automatically reinvested in additional shares of Restricted Stock subject to the same restrictions as the underlying Award, or may require that cash dividends and other distributions on Restricted Stock be withheld by the Company or its Affiliates for the account of the Participant. The Administrator shall determine whether interest shall be paid on amounts withheld, the rate of any such interest, and the other terms applicable to such withheld amounts.
 ARTICLE VIII.
STOCK AWARDS
 8.1.  The Administrator, in its sole discretion, may from time to time on or after the Effective Date grant Stock Awards to Eligible Persons in payment of compensation that has been earned or as compensation to be earned, including without limitation compensation awarded or earned concurrently with or prior to the grant of the Stock Award, subject to the terms and conditions set forth in this ARTICLE VIII.
 8.2.  For the purposes of this Plan, in determining the value of a Stock Award, all shares of Common Stock subject to such Stock Award shall be set in the Award Agreement and may be less than one hundred percent (100%) of the Fair Market Value of the Common Stock at the Grant Date.
 
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8.3.  Unless otherwise determined by the Administrator and set forth in the related Award Agreement, shares of Common Stock subject to a Stock Award will be issued, and one or more certificates representing such shares will be delivered, to the Participant as soon as practicable following the Grant Date of such Stock Award. Upon the issuance of such shares and the delivery of one or more certificates representing such shares to the Participant, such Participant shall be and become a shareholder of the Company fully entitled to receive dividends, to vote and to exercise all other rights of a shareholder of the Company. Notwithstanding any other provision of this Plan, unless the Administrator expressly provides otherwise with respect to a Stock Award, as set forth in the related Award Agreement, no Stock Award shall be deemed to be an outstanding Award for purposes of the Plan.
 ARTICLE IX.
PERFORMANCE SHARES
 9.1.  The Administrator, in its sole discretion, may from time to time on or after the Effective Date award Performance Shares to Eligible Persons as an incentive for the performance of future services that will contribute materially to the successful operation of the Company and its Affiliates, subject to the terms and conditions set forth in this ARTICLE IX.
 9.2.  The Administrator shall determine the terms and conditions of any Award of Performance Shares, which shall be set forth in the related Award Agreement, including without limitation:
 9.2.1  the purchase price, if any, to be paid for such Performance Shares, which may be zero, subject to such minimum consideration as may be required by Applicable Law;
 9.2.2  the performance period (the “Performance Period”) and/or performance objectives (the “Performance Objectives”) applicable to such Awards;
 9.2.3  the number of Performance Shares that shall be paid to the Participant if the applicable Performance Objectives are exceeded or met in whole or in part; and
 9.2.4  the form of settlement of a Performance Share.
 9.3.  At any date, each Performance Share shall have a value equal to the Fair Market Value of a share of Common Stock.
 9.4.  Performance Periods may overlap, and Participants may participate simultaneously with respect to Performance Shares for which different Performance Periods are prescribed.
 9.5.  Performance Objectives may vary from Participant to Participant and between Awards and shall be based upon such performance criteria or combination of factors as the Administrator may deem appropriate, including, but not limited to, minimum earnings per share or return on equity. If during the course of a Performance Period there shall occur significant events which the Administrator expects to have a substantial effect on the applicable Performance Objectives during such period, the Administrator may revise such Performance Objectives.
 9.6.  In the sole discretion of the Administrator and as set forth in the Award Agreement for an Award of Performance Shares, all Performance Shares held by a Participant and not earned shall be forfeited by the Participant upon the Participant’s Termination of Service. Notwithstanding the foregoing, unless otherwise provided in an Award Agreement with respect to an Award of Performance Shares, in the event of the death, Disability or Retirement of a Participant during the applicable Performance Period, or in other cases of special circumstances (including hardship or other special circumstances of a Participant whose employment is involuntarily terminated), the Administrator may determine to make a 
 
