Document:

ex-10.2

  EXCLUSIVE LICENSE AGREEMENT
 THIS EXCLUSIVE LICENSE AGREEMENT (the “Agreement”) is made and entered into as of the 9th day of February 2021 (the “Effective Date”), by and between Rapid Therapeutic Science Laboratories, Inc., a Nevada corporation (the “Manufacturer”), EM3 Methodologies, LLC, an Arizona limited liability company, and Richard Adams, individually, a resident of Arizona (collectively the “Company”). Company and Manufacturer may be collectively referred to herein as the “Parties,” and individually as a “Party.”
 RECITALS:
 WHEREAS, the Company and Texas MDI, Inc., a Texas corporation (“Texas MDI”), are party to an Exclusive License Agreement dated as of October 1, 2019 (the “Prior License”), which has been terminated in connection with the entry into the Settlement Agreement (discussed below);
 WHEREAS, the Parties have agreed to enter into this Agreement as a required term and condition of that certain Settlement Agreement, dated on or around the date hereof, by and between the Company, Manufacturer, and Texas MDI (the “Settlement Agreement”);
 WHEREAS, the Company is a wholesaler of certain pharmacy products that are used to produce pressurized metered-dose inhalers (“pMDI” or “MDI”) such as cans, valves, actuators (“Consumables”), as well as proprietary lab supplies;
 WHEREAS, the Company invented the process known as the Desirick Procedure which enables the production of MDI using cannabis and/or hemp derivatives through a proprietary formulation process;
 WHEREAS, the Parties consider all of their collective suppliers and vendors related to MDI formulation and production to be “Trade Secrets” as that term is known in both Arizona and Texas under each states’ respective Uniform Trade Secrets statutes and they have made every effort to protect their Trade Secrets;
 WHEREAS, the Manufacturer wishes to enter into this Agreement with Company wherein Manufacturer is protected in certain Licensed Territories with respect to training, support, maintenance, and access to Consumables and other products only sourced through Company and its suppliers which are Trade Secrets; and
 WHEREAS, the Manufacturer wishes to have Exclusivity with respect to the Licensed IP and the sale of the Licensed Products in Licensed Territory (each as defined below) and have non-exclusive rights to the Licensed IP and Licensed Products throughout the rest of the world.
 
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NOW, THEREFORE, for and in consideration of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows:
  
 1.  DEFINITIONS 
 The defined terms in the introductory paragraphs, the defined terms set forth below, and the defined terms in the remainder of this Agreement each has the meaning so given to it whenever used throughout this Agreement:
  
 1.1  “Confidential Information” means information of a Party, to the extent not considered a Trade Secret under applicable law, that (i) relates to the business of the Parties, (ii) possesses an element of value to the Parties, (iii) is not generally known to the public, and (iv) would damage a Party if disclosed. Confidential Information shall not include any information that (i) is or becomes generally available to the public other than as a result of an unauthorized disclosure, (ii) has been independently developed and disclosed by others without violating this Agreement or the legal rights of any Person, or (iii) otherwise enters the public domain through lawful means. All Improvements shall be deemed the Confidential Information of the Manufacturer.
 1.2  “Field” means the use of the Licensed Product for aerosol delivery of cannabis stative L, its extracts and/or hemp via pMDI. 
 1.3  “Exclusivity Period” means the time period during the Term of this Agreement when the Company will strictly comply with Exclusivity. 
 1.4  “Exclusivity” shall mean that the Company will not during the Term: 
 1.4.1Grant any Person any similar rights as granted to the Manufacturer hereunder, including, but not limited to any rights to use the Licensed IP or sell Licensed Products in the Licensed Territory; 
 1.4.2Train any Person in any Licensed Territory or state listed herein in any type of Desirick Procedure;  
 1.4.3Sell any filling equipment, Consumables, or proprietary lab supplies to any Person in any Licensed Territory;  
 1.4.4Provide support, assistance, or knowledge of any Trade Secret of the Parties to any Person in any Licensed Territory; and  
 1.4.5To the extent capable, not assist or facilitate any original manufacturer or representative thereof of filling equipment, lab equipment or supplies, Consumables in selling or marketing to any Person in any Licensed Territory.  
 
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1.5  “Improvement” means any and all technical information, patentable or non-patentable, controlled by either Party which covers any improvement, invention or discovery concerning the Licensed IP or the Field, including, without limitation, new or improved methods of manufacture, formulas, uses, and indications, methods of delivery and dosage forms thereof, and mechanical or chemical changes or manipulations, as well as the addition of other active ingredients, each made by or on behalf of Manufacturer. “Improvements” shall include all Improvements made after the Effective Date, and all Improvements made prior to the Effective Date, whatsoever, by the Manufacturer, Texas MDI, Inc. (Formerly Texas MDI, LLC), and/or Diamond Head Ventures, LLC, their affiliates or representatives.
 1.6  “License” means the royalty free right to research, develop, make, have made, use, offer to sell, sell, sublicense, export, and/or import and commercialize the Licensed IP and to sell the Licensed Products in the Field, which shall be (a) subject to Exclusivity in the Licensed Territory; and (b) non-exclusive throughout the rest of the world (i.e., the area located outside of the Licensed Territory). 
 1.7  “Licensed IP” means the Desirick Procedure or any derivation thereof and its application and use, including, but not limited to, related Consumables (cans, valves, and actuators), filling equipment for pMDI, and/or proprietary lab equipment and training, support or maintenance thereon of any combination thereof, all intellectual property of the Company relating to the foregoing, and all Confidential Information of the Company relating to the foregoing. 
 1.8  “Licensed Products” means Consumables (cans, valves, and actuators), filling equipment for pMDI, pMDI’s and/or proprietary lab equipment and training, support, or maintenance thereon of any combination thereof using, based on, or relating to, the Licensed IP.
 1.9   “Licensed Territory” means the states of Texas, California, Florida and Nevada, and any state(s) agreed upon in writing in the future, but not limited to, any Person the Company is aware of that has a manufacturing facility for a MDI in the Field in a state listed in the Recitals. This definition shall not apply to internet marketing but only to Persons wishing to produce a product in a physical location in the Licensed Territories. 
 1.10  “Person” means any individual, corporation, limited liability company, trust, joint venture, association, company, limited or general partnership, unincorporated organization, governmental authority or other entity.
 2.  LICENSE
 2.1  Grant of License. The Company grants the Manufacturer the License in consideration for the License Consideration. Such License shall include, but not be limited to, the right to use trade secrets, Confidential Information, intellectual property, copyrights, mask work rights, and patents, if any, of Company relating 
 
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to the Licensed IP and the Licensed Products, and Improvements, in each case, subject to the terms of this Agreement.
 2.2  Improvements. Title to any Improvement developed, discovered, and/or reduced to practice solely by Manufacturer shall be vested solely in Manufacturer. The Manufacturer shall similarly have the right to patent, copyright, and/or trademark any Improvements in its own name, and shall own all rights to any such granted patents, copyrights, and/or trademarks. Company hereby covenants that it will, whenever and as reasonably requested by Manufacturer and at Company’s sole cost and expense, do, execute, acknowledge and deliver any and all such other and further acts, deeds, assignments, transfers, conveyances, confirmations, powers of attorney and any instruments of further assurance, approvals and consents as Manufacturer may reasonably require in order to complete, insure and perfect the obligations set forth in this Section 2.2 and this Agreement in general. Nothing in this Section 2.2 shall limit or modify any of the ownership rights provided to Manufacturer pursuant to the Settlement Agreement, and instead this Section 2.2 shall only add to and expand such ownership and other rights of Manufacturer.
 3.  CONSIDERATION 
 Consideration. The Company agrees to accept total cash consideration of $10 in consideration for agreeing to the terms of this Agreement (the “License Consideration”). The License Consideration shall be the sole consideration payable by the Manufacturer to the Company during the Term, and the Company shall not be due any royalties or other amounts hereunder. 
 4.  TERM AND TERMINATION OF AGREEMENT 
 4.1  Term of Agreement. The Term of this Agreement shall begin on the Effective Date and continue in perpetuity, until such time, if ever, as the Manufacturer has provided the Company written notice of termination. 
 4.2  Continuation of License. If this Agreement shall terminate, Manufacturer’s Exclusivity to the Licensed IP and Licensed Products in the Licensed Territory shall terminate, however, the Manufacturer shall continue to have a License to use the Licensed IP and Licensed Products on a non-exclusive basis throughout the world, including in the Licensed Territory, for so long as it shall manufacture or distribute products. This right survives any bankruptcy of the Company.
 5.  RESTRICTIONS ON COMPANY 
 5.1  Exclusivity. During the Exclusivity Period, the Company shall maintain the Exclusivity and shall further not (a) market, sell, license, lease, resell, advertise, market, gift or otherwise give away or provide in any manner, equipment, training, support or Consumables including, but not limited to, specialized lab equipment; and (b) provide any rights to, license to use, or allow the use of the Licensed IP, to any Person doing business in any way whatsoever in the Licensed 
 
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Territory. The Company shall use its best efforts to inform any Person it becomes aware of and to who it provides services that it cannot support any activity that relates to the manufacture of an MDI in the Licensed Territory (each a “Competing Business”) and shall immediately cease any and all activity with any Competing Business, at such time as it has knowledge of such Competing Business. 
 5.2  Notice to Suppliers. In the event that the Company is expressly asked by a supplier to the Company to act in the Licensed Territory, the Company will not take such act but will inform any such supplier, if necessary, that it has a relationship in the Licensed Territory that will not allow the Company to provide sales, training or support for the suppliers’ products, except for the sale of filling machines at the direction of Coster MDI, S.A. only. 
 5.3  Confidentiality Agreements. The Company shall add any customer of Manufacturer to its Confidentiality Agreements in a Licensed Territory, and provide that the Manufacturer shall be a third-party beneficiary of each such Confidentiality Agreements, with the right to enforce the rights of the Company against such customers and any confidentiality agreements between the Company and such parties shall remain in effect at all times. 
 6.  REPRESENTATIONS, WARRANTIES, AND COVENANTS 
 6.1  Acknowledgments. 
 6.1.1The Parties acknowledge that the restrictions contained in this Article 6 are reasonable and necessary to protect the legitimate business interests of the Parties.  
 6.1.2The Parties further acknowledge that: (i) each Party may be in a position of trust and responsibility with access to Confidential Information and information concerning employees and business partners; and (ii) the Confidential Information, and the relationship between each Party and each of its employees and clients are valuable assets of the Parties and may not be used for any purpose other than furthering the services under this Agreement. The obligations under this Section 6.1.2 shall survive the termination of this Agreement. 
 6.1.3Non-Solicitation. During the Exclusivity Period, both the Company and Manufacturer shall not, on its own behalf or on behalf of any Person engaged in, solicit (or attempt to solicit) any client or potential client of the other Party for the purpose of providing any service or product competitive with the other Party in a Licensed Territory.  
 
