Document:

EX-10.2

 Exhibit 10.2 

LumiraDx Limited 

Unapproved Option Scheme with 

US Appendix 

Adopted by a resolution of the Board on 19 September 2016 

and amended by the Board on 26 September 2016, 28 October 

2016 and 17 January 2018 

 Contents 
  

					
	 1.  Definitions and interpretation
	  	 	1	 
	 2.  Grant of Option
	  	 	3	 
	 3.  Rights to exercise Options
	  	 	4	 
	 4.  Procedures to exercise Options
	  	 	7	 
	 5.  Release of Options
	  	 	8	 
	 6.  Adjustment of Options
	  	 	9	 
	 7.  Taxation
	  	 	9	 
	 8.  Administration and amendment
	  	 	9	 
	 9.  General
	  	 	10	 
	 Appendix 1 US Option Holders
	  	 	12	 
	 Letter Notifying Grant
	  	 	15	 
	 Share Option Certificate
	  	 	17	 
	 Letter Notifying US Grant
	  	 	20	 
	 US Share Option Certificate
	  	 	21	 
	 US Exhibit A
	  	 	24	 

 Rules of the LumiraDx Limited 

Unapproved Option Scheme 
  

	1.	 Definitions and interpretation 

 

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

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

“AIM” means the Alternative Investment Market of the London Stock Exchange. 

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

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

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

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

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

“Date of Grant” means the date on which an Option is granted pursuant to rule 2.4. 

“Eligible Employee” means any executive director or any employee of a Group Company. 

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

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

“Exercise Price” means the price payable per Share on the exercise of an Option, not being less than the nominal value of a
Share. 
 “Group Company” means the Company and any of its Subsidiaries from time to time. 

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

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

“Market Value” means on any day, the market value of a Share which shall be the value specified for this purpose by the Board
in accordance with Part VIII of the TCGA. 

  
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 “National Insurance Contribution Liability” means any national insurance
contributions which fall to be paid to HM Revenue & Customs by the Company (or the relevant employing Group Company) under the modified PAYE system as it applies for national insurance purposes under the Social Security Contributions and
Benefits Act 1992 and regulations referred to in it (or the equivalent in any jurisdiction outside England and Wales). 
 “New
Holding Company” means a company which has the same (or substantially the same) shareholders holding the same (or substantially the same) proportionate shareholdings as the shareholders of the Company immediately before its creation. 

“Option” means a right granted under this Scheme to acquire Shares. 

“Option Holder” means a person to whom an Option has been granted under the Scheme or, where applicable, the legal personal
representatives of such a person. 
 “Ordinary Shares” means shares comprising the ordinary share capital of the Company as
defined in section 989 Income Tax Act. 
 “Reconstruction” means a compromise or arrangement which the court sanctions under
sections 86 and 87 of the Companies Law (2013 Revision) of the Cayman Islands. 
 “Sale” means: 

 

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

 

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

 “Scheme” means this
scheme being the LumiraDx Limited Unapproved Option Scheme approved by a resolution of the Board dated 19 September 2016 or as subsequently amended in accordance with rule 8. 

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

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

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

“Unvested Option” means, on any date, that part of an Option that has not vested in accordance with these Rules and the
Vesting Schedule. 
 “Vests” means a right to exercise has arisen and “Vesting” shall be construed accordingly.

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

  
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	1.2	 In this Scheme, unless the context otherwise requires: 

 

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	2.	 Grant of Option 

 

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

  

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

 

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

  

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

 

	 	(b)	 the Exercise Price; 

  

	 	(c)	 the Date of Grant; 

  

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

  

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

 

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

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

 

	2.4	 For the avoidance of doubt, the Date of Grant shall be taken to be the day on which the execution of the option
certificate as a deed is completed or, in relation to Options granted pursuant to the US Appendix only, the date on which the Board resolves to grant the Option. 

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

  

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

  

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

  

	3.	 Rights to exercise Options 

 

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

  

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

  

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

  

	 	(b)	 at a time when the Option Holder holds an office or employment with a Group Company; and 

 

	 	(c)	 in accordance with the following Vesting Schedule: 

 

			
	 Date
	  	 Vesting percentage

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

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

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

Sale or Reconstruction – Vested Options 
  

	3.4	 Subject to rule 3.5, on a Sale or Reconstruction, provided that such event is not implemented in connection
with a reorganisation which creates a New Holding Company, notwithstanding the Vesting Schedule accelerated Vesting shall apply, so that an Option Holder may exercise any Option held by him in full, during whichever of the following periods applies:

  

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

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

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

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

 Compulsory Acquisition Event – Vested Options 

 

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

Listing 
  

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

 Early cessation of employment – Vested
Options 
  

	3.8	 Where an Option Holder ceases to hold any office or employment with a Group Company by reason of:

  

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

  

	 	(b)	 redundancy (within the meaning of the Employment Rights Act 1996); 

 

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

  

	 	(d)	 any other reason as the Board may determine 

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

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

Unvested Options 
  

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

  

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

 

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

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

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

 Voluntary winding-up

  

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

Demerger 
  

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

Lapse of Options 
  

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

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

 

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

 

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

  

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

  

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

 Meaning of ceasing employment 

 

	3.15	 For the purposes of rules 3.8 and 3.9: 

 

	 	(a)	 an Option Holder (including an Option Holder who is absent from work on paternity or parental leave) shall not
be treated as ceasing to hold any office or employment until he no longer holds any office or employment with the Company or any Group Company or any Associated Company; and 

 

	 	(b)	 an Option Holder who is absent from work on statutory and/or any enhanced contractual entitlement to maternity,
paternity, adoption or parental leave shall not be deemed to have ceased holding any office or employment until he or she ceases to be entitled to exercise any statutory and/or contractual right to return to work. 