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payment in settlement of such Performance Shares at the end of the Performance Period, based upon the extent to which the Performance Objectives were satisfied at the end of such period and pro-rated for the portion of the Performance Period during which the Participant was employed by the Company or an Affiliate; provided, however, that the Administrator may provide for an earlier payment in settlement of such Performance Shares in such amount and under such terms and conditions as the Administrator deems appropriate or desirable.
 9.7.  The settlement of a Performance Share shall be made in cash, whole shares of Common Stock or a combination thereof and shall be made as soon as practicable after the end of the applicable Performance Period. Notwithstanding the foregoing, the Administrator in its sole discretion may allow a Participant to defer payment in settlement of Performance Shares on terms and conditions approved by the Administrator and set forth in the related Award Agreement entered into in advance of the time of receipt or constructive receipt of payment by the Participant.
 9.8.  Performance Shares shall not be transferable by the Participant. The Administrator shall have the authority to place additional restrictions on the Performance Shares including, but not limited to, restrictions on transfer of any shares of Common Stock that are delivered to a Participant in settlement of any Performance Shares.
 ARTICLE X.
OTHER STOCK-BASED AWARDS
 10.1.  Grant of Stock-Based Awards. The Administrator is authorized to make Awards of other types of equity-based or equity-related awards and fully vested stock awards, including grants of fully vested Shares (collectively, “Stock-Based Awards”) not otherwise described by the terms of the Plan in such amounts and subject to such terms and conditions as the Administrator shall determine, including without limitation the payment of cash bonuses or other incentives in the form of Stock-Based Awards. Unless otherwise determined by the Administrator, all Stock-Based Awards shall be evidenced by an Award Agreement. Such Stock-Based Awards may be granted as an inducement to enter the employ of the Company or any Subsidiary or in satisfaction of any obligation of the Company or any Subsidiary to an officer or other key employee, whether pursuant to this Plan or otherwise, that would otherwise have been payable in cash or in respect of any other obligation of the Company. Such Stock-Based Awards may entail the transfer of actual Shares, or payment in cash or otherwise of amounts based on the value of Shares and may include, without limitation, Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States. Such Stock-Based Awards may have a value, exercise price or strike price, in the discretion of the Board, of less than 100% of the Fair Market Value at the time of award.
 ARTICLE XI.
CHANGES OF CONTROL OR OTHER FUNDAMENTAL CHANGES
 11.1.  Upon the occurrence of a Change of Control and unless otherwise provided in the Award Agreement with respect to a particular Award:
 11.1.1  all outstanding Stock Options shall become immediately exercisable in full, subject to any appropriate adjustments in the number of shares subject to the Stock Option and the Option Price, and shall remain exercisable for the remaining Option Period, regardless of any provision in the related Award Agreement limiting the exercisability of such Stock Option or any portion thereof for any length of time;
 11.1.2  all outstanding Performance Shares with respect to which the applicable Performance Period has not been completed shall be paid out as soon as practicable as follows:
 
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(i)  all Performance Objectives applicable to the Award of Performance Shares shall be deemed to have been satisfied to the extent necessary to earn one hundred percent (100%) of the Performance Shares covered by the Award;
 (ii)  the applicable Performance Period shall be deemed to have been completed upon occurrence of the Change of Control;
 (iii) the payment to the Participant in settlement of the Performance Shares shall be the amount determined by the Administrator, in its sole discretion, or in the manner stated in the Award Agreement, as multiplied by a fraction, the numerator of which is the number of full calendar months of the applicable Performance Period that have elapsed prior to occurrence of the Change of Control, and the denominator of which is the total number of months in the original Performance Period; and
 (iv)  upon the making of any such payment, the Award Agreement as to which it relates shall be deemed terminated and of no further force and effect; and
 11.1.3  all outstanding shares of Restricted Stock with respect to which the restrictions have not lapsed shall be deemed vested, and all such restrictions shall be deemed lapsed and the Restriction Period ended.
 11.2.  Anything contained herein to the contrary notwithstanding, upon the dissolution or liquidation of the Company, each Award granted under the Plan and then outstanding shall terminate; provided, however, that following the adoption of a plan of dissolution or liquidation, and in any event prior to the effective date of such dissolution or liquidation, each such outstanding Award granted hereunder shall be exercisable in full and all restrictions shall lapse, to the extent set forth in Section 11.1.1, 11.1.2 and 11.1.3 above.
 11.3.  After the merger of one or more corporations into the Company or any Affiliate, any merger of the Company into another corporation, any consolidation of the Company or any Affiliate of the Company and one or more corporations, or any other corporate reorganization of any form involving the Company as a party thereto and involving any exchange, conversion, adjustment or other modification of the outstanding shares of the Common Stock, each Participant shall, at no additional cost, be entitled, upon any exercise of such Participant’s Stock Option, to receive, in lieu of the number of shares as to which such Stock Option shall then be so exercised, the number and class of shares of stock or other securities or such other property to which such Participant would have been entitled to pursuant to the terms of the agreement of merger or consolidation or reorganization, if at the time of such merger or consolidation or reorganization, such Participant had been a holder of record of a number of shares of Common Stock equal to the number of shares as to which such Stock Option shall then be so exercised. Comparable rights shall accrue to each Participant in the event of successive mergers, consolidations or reorganizations of the character described above. The Administrator may, in its sole discretion, provide for similar adjustments upon the occurrence of such events with regard to other outstanding Awards under this Plan. The foregoing adjustments and the manner of application of the foregoing provisions shall be determined by the Administrator in its sole discretion. Any such adjustment may provide for the elimination of any fractional shares which might otherwise become subject to an Award. All adjustments made as the result of the foregoing in respect of each Incentive Stock Option shall be made so that such Incentive Stock Option shall continue to be an Incentive Stock Option, as defined in Section 422 of the Code.
 