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6.1.4No Prior Agreements. The Company does not have any contractual agreements with any supplier or client that would prevent it from entering into this Agreement, providing the Manufacturer the rights set forth herein, and/or performing hereunder. 
 6.1.5Protection of Intellectual Property. The Company shall use commercially reasonable best efforts during the Term to protect the disclosure of the intellectual property, trade secrets, and confidential information relating to, the Licensed IP, to anyone other than the Manufacturer, except pursuant to a separate license agreement, providing for rights to third-parties outside of the Licensed Territory, which contains similar protections on the disclosure of such information as is set forth herein. 
 6.1.6Ownership of Intellectual Property. The Company represents and warrants to the Manufacturer that it owns the rights to the Licensed IP and is legally able to enter into this Agreement and grant the License set forth herein. 
 6.2  Indemnification. Company shall indemnify, defend and hold harmless Manufacturer and its officers, directors, agents, and employees (collectively, the “Indemnified Parties”) from and against any and all liabilities, costs, expenses, and damages, including attorneys’ fees, actually and necessarily incurred by or imposed on any of the Indemnified Parties in connection with or resulting from a third party claim relating to the breach of any representation or warranty made by the Company in this Agreement, except to the extent that any claim results from the negligence or intentional misconduct of the Indemnified Parties. 
 6.3  Purchase of Consumables. Manufacturer shall be under no obligation to acquire Consumables from the Company during the Term of this Agreement, and the Manufacturer shall be free to acquire Consumables from any Person including directly from any such Person it may desire. The Company shall not charge, or require that the Manufacturer pay, any markup, fees, or other consideration to such Manufacturer, or as a result of any purchase of any third-party Consumables. 
 7.  MUTUAL AND RECIPROCAL AGREEMENTS 
 Both Parties represent and warrant for the benefit of the other that:
 7.1  Such Party has all requisite power and authority, corporate or otherwise, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and thereby. This Agreement constitutes the legal, valid, and binding obligation of such Party enforceable against such Party in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors’ rights generally and general equitable principles; 
 
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7.2  The execution and delivery by such Party and the consummation of the transactions contemplated hereby and thereby do not and shall not, by the lapse of time, the giving of notice or otherwise: (i) constitute a violation of any law; or (ii) constitute a breach of any provision contained in, or a default under, any governmental approval, any writ, injunction, order, judgment or decree of any governmental authority or any contract to which such Party is bound or affected; and
 7.3  Any individual executing this Agreement on behalf of an entity has authority to act on behalf of such entity and has been duly and properly authorized to sign this Agreement on behalf of such entity.
 8.  CONFIDENTIALITY AND NON-CIRCUMVENTION
 8.1  Confidentiality. Each Party (the “Receiving Party”) agrees that it will hold the Confidential Information of the other Party (the “Disclosing Party”) in strict confidence and will not disclose or use any Confidential Information for any purpose, except with such Disclosing Party’s prior written permission. Receiving Party agrees to observe the strictest secrecy and protect the confidentiality of the Confidential Information in the same manner that it protects the confidentiality of its own proprietary and confidential information of like kind, but in no event shall Receiving Party exercise less than reasonable care in protecting such Confidential Information. In the event Receiving Party becomes aware of any unauthorized use or disclosure of the Confidential Information, Receiving Party will notify Disclosing Party immediately in writing and will give full cooperation to minimize the effects of such unauthorized use or disclosure. Receiving Party agrees that Disclosing Party shall be entitled, in addition to any other remedies and damages available at law or equity, to a temporary injunction (without the necessity of posting or filing a bond or any other security) to restrain any violation of this agreement by Receiving Party, its agents, servants, employers, employees, and all persons acting, therefore in violation of this provision on the prohibition of the disclosure of Confidential Information. Receiving Party agrees it will never, directly or indirectly, for itself or others, use, disseminate, disclose, lecture upon or otherwise make available to others any aspect of the Confidential Information, whether or not such information thereafter in whole or part becomes available to the public. 
 8.2  Non-Circumvention. Neither Party shall circumvent from and/or compete against the other Party to reduce the economic benefits available to that Party by dealing directly or indirectly with identified customers or vendors of the other Party unless reasonably demonstrated to have a pre-existing relationship with such customer or vendor; provided such pre-existing relationship is not expanded to undercut the economic benefits contemplated by this Agreement. Neither Party shall tortuously interfere or adversely affect existing promotions, offers, or contracts of the other Party with third parties. Receiving Party shall not use Confidential Information that it received from Disclosing Party to (i) circumvent and/or compete, directly or indirectly, with Disclosing Party; or (ii) establish 
 
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arrangements or agreements, written or verbal, with any third party for the purpose of circumventing and/or competing, directly or indirectly, with Disclosing Party.
 9.  FIRST RIGHT OF REFUSAL; ASSUMPTION OF RIGHTS 
 9.1  Right of First Refusal. Manufacturer shall have a first right of refusal with respect to the acquisition of the Licensed IP, or any portion thereof, and/or any of the intellectual property associated with the Licensed IP (collectively, the “Company IP”). In the event that Company receives an offer to purchase, license or acquire the Company IP, or any portion thereof, or any offer to acquire all of the outstanding capital stock or voting stock of the Company, or voting rights thereto (collectively, the “Company Assets and Rights”), and the Company in its sole discretion determines to accept such offer, Company will notify Manufacturer of such offer and the terms of such offer in writing within five (5) days of receipt of such offer and determination to accept such offer. Manufacturer shall then have thirty (30) days to exercise its right of first refusal to purchase the Company IP, portion thereof or other rights being offered to the third party, at the same price and on the same terms as contained in such offer (the “Offer Terms”). In the event that Manufacturer elects not to exercise its rights under this Section 9.1 to purchase the Company IP, portion thereof, or other rights being offered to the third party, Company may sell the Company IP, portion thereof, or other rights being offered to the third party, to the offering party on the Offer Terms, subject to the License set forth herein and the terms of this Agreement, and subject to such acquirer agreeing in writing to the terms hereof and becoming a party to this Agreement. In the event the offering party does not purchase the Company IP, portion thereof, or other rights being offered to the third party on the Offer Terms then Manufacturer’s rights of first refusal pursuant to this Section 9.1 shall continue to apply pursuant to the terms of this Section 9.1. The rights of Manufacturer under this Section 9.1 shall apply with respect to each proposed sale of the Company Assets and Rights to any third party.
 9.2 Assumption of Rights. Company agrees and covenants that it will not sell, transfer or assign to a third party (each a “Buyer”) any of its intellectual property or property rights in the Company IP (i) without Manufacturer’s prior written consent or (ii) without obligating such Buyer to honor all rights of Manufacturer under this Agreement with respect to such intellectual property rights and securing such Buyer’s assumption of all obligations of Company to Manufacturer under this Agreement with respect to such intellectual property rights.
 10.  INFRINGEMENT
 10.1  Notification of Infringement. If Manufacturer believes a third party is infringing on the License (or the Licensed IP), Manufacturer shall promptly notify Company and provide Company with any evidence of such infringement, which is reasonably available.
 
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10.2  Company’s Right to Enforce. Company will have the first right, but not the obligation, to bring suit and/or pursue any such infringement action, including attempting to remove such infringement by commercially-appropriate steps, including, without limitation, settlement or litigation. Such infringement action shall be brought under Company’s own control and expense and under Company’s own name or if required by law or required to obtain a more effective remedy, jointly with Manufacturer (or its sublicensees). Company shall notify Manufacturer of its intention to bring such an action or proceeding prior to filing the same and in sufficient time to allow Manufacturer the opportunity to discuss with Company the litigation strategy and the choice of counsel for such matter. Company shall keep Manufacturer timely informed of material developments in the prosecution or settlement of such action or proceeding. Company may not settle any such proceeding in any manner without Manufacturer’s prior consent if such settlement includes the grant to such third party of a license or other rights that may adversely affect Manufacturer’s rights hereunder. Manufacturer may be represented by counsel in any such legal proceedings, at Manufacturer’s own expense.
 10.3  Manufacturer’s Right to Enforce. In the event that Company does not initiate an infringement action pursuant to Section 10.2 within ninety (90) days of a written request by Manufacturer to do so, then Manufacturer will have the right, but not the obligation, to bring suit and/or pursue any such infringement action as Manufacturer determines, in its discretion, to be appropriate, including attempting to remove such infringement by commercially-appropriate steps, including, without limitation, settlement or litigation. Such infringement action shall be brought under Manufacturer’s own control and expense and under Manufacturer’s own name or if required by law, or required to obtain a more effective remedy, jointly with Company. Manufacturer, its affiliates, or its sublicensees shall not have the right to enter into any settlement agreement under which any of them admits to the invalidity or unenforceability of any of the License or otherwise compromises Company’s rights under this Agreement without Company’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed.
 10.4  Recovery of Damages. Any amounts recovered by the Parties pursuant to the provisions of Sections 10.2 and 10.3, whether such recovery is by settlement or judgment, shall be used to first reimburse the Party bringing such action for its reasonable attorney’s fees and other expenses in making such recovery. Any amount that remains after reimbursement of the Party bringing such action (“Remaining Proceeds”) shall be used to reimburse the other Party for its reasonable expenses not previously reimbursed and incurred as a necessary cost in support of the legal proceedings, if any. Finally, the Remaining Proceeds, if any, after reimbursement of the expenses described above shall be due to, and paid to, the Manufacturer.
 10.5  Assistance. The Party not enforcing the License shall provide reasonable assistance to the other Party, including providing access to relevant documents 
 
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and other evidence and making its employees available, subject either to the enforcing Party’s reimbursement of any out-of-pocket expenses incurred by the other Party, or, in the case of joint enforcement, each Party covering its own expenses.
 10.6  Defense Against infringement Claims of Third Parties.
 10.6.1Notification of Alleged Infringement Action. Each Party shall promptly notify the other Party in the event of a claim or suit by a third-party alleging infringement of the License. 
 10.6.2Defense of Alleged Infringement Action. Company shall have the first right, but not the obligation, to defend and control the defense of an alleged third-party infringement claim or suit, if Company is made a party to such suit. Manufacturer will cooperate with Company in the defense thereof. If Company is not made a party to the suit or elects not to defend the aforementioned alleged infringement claim or suit, Manufacturer will defend and control the defense thereof, at Manufacturer’s expense. Company agrees to reasonably cooperate, at Manufacturer’s expense, with Manufacturer in the defense thereof. 
 10.6.3Settlement Actions. Any proposed settlement by Company under Section 10.6 that would require Manufacturer to make a payment to a third party or otherwise limit Manufacturer’s rights under this Agreement will require Manufacturer’s prior written approval. 
 11.  MISCELLANEOUS PROVISIONS 
 11.1  Notices. All notices, approvals, consents, requests, and other communications hereunder shall be in writing and shall be delivered (i) by personal delivery, or (ii) by national overnight courier service, or (iii) by certified or registered mail, return receipt requested, or (iv) via facsimile transmission, with confirmed receipt, or (v) via email. Notice shall be effective upon receipt except for notice via fax (as discussed above) or email, which shall be effective only when the recipient, by return or reply email or notice delivered by other method provided for in this Section 11.1, acknowledges having received that email (with an automatic “read receipt” or similar notice not constituting an acknowledgment of an email receipt for purposes of this Section 11.1, but which acknowledgment of acceptance shall also include cases where recipient ‘replies’ to such prior email, including the body of the prior email in such ‘reply’). Such notices shall be sent to the applicable Party or Parties at the address specified on the signature page hereof, subject to notice of changes thereof from any Party with at least ten (10) business days’ notice to the other Parties. Rejection or other refusal to accept or the inability to deliver because of changed address of which no notice was 
 