 

	4.	 Procedures to exercise Options 

 

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

  

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

  

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

  

	 	(c)	 if required by the Board, if the Shares to be acquired on exercise of the Option are considered to be
restricted securities as defined in Part 7, Chapter 2, Taxes Act (such determination to be in the sole discretion of the Board), a joint section 431, Taxes Act election (electing that the Market Value of the Shares acquired on exercise of the Option
be calculated as if the Shares were not restricted securities), 

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

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

  

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

 

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

  
 7 

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

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

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

  

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

  

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

 

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

 

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

  

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

  

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

  

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

 

	5.	 Release of Options 

 

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

  
 8 

	6.	 Adjustment of Options 

 

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

  

	7.	 Taxation 

  

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

  

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

 

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

  

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

  

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

 

	 	(a)	 any Income Tax Liability; and 

 

	 	(b)	 any Employee’s Contributions. 

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

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

  

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

  

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

  

	8.	 Administration and amendment 

 

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

  

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

  

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

  
 9 

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

 

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

  

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

  

	9.	 General 

  

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

  

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

  

	9.3	 The terms of employment of an Option Holder shall not be affected in any way by his participation in the Scheme
which shall not form part of such terms (either expressly or impliedly) nor in any way entitle him to take into account such participation in calculating any compensation or damages on the termination of his employment for whatever reason (whether
lawful or unlawful) which might otherwise be payable to him, and the Option Holder’s terms of employment shall be deemed to be varied accordingly. 

  

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

  

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

 

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

 

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

  

	9.8	 In the event that Shares are listed on AIM or the Official List of the London Stock Exchange, the Company shall
apply to the London Stock Exchange for any shares issued on the exercise of any Option to be listed on the Alternative Investment Market or the Official List as appropriate. 

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

  

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

  
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 Appendix 1 

US Option Holders 
  

	1.	 Purpose and Eligibility 

The purpose of this Appendix to the Scheme (“the US Appendix”) is to enable the Board to grant Options to individuals who are
subject to tax in the United States. 
  

	2.	 Definitions 

For the purposes of the US Appendix the following additional definitions will apply: 

“Affiliate” means a corporation or other entity deemed taxed as a corporation under the Code that is a parent or subsidiary of
the Company, direct or indirect, in an unbroken chain of corporations or other entities if, each of the corporations or other entities (except for the ultimate parent corporation/entity) owns stock possessing 50 percent or more of the total
combined voting power of all classes of stock or other equity interests in one of the other corporations or entities in such chain. 

“Code” means the United States Internal Revenue Code of 1986 as amended and the regulations made under it. 

“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code. 

“Fair Market Value” means, as of any date, the value of a Share determined as follows: 

 

	 	(a)	 if such Share is publicly traded and is then listed on a national securities exchange, its closing price on the
date of determination on the principal national securities exchange on which the Share is listed or admitted to trading as reported in the Financial Times, The Wall Street Journal or such other source as the Board deems reliable;

  

	 	(b)	 if such Share is publicly traded but is neither listed nor admitted to trading on a national securities
exchange, the average of the closing bid and asked prices on the date of determination as reported in the Financial Times, The Wall Street Journal or such other source as the Board deems reliable; or 

 

	 	(c)	 if none of the foregoing is applicable, by the Board in good faith and in accordance with the principles of
Section 421 and 409A of the Code. 

  

	3.	 Option Grant 

Each Option granted under this Appendix will identify the Option as an Incentive Stock Option within the meaning of the Code
(“ISO”) or Non-qualified Stock Options (“NSOs”). ISOs may be granted only to employees of the Company or of any Affiliate. 

 

	4.	 ISO Grant Limits 

The number of Shares over which ISOs may be granted from time to time pursuant to the US Appendix shall be 60,000 Shares or the equivalent of
such number of Shares after the Board, in its sole discretion, has interpreted the effect of variation of share capital in accordance with rule 6. If an Option ceases to be outstanding, in whole or in part (other than by exercise), the unissued
Shares which were subject to such Option shall again be available for issuance from time to time pursuant to the US Appendix. Notwithstanding the foregoing, if an Option is exercised, in whole or in part, by tender of Shares or if the Company or an
Affiliate’s tax withholding obligation is satisfied by withholding Shares subject to the Option, the number of Shares deemed to have been issued under the US Appendix for purposes of the limitation set forth in this section 4 shall be the
number of Shares that were subject to the Option and not the net number of Shares actually issued. 

  
 12 

	5.	 Normal Exercise 

Options may be vested and exercisable within the times or upon the conditions as set forth in the Option certificate governing such Option;
provided, however, that no Option will be exercisable after the expiration of ten (10) years from Date of Grant; and provided further that no ISO granted to a person who, at the time the ISO is granted, directly or by attribution owns more than
ten per cent (10%) of the total combined voting power of all classes of stock of the Company or of any Affiliate(“Ten Percent Stockholder”) will be exercisable after the expiration of five (5) years from the Date of Grant. 

 

	6.	 Exercise Price 

The Exercise Price of an Option will be determined by the Board when the Option is granted; provided that: (i) the Exercise Price of an
Option will be not less than one hundred per cent (100%) of the Fair Market Value of the Shares on the Date of Grant and (ii) the Exercise Price of any ISO granted to a Ten Percent Stockholder will not be less than one hundred and ten per cent
(110%) of the Fair Market Value of the Shares on the Date of Grant. 
  

