Document:

EX-10.4

 Exhibit 10.4 

INDEMNIFICATION AGREEMENT 
 THIS
INDEMNIFICATION AGREEMENT (this Agreement) is made as of [                ], by and between LumiraDx Limited, an exempted company incorporated in the
Cayman Islands (the Company), and [                 ] (the Indemnitee), [a director/an executive officer] of the Company. 

WHEREAS, the Indemnitee has agreed to serve as [a director/an executive officer] of the Company and in such capacity will render valuable services to
the Company; and 
 WHEREAS, in order to induce and encourage highly experienced and capable persons such as the Indemnitee to serve or continue to
serve as directors and officers of the Company, the board of directors of the Company (the Board) has determined that it is reasonably prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance
expenses on behalf of, such persons; 
 NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter set forth, and other good
and valuable consideration, including, without limitation, the service of the Indemnitee, the receipt of which hereby is acknowledged, and in order to induce the Indemnitee to serve, or continue to serve, as [a director/an executive officer] of the
Company, the Company and the Indemnitee hereby agree as follows: 
  

	1.	 Definitions. As used in this Agreement: 

 

	 	(a)	 “Change in Control” shall mean: 

 

	 	(i)	 any “person” (as such term is used in Sections 13(d) and 14(d) of the United States Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the Securities Exchange Act)), but excluding (1) the Company, (2) any trustee or other fiduciary holding securities pursuant to an
employee benefit or welfare plan or employee share plan of the Company or any subsidiary or affiliate of the Company, or any entity organised, appointed, established or holding securities of the Company with voting power for or pursuant to the terms
of any such plan and (3) any entity owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of the Company, that becomes the “beneficial owner” (as defined
in Rule 13d-3 under the Securities Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities
without the prior approval of at least a majority of the directors in office immediately prior to such person’s attaining such interest; 

  

	 	(ii)	 any merger or consolidation of the Company with any other entity, other than a merger or consolidation that
would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more
than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the Board or other governing body of such surviving
entity; 

  
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	 	(iii)	 the approval by the shareholders of the Company of a complete liquidation of the Company or an agreement for
the sale or disposition by the Company, in one transaction or a series of related transactions, of all or substantially all of the Company’s assets; and 

  

	 	(iv)	 any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A (or in response to any similar item or any similar or successor schedule or form) promulgated under the Securities Exchange Act whether or not the Company is then subject to such reporting requirements. 

 

	 	(b)	 “Disinterested Director” with respect to any request by the Indemnitee for
indemnification or advancement of expenses hereunder shall mean a director of the Company who neither is nor was a party to the Proceeding (as defined below) in respect of which indemnification or advancement is being sought by the Indemnitee.

  

	 	(c)	 The term “Expenses” shall mean any expense, liability or loss, including, without
limitation, damages, judgments, fines, penalties, settlements (if, and only if, such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld) and costs, attorneys’ fees and disbursements and costs of
attachment or similar bond, investigations, liabilities, losses, taxes, any expense paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in,
any Proceeding, and any taxes, interests, assessments or other charges imposed as a result of the actual or deemed receipt of any payment under this Agreement. 

 

	 	(d)	 The term “Independent Legal Counsel” shall mean any firm of attorneys that is
reasonably selected by the Board, so long as such firm is not currently representing and has not in the preceding five (5) years represented the Company, the Company’s subsidiaries or affiliates, the Indemnitee, any entity controlled by
the Indemnitee, or any party adverse to the Company in any matter material to any such party (other than with respect to matters concerning the Indemnitee under this Agreement or other indemnitees under similar indemnification agreements).
Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the
Company or the Indemnitee in an action to determine the Indemnitee’s right to indemnification or advancement of expenses under this Agreement, the Company’s Amended and Restated Memorandum of Association and Articles of Association (the
Articles), applicable law or otherwise. 

  

	 	(e)	 The term “Proceeding” shall mean any threatened, pending or completed action, suit,
arbitration, alternate dispute resolution mechanism, investigation, inquiry, hearing or any other proceeding (including, without limitation, an appeal therefrom), formal or informal, whether brought in the name of the Company or otherwise, whether
of a civil, criminal, administrative or investigative nature, and whether by, in or involving a court or an administrative, other governmental or private entity or body (including, without limitation, an investigation by the Company or its Board),
in which the Indemnitee was, is or will be involved as a party or otherwise, by reason of (i) the fact 

  
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that the Indemnitee is or was a director (or a director appointee) or an executive officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise,
(ii) any actual or alleged act or omission or neglect or breach of duty, including, without limitation, any actual or alleged error or misstatement or misleading statement, which the Indemnitee commits or suffers while acting in any such
capacity, or (iii) the Indemnitee attempting to establish or establishing a right to indemnification or advancement of expenses pursuant to this Agreement, the Articles, applicable law or otherwise, in each case whether or not the Indemnitee is
acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement. 

  

	 	(f)	 The phrase “serving at the request of the Company as an agent of another enterprise” or
any similar terminology shall mean, unless the context otherwise requires, serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee
benefit or welfare plan or other enterprise, foreign or domestic. The phrase “serving at the request of the Company” shall include, without limitation, any service as a director or an executive officer of the Company which imposes duties
on, or involves services by, such director or executive officer with respect to the Company or any of the Company’s subsidiaries, affiliates, employee benefit or welfare plans, such plan’s participants or beneficiaries or any other
enterprise, foreign or domestic. In the event that the Indemnitee shall be a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or welfare plan or other
enterprise, foreign or domestic, 50% or more of the ordinary shares, combined voting power or total equity interest of which is owned by the Company or any subsidiary or affiliate thereof, then the Indemnitee shall be presumed conclusively to be so
acting at the request of the Company. 