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given shall be deemed to be receipt of the notice as of the date of such rejection, refusal, or inability to deliver.
 11.2  Amendments. No provision of this Agreement may be altered, waived, modified, or changed unless in writing, signed by the Parties hereto, and no alleged verbal agreements, modifications, or understandings shall be enforceable. 
 11.3  No Waiver. The failure of any Party hereto in any one (1) or more instances to insist upon the performance of any of the terms and conditions of this Agreement, or to exercise any right or privilege conferred in this Agreement, or the waiver of any breach of any of the terms, covenants or conditions of this Agreement, shall not be construed as thereafter waiving any such terms, covenants, conditions, rights, or privileges, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 
 11.4  Survival. The provisions of Sections 2.2, 3.1, 4.2, 5.3, 6.1.2, 6.2, 8, 9.2, 10, 11.1, 11.2, 11.3, 11.4, 11.5, 11.6, 11.7, 11.9, 11.10, 11.11, 11.12, 11.13, and 11.15, shall survive the termination of this Agreement.
 11.5  Entire Agreement. This Amendment, including all Addenda, which are hereby incorporated by reference, constitutes the entire agreement between the Parties concerning the subject matter of this Agreement. This Agreement supersedes any prior communications, agreements or understandings, whether oral or written, between the Parties relating to the subject matter of this Agreement, and specifically supersedes the Prior License, but does not supersede the Settlement Agreement, which shall continue to remain in effect. Other than terms of this Agreement, no other representation, promise or agreement has been made to cause Company to sign this Agreement, except as set forth in the Settlement Agreement. 
 11.6  Attorney Fees. If either Party commences any action or proceeding against the other Party to enforce this Agreement or any of its rights hereunder, the prevailing Party in such action or proceeding shall be entitled to recover from the other Party the reasonable attorneys’ fees and all related costs and expenses incurred by such prevailing Party in connection with such action or proceeding and in connection with enforcing any judgment or order thereby obtained.
 11.7  Severability. Every provision of this Agreement is intended to be severable. If, in any jurisdiction, any term or provision hereof is determined to be invalid or unenforceable, (a) the remaining terms and provisions hereof shall be unimpaired, (b) any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such term or provision in any other jurisdiction, and (c) the invalid or unenforceable term or provision shall, for purposes of such jurisdiction, be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision.
 
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11.8  Review of Agreement. Each Party herein expressly represents and warrants to all other Parties hereto that (a) before executing this Agreement, said Party has fully informed itself of the terms, contents, conditions, and effects of this Agreement; (b) said Party has relied solely and completely upon its own judgment in executing this Agreement; (c) said Party has had the opportunity to seek and has obtained the advice of its own legal, tax and business advisors before executing this Agreement; (d) said Party has acted voluntarily and of its own free will in executing this Agreement; and (e) this Agreement is the result of arm’s length negotiations conducted by and among the Parties and their respective counsel.
 11.9  No Presumption from Drafting. This Agreement has been negotiated at arms-length between persons knowledgeable in the matters set forth within this Agreement. Accordingly, given that all Parties have had the opportunity to draft, review, and/or edit the language of this Agreement, no presumption for or against any Party arising out of drafting all or any part of this Agreement will be applied in any action relating to, connected with, or involving this Agreement. In particular, any rule of law, legal decisions, or common law principles of similar effect that would require interpretation of any ambiguities in this Agreement against the Party that has drafted it, is of no application and is expressly waived by all Parties. The provisions of this Agreement shall be interpreted in a reasonable manner to affect the intentions of the Parties.
 11.10  Equitable Remedies. The Parties acknowledge and agree that, in the event a Party breaches any of its obligations under this Agreement (a) the other Party may suffer substantial, immediate and irreparable harm, (b) the other Party shall not have an adequate remedy at law for money damages in the event of any such failure and (c) that in the event of any such failure, the other Party may be entitled to (i) specific performance, injunctive and other equitable relief to compel the breaching Party to comply with its obligations in accordance with the terms and conditions of this Agreement and (ii) any other remedy to which the other Party may be entitled at law or in equity (without the necessity of posting of a bond). If a bond is required by Manufacturer, the bond shall be limited to $1,000.00.
 11.11  Governing Law. This Agreement shall be governed and construed according to the laws of the State of Texas. 
 11.12  Choice of Venue. Except as otherwise expressly provided in this Agreement, any action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or to enforce any arbitration award rendered pursuant to an agreed upon arbitration proceeding shall be brought in any state court located in the County of Dallas, State of Texas, and each Party hereto consents to the jurisdiction and venue of such court and hereby waives any objection that it may now or hereafter have to the personal jurisdiction and venue of such court and to any claim of inconvenient forum. Any dispute regarding intellectual property shall be subject to venue in Waco, Texas in Federal Court at Manufacturer’s sole discretion. 
 
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11.13  Binding Agreement. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, but it may not be assigned by either Party without the consent of the other. However, the Company shall not unreasonably withhold, delay or condition the assignment of this Agreement and the Manufacturer’s rights hereunder.
 11.14  Headings. The Section headings herein contained are for convenience of reference only and shall not be deemed to impart substantive meaning to any provision or condition of this Agreement. 
 11.15  Compliance with Applicable Laws; Change of Applicable Law. The Parties hereto shall comply with all applicable local, state, and federal laws, rules, regulations, and restrictions governing their obligations and responsibilities under this Agreement (the “Applicable Laws”). 
 11.16  Execution and Counterparts. This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and any amendments hereto or thereto, may be executed in one or more counterparts, all of which shall constitute one and the same instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any such delivery, an “Electronic Delivery”) shall be treated in all manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any Party, each other Party shall re-execute the original form of this Agreement and deliver such form to all other Parties. No Party shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each such Party forever waives any such defense, except to the extent such defense relates to lack of authenticity. 
  
  
  
 [Remainder of page left intentionally blank. Signature page follows].
  
  
  
  
 
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.
  
 	 Company:
	  
	 Manufacturer:

	  
	  
	  

	 EM3 Methodologies, LLC
	  
	 Rapid Therapeutic Science Laboratories, Inc.

	  
	  
	  

	 /s/ Richard Adams
	  
	 /s/ Donal R. Schmidt

	 By: Richard Adams
	  
	 By: Donal R. Schmidt, Jr.

	 Managing Member
	  
	 President

	  
	  
	  

	 /s/ Richard Adams
	  
	  

	 By: Richard Adams,
 Individually
	  
	  

	  
	  
	  

	 Address for Notice:
	  
	 Address for Notice:

	  
	  
	  

	 EM3 Methodology, LLC 
 2549 E. Blanton Dr.
 Tucson, AZ 85716 
 Attn: Richard Adams
 E-Mail: rick@em3methodology.com
	  
	 Rapid Therapeutic Science Laboratories, Inc.
 5580 Peterson Lane, Suite 200
 Dallas, Texas 75240
 Attn: Donal R. Schmidt, Jr.
 Donal Schmidt Don@rtslco.com

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

	  
	  

	 ARTICLE II. DEFINITIONS
	 1

	  
	  

	 ARTICLE III. ADMINISTRATION
	 6

	  
	  

	 ARTICLE IV. INCENTIVE STOCK OPTIONS
	 10

	  
	  

	 ARTICLE V. NONQUALIFIED STOCK OPTIONS
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	 ARTICLE VI. INCIDENTS OF STOCK OPTIONS
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	 ARTICLE VII. RESTRICTED STOCK
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	 ARTICLE VIII. STOCK AWARDS
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	 ARTICLE IX. PERFORMANCE SHARES
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	 ARTICLE X. CHANGES OF CONTROL OR OTHER FUNDAMENTAL CHANGES
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	 ARTICLE XI. AMENDMENT AND TERMINATION
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	 ARTICLE XII. SECURITIES MATTERS AND REGULATIONS
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	 ARTICLE XIII. SECTION 409A OF THE CODE
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	 ARTICLE XIV. MISCELLANEOUS PROVISIONS
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 2020 Equity Incentive Plan
 Rapid Therapeutic Science Laboratories, Inc.Rapid Therapeutic Science Laboratories, Inc.
 
  
RAPID THERAPEUTIC SCIENCE LABORATORIES, INC.
 2020 EQUITY INCENTIVE PLAN
  
 ARTICLE I.
 PREAMBLE
  
 1.1.  This 2020 Equity Incentive Plan of Rapid Therapeutic Science Laboratories, Inc. (the “Company”) is intended to secure for the Company and its Affiliates the benefits arising from ownership of the Company’s Common Stock by the Employees, Officers, Directors and Consultants of the Company and its Affiliates, all of whom are and will be responsible for the Company’s future growth. The Plan is designed to help attract and retain for the Company and its Affiliates personnel of superior ability for positions of exceptional responsibility, to reward Employees, Officers, Directors and Consultants for their services and to motivate such individuals through added incentives to further contribute to the success of the Company and its Affiliates. With respect to persons subject to Section 16 of the Act, transactions under this Plan are intended to satisfy the requirements of Rule 16b-3 of the Act.
 1.2.  Awards under the Plan may be made to an Eligible Person in the form of (i) Incentive Stock Options (to Eligible Employees only); (ii) Nonqualified Stock Options; (iii) Restricted Stock; (iv) Stock Awards; (v) Performance Shares; or (vi) any combination of the foregoing.
 1.3.  The Company’s Board of Directors adopted the Plan on December [ ], 2020, subject to shareholder approval (the “Adoption Date”). This Plan shall be subject to shareholder approval and shall not become effective until approved by shareholders. The date of such shareholder approval shall be defined as the “Effective Date”. Shareholder approval is to be obtained in accordance with the Company’s Articles of Incorporation and Bylaws, each as amended, and Applicable Laws. Unless sooner terminated as provided elsewhere in this Plan, this Plan shall terminate upon the close of business on the day next preceding the tenth (10th) anniversary of the Adoption Date. Award Agreements outstanding on such date shall continue to have force and effect in accordance with the provisions thereof.
 1.4.  The Plan shall be governed by, and construed in accordance with, the laws of the State of Nevada (except its choice-of-law provisions).
 1.5.  Capitalized terms shall have the meaning provided in ARTICLE II unless otherwise provided in this Plan or any related Award Agreement.
 ARTICLE II.
 DEFINITIONS
  
 DEFINITIONS. Except where the context otherwise indicates, the following definitions apply:
  
 2.1.  “Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended.
 2.2.  “Adoption Date” has the meaning given to such term in Section 1.3.
 2.3.  “Administrator” means the Board or a Committee.
 2.4.  “Affiliate” means any parent corporation or subsidiary corporation of the Company, whether now or hereinafter existing, as those terms are defined in Sections 424(e) and (f), respectively, of the Code.
 