	7.	 Procedures to Exercise Options 

For the purposes of the US Appendix, Rule 4.1 of the Scheme is amended by the deletion of the words “a remittance....Exercise
Price” and the insertion of: 
 “payment of an amount equal to the Exercise Price multiplied by the number of Shares specified in
the notice which shall be made: (i) in United States dollars (or such currency as may be determined by the Board) by cheque; or (ii) at the discretion of the Board, by having the Company retain from the Shares otherwise issuable upon
exercise of the Option, a number of Shares having a Fair Market Value equal as of the date of exercise to the aggregate Exercise Price for the number of Shares as to which the Option is being exercised, provided always that the Option Holder
subscribes in cash for the aggregate nominal value of any Shares to be issued to him; or (iii) at the discretion of the Board, in accordance with a cashless exercise program established with a securities brokerage firm; or (iv) at the
discretion of the Board, by any combination of (i), (ii), (iii) and (iv) above; or (v) at the discretion of the Board, payment of such other lawful consideration as the Board may determine. Notwithstanding the foregoing, (A) the Board
shall not exercise its discretion in a manner that would result in the Company being in breach of any Applicable Laws and (B) with respect to the exercise of any ISO, only such methods of payment as are permitted by Section 422 of the US
Code shall be permitted.” 
  

	8.	 Cessation due to Disability 

If the Option Holder’s office, employment or service with the Company or any Group Company terminates because of the Option Holder’s
Disability, then the Option Holder’s Options may be exercised only to the extent Vested on the date of cessation and must be exercised by the Option Holder no later than twelve (12) months after the date of cessation but in any event no
later than the expiration date of the Options. Notwithstanding the foregoing, if the Option is designated as an ISO it shall automatically convert and be deemed an NSO as of the date that is three months from termination of the Option Holder’s
employment. 
  

	9.	 Cessation due to other reasons 

If the Option Holder’s office, employment or service with the Company or any Group Company terminates for any reason other than
Disability, in the case of an ISO Rules 3.8 to 3.10 shall apply and the Option Holder agrees that if the Option is exercised more than ninety (90) days from the date of termination the Option may be converted to an NSO. 

 

	10.	 Limitations on ISOs 

With respect to Options granted as ISOs, to the extent that the aggregate Fair Market Value of the Shares with respect to which such ISOs are
exercisable for the first time by the Option 

  
 13 

 
Holder during any calendar year (under all plans of the Company and any Affiliate) exceeds one hundred thousand dollars ($100,000), such Options will be treated as NSOs. For purposes of this
Section 8 ISOs will be taken into account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of the Date of Grant. 
  

	11.	 Modification, Extension or Renewal 

The Board may modify, extend or renew outstanding Options and authorize the grant of new Options in substitution therefor, provided that any
such action may not, without the written consent of an Option Holder, impair any of such Option Holder’s rights under any Option previously granted. Any outstanding ISO that is modified, extended, renewed or otherwise altered will be modified
only in accordance with Section 424(h) of the Code and any Option which is a non-statutory option for the purposes of the Code will be modified, extended or renewed only as permitted by Section 409A
of the Code. By written notice to affected Option Holders, and subject to compliance with applicable legislation, the Board may reduce the Exercise Price of outstanding Options without the consent of such Option Holders; provided, however, that the
Exercise Price may not be reduced below the Fair Market Value on the Date of Grant. 
  

	12.	 Compliance 

Notwithstanding any other provision in this Plan, no term of this Plan relating to ISOs will be interpreted, amended or altered, nor will any
discretion or authority granted under this Plan be exercised, so as to cause the Plan to fail to meet the requirements of Section 422 of the Code or, without the consent of the Option Holder affected, to cause any ISO to fail to meet the
requirements of Section 422 of the Code. 
 Notwithstanding any other provision in this Plan, no term of this Plan relating to a non- statutory option will be interpreted, amended or altered nor will any discretion or authority granted under this Plan be exercised, so as to cause the Plan to fail to meet the requirements of Section 409A
of the Code. 
 The terms of this Appendix 1 shall be governed by the laws of the State of Delaware. 

  
 14 

 Letter Notifying Grant 

[to be typed onto Company letterhead] 

●[Name] 
 ●[Address] 

●[Date] 
 Dear [ Name ●] 

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

You will find an Option Certificate enclosed with this letter. 

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

When you wish to exercise your option (which is unapproved for tax purposes) you must do so on the form of exercise specified under the Rules of the Scheme or
by the Board from time to time. On such exercise (or other dealing in the option) income tax or national insurance contribution liabilities may arise, and accordingly you shall be required to indemnify, or make arrangements to reimburse the Group in
respect of any income tax and (if applicable) employee’s primary national insurance that your employer will become liable to deduct through the PAYE system and pay to HM Revenue & Customs on your behalf. In addition, as a condition of
receiving this Option you agree that your employer can ask you to agree to meet the cost of any Employer’s Contributions arising at exercise. 
 The
shares under Option are subject to certain restrictions as set out in the Company’s articles of association enclosed with the option certificate. Exercise of your option will be conditional on your entering into a joint section 431, Taxes Act
election (electing that the market value of the shares acquired on exercise of the Option be calculated as if the shares were not restricted securities) with your employer. You will be asked to sign this form when you exercise your Option. 

  
 15 

 When you sell the shares, any sale proceeds may be subject to capital gains tax. It will be your
responsibility to report and pay any capital gains tax to HM Revenue & Customs as required. 
  