  

	2.	 Indemnification. Subject to Section 6 below, the Company hereby agrees to hold
harmless and indemnify the Indemnitee to the fullest extent permitted by law, as such may be amended from time to time. In furtherance of the foregoing indemnification and without limiting the generality thereof: 

 

	 	(a)	 Proceedings by or in the Right of the Company. The Company shall indemnify the Indemnitee if the
Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding by or in the right of the Company to procure a judgment in its favour against all Expenses that the Indemnitee actually and reasonably incurred
in connection with such a Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company; except that no indemnification under this subsection shall
be made in respect of any claim, issue or matter as to which the Indemnitee shall have been adjudicated by final judgment by a court of competent jurisdiction to be liable to the Company for willful default or fraud in the performance of his duty to
the Company, unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly
and reasonably entitled to indemnity for such amounts as such court shall deem proper. 

  
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	 	(b)	 Proceedings Other than Proceedings by or in the Right of the Company. The Company shall indemnify the
Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding (other than a Proceeding by or in the right of the Company) against all Expenses that the Indemnitee actually and reasonably
incurred in connection with such a Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company; except that no indemnification under this
subsection shall be made in respect of any claim, issue or matter as to which the Indemnitee shall have been adjudicated by final judgment by a court of competent jurisdiction to be liable to the Company for willful default or fraud in the
performance of his duty to the Company, unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case,
the Indemnitee is fairly and reasonably entitled to indemnity for such amounts as such court shall deem proper. 

  

	 	(c)	 Indemnification for Expenses of Witness. Notwithstanding any other provision of this Agreement, to the
extent that the Indemnitee has prepared to serve or has served as a witness or is made to respond to discovery requests in any Proceeding to which the Indemnitee is not a party, the Indemnitee shall be indemnified against all Expenses actually and
reasonably incurred by the Indemnitee in connection therewith. 

  

	 	(d)	 Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion of Expenses incurred in connection with any Proceedings but not, however, for all of the Expenses, the Company shall nevertheless indemnify the Indemnitee for the portion of such Expenses to which
Indemnitee is entitled. 

  

	3.	 Contribution. If the indemnification provided in Section 2 above is
unavailable to the Indemnitee for any reason (other than those set forth in Section 6 below) in connection with a Proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in such Proceeding), the Company, in
lieu of indemnifying the Indemnitee pursuant to Section 2, shall contribute to the amount of Expenses that the Indemnitee actually and reasonably incurred and paid or that are payable by the Indemnitee in such proportion as is deemed fair and
reasonable in light of all of the circumstances of such Proceeding to reflect (i) the relative benefits received by the Company and the Indemnitee, (ii) the relative fault of the Company and such Indemnitee in connection with the
transaction or events from which such Proceeding arose, or both. The relative fault of the Company and the Indemnitee shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent the circumstances resulting in such Expenses. 

  

	4.	 Advancement of Expenses. The Expenses incurred by the Indemnitee in any Proceeding
shall be paid promptly by the Company in advance of the final disposition of the Proceeding at the written request of the Indemnitee to the fullest extent permitted by applicable law; provided, however, that the Indemnitee shall set forth in such
request reasonable evidence that such Expenses have been incurred by the Indemnitee in connection with such Proceeding and an undertaking in writing to repay any advances the Indemnitee is ultimately determined as provided in subsection 5(b) of this
Agreement not to be entitled to under this Agreement, the Articles, applicable law or otherwise. 

  
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	5.	 Indemnification Procedure; Determination of Right to Indemnification. 

 

	 	(a)	 Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee shall,
if the Indemnitee intends to make a claim for indemnification against the Company under this Agreement, notify the Company of the commencement of such Proceeding in a written request, and shall provide the Company such documentation and information
as is reasonably available to Indemnitee and is reasonably necessary for the Company to determine whether and to what extent Indemnitee is entitled to indemnification. The omission to so notify the Company will not relieve the Company from any
liability the Company may have to the Indemnitee under this Agreement unless the Company shall have lost significant substantive or procedural rights with respect to the defense of any Proceeding as a result of such omission to so notify.

  

	 	(b)	 The Indemnitee shall be conclusively presumed to be entitled to indemnification under this Agreement unless a
determination is made that the Indemnitee is not entitled to indemnification under this Agreement, the Articles, applicable law or otherwise by one of the following two methods, which, in the absence of a Change in Control, shall be at the election
of the Board: (i) by a majority vote of the Disinterested Directors or (ii) if a majority vote of the Disinterested Directors is not obtainable or, even if obtainable, the Disinterested Directors so direct, by Independent Legal Counsel in
a written opinion to the Board, a copy of which shall be delivered to the Indemnitee. If a Change of Control shall have occurred and the Indemnitee so requests in writing, such determination shall be made only by Independent Legal Counsel in the
manner set forth in this subsection. 

  

	 	(c)	 If (i) a determination is made that the Indemnitee is not entitled to indemnification under this Agreement
or (ii) a claim for indemnification or advancement of Expenses under this Agreement is not paid by the Company within thirty (30) days after receipt by the Company of written notice, the Indemnitee is entitled to an adjudication in any
court of competent jurisdiction. Such judicial proceeding shall be made de novo. The burden of proving that indemnification or advances are not appropriate shall be on the Company. The termination of any Proceeding by judgment, order, settlement or
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself (i) create a presumption that the Indemnitee did not act in good faith and in a manner he reasonably believed to be in the best interests of the
Company, its securityholders, or both, and, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that his conduct was unlawful or (ii) otherwise adversely affect the rights of the Indemnitee to
indemnification or advancement of Expenses under this Agreement, except as may be provided in this Agreement. 