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2.5.  “Applicable Laws” means all applicable laws, rules, regulations and requirements, including, but not limited to, all applicable U.S. federal, state or local laws, any Stock Exchange rules or regulations and the applicable laws, rules or regulations of any other country or jurisdiction where Awards are granted under the Plan or Participants reside or provide services, as such laws, rules and regulations shall be in effect from time to time.
 2.6.  “Available Shares” means the sum of (i) Twenty-Five Million (25,000,000) shares of Common Stock, and (ii) an annual increase on March 1st of each calendar year, beginning in 2022 and ending in 2030 (each a “Date of Determination”), in each case subject to the approval and determination of the Administrator on or prior to the applicable Date of Determination, equal to the lesser of (A) five percent (5%) of the total shares of Common Stock of the Company outstanding on the last day of the immediately preceding fiscal year, (B) twenty-five million (25,000,000) shares of Common Stock; and (C) such smaller number of shares as determined by the Administrator (the “Share Limit”). Notwithstanding the foregoing, shares added to the Available Shares by the Share Limit are available for issuance as Incentive Stock Options only to the extent that making such shares available for issuance as Incentive Stock Options would not cause any Incentive Stock Option to cease to qualify as such. In the event that the Administrator shall not take action to affirmatively approve an increase in the Share Limit on or prior to the applicable Date of Determination, the Share Limit and Available Shares, shall remain at such level as they were prior to such applicable Date of Determination. For clarity, the Available Shares is a limitation on the number of shares of Common Stock that may be issued pursuant to the Plan.
 2.7.  “Award” means an award granted to a Participant in accordance with the provisions of the Plan, including, but not limited to, Stock Options, Restricted Stock, Stock Awards, Performance Shares, or any combination of the foregoing.
 2.8.  “Award Agreement” means the separate written agreement evidencing each Award granted to a Participant under the Plan.
 2.9.  “Board of Directors” or “Board” means the Board of Directors of the Company, as constituted from time to time.
 2.10.  “Bylaws” means the Company’s Bylaws as amended and restated from time to time.
 2.11.  “Change of Control” means (i) the adoption of a plan of merger or consolidation of the Company with any other corporation or association as a result of which the holders of the voting capital stock of the Company as a group would receive less than 50% of the voting capital stock of the surviving or resulting corporation; (ii) the approval by the Board of Directors of an agreement providing for the sale or transfer (other than as security for obligations of the Company) of substantially all the assets of the Company; or (iii) in the absence of a prior expression of approval by the Board of Directors, the acquisition of more than 20% of the Company’s voting capital stock by any person within the meaning of Rule 13d-3 under the Act (other than the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company).
 2.12.  “Code” means the Internal Revenue Code of 1986, as amended, and the regulations and interpretations promulgated thereunder.
 2.13.  “Committee” means a committee of two or more members of the Board appointed by the Board in accordance with Section 3.2 of the Plan. In the event the Company has not designated a Committee pursuant to Section 3.2 of the Plan, “Committee” shall refer to the Compensation Committee of the Company (in the event the Company has a Compensation Committee and it has authority to administer the Plan), if any, or the Board of Directors of the Company.
 
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2.14.  “Common Stock” means the Company’s common stock.
 2.15.  “Company” means Rapid Therapeutic Science Laboratories, Inc., a Nevada corporation.
 2.16.  “Consultant” means any person, including an advisor engaged by the Company or an Affiliate to render bona fide consulting or advisory services to the Company or an Affiliate, other than as an Employee, Director or Non-Employee Director.
 2.17.  “Continuous Service Status” means the absence of any interruption or termination of service as an Employee or Consultant (unless otherwise provided for in the applicable Award Agreement), as determined by the Administrator in good faith and subject to Applicable Laws. Subject to Applicable Laws, the Administrator shall determine whether a leave of absence, or absence in military or government service, shall constitute an interruption of Continuous Service Status; provided, however, that, (i) if an Employee is holding an Incentive Stock Option and such leave exceeds 3 months, then, for purposes of Incentive Stock Option status only, such Employee’s service as an Employee shall be deemed terminated on the 1st day following such 3-month period, and the Incentive Stock Option shall thereafter automatically become a Nonqualified Stock Option in accordance with Applicable Laws, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to a written Company policy, and (ii) the Administrator shall not have any such discretion to the extent that the grant of such discretion would cause any tax to become due under Section 409A of the Code. Also, Continuous Service Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of a transfer between locations of the Company or between the Company, its subsidiaries or Affiliates, or their respective successors.
 2.18.  “Director” means a member of the Board of Directors of the Company.
 2.19.  “Disability” means the permanent and total disability of a person within the meaning of Section 22(e)(3) of the Code.
 2.20.   “Effective Date” shall be the date set forth in Section 1.3 of the Plan.
 2.21.  “Eligible Employee” means an Eligible Person who is an Employee of the Company or any Affiliate.
 2.22.  “Eligible Person” means any Employee, Officer, Director, Non-Employee Director or Consultant of the Company or any Affiliate, except for instances where services are in connection with the offer or sale of securities in a capital-raising transaction, or they directly or indirectly promote or maintain a market for the Company’s securities, subject to any other limitations as may be provided by the Code, the Act, or the Administrator. In making such determinations, the Administrator may take into account the nature of the services rendered by such person, his or her present and potential contribution to the Company’s success, and such other factors as the Administrator in its discretion shall deem relevant.
 2.23.  “Employee” means an individual who is a common-law employee of the Company or an Affiliate including employment as an Officer. Mere service as a Director or payment of a director’s fee by the Company or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate.
 2.24.  “ERISA” means the Employee Retirement Income Security Act of 1974, as now in effect or as hereafter amended.
 
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2.25. “Fair Market Value” means, as of any date and unless the Administrator determines otherwise, the value of Common Stock determined as follows:
 2.25.1  If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the NYSE American, Nasdaq National Market or The Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system for the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
 2.25.2  If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported for the date in question, or the Common Stock is quoted on an over-the-counter market, the Fair Market Value will be the mean between the high bid and low asked prices for the Common Stock for the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or
 2.25.3  In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.
 2.25.4  The Administrator may also adopt a different methodology for determining Fair Market Value with respect to one or more Awards if a different methodology is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular Award(s) (for example, and without limitation, the Administrator may provide that Fair Market Value for purposes of one or more Awards will be based on an average of closing prices (or the average of high and low daily trading prices) for a specified period preceding the relevant date).
 2.26.  “Grant Date” means, as to any Award, the latest of:
 2.26.1  the date on which the Administrator authorizes the grant of the Award; or
 2.26.2  the date the Participant receiving the Award becomes an Employee or a Director of the Company or its Affiliate, to the extent employment status is a condition of the grant or a requirement of the Code or the Act; or
 2.26.3  such other date (later than the dates described in 2.26.1 and 2.26.2 above) as the Administrator may designate and as set forth in the Participant’s Award Agreement.
 2.27.  “Immediate Family” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall include adoptive relationships.
 2.28.  “Incentive Stock Option” means a Stock Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and is granted under ARTICLE IV of the Plan and designated as an Incentive Stock Option in a Participant’s Award Agreement.
 2.29.  “Non-Employee Director” shall have the meaning set forth in Rule 16b-3 under the Act.
 2.30.  “Nonqualified Stock Option” means a Stock Option not intended to qualify as an Incentive Stock Option and is not so designated in the Participant’s Award Agreement.
 
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2.31.  “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Act.
 2.32.  “Option Period” means the period during which a Stock Option may be exercised from time to time, as established by the Administrator and set forth in the Award Agreement for each Participant who is granted a Stock Option.
 2.33.  “Option Price” means the purchase price for a share of Common Stock subject to purchase pursuant to a Stock Option, as established by the Administrator and set forth in the Award Agreement for each Participant who is granted a Stock Option.
 2.34.  “Outside Director” means a Director who either (i) is not a current employee of the Company or an “affiliated corporation” (within the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company or an “affiliated corporation” receiving compensation for prior services (other than benefits under a tax qualified pension plan), was not an officer of the Company or an “affiliated corporation” at any time and is not currently receiving direct or indirect remuneration from the Company or an “affiliated corporation” for services in any capacity other than as a Director or (ii) is otherwise considered an “outside director” for purposes of Section 162(m) of the Code.
 2.35.  “Participant” means an Eligible Person to whom an Award has been granted and who has entered into an Award Agreement evidencing the Award or, if applicable, such other person who holds an outstanding Award.
 2.36.  “Performance Objectives” shall have the meaning set forth in ARTICLE IX of the Plan.
 2.37.  “Performance Period” shall have the meaning set forth in ARTICLE IX of the Plan.
 2.38.  “Performance Share” means an Award under ARTICLE IX of the Plan of a unit valued by reference to the Common Stock, the payout of which is subject to achievement of such Performance Objectives, measured during one or more Performance Periods, as the Administrator, in its sole discretion, shall establish at the time of such Award and set forth in a Participant’s Award Agreement.
 2.39.  “Plan” means this Rapid Therapeutic Science Laboratories, Inc. 2020 Equity Incentive Plan, as it may be amended from time to time.
 2.40.  “Reporting Person” means a person required to file reports under Section 16(a) of the Act.
 2.41.  “Restricted Stock” means an Award under ARTICLE VII of the Plan of shares of Common Stock that are at the time of the Award subject to restrictions or limitations as to the Participant’s ability to sell, transfer, pledge or assign such shares, which restrictions or limitations may lapse separately or in combination at such time or times, in installments or otherwise, as the Administrator, in its sole discretion, shall determine at the time of such Award and set forth in a Participant’s Award Agreement.
 2.42.  “Restriction Period” means the period commencing on the Grant Date with respect to such shares of Restricted Stock and ending on such date as the Administrator, in its sole discretion, shall establish and set forth in a Participant’s Award Agreement.
             2.43. "Retirement” means retirement as determined under procedures established by the Administrator or in any Award, as set forth in a Participant’s Award Agreement. 
 
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2.44.  “Rule 16b-3” means Rule 16b-3 promulgated under the Act or any successor to Rule 16b-3, as in effect from time to time. Those provisions of the Plan which make express reference to Rule 16b-3, or which are required in order for certain option transactions to qualify for exemption under Rule 16b-3, shall apply only to a Reporting Person.
 2.45.  “Shares” means shares of Common Stock issued in connection with Awards granted under this Plan, including, where applicable, upon exercise of Stock Options granted under this Plan.
 2.46.  “Share Limit” has the meaning given to such term under the definition of Available Shares, above.
 2.47.  “Stock Exchange” means any stock exchange or consolidated stock price reporting system (including, but not limited to NASDAQ) on which prices for the Common Stock are quoted at any given time, and shall initially mean The NASDAQ Capital Market.
 2.48.  “Stock Award” means an Award of shares of Common Stock under ARTICLE VIII of the Plan.
 2.49.  “Stock Option” means an Award under ARTICLE IV or ARTICLE V of the Plan of an option to purchase Common Stock. A Stock Option may be either an Incentive Stock Option or a Nonqualified Stock Option.
 2.50.  “Ten Percent Shareholder” means an individual who owns (or is deemed to own pursuant to Section 424(d) of the Code), at the time of grant, stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any of its Affiliates.
 2.51.  “Termination of Service” means (i) in the case of an Eligible Employee, the discontinuance of employment of such Participant with the Company or its Subsidiaries for any reason other than a transfer to another member of the group consisting of the Company and its Affiliates and (ii) in the case of a Director who is not an Employee of the Company or any Affiliate, the date such Participant ceases to serve as a Director. The determination of whether a Participant has discontinued service shall be made by the Administrator in its sole discretion. In determining whether a Termination of Service has occurred, the Administrator may provide that service as a Consultant or service with a business enterprise in which the Company has a significant ownership interest shall be treated as employment with the Company.
 ARTICLE III.
 ADMINISTRATION
  