	
	Yours sincerely
	
	  

	 For and on behalf of
 LumiraDx
Limited

  
 16 

 Share Option Certificate 

LumiraDx Limited Unapproved Option Scheme 
  

					
	 Date of Grant
	  	 Exercise Price per Share
	  	 Number of Shares

	●[Insert date second party signs]	  	●	  	●

  

			
	This is to certify that	 	  

			
	of	 	  

	 

 has been granted an Option to acquire ● Shares in the Company at the exercise price shown above under the Rules of the
LumiraDx Limited Unapproved Option Scheme. 
 The Option is unapproved for tax purposes. 

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

			
	
                
            Date                        
	  	 Vesting percentage

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

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

Under current legislation a gain made on the exercise of the Option will be liable to income tax and in certain circumstances national insurance contributions
will also be due. 
 In certain circumstances the income tax and national insurance contributions due will be payable through the PAYE system. As a
condition of receiving the Option you indemnify the Company and all its Subsidiaries accordingly under the Rules of the Scheme. You also accept that as a condition of exercise you may be required to agree to meet any Employer’s Contributions
arising on the exercise of the Option. Capital gains tax may become payable on eventual disposal of the Shares acquired. 
 This Certificate is executed
by the Company as a deed and delivered on the date shown above. 

  
 17 

 Executed as a deed 

by LumiraDx 
 Limited 

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

 

	
	
	                                      
                              
	 Director

 Signature of witness: 

Name: 
 Address: 

Notes 
  

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

  

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

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

  
 18 

 Form of Exercise 

LumiraDxLimited Unapproved Option Scheme 
  

			
	To:	    	The Company Secretary
		
		    	LumiraDx Limited

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

	(a)	 to indemnify the Company and any of its subsidiaries in respect of any Tax Liabilities (as defined in rule 7.2
of the Scheme) [and if requested to do so I agree to pay the Company an amount equal to the Company’s best estimate of any likely Tax Liabilities before the exercise of this Option is effective]; and 

 

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

  

									
	Signed:	 	  
	 	            	 	Date:	 	  

									
		
	Name:	 	  

									
		
	Address:	 	  

					
			
	                                      
                                         
         	 	Postcode:	 	  

  
 19 

 Letter Notifying US Grant 

[to be typed onto Company letterhead] 

[Name] 
 [Address] 

[Date] 
 Dear [name] 

LumiraDx Limited Unapproved Option Scheme 
 US Appendix

 I am pleased to inform you that the Board has granted you an option over ● Shares in the Company (the “Option”) in accordance
with the LumiraDxLimited Unapproved Option Scheme including the US Appendix (the “Scheme”). 
 You will find an Option Certificate enclosed
with this letter. 
 By accepting this Option you are agreeing to the terms of the Scheme (a copy of which is available from the Company Secretary) and that
this Option is governed by those terms and those set out in the Option Certificate. 
 Your attention is drawn in particular to the Certificate which sets
out when your Option shall become exercisable. 
 Taxation 

Your Option is an [incentive stock option/non-statutory option]. You agree to make appropriate arrangements with the
Company or an Affiliate for the satisfaction of all Federal, State, local and foreign, income and employment tax withholding requirements applicable to the exercise of the Option or dealing in the Shares. 

The Shares under Option are subject to certain restrictions as set out in the Company’s articles of association, a copy of which is available from
[me/the Company Secretary]. 
  

	
	Yours sincerely
	
	  

	 For and on behalf of
 LumiraDx
Limited

  
 20 

 US Share Option Certificate 

LumiraDx Limited Unapproved Option Scheme 

US Appendix 
  

					
	 Date of Grant
	  	 Exercise Price per Share
	  	 Number of Shares

	●	  	●	  	●

  

	
	This is to certify that
                                         
                                         
                                         
                                         
                                         
  of
	  

	  

 has been granted an Option by the Company to acquire ● Shares in the Company (“Shares”) at the exercise
price shown above under the LumiraDx Limited Unapproved Option Scheme Including the US Appendix attached thereto 
 The Option is granted as an [incentive
stock option/non-statutory option] for US tax purposes. 
 The Option is exercisable in accordance with the Rules of
the Scheme In particular, [the Option is exercisable only if the conditions and performance target set out in the attached schedule have been satisfied and] the right to exercise the Option shall vest in normal circumstances according to the Vesting
Schedule below. 
  

			
	
                
        Date                            
	  	 Vesting percentage

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

 In this Vesting Schedule the phrase “Shares under Option” shall refer to the total number of Shares under Option at
the Date of Grant. 
 Your attention is also drawn to Appendix 1 of the Rules which applies to you as a US resident participant in the Scheme. 

The Shares under Option are subject to certain restrictions as set out in the Company’s articles of association, a copy of which is available from the
company secretary. 
 In the event the Shares have not been registered under the Securities Act 1933, as amended (the “Securities Act”), at
the time the Option is exercised, you shall, if required by the Company concurrently with the exercise of all or any portion of the Option deliver to the Company an Investment Representation Statement in the form attached as Exhibit A. 

  
 21 

 Under the Section 409A of the US Internal Revenue Code of 1986 (as amended) an Option granted with a
per Share exercise price that is determined by the Internal Revenue Service (“IRS”) to be less than the fair market value of a Share on the Date of Grant may be considered deferred compensation, resulting in additional federal
income tax, state, penalty and interest tax and charges. You acknowledge that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the fair market value of a share on
the Date of Grant. 
 This Certificate is executed by the Company as a deed and delivered on the date shown above. 