  

	 	(d)	 If a court of competent jurisdiction shall determine that the Indemnitee is entitled to any indemnification or
advancement of Expenses under this Agreement, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such adjudication (including, but not limited to, any appellate proceedings).

  

	 	(e)	 The Company will be entitled to participate at its own expense in any Proceeding for which indemnification or
advancement of Expenses is requested and, except as otherwise provided below, to the extent that it may wish, the Company may assume the defense with counsel reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee
of its election to assume the defense of a Proceeding, the Company will not be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by the Indemnitee in connection with the Indemnitee’s defense, other than as
provided below. The Company shall not settle any 

  
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Proceeding in any manner that would impose any penalty or liability on the Indemnitee without the Indemnitee’s written consent. The Indemnitee shall have the right to employ his own counsel
in any Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense of the Indemnitee in the Proceeding shall be at the expense of the Indemnitee, unless (i) the employment of
counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that the Company and the Indemnitee may have a conflict of interest in the conduct of the defense of a Proceeding, or
(iii) the Company shall not in fact have employed counsel to assume the defense of the Indemnitee in a Proceeding, in each of which cases the fees and expenses of the Indemnitee’s counsel shall be advanced by the Company. The Company shall
not be entitled to assume the defense of the Indemnitee in any Proceeding brought by or on behalf of the Company or as to which the Indemnitee has reasonably concluded that a conflict of interest may exist between the Company and the Indemnitee.

  

	 	(f)	 The Indemnitee shall give the Company such information and cooperation as it may reasonably require and as
shall be within Indemnitee’s power. Subject to Section 3, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity,
at its expense, to participate in the defense, conduct and settlement, if any, of such action. 

  

	6.	 Limitations on Indemnification. Notwithstanding any provision in this Agreement,
the Company shall not be obligated under this Agreement to indemnify the Indemnitee:  

  

	 	(a)	 in connection with any Proceeding initiated or brought voluntarily by the Indemnitee and not by way of defence,
unless (i) the Board authorised the Proceeding prior to its initiation or (ii) the Proceeding is to enforce indemnification rights under this Agreement, the Articles, applicable law or otherwise and either (A) Indemnitee is successful
in such Proceeding in establishing Indemnitee’s right, in whole or in part, to indemnification or advancement of Expenses under this Agreement (in which case such indemnification or advancement shall be to the fullest extent permitted by this
Agreement) or (B) the court in such Proceeding shall determine that, despite Indemnitee’s failure to establish a right to indemnification, Indemnitee is entitled to indemnity for such expenses (in which case such indemnification or
advancement shall be to the extent provided by such court); 

  

	 	(b)	 in connection with the Indemnitee preparing to serve or serving, prior to a Change in Control, as a witness in
voluntary cooperation with any non-governmental or non-regulatory party or entity who or which has threatened or commenced any action or proceeding against the Company,
or any director, officer, employee, trustee, agent, representative, subsidiary, parent corporation or affiliate of the Company, but such indemnification may be provided by the Company if the Board finds it to be appropriate; 

 

	 	(c)	 for which payment has actually been made to the Indemnitee under a valid and collectible insurance policy,
except in respect of any excess beyond the amount of payment under such insurance policy; 

  
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	 	(d)	 for an accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company
pursuant to the provisions of Section 16(b) of the Securities Exchange Act or similar provisions of any foreign or United States federal, state or local statute or regulation; 

 

	 	(e)	 to the extent the Indemnitee is entitled to be indemnified other than by the Company or a subsidiary of the
Company; 

  

	 	(f)	 for conduct that is finally adjudged by a court of competent jurisdiction to have been caused by the
Indemnitee’s wilful default or fraud, including, without limitation, breach of the duty of loyalty, unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such amounts the court shall deem proper; 

 

	 	(g)	 if a court of competent jurisdiction finally determines that such indemnification is unlawful. In this respect,
the Company and the Indemnitee have been advised that the Securities and Exchange Commission (the SEC) takes the position that indemnification for liabilities arising under securities laws is against public policy and is, therefore,
unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication; 

  

	 	(h)	 in connection with the Indemnitee’s personal tax matters; 

 

	 	(i)	 subject to the proviso in Section 6(a), in connection with any dispute or breach arising under any
contract or similar obligation between the Company or any of its subsidiaries or affiliates and such Indemnitee; or 

  

	 	(j)	 in connection with any reimbursement made by Indemnitee to the Company pursuant to Section 304 of the
Sarbanes-Oxley Act of 2002 (the Sarbanes-Oxley Act), Section 306 of the Sarbanes-Oxley Act or Section 954 of the Dodd–Frank Wall Street Reform and Consumer Protection Act and the rules promulgated by the SEC thereunder.

  

	7.	 Insurance. To the extent that the Company maintains an insurance policy or policies
providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the
request of the Company, the Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or
policies. If, at the time of the receipt of a notice of a Proceeding pursuant to the terms of this Agreement, the Company has directors’ and officers’ insurance in effect, the Company shall give prompt notice of the commencement of such
Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action, on behalf of the Indemnitee, to cause such insurers to pay all amounts payable to
the Indemnitee as a result of such Proceeding in accordance with the terms of such policies. 