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ARTICLE XII.
AMENDMENT AND TERMINATION
 12.1.  Subject to the provisions of Section 12.2, the Board of Directors at any time and from time to time may amend or terminate the Plan as may be necessary or desirable to implement or discontinue the Plan or any provision hereof, to the extent required by the Act or the Code, or rules and regulations of the Stock Exchange and/or such other securities exchanges, if any, which the Company’s Common Stock is then subject to, however, no amendment, without approval by the Company’s shareholders, shall:
 12.1.1  materially alter the group of persons eligible to participate in the Plan;
 12.1.2  except as provided in Section 3.4, change the maximum aggregate number of shares of Common Stock that are available for Awards under the Plan; or
 12.1.3  alter the class of individuals eligible to receive an Incentive Stock Option or increase the limit on Incentive Stock Options set forth in Section 4.1.4 or the value of shares of Common Stock for which an Eligible Employee may be granted an Incentive Stock Option.
 12.2.  No amendment to or discontinuance of the Plan or any provision hereof by the Board of Directors or the shareholders of the Company shall, without the written consent of the Participant, adversely affect (in the sole discretion of the Administrator) any Award theretofore granted to such Participant under this Plan; provided, however, that the Administrator retains the right and power to:
 12.2.1  annul any Award if the Participant is terminated for cause as determined by the Administrator; and
 12.2.2  convert any outstanding Incentive Stock Option to a Nonqualified Stock Option.
 12.3.  If a Change of Control has occurred, no amendment or termination shall impair the rights of any person with respect to an outstanding Award as provided in ARTICLE XI.
 ARTICLE XIII.
SECURITIES MATTERS AND REGULATIONS
 13.1.  Notwithstanding anything herein to the contrary, the obligation of the Company to sell or deliver Shares with respect to any Award granted under the Plan shall be subject to all Applicable Laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator. The Administrator may require, as a condition of the issuance and delivery of certificates evidencing shares of Common Stock pursuant to the terms hereof, that the recipient of such shares make such agreements and representations, and that such certificates bear such legends, as the Administrator, in its sole discretion, deems necessary or advisable.
 13.2.  Each Award is subject to the requirement that, if at any time the Administrator determines that the listing, registration or qualification of Shares is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Shares, no such Award shall be granted or payment made or Shares issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Administrator.
 
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13.3.  In the event that the disposition of Shares acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the Administrator may require a Participant receiving Common Stock pursuant to the Plan, as a condition precedent to receipt of such Common Stock, to represent to the Company in writing that the Common Stock acquired by such Participant is acquired for investment only and not with a view to distribution.
 ARTICLE XIV.
SECTION 409A OF THE CODE
 14.1.  Unless otherwise expressly provided for in an Award Agreement, the Plan and each Award Agreement will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code, and, to the extent not so exempt, in compliance with Section 409A of the Code. If the Administrator determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the Shares are publicly traded, and if a Participant holding an Award that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six months following the date of such Participant’s “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) or, if earlier, the date of the Participant’s death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule.
 14.2.  With respect to any Award that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code, termination of a Participant’s Continuous Service Status shall mean a separation from service within the meaning of Section 409A of the Code, unless the Participant was an Employee immediately prior to such termination and is then contemporaneously retained as a Consultant pursuant to a written agreement and such agreement provides otherwise. The Continuous Service Status of a Participant shall be deemed to have terminated for all purposes of the Plan if such person is employed by or provides services to Subsidiary and such Subsidiary ceases to be a Subsidiary, unless the Administrator determines otherwise. To the extent permitted by Section 409A of the Code, a Participant who ceases to be an Employee of the Company but continues, or simultaneously commences, services as a Director of the Company shall be deemed to have had a termination of Continuous Service Status for purposes of the Plan.
 ARTICLE XV.
MISCELLANEOUS PROVISIONS
 15.1.Nothing in the Plan or any Award granted hereunder shall confer upon any Participant any right to continue in the employ of the Company or its Affiliates or to serve as a Director or shall interfere in any way with the right of the Company or its Affiliates or the shareholders of the Company, as applicable, to terminate the employment of a Participant or to release or remove a Director at any time. Unless specifically provided otherwise, no Award granted under the Plan shall be deemed salary or compensation for the purpose of computing benefits under any employee benefit plan or other  
 