Executed as a Deed by
                                         
                   ) 
 LumiraDx Limited
                                         
                        ) 
 acting as
a director                                      

in the presence of: 
 Signature of witness: 

Name: 
 Address: 

Occupation: 

                          
                                         
                                 ) 

                          
                                         
                                 ) 

Notes 
  

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

  

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

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

  
 22 

 Performance Conditions 

[to be enclosed with the option certificate] 

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

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

  
 23 

 US Exhibit A 

Investment Representation Statement 
  

			
	Option Holder:	  	[Name]
		
	Company:	  	LumiraDx Limited
		
	Security:	  	Shares
		
	Amount:	  	[Shares]

 In connection with the purchase of the above-listed Shares, the undersigned Option Holder represents to the Company the
following: 
  

	(a)	 Option Holder is aware of the Company’s business affairs and financial condition and has acquired
sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares. Option Holder is acquiring these Shares for investment for Option Holder’s own account only and not with a view to, or for resale in
connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

  

	(b)	 Option Holder acknowledges and understands that the Shares constitute “restricted securities” under
the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom. Option Holder further understands that the Shares must be held indefinitely unless they are subsequently registered under the
Securities Act or an exemption from such registration is available. Option Holder further acknowledges and understands that the Company is under no obligation to register the Shares. Option Holder understands that the certificate evidencing the
Shares shall be imprinted with any legend required under the Securities Act and under applicable state securities laws. 

  

	(c)	 Option Holder is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities
Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of
certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to Option Holder, the exercise shall be exempt from registration under the Securities Act. In the event the Company becomes
subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require)
the Securities exempt under Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144 in the case of affiliates (1) the availability of certain public information about the Company, (2) the
amount of Securities being sold during any three (3) month period not exceeding specified limitations, (3) the resale being made in an unsolicited “broker’s transaction”, transactions directly with a “market maker”
or “riskless principal transactions” (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable. 

In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Shares may be resold in certain
limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about the Company; (ii) the resale to occur more than a specified period after the purchase and full payment
(within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and (4) of the paragraph immediately above. 

  
 24 

	(d)	 Option Holder further understands that in the event all of the applicable requirements of Rule 701 or 144 are
not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and
Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a substantial burden of proof in establishing
that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Option Holder understands that no assurances can be given
that any such other registration exemption shall be available in such event. 

 Option Holder 

 

	
	  

	Signature

  

	
	  

	Print Name

  

	
	  

	Date

  
 25EX-10.5

 Exhibit 10.5 

REGISTRATION RIGHTS AGREEMENT 

 TABLE OF CONTENTS 

 

									
		  		  		  	 	Page	 
	1.	  	Definitions	  	 	1	 
			
	2.	  	Registration Rights	  	 	4	 
		  	2.1	  	Demand Registration	  	 	4	 
		  	2.2	  	Company Registration	  	 	5	 
		  	2.3	  	Underwriting Requirements	  	 	6	 
		  	2.4	  	Obligations of the Company	  	 	7	 
		  	2.5	  	Furnish Information	  	 	8	 
		  	2.6	  	Expenses of Registration	  	 	8	 
		  	2.7	  	Delay of Registration	  	 	9	 
		  	2.8	  	Indemnification	  	 	9	 
		  	2.9	  	Reports Under Exchange Act	  	 	11	 
		  	2.10	  	Limitations on Subsequent Registration Rights	  	 	12	 
		  	2.11	  	“Market Stand-off” Agreement	  	 	12	 
		  	2.12	  	Restrictions on Transfer	  	 	12	 
		  	2.13	  	Termination of Registration Rights	  	 	13	 
			
	3.	  	Miscellaneous	  	 	14	 
		  	3.1	  	Successors and Assigns	  	 	14	 
		  	3.2	  	Governing Law	  	 	14	 
		  	3.3	  	Counterparts	  	 	14	 
		  	3.4	  	Titles and Subtitles	  	 	15	 
		  	3.5	  	Notices	  	 	15	 
		  	3.6	  	Amendments and Waivers	  	 	15	 
		  	3.7	  	Severability	  	 	16	 
		  	3.8	  	Aggregation of Shares	  	 	16	 
		  	3.9	  	Additional Investors	  	 	16	 
		  	3.10	  	Entire Agreement	  	 	16	 
		  	3.11	  	Dispute Resolution	  	 	16	 
		  	3.12	  	Delays or Omissions	  	 	17	 

 Schedule A    -     Schedule of Investors 

  
 i 

 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is made as of the 8th day of August, 2018, by and among LumiraDx
Limited, an exempted company with limited liability incorporated in the Cayman Islands (the “Company”), and each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an
“Investor”. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Subscription Letter (as defined below). 

RECITALS 

WHEREAS, the Company and the Investors are parties to that certain Preferred Share Subscription Letter (the “Subscription
Letter”) and/or the Offer to Subscribe for Preferred Shares (the “Offer Letter” and, together with the Subscription Letter, the “Subscription Documents”), in each case of even date herewith; and 

WHEREAS, in order to induce the Company to enter into the Subscription Documents and to induce the Investors to invest funds in the
Company pursuant to the Subscription Documents, the Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register the A Ordinary Shares of the Company underlying the Preferred
Shares (“A Ordinary Shares”) or the Common Shares of the Company underlying such A Ordinary Shares (“Common Shares”), in each case of US$0.001 each in the share capital of the Company (such A Ordinary Shares or
Common Shares, as applicable, the “Ordinary Shares”), and shall govern certain other matters as set forth in this Agreement; 

NOW, THEREFORE, the parties hereby agree as follows: 

1.    Definitions. For purposes of this Agreement: 

1.1    “Affiliate” means, with respect to any specified Person, any other Person who,
directly or indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund or
registered investment company now or hereafter existing that is controlled by one or more general partners, managing members or investment adviser of, or shares the same management company or investment adviser with, such Person. 