  

	8.	 No Employment Rights. Nothing in this Agreement is intended to create in the
Indemnitee any right to continued service on the Board or employment with the Company.  

  
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	9.	 Continuation of Indemnification. All agreements and obligations of the Company in
this Agreement shall continue during the period that the Indemnitee is a director, an executive officer, or both of the Company (or is or was serving at the request of the Company as an agent of another enterprise, foreign or domestic) and shall
continue after that period so long as the Indemnitee shall be subject to any Proceeding by reason of the fact that the Indemnitee is or was a director, an executive officer, or both of the Company or is or was serving in any other capacity referred
to in this Section 9. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as a director, an executive officer, or both of the Company or as an agent of another enterprise at the Company’s
request. 

  

	10.	 Indemnification under this Agreement Not Exclusive. The indemnification provided by
this Agreement shall not be deemed to be exclusive of any other rights the Indemnitee may have under the Articles, any agreement, vote of shareholders or vote of Disinterested Directors, provisions of applicable law, or otherwise, both as to action
or omission in the Indemnitee’s official capacity and as to action or omission in another capacity on behalf of the Company while serving as a director, executive officer, or both. 

 

	11.	 Assignment; Successors and Assigns. Neither this Agreement nor any of the rights or
obligations under this Agreement may be assigned by either party without the prior written consent of the other party, except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the
Company that assumes all obligations of the Company under this Agreement in a written agreement in form and substance satisfactory to the Indemnitee. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and
be enforceable by and against the parties and the Company’s successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business or assets of the Company) and
assigns, as well as the Indemnitee’s spouse, heirs, and personal and legal representatives.  

  

	12.	 Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such
rights. 

  

	13.	 Severability. Each and every section, sentence, term and provision of this
Agreement is separate and distinct so that if any section, sentence, term or provision shall be held to be invalid, unlawful or unenforceable for any reason, such invalidity, unlawfulness or unenforceability shall not affect the validity, lawfulness
or enforceability of any other section, sentence, term or provision. To the extent required, any section, sentence, term or provision of this Agreement may be modified by a court of competent jurisdiction to preserve its validity and to provide the
Indemnitee with the broadest possible indemnification permitted under applicable law. The Company’s inability, pursuant to a court order or decision, to perform its obligations under this Agreement shall not constitute a breach of this
Agreement. 

  

	14.	 Savings Clause. If this Agreement or any section, sentence, term or provision is
invalidated on any ground by any court of competent jurisdiction, the Company shall nevertheless indemnify the Indemnitee for any Expenses incurred by the Indemnitee with respect to any Proceeding to the fullest extent permitted by any
(a) applicable section, sentence, term or provision of this Agreement that has not been invalidated or (b) applicable law.  

  
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	15.	 Interpretation; Governing Law. This Agreement shall be construed as a whole and in
accordance with its fair meaning and any ambiguities shall not be construed for or against either party. Headings are for convenience only and shall not be used in construing meaning. This Agreement shall be governed and interpreted in accordance
with Cayman law without regard to conflict of laws principles. Each of the parties to this Agreement irrevocably agrees that the courts of the Cayman Islands shall have non-exclusive jurisdiction to hear and
determine any claim, suit, action or proceeding, and to settle any disputes, that may arise out of or are in any way related to or in connection with this Agreement and, for such purposes, irrevocably submits to the nonexclusive jurisdiction of such
courts. 

  

	16.	 Amendments. No amendment, waiver, modification, termination or cancellation of this
Agreement shall be effective unless in writing signed by the party against whom enforcement is sought. The indemnification rights afforded to the Indemnitee under this Agreement are contract rights and may not be diminished, eliminated or
otherwise affected by amendments to the Articles, or by other agreements, including directors’ and officers’ liability insurance policies, of the Company.  

 

	17.	 Counterparts. This Agreement may be executed in one or more counterparts, all of
which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to the other. 

 

	18.	 Notices. Any notice required to be given under this Agreement shall be directed to
the General Counsel of the Company at Ocorian Trust (Cayman) Limited, PO Box 1350, Windward 3, Regatta Office Park, Grand Cayman KY1-1108, Cayman Islands, and to the Indemnitee at or to such other address as
the Indemnitee shall designate to the Company in writing. 

  

	19.	 Entire Agreement. This Agreement constitutes the entire agreement and supersedes
all prior agreements and understandings, both written and oral, between the parties with respect to its subject matter.  

[The remainder of this page is intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties have executed this Indemnification Agreement as a Deed on the date
first written above. 
  

	
	LUMIRADX LIMITED
	
	By:                                     
                                         
                  
	Name:                                     
                                         
            
	Title:                                     
                                         
              
	
	INDEMNITEE
	
	By:                                     
                                         
                  
	Name:                                     
                                         
            

  
 10Exhibit 4.1

 

ZK
INTERNATIONAL GROUP CO., LTD (正康国际集团有限公司)

 

Convertible
Debenture

 

	Principal Amount:	$
	Debenture Issuance Date:	 
	Debenture Number:	ZKIN-

 

FOR VALUE RECEIVED, ZK
INTERNATIONAL GROUP CO., LTD (正康国际集团有限公司),
a British Virgin Islands company (the "Company"), hereby promises to pay to the order of [ ], or its registered assigns
(the "Holder") the amount set out above as the Principal Amount (as reduced pursuant to the terms hereof pursuant to
redemption, conversion or otherwise, the "Principal") when due, whether upon the Maturity Date (as defined below), acceleration,
redemption or otherwise (in each case in accordance with the terms hereof) and to pay interest ("Interest") on any outstanding
Principal at the applicable Interest Rate from the date set out above as the Debenture Issuance Date (the "Issuance Date")
until the same becomes due and payable, whether upon an Interest Date (as defined below), the Maturity Date or acceleration, conversion,
redemption or otherwise (in each case in accordance with the terms hereof). This Convertible Debenture (including all debentures issued
in exchange, transfer or replacement hereof, this "Debenture") was originally issued pursuant to the Securities Purchase
Agreement dated [ ] by and among the Company and the buyers signatory thereto (the “Securities Purchase Agreement”).
Certain capitalized terms used herein are defined in Section (13).