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arrangement of the Company or its Affiliates for the benefit of their respective employees unless the Company shall determine otherwise. No Participant shall have any claim to an Award until it is actually granted under the Plan and an Award Agreement has been executed and delivered to the Company. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall, except as otherwise provided by the Administrator, be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company, and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts, except as provided in ARTICLE VII with respect to Restricted Stock and except as otherwise provided by the Administrator.
 15.2.  The Plan and the grant of Awards shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals by any government or regulatory agency as may be required. Any provision herein relating to compliance with Rule 16b-3 under the Act shall not be applicable with respect to participation in the Plan by Participants who are not subject to Section 16 of the Act.
 15.3.  The terms of the Plan shall be binding upon the Company, its successors and assigns.
 15.4.  Neither a Stock Option nor any other type of equity-based compensation provided for hereunder shall be transferable except as provided for in Section 6.2. In addition to the transfer restrictions otherwise contained herein, additional transfer restrictions shall apply to the extent required by federal or state securities laws. If any Participant makes such a transfer in violation hereof, any obligation hereunder of the Company to such Participant shall terminate immediately.
 15.5.  This Plan and all actions taken hereunder shall be governed by the laws of the State of Nevada.
 15.6.  Each Participant exercising an Award hereunder agrees to give the Administrator prompt written notice of any election made by such Participant under Section 83(b) of the Code, or any similar provision thereof, as applicable.
 15.7.  If any provision of this Plan or an Award Agreement is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan or any Award Agreement under any law deemed applicable by the Administrator, such provision shall be construed or deemed amended to conform to Applicable Laws, or if it cannot be construed or deemed amended without, in the determination of the Administrator, materially altering the intent of the Plan or the Award Agreement, it shall be stricken, and the remainder of the Plan or the Award Agreement shall remain in full force and effect.
 15.8.  The grant of an Award pursuant to this Plan shall not affect in any way the right or power of the Company or any of its Affiliates to make adjustments, reclassification, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or to dissolve, liquidate or sell, or to transfer all or part of its business or assets.
 15.9.  The Plan is not subject to the provisions of ERISA or qualified under Section 401(a) of the Code.
 15.10.  If a Participant is required to pay to the Company an amount with respect to income and employment tax withholding obligations in connection with (i) the exercise of a Nonqualified Stock Option, (ii) certain dispositions of Common Stock acquired upon the exercise of an Incentive Stock Option, or (iii) the receipt of Common Stock pursuant to any other Award, then the issuance of Common Stock to such Participant shall not be made (or the transfer of shares by such Participant shall not be required to be effected, as applicable) unless such withholding tax or other withholding liabilities shall 
 
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have been satisfied in a manner acceptable to the Company. To the extent provided by the terms of an Award Agreement, the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Stock under an Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid to the Participant by the Company) or by a combination of such means: (i) tendering a cash payment; (ii) authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law; or (iii) delivering to the Company owned and unencumbered shares of Common Stock.
 15.11.  Compliance with other laws.
 15.11.1  For Reporting Persons:
 (i)  the Plan is intended to satisfy the provisions of Rule 16b-3;
 (ii)  all transactions involving Participants who are subject to Section 16(b) of the Act are subject to the provisions of Rule 16b-3 regardless of whether they are set forth in the Plan; and
 (iii)  any provision of the Plan that conflicts with Rule 16b-3 does not apply to the extent of the conflict.
 15.11.2  If any provision of the Plan, any Award, or Award Agreement conflicts with the requirements of Code Section 162(m) or 422 for Awards subject to these requirements, then that provision does not apply to the extent of the conflict.
 15.11.3  Notwithstanding any other provision of the Plan, if, for an Employee of a parent company, the conversion of an Incentive Stock Option to a Nonqualified Stock Option or the treatment of an Incentive Stock Option as a Nonqualified Stock Option would not satisfy the requirements of Code Section 409A or an exemption thereto, as determined by the Administrator in its exclusive discretion, then the Incentive Stock Option shall terminate on the date that it would no longer qualify as an Incentive Stock Option as determined by the Administrator in its exclusive discretion.
 15.12.  In addition to the remedies of the Company elsewhere provided for herein, failure by a Participant to comply with any of the terms and conditions of the Plan or any Award Agreement, unless such failure is remedied by such Participant within ten days after having been notified of such failure by the Administrator, shall be grounds for the cancellation and forfeiture of such Award, in whole or in part, as the Administrator, in its sole discretion, may determine.
 15.13.  Any reference in the Plan to a written document includes any document delivered electronically or posted on the Company’s intranet.
 15.14.  The headings and captions in the Plan are inserted as a matter of convenience for organizational purposes, and do not construe, define, extend, interpret, or limit any provision of the Plan.
 15.15.  Whenever the context may require, any pronoun includes the corresponding masculine, feminine, or neuter form, and the singular includes the plural and vice versa.
 