 3.1.  The Plan shall be administered by the Administrator and shall be administered, to the extent applicable, in accordance with Rule 16b-3. The Administrator shall have the exclusive right to interpret and construe the Plan, to select the Eligible Persons who shall receive an Award, and to act in all matters pertaining to the grant of an Award and the determination and interpretation of the provisions of the related Award Agreement, including, without limitation, the determination of the number of shares subject to Stock Options and the Option Period(s) and Option Price(s) thereof, the number of shares of Restricted Stock or shares subject to Stock Awards or Performance Shares subject to an Award, the vesting periods (if any) and the form, terms, conditions and duration of each Award, and any amendment thereof consistent with the provisions of the Plan. The Administrator may adopt, establish, amend and rescind such rules, regulations and procedures as it may deem appropriate for the proper administration of the Plan, make all other determinations which are, in the Administrator’s judgment, necessary or desirable for the proper administration of the Plan, amend the Plan or a Stock Award as provided in ARTICLE XI, 
 
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and terminate or suspend the Plan as provided in ARTICLE XI. All acts, determinations and decisions of the Administrator made or taken pursuant to the Plan or with respect to any questions arising in connection with the administration and interpretation of the Plan or any Award Agreement, including the severability of any and all of the provisions thereof, shall be conclusive, final and binding upon all persons. On or after the date of grant of an Award under the Plan, the Administrator may (i) accelerate the date on which any such Award becomes vested, exercisable or transferable, as the case may be, (ii) extend the term of any such Award, including, without limitation, extending the period following a termination of a Participant’s employment during which any such Award may remain outstanding, or (iii) waive any conditions to the vesting, exercisability or transferability, as the case may be, of any such Award; provided, that the Administrator shall not have any such authority to the extent that the grant of such authority would cause any tax to become due under Section 409A of the Code.
 3.2.  The Administrator may, to the full extent permitted by and consistent with Applicable Law and the Company’s Bylaws, and subject to Subparagraph 3.2.1 herein below, delegate any or all of its powers with respect to the administration of the Plan to the Company’s Compensation Committee (if any) or another Committee of the Company consisting of not fewer than two members of the Board each of whom shall qualify (at the time of appointment to the Committee and during all periods of service on the Committee) in all respects as a Non-Employee Director and as an Outside Director.
 3.2.1  If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Administrator as set forth herein, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in the Plan to the Administrator shall thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not consistent with the provisions of the Plan, as may be adopted from time to time by the Board.
 3.2.2  The Board may abolish the Committee at any time and reassume all powers and authority previously delegated to the Committee.
 3.2.3  In addition to, and not in limitation of, the right of Administrator, the full Board of Directors and/or the Company’s Compensation Committee (if any) may from time to time grant Awards to Eligible Persons pursuant to the terms and conditions of this Plan, subject to the requirements of the Code, Rule 16b-3 under the Act or any other Applicable Law, rule or regulation. In connection with any such grants, the Board of Directors and/or the Company’s Compensation Committee shall have all of the power and authority of the Administrator to determine the Eligible Persons to whom such Awards shall be granted and the other terms and conditions of such Awards.
 3.3.  Without limiting the provisions of this ARTICLE III, and subject to the provisions of ARTICLE X, the Administrator is authorized to take such action as it determines to be necessary or advisable, and fair and equitable to Participants and to the Company, with respect to an outstanding Award in the event of a Change of Control as described in ARTICLE X or other similar event. Such action may include, but shall not be limited to, establishing, amending or waiving the form, terms, conditions and duration of an Award and the related Award Agreement, so as to provide for earlier, later, extended or additional times for exercise or payments, differing methods for calculating payments, alternate forms and amounts of payment, an accelerated release of restrictions or other modifications. The Administrator may take such actions pursuant to this Section 3.3 by adopting rules and regulations of general applicability to all Participants or to certain categories of Participants, by including, amending or waiving terms and conditions in an Award and the related Award Agreement, or by taking action with respect to individual Participants from time to time. In the event any Award is not evidenced by a written 
 
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Award Agreement, such Award shall be governed by the terms of this Plan and the terms and conditions of the grant of the Award as evidenced by the minutes of the Board (or any authorized Committee thereof). For the sake of clarity, the failure of the Company to document an Award by way of a written Award Agreement shall not affect the validity of such Award.
 3.4.  Subject to the provisions of Section 3.9 and this Section 3.4, the maximum aggregate number of shares of Common Stock which may be issued pursuant to Awards under the Plan shall be the Available Shares. Such shares of Common Stock shall be made available from authorized and unissued shares of the Company.
 3.4.1  For all purposes under the Plan, each Performance Share awarded shall be counted as one share of Common Stock subject to an Award.
 3.4.2  If, for any reason, any shares of Common Stock (including shares of Common Stock subject to Performance Shares) that have been awarded or are subject to issuance or purchase pursuant to Awards outstanding under the Plan are not delivered or purchased, or are reacquired by the Company, for any reason, including but not limited to a forfeiture of Restricted Stock or failure to earn Performance Shares or the termination, expiration or cancellation of a Stock Option, or any other termination of an Award without payment being made in the form of shares of Common Stock (whether or not Restricted Stock), such shares of Common Stock shall not be charged against the aggregate number of shares of Common Stock available for Award under the Plan and shall again be available for Awards under the Plan. In no event, however, may Common Stock that is surrendered or withheld to pay the exercise price of a Stock Option or to satisfy tax withholding requirements be available for future grants under the Plan.
 3.4.3  For purposes of clarifying the preceding paragraph, shares of Common Stock covered by Awards shall only be counted as used to the extent they are actually issued and delivered to a Participant (or such Participant’s permitted transferees as described in the Plan) pursuant to the Plan. In addition, shares of Common Stock related to Awards that expire, are forfeited or cancelled or terminate for any reason without the issuance of shares shall not be treated as issued pursuant to the Plan. 
 3.4.4  The foregoing subsections 3.4.1 and 3.4.2 of this Section 3.4 shall be subject to any limitations provided by the Code or by Rule 16b-3 under the Act or by any other Applicable Law, rule or regulation.
 3.5.  Each Award granted under the Plan shall be evidenced by a written Award Agreement, which shall be subject to and shall incorporate (by reference or otherwise) the applicable terms and conditions of the Plan and shall include any other terms and conditions (not inconsistent with the Plan) required by the Administrator. In the event any Award is not evidenced by a written Award Agreement, such Award shall be governed by the terms of this Plan and the terms and conditions of the grant of the Award as evidenced by the minutes of the Administrator (or any authorized Committee thereof). For the sake of clarity, the failure of the Company to document an Award by way of a written Award Agreement shall not affect the validity of such Award.
 3.6.  In the event the Plan and/or the Common Stock issuable in connection with Awards hereunder are registered with the Securities Exchange Commission (the “SEC”) under the Act on Form S-8, no registered shares of Common Stock shall be issuable by the Company under the Plan and pursuant to such registration statement, (a) except to natural persons (as such term is interpreted by the SEC); and (b) except where such persons provide bona fide services to the Company; and no such registered shares shall be issuable (i) in connection with services associated with the offer or sale of securities in a capital-
 
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raising transaction; or (ii) where the services directly or indirectly promote or maintain a market for the Company’s securities.
 3.7.  The Administrator may require any Participant acquiring shares of Common Stock pursuant to any Award under the Plan to represent to and agree with the Company in writing that such person is acquiring the shares of Common Stock for investment purposes and without a view to resale or distribution thereof. Shares of Common Stock issued and delivered under the Plan shall also be subject to such stop-transfer orders and other restrictions as the Administrator may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any Stock Exchange upon which the Common Stock is then listed and any applicable federal or state laws, and the Administrator may cause a legend or legends to be placed on the certificate or certificates representing any such shares to make appropriate reference to any such restrictions. In making such determination, the Administrator may rely upon an opinion of counsel for the Company.
 3.8.  Except as otherwise expressly provided in the Plan or in an Award Agreement with respect to an Award, no Participant shall have any right as a shareholder of the Company with respect to any shares of Common Stock subject to such Participant’s Award except to the extent that, and until, one or more certificates representing such shares of Common Stock shall have been delivered to the Participant. No shares shall be required to be issued, and no certificates shall be required to be delivered, under the Plan unless and until all of the terms and conditions applicable to such Award shall have, in the sole discretion of the Administrator, been satisfied in full and any restrictions shall have lapsed in full, and unless and until all of the requirements of law and of all regulatory bodies having jurisdiction over the offer and sale, or issuance and delivery, of the shares shall have been fully complied with.
 3.9.  The total amount of shares with respect to which Awards may be granted under the Plan, the Share Limit, the ISO Limit and rights of outstanding Awards (both as to the number of shares subject to the outstanding Awards and the Option Price(s) or other purchase price(s) of such shares, as applicable) shall be appropriately adjusted for any increase or decrease in the number of outstanding shares of Common Stock of the Company resulting from payment of a stock dividend on the Common Stock, a stock split or subdivision or combination of shares of the Common Stock, or a reorganization or reclassification of the Common Stock, or any other change in the structure of shares of the Common Stock. The foregoing adjustments and the manner of application of the foregoing provisions shall be determined by the Administrator in its sole discretion. Any such adjustment may provide for the elimination of any fractional shares which might otherwise become subject to an Award. All adjustments made as a result of the foregoing in respect of each Incentive Stock Option shall be made so that such Incentive Stock Option shall continue to be an Incentive Stock Option, as defined in Section 422 of the Code.
 3.10.  No director or person acting pursuant to authority delegated by the Administrator shall be liable for any action or determination under the Plan made in good faith. The members of the Administrator shall be entitled to indemnification by the Company in the manner and to the extent set forth in the Company’s Articles of Incorporation, as amended, Bylaws or as otherwise provided from time to time regarding indemnification of Directors.
 3.11.  The Administrator shall be authorized to make adjustments in any performance based criteria or in the other terms and conditions of outstanding Awards in recognition of unusual or nonrecurring events affecting the Company (or any Affiliate, if applicable) or its financial statements or changes in Applicable Laws, regulations or accounting principles. The Administrator may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award Agreement in the manner and to the extent it shall deem necessary or desirable to reflect any such adjustment. In the event the Company (or any Affiliate, if applicable) shall assume outstanding employee benefit awards or the 
 
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right or obligation to make future such awards in connection with the acquisition of another corporation or business entity, the Administrator may, in its sole discretion, make such adjustments in the terms of outstanding Awards under the Plan as it shall deem appropriate.
 3.12.  Subject to the express provisions of the Plan, the Administrator shall have full power and authority to determine whether, to what extent and under what circumstances any outstanding Award shall be terminated, canceled, forfeited or suspended. Notwithstanding the foregoing or any other provision of the Plan or an Award Agreement, all Awards to any Participant that are subject to any restriction or have not been earned or exercised in full by the Participant shall be terminated and canceled if the Participant is terminated for cause, as determined by the Administrator in its sole discretion.
 ARTICLE IV.
 INCENTIVE STOCK OPTIONS
  