1.2    “Articles of Association” means the Company’s Articles of Association, as
amended and/or restated from time to time. 
 1.3    “Board of Directors” means the
board of directors of the Company. 
 1.4    “Damages” means any loss, damage, claim or
liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or
is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any

 
amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not
misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under
the Securities Act, the Exchange Act, or any state securities law. 
 1.5    “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

1.6    “Excluded Registration” means (i) a registration relating to the sale or grant
of securities to employees or consultants of the Company or a subsidiary pursuant to a share option, share purchase, equity incentive or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any
form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Ordinary Shares being
registered are Ordinary Shares issuable upon conversion of debt securities that are also being registered. 

1.7    “Form S-1” means such form under the
Securities Act as in effect on the date hereof (or the foreign private issuer equivalent Form F-1) or any successor registration form under the Securities Act subsequently adopted by the SEC. 

1.8    “Form S-3” means such form under the
Securities Act as in effect on the date hereof (or the foreign private issuer equivalent Form F-3) or any registration form under the Securities Act subsequently adopted by the SEC that permits forward
incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

1.9    “Holder” means any holder of Registrable Securities who is a party to this
Agreement. 
 1.10    “Immediate Family Member” means a 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, including, adoptive relationships, of a
natural person referred to herein. 
 1.11    “Initiating Holders” means, collectively,
Holders who properly initiate a registration request under this Agreement. 

1.12    “IPO” means the Company’s first underwritten public offering of its Ordinary
Shares under the Securities Act. 
 1.13    “Ordinary Shares” shall have the meaning set
forth in the Recitals. 
 1.14    “Person” means any individual, corporation,
partnership, trust, limited liability company, association or other entity. 

  
 2 

 1.15    “Preferred Shares” or
“Series A Preferred Shares” means the Company’s Series A 8% Cumulative Convertible Preferred Shares of US$0.001 each in the share capital of the Company. 

1.16    “Registrable Securities” means (i) the Ordinary Shares issuable or issued
upon conversion of the Preferred Shares and/or Ordinary Shares (as applicable); (ii) any Ordinary Shares, or any Ordinary Shares issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the
Company, acquired by the Investors after the date hereof; and (iii) any Ordinary Shares issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with
respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable
rights under this Agreement are not assigned pursuant to Subsection 3.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection 2.13 of this
Agreement. If one or more classes of the Ordinary Shares are then registered under the Exchange Act, then references in this Section 1.16 to “Ordinary Shares” shall refer specifically to shares of such class or classes. 

1.17    “Registrable Securities then outstanding” means the number of shares determined by
adding the number of shares of outstanding Ordinary Shares that are Registrable Securities and the number of Ordinary Shares issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable
Securities. 
 1.18    “Restricted Securities” means the securities of the Company
required to be notated with the legend set forth in Subsection 2.12(b) hereof. 

1.19    “SEC” means the Securities and Exchange Commission. 

1.20    “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.

 1.21    “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities
Act. 
 1.22    “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 1.23    “Selling Expenses” means all
underwriting discounts, selling commissions, and share transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne
and paid by the Company as provided in Subsection 2.6. 

  
 3 

 2.    Registration Rights. The Company covenants and agrees as
follows: 
 2.1    Demand Registration. 

(a)    Form S-1 Demand. If at any time after the earlier of (i) 5 years
after the date of this Agreement or (ii) 180 days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of at least a majority of the Registrable Securities then outstanding that the Company
file a Form S-1 registration statement with respect to at least 50% of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of Selling
Expenses, would exceed $15 million), then the Company shall (x) within 10 days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as
soon as practicable, and in any event within 60 days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable
Securities (and if applicable, the class of which, whether A Ordinary Shares or Common Shares, to be determined by the Company in its reasonable discretion with the reasonable consultation of the Initiating Holders) that the Initiating Holders
requested to be registered and any additional Registrable Securities (and if applicable, the class of which, whether A Ordinary Shares or Common Shares, to be determined by the Company in its reasonable discretion with the reasonable
consultation of the Initiating Holders) requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within 20 days of the date the Demand Notice is given, and in each case,
subject to the limitations of Subsections 2.1(c) and 2.3. 
 (b)    Form S-3 Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least 25% of the Registrable
Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of
Selling Expenses, of at least $3 million, then the Company shall (i) within 10 days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in
any event within 45 days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be
included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within 20 days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and
2.3. 
 (c)    Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a
registration pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board of Directors it would be materially detrimental to the Company and its
shareholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a
significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential;
or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or
effectiveness thereof shall be tolled correspondingly, for a period of not 

  
 4 

 
more than 90 days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve (12) month
period; and provided further that the Company shall not register any securities for its own account or that of any other shareholder during such 90 day period other than an Excluded Registration. 

(d)    The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
Subsection 2.1(a) (i) during the period that is 60 days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 180 days after the effective date of, a Company-initiated registration,
provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two registrations pursuant to Subsection
2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Subsection
2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is 30 days before the Company’s good faith estimate of the date of
filing of, and ending on a date that is 90 days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement
to become effective; or (ii) if the Company has effected two registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as
“effected” for purposes of this Subsection 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration,
elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for
purposes of this Subsection 2.1(d); provided, that if such withdrawal is during a period the Company has deferred taking action pursuant to Subsection 2.1(c), then the Initiating Holders may withdraw their request for
registration and such registration will not be counted as “effected” for purposes of this Subsection 2.1(d). 