 

(1) GENERAL
TERMS

 

(a) Maturity
Date. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal,
accrued and unpaid Interest, and any other amounts outstanding pursuant to the terms of this Debenture. The "Maturity
Date" shall be [ ][1], as may be extended at the option of the Holder. Other than as specifically permitted by
this Debenture, the Company may not prepay or redeem any portion of the outstanding Principal and accrued and unpaid
Interest.

 

(b) Interest Rate and
Payment of Interest. Interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 5% (“Interest
Rate”), payable at the Maturity Date. Interest shall be calculated on the basis of a 365-day year and the actual number of
days elapsed, to the extent permitted by applicable law.

 

(c) Early
Redemption. The Company shall have the right, but not the obligation, to redeem (“Optional Redemption”) early
a portion or all amounts outstanding under this Debenture as described in this Section; provided that the Company provides
the Holder with at least 5 Business Days’ prior written notice (each, a “Redemption Notice”) of its desire
to exercise an Optional Redemption. Each Redemption Notice shall be irrevocable and shall specify the outstanding balance of the
Convertible Debentures to be redeemed. The “Redemption Amount” shall be equal to the outstanding Principal
balance being redeemed by the Company, plus all accrued and unpaid interest. After receipt of the Redemption Notice, the Holder
shall have 5 Business Days to elect to convert all or any portion of Convertible Debentures. On the 6th Business Day after the
Redemption Notice, the Company shall deliver to the Holder the Redemption Amount with respect to the Principal amount redeemed after
giving effect to conversions effected during the 5 Business Day period.

 

    	 		 

     

    

 

(2)  EVENTS
OF DEFAULT.

 

(a)
An “Event of Default”, wherever used herein, means any one of the following events (whatever the reason and
whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any
court, or any order, rule or regulation of any administrative or governmental body):

 

(i) the
Company's failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Debenture or
any other Transaction Document within fifteen (15) Business Days after such payment is due;

 

(ii)
the Company commences a voluntary case (or any analogous procedure or step is taken in any jurisdiction, including, without limitation,
under the Insolvency Act 2003 of the British Virgin Islands (the “Insolvency Act”));

 

(iii)
the Company consents to the entry of an order for relief against it in an involuntary case (or any analogous procedure or step
is taken in any jurisdiction, including, without limitation, under the Insolvency Act);

 

(iv)
the Company consents to the appointment of a bankruptcy custodian (or equivalent in any jurisdiction) of it or for all or substantially
all of its property;

 

(v) any
Event of Default occurs with respect to the Securities Purchase Agreement.

 

(b)
During the time that any portion of this Debenture is outstanding, if any Event of Default has occurred and is continuing, the full
unpaid Principal amount of this Debenture, together with interest and other amounts owing in respect thereof, to the date of
acceleration shall become at the Holder's election, immediately due and payable in cash. Furthermore, in addition to any other
remedies, the Holder shall have the right (but not the obligation) to convert this Debenture (subject to the beneficial ownership
limitations set out in Section (3)(c)(i)) at any time after (x) an Event of Default (provided that such Event of Default is
continuing) or (y) the Maturity Date at the Conversion Price. The Holder need not provide and the Company hereby waives any
presentment, demand, protest or other notice of any kind, (other than required notice of conversion) and the holder may immediately
enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such
declaration may be rescinded and annulled by Holder at any time prior to payment hereunder. No such rescission or annulment shall
affect any subsequent Event of Default or impair any right consequent thereon.

 

(3)  CONVERSION
OF DEBENTURE This Debenture shall be convertible into Ordinary Shares, on the terms and conditions set forth in this Section
(3).

 

    	 	2	 

     

    

 

(a)  Conversion Right.

 

(i) Conversion
at the option of the Holder. Subject to the provisions of Section (3)(c), at any time or times on or after the Issuance Date,
the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully
paid and non-assessable Ordinary Shares in accordance with Section (3)(b), at the Conversion Rate (as defined below). The number of
Ordinary Shares issuable upon conversion of any Conversion Amount pursuant to this Section (3)(a) shall be determined by dividing
(x) such Conversion Amount by (y) the Conversion Price (the "Conversion Rate").

 

(ii) Conversion
at the option of the Company. Subject to the provisions of Section (3)(c), upon the Maturity Date, the Company may, at its option,
cause the outstanding and unpaid Conversion Amount be converted, in whole or in part, into fully paid and non-assessable Ordinary
Shares in accordance with Section (3)(b), at the Conversion Rate.

 

"Conversion Amount"
means the portion of the Principal and accrued Interest to be converted, redeemed or otherwise with respect to which this determination
is being made.