 4.1.  The Administrator, in its sole discretion, may from time to time on or after the Effective Date grant Incentive Stock Options to Eligible Employees, subject to the provisions of this ARTICLE IV and ARTICLE III and ARTICLE VI and subject to the following conditions:
 4.1.1  Incentive Stock Options shall be granted only to Eligible Employees, each of whom may be granted one or more of such Incentive Stock Options at such time or times determined by the Administrator.
 4.1.2  The Option Price per share of Common Stock for an Incentive Stock Option shall be set in the Award Agreement, but shall not be less than (i) one hundred percent (100%) of the Fair Market Value of the Common Stock at the Grant Date, or (ii) in the case of an Incentive Stock Option granted to a Ten Percent Shareholder, one hundred ten percent (110%) of the Fair Market Value of the Common Stock at the Grant Date.
 4.1.3  An Incentive Stock Option may be exercised in full or in part from time to time within ten (10) years from the Grant Date, or such shorter period as may be specified by the Administrator as the Option Period and set forth in the Award Agreement; provided, however, that, in the case of an Incentive Stock Option granted to a Ten Percent Shareholder, such period shall not exceed five (5) years from the Grant Date; and further, provided that, in any event, the Incentive Stock Option shall lapse and cease to be exercisable upon a Termination of Service or within such period following a Termination of Service as shall have been determined by the Administrator and set forth in the related Award Agreement; and provided, further, that such period shall not exceed the period of time ending on the date three (3) months following a Termination of Service (except as otherwise provided in any employment agreement approved by the Administrator), unless employment shall have terminated:
 (i)  as a result of Disability, in which event such period shall not exceed the period of time ending on the date twelve (12) months following a Termination of Service; or 
 (ii) as a result of death, or if death shall have occurred following a Termination of Service (other than as a result of Disability) and during the period that the Incentive Stock Option was still exercisable, in which event such period may not exceed the period of time ending on the earlier of the date twelve (12) months after the date of death; 
 
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(iii) and provided, further, that such period following a Termination of Service or death shall in no event extend beyond the original Option Period of the Incentive Stock Option. 
 4.1.4  The aggregate Fair Market Value of the shares of Common Stock with respect to which any Incentive Stock Options (whether under this Plan or any other plan established by the Company) are first exercisable during any calendar year by any Eligible Employee shall not exceed one hundred thousand dollars ($100,000), determined based on the Fair Market Value(s) of such shares as of their respective Grant Dates; provided, however, that to the extent permitted under Section 422 of the Code, if the aggregate Fair Market Values of the shares of Common Stock with respect to which Stock Options intended to be Incentive Stock Options are first exercisable by any Eligible Employee during any calendar year (whether such Stock Options are granted under this Plan or any other plan established by the Company) exceed one hundred thousand dollars ($100,000), the Stock Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as Nonqualified Stock Options.
 4.1.5  No Incentive Stock Options may be granted more than ten (10) years from the Adoption Date.
 4.1.6  The Award Agreement for each Incentive Stock Option shall provide that the Participant shall notify the Company if such Participant sells or otherwise transfers any shares of Common Stock acquired upon exercise of the Incentive Stock Option within two (2) years of the Grant Date of such Incentive Stock Option or within one (1) year of the date such shares were acquired upon the exercise of such Incentive Stock Option.
 4.2.  The Administrator may provide for any other terms and conditions which it determines should be imposed for an Incentive Stock Option to qualify under Section 422 of the Code, as well as any other terms and conditions not inconsistent with this ARTICLE IV or ARTICLE III or ARTICLE VI, as determined in its sole discretion and set forth in the Award Agreement for such Incentive Stock Option.
 4.3.  Each provision of this ARTICLE IV and of each Incentive Stock Option granted hereunder shall be construed in accordance with the provisions of Section 422 of the Code, and any provision hereof that cannot be so construed shall be disregarded.
 4.4.  Subject to the limitations of Section 3.4, and notwithstanding the Share Limit, and subject to adjustment in accordance with Section 3.9 hereof, the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under the Plan is 250,000,000 shares (the “ISO Limit”).
 ARTICLE V.
 NONQUALIFIED STOCK OPTIONS
  
 5.1.  The Administrator, in its sole discretion, may from time to time on or after the Effective Date grant Nonqualified Stock Options to Eligible Persons, subject to the provisions of this ARTICLE V and ARTICLE III or ARTICLE VI and subject to the following conditions:
 5.1.1  Nonqualified Stock Options may be granted to any Eligible Person, each of whom may be granted one or more of such Nonqualified Stock Options, at such time or times determined by the Administrator.
 
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5.1.2  The Option Price per share of Common Stock for a Nonqualified Stock Option shall be set in the Award Agreement and may be less than one hundred percent (100%) of the Fair Market Value of the Common Stock at the Grant Date; provided, however, that the exercise price of each Nonqualified Stock Option granted under the Plan shall in no event be less than the par value per share of the Company’s Common Stock.
 5.1.3  A Nonqualified Stock Option may be exercised in full or in part from time to time within the Option Period specified by the Administrator and set forth in the Award Agreement; provided, however, that, in any event, the Nonqualified Stock Option shall lapse and cease to be exercisable upon a Termination of Service or within such period following a Termination of Service as shall have been determined by the Administrator and set forth in the related Award Agreement.
 5.2.  The Administrator may provide for any other terms and conditions for a Nonqualified Stock Option not inconsistent with this ARTICLE V or ARTICLE III or ARTICLE VI, as determined in its sole discretion and set forth in the Award Agreement for such Nonqualified Stock Option.
 ARTICLE VI.
 INCIDENTS OF STOCK OPTIONS
  
 6.1.  Each Stock Option shall be granted subject to such terms and conditions, if any, not inconsistent with this Plan, as shall be determined by the Administrator and set forth in the related Award Agreement, including any provisions as to continued employment as consideration for the grant or exercise of such Stock Option and any provisions which may be advisable to comply with Applicable Laws, regulations or rulings of any governmental authority.
 6.2.  Except as hereinafter described, a Stock Option shall not be transferable by the Participant other than by will or by the laws of descent and distribution, and shall be exercisable during the lifetime of the Participant only by the Participant or the Participant’s guardian or legal representative. In the event of the death of a Participant, any unexercised Stock Options may be exercised to the extent otherwise provided herein or in such Participant’s Award Agreement by the executor or personal representative of such Participant’s estate or by any person who acquired the right to exercise such Stock Options by bequest under the Participant’s will or by inheritance. The Administrator, in its sole discretion, may at any time permit a Participant to transfer a Nonqualified Stock Option for no consideration to or for the benefit of one or more members of the Participant’s Immediate Family (including, without limitation, to a trust for the benefit of the Participant and/or one or more members of such Participant’s Immediate Family or a corporation, partnership or limited liability company established and controlled by the Participant and/or one or more members of such Participant’s Immediate Family), subject to such limits as the Administrator may establish. The transferee of such Nonqualified Stock Option shall remain subject to all terms and conditions applicable to such Nonqualified Stock Option prior to such transfer. The foregoing right to transfer the Nonqualified Stock Option, if granted by the Administrator shall apply to the right to consent to amendments to the Award Agreement.
 6.3.  Shares of Common Stock purchased upon exercise of a Stock Option shall be paid for in such amounts, at such times and upon such terms as shall be determined by the Administrator, subject to limitations set forth in the Stock Option Award Agreement. The Administrator may, in its sole discretion, permit the exercise of a Stock Option by payment in cash or by tendering shares of Common Stock (either by actual delivery of such shares or by attestation), or any combination thereof, as determined by the Administrator. In the sole discretion of the Administrator, payment in shares of Common Stock also may be made with shares received upon the exercise or partial exercise of the Stock Option, whether or not involving a series of exercises or partial exercises and whether or not share certificates for such shares 
 
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surrendered have been delivered to the Participant. The Administrator also may, in its sole discretion, permit the payment of the exercise price of a Stock Option by the voluntary surrender of all or a portion of the Stock Option. Shares of Common Stock previously held by the Participant and surrendered in payment of the Option Price of a Stock Option shall be valued for such purpose at the Fair Market Value thereof on the date the Stock Option is exercised. 
 6.4.  The holder of a Stock Option shall have no rights as a shareholder with respect to any shares covered by the Stock Option (including, without limitation, any voting rights, the right to inspect or receive the Company’s balance sheets or financial statements or any rights to receive dividends or non-cash distributions with respect to such shares) until such time as the holder has exercised the Stock Option and then only with respect to the number of shares which are the subject of the exercise. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.
 6.5.  The Administrator may permit the voluntary surrender of all or a portion of any Stock Option granted under the Plan to be conditioned upon the granting to the Participant of a new Stock Option for the same or a different number of shares of Common Stock as the Stock Option surrendered, or may require such voluntary surrender as a condition precedent to a grant of a new Stock Option to such Participant. Subject to the provisions of the Plan, such new Stock Option shall be exercisable at such Option Price, during such Option Period and on such other terms and conditions as are specified by the Administrator at the time the new Stock Option is granted. Upon surrender, the Stock Options surrendered shall be canceled and the shares of Common Stock previously subject to them shall be available for the grant of other Stock Options.
 6.6.  The Administrator may at any time offer to purchase a Participant’s outstanding Stock Option for a payment equal to the value of such Stock Option payable in cash, shares of Common Stock or Restricted Stock or other property upon surrender of the Participant’s Stock Option, based on such terms and conditions as the Administrator shall establish and communicate to the Participant at the time that such offer is made.
             6.7.  The Administrator shall have the discretion, exercisable either at the time the Award is granted or at the time the Participant discontinues employment, to establish as a provision applicable to the exercise of one or more Stock Options that, during a limited period of exercisability following a Termination of Service, the Stock Option may be exercised not only with respect to the number of shares of Common Stock for which it is exercisable at the time of the Termination of Service but also with respect to one or more subsequent installments for which the Stock Option would have become exercisable had the Termination of Service not occurred. 
           6.8. Notwithstanding anything to the contrary herein, the Company may reprice any Stock Option without the approval of the shareholders of the Company, or the holder of the Stock Option. For this purpose, “reprice” means (i) any of the following or any other action that has the same effect: (A) lowering the exercise price of a Stock Option after it is granted, (B) any other action that is treated as a repricing under U.S. generally accepted accounting principles (“GAAP”), or (C) cancelling a Stock Option at a time when its exercise price exceeds the Fair Market Value of the underlying Common Stock, in exchange for another Stock Option, restricted stock or other equity, unless the cancellation and exchange occurs in connection with a merger, acquisition, spin-off or other similar corporate transaction; and (ii) any other action that is considered to be a repricing under formal or informal guidance issued by exchange or market on which the Company’s Common Stock then trades or is quoted, provided that no repricing may (1) increase the exercise price of any Stock Option, or (2) reduce the exercise price below the Fair Market Value of the Company’s Common Stock on the date the action is taken to reduce such exercise price (without the approval of the holder thereof).  
 