2.2    Company Registration. If the Company proposes to register (including, for this purpose, a
registration effected by the Company for shareholders other than the Holders) any of its Ordinary Shares under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the
Company shall, at such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within 20 days after such notice is given by the Company, the Company shall, subject to the provisions of Subsection
2.3, cause to be registered all of the Registrable Securities (and if applicable, the class of which, whether A Ordinary Shares or Common Shares, to be the same as that class proposed to be registered by the Company, with the reasonable
consultation of the Initiating Holders, by the first sentence of this Subsection 2.2) that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration
initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such
withdrawn registration shall be borne by the Company in accordance with Subsection 2.6. 

  
 5 

 2.3    Underwriting Requirements. 

(a)    If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities
covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be
selected by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned
upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such
underwriting shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this
Subsection 2.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of
Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating
Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number
of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above
provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. 

(b)    In connection with any offering involving an underwriting of shares of the Company’s share capital pursuant to
Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters,
and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by shareholders to
be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to
include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine
that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as
practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above
provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be
reduced unless all other securities (other than securities to be 

  
 6 

 
sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below 30% of the total number of
securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other shareholder’s securities are included in
such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired
members, shareholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to
be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,”
as defined in this sentence. 
 2.4    Obligations of the Company. Whenever required under this
Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a)    prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its
commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period
of up to 120 days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such 120 day period shall be extended for a period of time equal to the period the
Holder refrains, at the request of an underwriter of Ordinary Shares (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such 120 day period shall be extended for up to 60 days, if necessary, to keep the registration
statement effective until all such Registrable Securities are sold; 
 (b)    prepare and file with the SEC such
amendments and supplements to such registration statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by
such registration statement; 
 (c)    furnish to the selling Holders such numbers of copies of a prospectus, including
a preliminary prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d)    use its commercially reasonable efforts to register and qualify the securities covered by such registration
statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do
business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

  
 7 

 (e)    in the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering; 

(f)    use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration
statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(g)    provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and
provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(h)    promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any
disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of
the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or
advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i)    notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration
statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 

(j)    after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the
Company amend or supplement such registration statement or prospectus. 
 In addition, the Company shall ensure that, at all times after any
registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under
Rule 10b5-1 of the Exchange Act. 
 2.5    Furnish
Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall
furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable
Securities. 
 2.6    Expenses of Registration. All expenses (other than Selling Expenses)
incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting

  
 8 

 
fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $50,000, of one counsel for the selling Holders (“Selling Holder
Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration
request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that
were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be;
provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request
and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsections
2.1(a) or 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities
registered on their behalf. 
 2.7    Delay of Registration. No Holder shall have any right to
obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this
Section 2. 
 2.8    Indemnification. If any Registrable Securities are
included in a registration statement under this Section 2: 
 (a)    To the extent permitted
by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers, directors, and shareholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the
Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter,
controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred;
provided, however, that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the
Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information
furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration. 

(b)    To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless
the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company 

  
 9 

 
within the meaning of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such
registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in
conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other
expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this
Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided
further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling
Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 
 (c)    Promptly
after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party
will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such
action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided,
however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the
indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by
such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this
Subsection 2.8, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to
any indemnified party otherwise than under this Subsection 2.8. 
 (d)    To provide for just and equitable
contribution to joint liability under the Securities Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially
determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding
the fact that this Subsection 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this
Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, 

  
 10 

 
or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified
party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case
(x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no
event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net
of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(e)    Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in
the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f)    Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public
offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall
survive the termination of this Agreement. 
 2.9    Reports Under Exchange Act. With a view to
making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 
 (a)    make and keep available adequate current public
information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b)    use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

  
 11 

 (c)    furnish to any Holder, so long as the Holder owns any Registrable
Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the
registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold
pursuant to Form S-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits
the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the
Company so qualifies to use such form). 
 2.10    Limitations on Subsequent Registration Rights.
From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of at least a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder
of any securities of the Company that would provide to such holder or prospective holder the right to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities or on a subordinate basis
after all Holders have had the opportunity to include in the registration and offering all shares of Registrable Securities that they wish to so include; provided that this limitation shall not apply to Registrable Securities acquired by any
additional Investor that becomes a party to this Agreement in accordance with Subsection 3.9. 

2.11    “Market Stand-off”
Agreement. Each Holder hereby affirms in all respects its obligations under Sections 7.2 and 7.3 of the Subscription Letter to which it is a party, and the terms thereof are hereby incorporated by reference in this Agreement. 

2.12    Restrictions on Transfer. 

(a)    The Preferred Shares and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the
Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure
compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Shares and the Registrable Securities held by such Holder to agree to take and hold such
securities subject to the provisions and upon the conditions specified in this Agreement. 
 (b)    Each certificate,
instrument, or book entry representing (i) the Preferred Shares, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any share split, share
dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES
MAY NOT BE SOLD, 

  
 12 

 
PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE SHAREHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company making a notation in its records and
giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

(c)    The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with
the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction,
the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail
and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to
the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such
Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that
the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted
Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in
any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each
certificate, instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in
Subsection 2.12(b), except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish
compliance with any provisions of the Securities Act. 