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15.16.  Any reference in the Plan to a statutory or regulatory provision includes corresponding successor provisions.
 15.17.  The proceeds from the sale of shares pursuant to Awards granted under the Plan shall constitute general funds of the Company.
 15.18.  A Participant’s electronic signature of an Award Agreement shall have the same validity and effect as a signature affixed by hand.
 15.19.  Notwithstanding anything in the Plan or in any Award Agreement to the contrary, the Company will be entitled to the extent permitted or required by Applicable Law, Company policy and/or the requirements of a Stock Exchange on which the Shares are listed for trading, in each case, as in effect from time to time, to recoup compensation of whatever kind paid by the Company at any time to a Participant under this Plan. No such recoupment of compensation will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement between any Participant and the Company.
 15.20.  Corporate action constituting a grant by the Company of an Award to any Participant shall be deemed completed as of the date of such corporate action, unless otherwise determined by the Administrator, regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of Shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the preparation of the Award Agreement or related grant documentation, the corporate records will control, and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant documentation.
 15.21.  Nothing contained in the Plan or in any Award agreement executed pursuant hereto shall be deemed to confer upon any individual or entity to whom an Award is or may be granted hereunder any right to remain in the employ or service of the Company or a parent or subsidiary of the Company or any entitlement to any remuneration or other benefit pursuant to any consulting or advisory arrangement.
 15.22.  In the event of any express contradiction between the Plan and any Award Agreement or any other written agreement between a Participant and the Company or any Affiliate that has been approved by the Administrator, the express terms of the Plan shall govern, unless it is expressly specified in such Award Agreement or other written document that such express provision of the Plan shall not apply.
 15.23.  Except as provided otherwise in an Award Agreement, all notices and other communications required or permitted to be given under this Plan or any Award Agreement shall be in writing and shall be deemed to have been given if delivered personally, sent by email or any other form of electronic transfer approved by the Administrator, sent by certified or express mail, return receipt requested, postage prepaid, or by any recognized international equivalent of such delivery, (i) in the case of notices and communications to the Company, to its current business address and to the attention of the Corporate Secretary of the Company or (ii) in the case of a Participant, to the last known address, or email address or, where the individual is an employee of the Company or one of its subsidiaries, to the individual’s workplace address or email address or by other means of electronic transfer acceptable to the Administrator. All such notices and communications shall be deemed to have been received on the date of delivery, if sent by email or any other form of electronic transfer, at the time of dispatch or on the third business day after the mailing thereof.
 
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15.24.  Any reference herein or in an Award Agreement to a “written” agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access). By accepting any Award, the Participant consents to receive documents by electronic delivery and to participate in the Plan through any on-line electronic system established and maintained by the Administrator or another third party selected by the Administrator. The form of delivery of any Common Stock (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by the Company.
 15.25.  All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Law and any clawback policy that the Company otherwise adopts, to the extent applicable and permissible under Applicable Law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of cause. No recovery of compensation under such a clawback policy will be an event giving rise to a Participant’s right to voluntarily terminate employment upon a “resignation for good reason,” or for a “constructive termination” or any similar term under any plan of or agreement with the Company.
 15.26.  To the extent permitted by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy any U.S. federal, state, local and/or non-U.S. tax or social insurance withholding obligation relating to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Award; (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; (v) by allowing a Participant to effectuate a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board; or (vi) by such other method as may be set forth in the Award Agreement.
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 Adopted by the Board of Directors on December 29, 2020.
 Adopted and ratified by the shareholders of the Company on December 30, 2020.
 Amended by the Board of Directors on January 7, 2022, and approved and ratified by the shareholders on January 11, 2022.
  
  
  
 
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