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6.9.  In addition to, and without limiting the above Section 6.8, the Administrator may permit the voluntary surrender of all or a portion of any Stock Option granted under the Plan to be conditioned upon the granting to the Participant of a new Stock Option for the same or a different number of shares of Common Stock as the Stock Option surrendered, or may require such voluntary surrender as a condition precedent to a grant of a new Stock Option to such Participant. Subject to the provisions of the Plan, such new Stock Option shall be exercisable at such Option Price, during such Option Period and on such other terms and conditions as are specified by the Administrator at the time the new Stock Option is granted. Upon surrender, the Stock Options surrendered shall be canceled and the shares of Common Stock previously subject to them shall be available for the grant of other Stock Options.
 ARTICLE VII.
 RESTRICTED STOCK
  
 7.1.  The Administrator, in its sole discretion, may from time to time on or after the Effective Date award shares of Restricted Stock to Eligible Persons as a reward for past service and an incentive for the performance of future services that will contribute materially to the successful operation of the Company and its Affiliates, subject to the terms and conditions set forth in this ARTICLE VII.
 7.2.  The Administrator shall determine the terms and conditions of any Award of Restricted Stock, which shall be set forth in the related Award Agreement, including without limitation:
 7.2.1  the purchase price, if any, to be paid for such Restricted Stock, which may be zero, subject to such minimum consideration as may be required by Applicable Law;
 7.2.2  the duration of the Restriction Period or Restriction Periods with respect to such Restricted Stock and whether any events may accelerate or delay the end of such Restriction Period(s);
 7.2.3  the circumstances upon which the restrictions or limitations shall lapse, and whether such restrictions or limitations shall lapse as to all shares of Restricted Stock at the end of the Restriction Period or as to a portion of the shares of Restricted Stock in installments during the Restriction Period by means of one or more vesting schedules;
 7.2.4  whether such Restricted Stock is subject to repurchase by the Company or to a right of first refusal at a predetermined price or if the Restricted Stock may be forfeited entirely under certain conditions;
 7.2.5  whether any performance goals may apply to a Restriction Period to shorten or lengthen such period; and
 7.2.6   whether dividends and other distributions with respect to such Restricted Stock are to be paid currently to the Participant or withheld by the Company for the account of the Participant.
 7.3.  Awards of Restricted Stock must be accepted within a period of thirty (30) days after the Grant Date (or such shorter or longer period as the Administrator may specify at such time) by executing an Award Agreement with respect to such Restricted Stock and tendering the purchase price, if any. A prospective recipient of an Award of Restricted Stock shall not have any rights with respect to such Award, unless such recipient has executed an Award Agreement with respect to such Restricted Stock, has delivered a fully executed copy thereof to the Administrator and has otherwise complied with the applicable terms and conditions of such Award.
 
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7.4.  In the sole discretion of the Administrator and as set forth in the Award Agreement for an Award of Restricted Stock, all shares of Restricted Stock held by a Participant and still subject to restrictions shall be forfeited by the Participant upon the Participant’s Termination of Service and shall be reacquired, canceled and retired by the Company. Notwithstanding the foregoing, unless otherwise provided in an Award Agreement with respect to an Award of Restricted Stock, in the event of the death, Disability or Retirement of a Participant during the Restriction Period, or in other cases of special circumstances (including hardship or other special circumstances of a Participant whose employment is involuntarily terminated), the Administrator may elect to waive in whole or in part any remaining restrictions with respect to all or any part of such Participant’s Restricted Stock, if it finds that a waiver would be appropriate.
 7.5.  Except as otherwise provided in this ARTICLE VII, no shares of Restricted Stock received by a Participant shall be sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of during the Restriction Period.
 7.6.  Upon an Award of Restricted Stock to a Participant, a certificate or certificates representing the shares of such Restricted Stock will be issued to and registered in the name of the Participant. Unless otherwise determined by the Administrator, such certificate or certificates will be held in custody by the Company until (i) the Restriction Period expires and the restrictions or limitations lapse, in which case one or more certificates representing such shares of Restricted Stock that do not bear a restrictive legend (other than any legend as required under applicable federal or state securities laws) shall be delivered to the Participant, or (ii) a prior forfeiture by the Participant of the shares of Restricted Stock subject to such Restriction Period, in which case the Company shall cause such certificate or certificates to be canceled and the shares represented thereby to be retired, all as set forth in the Participant’s Award Agreement. It shall be a condition of an Award of Restricted Stock that the Participant deliver to the Company a stock power endorsed in blank relating to the shares of Restricted Stock to be held in custody by the Company.
 7.7.  Except as provided in this ARTICLE VII or in the related Award Agreement, a Participant receiving an Award of shares of Restricted Stock Award shall have, with respect to such shares, all rights of a shareholder of the Company, including the right to vote the shares and the right to receive any distributions, unless and until such shares are otherwise forfeited by such Participant; provided, however, the Administrator may require that any cash dividends with respect to such shares of Restricted Stock be automatically reinvested in additional shares of Restricted Stock subject to the same restrictions as the underlying Award, or may require that cash dividends and other distributions on Restricted Stock be withheld by the Company or its Affiliates for the account of the Participant. The Administrator shall determine whether interest shall be paid on amounts withheld, the rate of any such interest, and the other terms applicable to such withheld amounts.
 ARTICLE VIII.
 STOCK AWARDS
  
 8.1.  The Administrator, in its sole discretion, may from time to time on or after the Effective Date grant Stock Awards to Eligible Persons in payment of compensation that has been earned or as compensation to be earned, including without limitation compensation awarded or earned concurrently with or prior to the grant of the Stock Award, subject to the terms and conditions set forth in this ARTICLE VIII.
 8.2.  For the purposes of this Plan, in determining the value of a Stock Award, all shares of Common Stock subject to such Stock Award shall be set in the Award Agreement and may be less than one hundred percent (100%) of the Fair Market Value of the Common Stock at the Grant Date.
 
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8.3.  Unless otherwise determined by the Administrator and set forth in the related Award Agreement, shares of Common Stock subject to a Stock Award will be issued, and one or more certificates representing such shares will be delivered, to the Participant as soon as practicable following the Grant Date of such Stock Award. Upon the issuance of such shares and the delivery of one or more certificates representing such shares to the Participant, such Participant shall be and become a shareholder of the Company fully entitled to receive dividends, to vote and to exercise all other rights of a shareholder of the Company. Notwithstanding any other provision of this Plan, unless the Administrator expressly provides otherwise with respect to a Stock Award, as set forth in the related Award Agreement, no Stock Award shall be deemed to be an outstanding Award for purposes of the Plan.
 ARTICLE IX.
 PERFORMANCE SHARES
  
 9.1.  The Administrator, in its sole discretion, may from time to time on or after the Effective Date award Performance Shares to Eligible Persons as an incentive for the performance of future services that will contribute materially to the successful operation of the Company and its Affiliates, subject to the terms and conditions set forth in this ARTICLE IX.
 9.2.  The Administrator shall determine the terms and conditions of any Award of Performance Shares, which shall be set forth in the related Award Agreement, including without limitation:
 9.2.1  the purchase price, if any, to be paid for such Performance Shares, which may be zero, subject to such minimum consideration as may be required by Applicable Law;
 9.2.2  the performance period (the “Performance Period”) and/or performance objectives (the “Performance Objectives”) applicable to such Awards;
 9.2.3  the number of Performance Shares that shall be paid to the Participant if the applicable Performance Objectives are exceeded or met in whole or in part; and
 9.2.4  the form of settlement of a Performance Share.
 9.3.  At any date, each Performance Share shall have a value equal to the Fair Market Value of a share of Common Stock.
 9.4.  Performance Periods may overlap, and Participants may participate simultaneously with respect to Performance Shares for which different Performance Periods are prescribed.
 9.5.  Performance Objectives may vary from Participant to Participant and between Awards and shall be based upon such performance criteria or combination of factors as the Administrator may deem appropriate, including, but not limited to, minimum earnings per share or return on equity. If during the course of a Performance Period there shall occur significant events which the Administrator expects to have a substantial effect on the applicable Performance Objectives during such period, the Administrator may revise such Performance Objectives.
 9.6.  In the sole discretion of the Administrator and as set forth in the Award Agreement for an Award of Performance Shares, all Performance Shares held by a Participant and not earned shall be forfeited by the Participant upon the Participant’s Termination of Service. Notwithstanding the foregoing, unless otherwise provided in an Award Agreement with respect to an Award of Performance Shares, in the event of the death, Disability or Retirement of a Participant during the applicable Performance Period, or in other cases of special circumstances (including hardship or other special circumstances of a 
 
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Participant whose employment is involuntarily terminated), the Administrator may determine to make a payment in settlement of such Performance Shares at the end of the Performance Period, based upon the extent to which the Performance Objectives were satisfied at the end of such period and pro-rated for the portion of the Performance Period during which the Participant was employed by the Company or an Affiliate; provided, however, that the Administrator may provide for an earlier payment in settlement of such Performance Shares in such amount and under such terms and conditions as the Administrator deems appropriate or desirable.
 9.7.  The settlement of a Performance Share shall be made in cash, whole shares of Common Stock or a combination thereof and shall be made as soon as practicable after the end of the applicable Performance Period. Notwithstanding the foregoing, the Administrator in its sole discretion may allow a Participant to defer payment in settlement of Performance Shares on terms and conditions approved by the Administrator and set forth in the related Award Agreement entered into in advance of the time of receipt or constructive receipt of payment by the Participant.
 9.8.  Performance Shares shall not be transferable by the Participant. The Administrator shall have the authority to place additional restrictions on the Performance Shares including, but not limited to, restrictions on transfer of any shares of Common Stock that are delivered to a Participant in settlement of any Performance Shares.
 ARTICLE X.
 CHANGES OF CONTROL OR OTHER FUNDAMENTAL CHANGES
  
 10.1.  Upon the occurrence of a Change of Control and unless otherwise provided in the Award Agreement with respect to a particular Award:
 10.1.1  all outstanding Stock Options shall become immediately exercisable in full, subject to any appropriate adjustments in the number of shares subject to the Stock Option and the Option Price, and shall remain exercisable for the remaining Option Period, regardless of any provision in the related Award Agreement limiting the exercisability of such Stock Option or any portion thereof for any length of time;
 10.1.2  all outstanding Performance Shares with respect to which the applicable Performance Period has not been completed shall be paid out as soon as practicable as follows:
 (i) all Performance Objectives applicable to the Award of Performance Shares shall be deemed to have been satisfied to the extent necessary to earn one hundred percent (100%) of the Performance Shares covered by the Award; 
 (ii) the applicable Performance Period shall be deemed to have been completed upon occurrence of the Change of Control; 
 (iii) the payment to the Participant in settlement of the Performance Shares shall be the amount determined by the Administrator, in its sole discretion, or in the manner stated in the Award Agreement, as multiplied by a fraction, the numerator of which is the number of full calendar months of the applicable Performance Period that have elapsed prior to occurrence of the Change of Control, and the denominator of which is the total number of months in the original Performance Period; and 
 (iv) upon the making of any such payment, the Award Agreement as to which it relates shall be deemed terminated and of no further force and effect; and 
 
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10.1.3  all outstanding shares of Restricted Stock with respect to which the restrictions have not lapsed shall be deemed vested, and all such restrictions shall be deemed lapsed and the Restriction Period ended.
 10.2.  Anything contained herein to the contrary notwithstanding, upon the dissolution or liquidation of the Company, each Award granted under the Plan and then outstanding shall terminate; provided, however, that following the adoption of a plan of dissolution or liquidation, and in any event prior to the effective date of such dissolution or liquidation, each such outstanding Award granted hereunder shall be exercisable in full and all restrictions shall lapse, to the extent set forth in Section 10.1.1, 10.1.2 and 10.1.3 above.
 10.3.  After the merger of one or more corporations into the Company or any Affiliate, any merger of the Company into another corporation, any consolidation of the Company or any Affiliate of the Company and one or more corporations, or any other corporate reorganization of any form involving the Company as a party thereto and involving any exchange, conversion, adjustment or other modification of the outstanding shares of the Common Stock, each Participant shall, at no additional cost, be entitled, upon any exercise of such Participant’s Stock Option, to receive, in lieu of the number of shares as to which such Stock Option shall then be so exercised, the number and class of shares of stock or other securities or such other property to which such Participant would have been entitled to pursuant to the terms of the agreement of merger or consolidation or reorganization, if at the time of such merger or consolidation or reorganization, such Participant had been a holder of record of a number of shares of Common Stock equal to the number of shares as to which such Stock Option shall then be so exercised. Comparable rights shall accrue to each Participant in the event of successive mergers, consolidations or reorganizations of the character described above. The Administrator may, in its sole discretion, provide for similar adjustments upon the occurrence of such events with regard to other outstanding Awards under this Plan. The foregoing adjustments and the manner of application of the foregoing provisions shall be determined by the Administrator in its sole discretion. Any such adjustment may provide for the elimination of any fractional shares which might otherwise become subject to an Award. All adjustments made as the result of the foregoing in respect of each Incentive Stock Option shall be made so that such Incentive Stock Option shall continue to be an Incentive Stock Option, as defined in Section 422 of the Code.
 ARTICLE XI.
 AMENDMENT AND TERMINATION
  