  
 13 

 2.13    Termination of Registration Rights. The
right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 

(a)    the closing of a Sale, as such term is defined in the Articles of Association; 

(b)    such time after consummation of the IPO as Rule 144 or another similar exemption under the Securities Act is
available for the sale of all of such Holder’s shares without limitation during a three-month period without registration; 

(c)    the third anniversary of the IPO. 

3.    Miscellaneous. 

3.1    Successors and Assigns. The rights under this Agreement may be assigned (but only with
all related obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such
Holder’s Immediate Family Members; or (iii) after such transfer, holds at least 1,181 shares of Registrable Securities (subject to appropriate adjustment for share splits, share dividends, combinations, and other recapitalizations);
provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights
are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11. For the
purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or shareholder of a Holder; (2) who is a Holder’s Immediate Family Member; or
(3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not
qualify individually for assignment of rights shall, as a condition to the applicable transfer, establish a single attorney-in-fact for the purpose of exercising any
rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this
Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as
expressly provided herein. 
 3.2    Governing Law. This Agreement shall be governed by the
internal law of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware. 

3.3    Counterparts. This Agreement may be executed in two (2) or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN
Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.  

  
 14 

 3.4    Titles and Subtitles. The titles and
subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement. 

3.5    Notices. 

(a)    All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent
during normal business hours, then on the recipient’s next business day; (iii) five (5) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) three (3) business days
after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the
respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or
address as subsequently modified by written notice given in accordance with this Subsection 3.5. If notice is given to the Company, a copy shall also be sent to Norton Rose Fulbright LLP, 3 More London Riverside, London, SE1 2AQ, United
Kingdom, Attention: Ian Lopez, and Goodwin Procter LLP, 100 Northern Avenue, Boston, Massachusetts 02210, Attention: Paul D. Schwartz and if notice is given to Investors, a copy shall also be given to the Investor Counsel(s) set forth on Schedule A.

 (b)    Consent to Electronic Notice. Each Investor consents to the delivery of any shareholder notice by
electronic transmission at the electronic mail address or the facsimile number provided in Schedule A. Each Investor agrees to promptly notify the Company of any change in such shareholder’s electronic mail address, and that failure to do so
shall not affect the foregoing. 
 3.6    Amendments and Waivers. Any term of this Agreement may
be amended, modified or terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders
of at least a majority of the Registrable Securities then outstanding; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after
notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s own
behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended, modified or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent
of such Investor, unless such amendment, modification, termination, or waiver applies to all Investors in the same fashion. Notwithstanding the foregoing, Schedule A hereto may be amended by the Company from

  
 15 

 
time to time to add transferees of any Registrable Securities in compliance with the terms of this Agreement without the consent of the other parties; and Schedule A hereto may also be
amended by the Company after the date of this Agreement without the consent of the other parties to add information regarding any additional Investor who becomes a party to this Agreement in accordance with Subsection 3.9. The Company shall
give prompt notice of any amendment, modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination, or waiver. Any amendment, modification, termination, or
waiver effected in accordance with this Subsection 3.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in
any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

3.7    Severability. In case any one or more of the provisions contained in this Agreement is for
any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed
and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 

3.8    Aggregation of Shares. All shares of Registrable Securities held or acquired by
Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. 

3.9    Additional Investors. Notwithstanding anything to the contrary contained herein, if the
Company issues additional Preferred Shares after the date hereof, whether pursuant to the Subscription Documents or otherwise, any purchaser of such Preferred Shares may become a party to this Agreement by executing and delivering an additional
counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor,
so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

3.10    Entire Agreement. This Agreement (including any Schedules and Exhibits hereto) together with
the other agreements entered into in connection with the investment constitute the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the
subject matter hereof existing between the parties is expressly canceled. 
 3.11    Dispute
Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state and federal courts of Kent County in the State of Delaware for the purpose of any suit, action or other proceeding arising out
of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state or federal courts 

  
 16 

 
of Kent County in the State of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that
it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit,
action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 
 Each party
will bear its own costs in respect of any disputes arising under this Agreement. The prevailing party shall be entitled to reasonable attorney’s fees, costs, and necessary disbursements in addition to any other relief to which such party may be
entitled. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the state or federal courts of Kent County in the State of Delaware. 

3.12    Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing
to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or
acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All
remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 
 [Remainder
of Page Intentionally Left Blank] 

  
 17 

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

			
	COMPANY:
	
	LumiraDx Limited
		
	By:	 	 /s/ Ron Zwanziger

	signed by: Ron Zwanziger, Director

 
			
	INVESTOR:
	
	 CVS Pharmacy, Inc.

		
	By:	 	 /s/ Mario Ramos

		
	Name:	 	 Mario Ramos

		
	Title:	 	 Senior Vice President

 
			
	INVESTOR:
	
	 For an on behalf of Morningside Venture Investments Limited

		
	By:	 	 /s/ Louise Mary Garbarino

		
	Name:	 	 Louise Mary Garbarino

		
	Title:	 	 Authorized Signatory

	
	 For an on behalf of Morningside Venture Investments Limited

		
	By:	 	 /s/ Jill Marie Franklin

		
	Name:	 	 Jill Marie Franklin

		
	Title:	 	 Authorized Signatory

 
			
	INVESTOR:
	
	 Bill & Melinda Gates Foundation

		
	By:	 	 /s/ Sue Desmond-Hellmann

		
	Name:	 	 Sue Desmond-Hellmann

		
	Title:	 	 CEO

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