 

"Conversion Price"
means, as of any Conversion Date (as defined below) 80% of the volume weighted average price during the seven (7) consecutive Trading
Days immediately preceding the Conversion Date, but not lower than the Floor Price. The Conversion Price shall be adjusted from time to
time pursuant to the other terms and conditions of this Debenture.

 

(b) Mechanics
of Conversion.

 

(i) Conversion at the
option of the Holder. To convert any Conversion Amount into Ordinary Shares on any date (a "Conversion Date")
pursuant to Section (3)(a)(i), the Holder shall (A) transmit by facsimile or email (or otherwise deliver), for receipt on or prior
to 11:59 p.m., New York Time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit
I (the "Conversion Notice") to the Company and (B) if required by Section (3)(b)(iii), surrender this Debenture
to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification undertaking reasonably
satisfactory to the Company with respect to this Debenture in the case of its loss, theft or destruction). On or before the third
Business Day following the date of receipt of a Conversion Notice (the "Share Delivery Date"), the Company shall,
(X) provided that the Transfer Agent is participating in the Depository Trust Company's ("DTC") Fast Automated
Securities Transfer Program, credit such aggregate number of Ordinary Shares to which the Holder shall be entitled to the Holder's
or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (Y) if the Transfer Agent is
not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified in the
Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number of Ordinary Shares to which
the Holder shall be entitled which certificates shall not bear any restrictive legends unless required pursuant to rules and
regulations of the Commission. If this Debenture is physically surrendered for conversion and the outstanding Principal of this
Debenture is greater than the Principal portion of the Conversion Amount being converted, then the Company shall as soon as
practicable and in no event later than three (3) Business Days after receipt of this Debenture and at its own expense, issue and
deliver to the Holder a new Debenture representing the outstanding principal not converted. The Person or Persons entitled to receive
the Ordinary Shares issuable upon a conversion of this Debenture shall be treated for all purposes as the record holder or holders
of such Ordinary Shares upon the transmission of a Conversion Notice.

 

(ii) Conversion at the option
of the Company. The convention pursuant to Section 3(a)(ii) will occur at the option of the Company and without further action by
the Holder. The Company shall promptly deliver notice of the occurrence of such conversion to the Holder by facsimile or email (or otherwise
deliver) The Company shall promptly issue and deliver to the Holder or its designee, by book-entry delivery, that number of Ordinary
Shares issuable upon conversion of this Debenture. The Holder shall, if required by Section (3)(b)(iii), surrender this Debenture to
a nationally recognized overnight delivery service for delivery to the Company (or an indemnification undertaking reasonably satisfactory
to the Company with respect to this Debenture in the case of its loss, theft or destruction).

 

(iii) Book-Entry.
Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Debenture in accordance with the
terms hereof, the Holder shall not be required to physically surrender this Debenture to the Company unless (A) the full Conversion
Amount represented by this Debenture is being converted or (B) the Holder has provided the Company with prior written notice (which
notice may be included in a Conversion Notice) requesting reissuance of this Debenture upon physical surrender of this Debenture.
The Holder and the Company shall maintain records showing the Principal and Interest converted and the dates of such conversions or
shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this
Debenture upon conversion.

 

(c) Limitations
on Conversions.

 

(i) Beneficial
Ownership. The Holder shall not have the right to convert any portion of this Debenture or receive Ordinary Shares hereunder to
the extent that after giving effect to such conversion or receipt of such Ordinary Shares, the Holder, together with any affiliate
thereof, would beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated
thereunder) in excess of 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to such conversion or
receipt of Ordinary Shares as payment of interest. Since the Holder will not be obligated to report to the Company the number of
Ordinary Shares it may hold at the time of a conversion hereunder, unless the conversion at issue would result in the issuance of
Ordinary Shares in excess of 9.99% of the then outstanding Ordinary Shares without regard to any other shares which may be
beneficially owned by the Holder or an affiliate thereof, the Holder shall have the authority and obligation to determine whether
the restriction contained in this Section will limit any particular conversion hereunder and to the extent that the Holder
determines that the limitation contained in this Section applies, the determination of which portion of the Principal amount of this
Debenture is convertible shall be the responsibility and obligation of the Holder. If the Holder has delivered a Conversion Notice
for a Principal amount of this Debenture that, without regard to any other shares that the Holder or its affiliates may beneficially
own, would result in the issuance in excess of the permitted amount hereunder, the Company shall notify the Holder of this fact and
shall honor the conversion for the maximum Principal amount permitted to be converted on such Conversion Date in accordance with
Section (3) and, any Principal amount tendered for conversion in excess of the permitted amount hereunder shall remain outstanding
under this Debenture. The provisions of this section may be waived by a Holder (but only as to itself and not to any other Holder)
upon not less than 65 days prior notice to the Company. Other Holders shall be unaffected by any such waiver.

 

    	 	3	 

     

    

 

(ii) Nasdaq Rule
5635(d) Limitations. The Company shall not issue any Ordinary Shares pursuant to the terms of this Debenture if the issuance of
such Ordinary Shares would exceed the aggregate number of Ordinary Shares that the Company may issue upon conversion of the
Debenture in compliance with the Company’s obligations under the rules or regulations of the Nasdaq Capital Market (the number
of Ordinary Shares which may be issued without violating such rules and regulations is 5,125,086 Ordinary Shares and shall be
referred to as the “Exchange Cap”), except that such limitation shall not apply in the event that the Company (A)
obtains the approval of its shareholders as required by the applicable rules of the Nasdaq Capital Market for issuances of Ordinary
Shares in excess of such amount or (B) obtains a written opinion from outside counsel to the Company that such approval is not
required under British Virgin Islands laws.