 11.1.  Subject to the provisions of Section 11.2, the Board of Directors at any time and from time to time may amend or terminate the Plan as may be necessary or desirable to implement or discontinue the Plan or any provision hereof, to the extent required by the Act or the Code, or rules and regulations of the Stock Exchange and/or such other securities exchanges, if any, which the Company’s Common Stock is then subject to, however, no amendment, without approval by the Company’s shareholders, shall:
 11.1.1  materially alter the group of persons eligible to participate in the Plan;
 11.1.2  except as provided in Section 3.4, change the maximum aggregate number of shares of Common Stock that are available for Awards under the Plan; or
 11.1.3  alter the class of individuals eligible to receive an Incentive Stock Option or increase the limit on Incentive Stock Options set forth in Section 4.1.4 or the value of shares of Common Stock for which an Eligible Employee may be granted an Incentive Stock Option.
 
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11.2.  No amendment to or discontinuance of the Plan or any provision hereof by the Board of Directors or the shareholders of the Company shall, without the written consent of the Participant, adversely affect (in the sole discretion of the Administrator) any Award theretofore granted to such Participant under this Plan; provided, however, that the Administrator retains the right and power to:
 11.2.1  annul any Award if the Participant is terminated for cause as determined by the Administrator; and
 11.2.2  convert any outstanding Incentive Stock Option to a Nonqualified Stock Option.
 11.3.  If a Change of Control has occurred, no amendment or termination shall impair the rights of any person with respect to an outstanding Award as provided in ARTICLE X.
 ARTICLE XII.
 SECURITIES MATTERS AND REGULATIONS
  
 12.1.  Notwithstanding anything herein to the contrary, the obligation of the Company to sell or deliver Shares with respect to any Award granted under the Plan shall be subject to all Applicable Laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator. The Administrator may require, as a condition of the issuance and delivery of certificates evidencing shares of Common Stock pursuant to the terms hereof, that the recipient of such shares make such agreements and representations, and that such certificates bear such legends, as the Administrator, in its sole discretion, deems necessary or advisable.
 12.2.  Each Award is subject to the requirement that, if at any time the Administrator determines that the listing, registration or qualification of Shares is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Shares, no such Award shall be granted or payment made or Shares issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Administrator.
 12.3.  In the event that the disposition of Shares acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act and is not otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the Administrator may require a Participant receiving Common Stock pursuant to the Plan, as a condition precedent to receipt of such Common Stock, to represent to the Company in writing that the Common Stock acquired by such Participant is acquired for investment only and not with a view to distribution.
 ARTICLE XIII.
 SECTION 409A OF THE CODE
  
 13.1.  Unless otherwise expressly provided for in an Award Agreement, the Plan and each Award Agreement will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A of the Code, and, to the extent not so exempt, in compliance with Section 409A of the Code. If the Administrator determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences 
 
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specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the Shares are publicly traded, and if a Participant holding an Award that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued or paid before the date that is six months following the date of such Participant’s “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) or, if earlier, the date of the Participant’s death, unless such distribution or payment can be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule.
 13.2.  With respect to any Award that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code, termination of a Participant’s Continuous Service Status shall mean a separation from service within the meaning of Section 409A of the Code, unless the Participant was an Employee immediately prior to such termination and is then contemporaneously retained as a Consultant pursuant to a written agreement and such agreement provides otherwise. The Continuous Service Status of a Participant shall be deemed to have terminated for all purposes of the Plan if such person is employed by or provides services to Subsidiary and such Subsidiary ceases to be a Subsidiary, unless the Administrator determines otherwise. To the extent permitted by Section 409A of the Code, a Participant who ceases to be an Employee of the Company but continues, or simultaneously commences, services as a Director of the Company shall be deemed to have had a termination of Continuous Service Status for purposes of the Plan.
 ARTICLE XIV.
 MISCELLANEOUS PROVISIONS
  
 14.1.  Nothing in the Plan or any Award granted hereunder shall confer upon any Participant any right to continue in the employ of the Company or its Affiliates or to serve as a Director or shall interfere in any way with the right of the Company or its Affiliates or the shareholders of the Company, as applicable, to terminate the employment of a Participant or to release or remove a Director at any time. Unless specifically provided otherwise, no Award granted under the Plan shall be deemed salary or compensation for the purpose of computing benefits under any employee benefit plan or other arrangement of the Company or its Affiliates for the benefit of their respective employees unless the Company shall determine otherwise. No Participant shall have any claim to an Award until it is actually granted under the Plan and an Award Agreement has been executed and delivered to the Company. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall, except as otherwise provided by the Administrator, be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company, and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts, except as provided in ARTICLE VII with respect to Restricted Stock and except as otherwise provided by the Administrator.
 14.2.  The Plan and the grant of Awards shall be subject to all applicable federal and state laws, rules, and regulations and to such approvals by any government or regulatory agency as may be required. Any provision herein relating to compliance with Rule 16b-3 under the Act shall not be applicable with respect to participation in the Plan by Participants who are not subject to Section 16 of the Act.
 14.3.  The terms of the Plan shall be binding upon the Company, its successors and assigns.
 
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14.4.  Neither a Stock Option nor any other type of equity-based compensation provided for hereunder shall be transferable except as provided for in Section 6.2. In addition to the transfer restrictions otherwise contained herein, additional transfer restrictions shall apply to the extent required by federal or state securities laws. If any Participant makes such a transfer in violation hereof, any obligation hereunder of the Company to such Participant shall terminate immediately.
 14.5.  This Plan and all actions taken hereunder shall be governed by the laws of the State of Nevada.
 14.6.  Each Participant exercising an Award hereunder agrees to give the Administrator prompt written notice of any election made by such Participant under Section 83(b) of the Code, or any similar provision thereof, as applicable.
 14.7.  If any provision of this Plan or an Award Agreement is or becomes or is deemed invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan or any Award Agreement under any law deemed applicable by the Administrator, such provision shall be construed or deemed amended to conform to Applicable Laws, or if it cannot be construed or deemed amended without, in the determination of the Administrator, materially altering the intent of the Plan or the Award Agreement, it shall be stricken, and the remainder of the Plan or the Award Agreement shall remain in full force and effect.
 14.8.  The grant of an Award pursuant to this Plan shall not affect in any way the right or power of the Company or any of its Affiliates to make adjustments, reclassification, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or to dissolve, liquidate or sell, or to transfer all or part of its business or assets.
 14.9.  The Plan is not subject to the provisions of ERISA or qualified under Section 401(a) of the Code.
 14.10.  If a Participant is required to pay to the Company an amount with respect to income and employment tax withholding obligations in connection with (i) the exercise of a Nonqualified Stock Option, (ii) certain dispositions of Common Stock acquired upon the exercise of an Incentive Stock Option, or (iii) the receipt of Common Stock pursuant to any other Award, then the issuance of Common Stock to such Participant shall not be made (or the transfer of shares by such Participant shall not be required to be effected, as applicable) unless such withholding tax or other withholding liabilities shall have been satisfied in a manner acceptable to the Company. To the extent provided by the terms of an Award Agreement, the Participant may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Stock under an Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid to the Participant by the Company) or by a combination of such means: (i) tendering a cash payment; (ii) authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law; or (iii) delivering to the Company owned and unencumbered shares of Common Stock.
 14.11.  Compliance with other laws.
 14.11.1  For Reporting Persons:
 (i) the Plan is intended to satisfy the provisions of Rule 16b-3; 
 
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(ii) all transactions involving Participants who are subject to Section 16(b) of the Act are subject to the provisions of Rule 16b-3 regardless of whether they are set forth in the Plan; and 
 (iii) any provision of the Plan that conflicts with Rule 16b-3 does not apply to the extent of the conflict. 
 14.11.2  If any provision of the Plan, any Award, or Award Agreement conflicts with the requirements of Code Section 162(m) or 422 for Awards subject to these requirements, then that provision does not apply to the extent of the conflict.
 14.11.3  Notwithstanding any other provision of the Plan, if, for an Employee of a parent company, the conversion of an Incentive Stock Option to a Nonqualified Stock Option or the treatment of an Incentive Stock Option as a Nonqualified Stock Option would not satisfy the requirements of Code Section 409A or an exemption thereto, as determined by the Administrator in its exclusive discretion, then the Incentive Stock Option shall terminate on the date that it would no longer qualify as an Incentive Stock Option as determined by the Administrator in its exclusive discretion.
 14.12.  In addition to the remedies of the Company elsewhere provided for herein, failure by a Participant to comply with any of the terms and conditions of the Plan or any Award Agreement, unless such failure is remedied by such Participant within ten days after having been notified of such failure by the Administrator, shall be grounds for the cancellation and forfeiture of such Award, in whole or in part, as the Administrator, in its sole discretion, may determine.
 14.13.  Any reference in the Plan to a written document includes any document delivered electronically or posted on the Company’s intranet.
 14.14.  The headings and captions in the Plan are inserted as a matter of convenience for organizational purposes, and do not construe, define, extend, interpret, or limit any provision of the Plan.
 14.15.  Whenever the context may require, any pronoun includes the corresponding masculine, feminine, or neuter form, and the singular includes the plural and vice versa.
 14.16.  Any reference in the Plan to a statutory or regulatory provision includes corresponding successor provisions.
 14.17.  The proceeds from the sale of shares pursuant to Awards granted under the Plan shall constitute general funds of the Company.
 14.18.  A Participant’s electronic signature of an Award Agreement shall have the same validity and effect as a signature affixed by hand.
 14.19.  Notwithstanding anything in the Plan or in any Award Agreement to the contrary, the Company will be entitled to the extent permitted or required by Applicable Law, Company policy and/or the requirements of a Stock Exchange on which the Shares are listed for trading, in each case, as in effect from time to time, to recoup compensation of whatever kind paid by the Company at any time to a Participant under this Plan. No such recoupment of compensation will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement between any Participant and the Company.
 
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            14.20. Corporate action constituting a grant by the Company of an Award to any Participant shall be deemed completed as of the date of such corporate action, unless otherwise determined by the Administrator, regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of Shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the preparation of the Award Agreement or related grant documentation, the corporate records will control, and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant documentation. 
 14.21.  Nothing contained in the Plan or in any Award agreement executed pursuant hereto shall be deemed to confer upon any individual or entity to whom an Award is or may be granted hereunder any right to remain in the employ or service of the Company or a parent or subsidiary of the Company or any entitlement to any remuneration or other benefit pursuant to any consulting or advisory arrangement.
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
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