 

(d) Other
Provisions.

 

(i)
The Company shall at all times reserve and keep available out of its authorized Ordinary Shares the full number of Ordinary Shares
issuable upon conversion of all outstanding amounts under this Debenture; and within three (3) Business Days following the receipt
by the Company of a Holder's notice that such minimum number of Underlying Shares is not so reserved, the Company shall promptly
reserve a sufficient number of Ordinary Shares to comply with such requirement.

 

(ii)
The Company shall not issue any fraction of an Ordinary Share upon any conversion. All calculations under this Section (3) shall
be rounded to the nearest $0.0001. If the issuance would result in the issuance of a fraction of an Ordinary Shares, the Company shall
round such fraction of an Ordinary Share up to the nearest whole share.

 

(iii) The
Company shall pay any and all transfer, stamp and similar taxes that may be payable with respect to the issuance and delivery of
Ordinary Shares upon conversion of any Conversion Amount.

 

(iv)
The Company covenants that it will at all times reserve and keep available out of its authorized and unissued Ordinary Shares solely
for the purpose of issuance upon conversion of this Debenture and payment of interest on this Debenture, each as herein provided, free
from preemptive rights or any other actual contingent purchase rights of persons other than the Holder, not less than such number of Ordinary
Shares as shall be issuable (taking into account the adjustments and restrictions set forth herein) upon the conversion of the outstanding
Principal amount of this Debenture and payment of interest hereunder. The Company covenants that all Ordinary Shares that shall be so
issuable shall, upon issue, be duly and validly authorized, issued and fully paid, nonassessable.

 

(v) Nothing herein shall
limit a Holder's right to pursue actual damages or declare an Event of Default pursuant to Section (2) herein for the
Company’s failure to deliver certificates representing Ordinary Shares upon conversion within the period specified herein and
such Holder shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree
of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other security. The
exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or
under applicable law.

 

    	 	4	 

     

    

 

(4) Adjustments to Conversion Price

 

(a) Adjustment of
Conversion Price upon Subdivision or Combination of Ordinary Shares. If the Company, at any time while this Debenture is
outstanding, shall (a) pay a share dividend or otherwise make a distribution or distributions on Ordinary Shares or any other
equity or equity equivalent securities payable in Ordinary Shares, (b) subdivide outstanding Ordinary Shares into a larger number of
shares, (c) combine (including by way of reverse share split or sub-division) outstanding Ordinary Shares into a smaller number of
shares, or (d) issue by reclassification of Ordinary Shares any shares of the Company, then each of the Conversion Price and the
Floor Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding treasury
shares, if any) outstanding before such event and of which the denominator shall be the number of Ordinary Shares outstanding after
such event. Any adjustment made pursuant to this Section shall become effective immediately after the record date for the
determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or re-classification.

 

(b) Whenever
the Conversion Price is adjusted pursuant to Section (4) hereof, the Company shall promptly mail to the Holder a notice setting
forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

 

(5) REISSUANCE OF THIS DEBENTURE.

 

(a)
Transfer. If this Debenture is to be transferred, the Holder shall surrender this Debenture to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Debenture (in accordance with Section (5)(d)), registered in the
name of the registered transferee or assignee, representing the outstanding Principal being transferred by the Holder (along with
any accrued and unpaid interest thereof) and, if less than the entire outstanding Principal is being transferred, a new Debenture
(in accordance with Section (5)(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any
assignee, by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of Section (3)(b)(iii) following
conversion or redemption of any portion of this Debenture, the outstanding Principal represented by this Debenture may be less than
the Principal stated on the face of this Debenture.

 

(b) Lost,
Stolen or Mutilated Debenture. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this
Debenture, the Company shall execute and deliver to the Holder a new Debenture (in accordance with Section (5)(d)) representing the
outstanding Principal.

 

    	 	5	 

     

    

 

(c)  Debenture Exchangeable
for Different Denominations. This Debenture is exchangeable, upon the surrender hereof by the Holder at the principal office of the
Company, for a new Debenture or Debentures (in accordance with Section (5)(d)) representing in the aggregate the outstanding Principal
of this Debenture, and each such new Debenture will represent such portion of such outstanding Principal as is designated by the Holder
at the time of such surrender.

 

(d) Issuance of New
Debentures. Whenever the Company is required to issue a new Debenture pursuant to the terms of this Debenture, such new
Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of such new Debenture, the
Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section (5)(a) or Section 5(5)(c), the
Principal designated by the Holder which, when added to the Principal represented by the other new Debentures issued in connection
with such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately prior to such issuance of
new Debentures), (iii) shall have an issuance date, as indicated on the face of such new Debenture, which is the same as the
Issuance Date of this Debenture, (iv) shall have the same rights and conditions as this Debenture, and (v) shall represent accrued
and unpaid Interest from the Issuance Date.

 

(6) NOTICES.
Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing
by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally
or (ii) one (1) Business Day after deposit with an overnight courier service with next-day international delivery specified, in each
case, properly addressed to the party to receive the same and (B) receipt, when sent by electronic mail. The addresses and e-mail
addresses for such communications shall be:

 

	If to the Company, to:	ZK International Group Co., Ltd  (正康国际集团有限公司)
	 	No. 678 Dingxiang Road, Binhai Industrial Park
	 	Economic & Technology Development Zone
	 	Wenzhou, Zhejiang Province
	 	
    People’s Republic of China 325025

    Attention: Chief Executive Officer

	 	 
	If to the Holder:	See Signature Page of the Securities Purchase Agreement.
	 	 

or at such other address and/or
email and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three
(3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice,
consent, waiver or other communication, (ii) electronically generated by the sender's email service provider containing the time, date,
recipient email address or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal
service, receipt by facsimile or email or receipt from a nationally recognized overnight delivery service in accordance with clause (i),
(ii) or (iii) above, respectively.

 

(7) Except as expressly
provided herein, no provision of this Debenture shall alter or impair the obligations of the Company, which are absolute and
unconditional, to pay the principal of, interest and other charges (if any) on, this Debenture at the time, place, and rate, and in
the coin or currency, herein prescribed.

 

    	 	6	 

     

    

 

(8)
This Debenture shall not entitle the Holder to any of the rights of a shareholder of the Company, including without limitation, the
right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of shareholders or
any other proceedings of the Company, unless and to the extent converted into Ordinary Shares in accordance with the terms
hereof.

 

(9)
This Debenture shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to
conflicts of laws thereof. Each of the parties consents to the jurisdiction of the Supreme Court of the State of New York located in the
City of New York, Borough of Manhattan, and the U.S. District Court for the Southern District of New York in connection with any
dispute arising under this Debenture and hereby waives, to the maximum extent permitted by law, any objection, including any objection
based on forum non conveniens to the bringing of any such proceeding in such jurisdictions. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES’ ACCEPTANCE OF THIS AGREEMENT.

 

(10)
Any waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver of
any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist upon
strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party of the
right thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in writing.

 

(11)
If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect, and
if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and
circumstances. If it shall be found that any interest or other amount deemed interest due hereunder shall violate applicable laws
governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of
interest. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit
or forgive the Company from paying all or any portion of the Principal of or interest on this Debenture as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this indenture, and
the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants
that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein granted to the Holder, but
will suffer and permit the execution of every such as though no such law has been enacted.

 

    	 	7	 

     

    

 

(12)  CERTAIN DEFINITIONS
For purposes of this Debenture, the following terms shall have the following meanings:

 

(a)
"Bloomberg" means Bloomberg Financial Markets.

 

(b)
“Business Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the
United States or a day on which banking institutions are authorized or required by law or other government action to close.

 

(c) “Closing
Bid Price” means the price per share in the last reported trade of the Ordinary Shares on a Primary Market or on the
exchange which the Ordinary Shares are then listed as quoted by Bloomberg.

 

(d)
 “Commission” means the Securities and Exchange Commission.

 

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

 

(f) “Floor
Price” means $2.50 per share.

 

(g) “Ordinary
Shares” means ordinary shares in the Company with no par value and shares of any other class into which such shares may
hereafter be changed or reclassified.

 

(h) “Person”
means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision
thereof or a governmental agency.

 

(i) “Primary
Market” means any of the New York Stock Exchange, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the
Nasdaq Global Select Market, or the OTC QB, and any successor to any of the foregoing markets or exchanges.

 

(j) “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(k) “Trading
Day” means a day on which the Ordinary Shares are quoted or traded on a Primary Market on which the Ordinary Shares are
then quoted or listed; provided, that in the event that the Ordinary Shares are not listed or quoted, then Trading Day shall mean a
Business Day.

 

(l) “Transaction
Document(s)” shall mean this Debenture, along with the Securities Purchase Agreement, and any other documents or
agreements entered into in connection with the foregoing.

 

(m) “Underlying
Shares” means the Ordinary Shares issuable upon conversion of this Debenture or as payment of interest in accordance with
the terms hereof.

 

[Signature Page Follows]

 

    	 	8	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Convertible Debenture to be duly executed by a duly authorized officer as of the date set forth above.

 

 

	 	COMPANY:	 
	 	ZK INTERNATIONAL GROUP CO., LTD

(正康国际集团有限公司)

	 
	 	 	
     

    
	 
	 	By:		 
	 	Name:	 Jiancong Huang	 
	 	Title:	Chief Executive Officer and Chairman of the Board	 
	 	 	 	 
	 	 	 	 
	 	Accepted by	 
	 	 	 	 
	 	HOLDER:	 
	 	[ ]	 	 
	 	 	 	 
	 	By:		 
	 	Name:	 	 
	 	Title:	 	 

 

 

    	 	9	 

     

    

 

EXHIBIT I

CONVERSION NOTICE

 

(To be executed by the Holder in order to
Convert the Debenture)

 

 

 

TO: ZK INTERNATIONAL GROUP CO., LTD (正康国际集团有限公司)

 

Via Email: 

 

The undersigned hereby irrevocably
elects to convert a portion of the outstanding and unpaid Conversion Amount of Debenture No. ZKIN-[-] into Ordinary Shares of ZK
INTERNATIONAL GROUP CO., LTD (正康国际集团有限公司),
according to the conditions stated therein, as of the Conversion Date written below.

 

	 	 
	Conversion Date:	 
	Principal Amount to be Converted:	 
	Accrued Interest to be Converted:	 
	Total Conversion Amount to be converted:	 
	Conversion Price: 	 
	Number of Ordinary Shares to be issued:	 
	 	 
	Please issue the Ordinary Shares in the following name and to the following address:
	Issue to:	
     

     

     

     

     

     

     

     

     

     

	 	 
	Authorized Signature:	 
	Name:	 
	Title:	 
	Broker DTC Participant Code:	 
	Account Number:	 
	 	 	 

 

 

[1]
Insert date 12 months from the issuance date of each Debenture.

 

    	 	10

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