Document:

Exhibit 10.5

 

Nebula
Caravel Acquisition Corp.

Four
Embarcadero Center

Suite 2100

San
Francisco, CA 94111

 

September
24, 2020

 

Nebula
Caravel Holdings, LLC

Four Embarcadero Center

Suite 2100

San
Francisco, CA 94111

 

RE:
Securities Subscription Agreement

 

Ladies and Gentlemen:

 

This
agreement (the “Agreement”) is entered into on September 24, 2020 by and between Nebula Caravel Holdings, LLC,
a Delaware limited liability company (the “Subscriber” or “you”), and Nebula Caravel Acquisition
Corp., a Delaware corporation (the “Company”, “we” or “us”). Pursuant
to the terms hereof, the Company hereby accepts the offer the Subscriber has made to purchase 7,906,250 shares of Class B common
stock, $0.0001 par value per share (the “Shares”), up to 1,031,250 of which are subject to forfeiture by you
if the underwriters of the initial public offering (“IPO”) of units (“Units”) of the Company,
do not fully exercise their over-allotment option (the “Over-allotment Option”). The Company and the Subscriber’s
agreements regarding such Shares are as follows:

 

1.
Purchase of Securities.

 

1.1.
Purchase of Shares. For the sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving
in cash, the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company,
subject to forfeiture, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the Subscriber’s
execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s
name representing the shares (the “Original Certificate”), or effect such delivery in book-entry form.

 

2.
Representations, Warranties and Agreements.

 

2.1.
Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber,
the Subscriber hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1.
No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or
made any recommendation or endorsement of the offering of the Shares.

 

2.1.2.
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the
Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute, rule or
regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3.
Organization and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing
under the laws of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated
by this Agreement. Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable
against Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles
of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

     

     

    

 

2.1.4.
Experience, Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to
evaluate the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the
Shares for an indefinite period of time because the Shares have not been registered under the Securities Act (as defined below)
and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is
available. Subscriber is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect
its own interests. Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective
registration statement under the Securities Act or (ii) an exemption from registration available with respect to such sale. Subscriber
is able to bear the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment
in the Shares.

 

2.1.5.
Access to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the
opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company,
as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information
to verify the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely
on Subscriber’s own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence
investigation and the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized
to give any information or to make any representations which were not furnished pursuant to this Section 2 and Subscriber has
not relied on any other representations or information in making its investment decision, whether written or oral, relating to
the Company, its operations and/or its prospects.

 

2.1.6.
Regulation D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in
Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges
the sale contemplated hereby is being made in reliance on a private placement exemption to “accredited investors”
within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7.
Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s
own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination
thereof. The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising
within the meaning of Rule 502 under the Securities Act.

 

2.1.8. Restrictions
on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public
offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act, and Subscriber understands that the
certificates or book-entries representing the Shares will contain a legend in respect of such restrictions. If in the future
the Subscriber decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged
or otherwise transferred only pursuant to: (i) registration under the Securities Act, or (ii) an available exemption from
registration. Subscriber agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a
condition precedent to any such transfer, Subscriber may be required to deliver to the Company an opinion of counsel
satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber
further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the
resale of the Shares until one year following consummation of the initial business combination of the Company, despite
technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer
restrictions.

 

2.1.9.
No Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary
or appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2.
Company’s Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company
hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1.
Organization and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction
in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition,
operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry
out the transactions contemplated by this Agreement.

 

    2

     

    

 

2.2.2.
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or By Laws
of the Company, (ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or
regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3.
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly
and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof,
the Subscriber will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind,
other than (a) transfer restrictions hereunder and other agreements to which the Shares may be subject which have been notified
to the Subscriber in writing, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances
imposed due to the actions of the Subscriber.

 

2.2.4.
No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting
the Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated
by this Agreement or (ii) question the validity or legality of any transactions or seeks to recover damages or to obtain other
relief in connection with any transactions.

 

3.
Forfeiture of Shares.

 

3.1.
Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters
of the IPO is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees
of Shares) shall forfeit any and all rights to such number of Shares (up to an aggregate of 1,031,250 Shares and pro rata based
upon the percentage of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and
all other initial stockholders prior to the IPO, if any) will own an aggregate number of Shares, not including Shares issuable
upon exercise of any warrants or any Common Stock purchased by Subscriber in the IPO or in the aftermarket, equal to 20% of the
issued and outstanding Shares immediately following the IPO.

 

3.2.
Termination of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after
such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and
the Company shall take such action as is appropriate to cancel such forfeited Shares.

 

3.3.
Share Certificates. In the event an adjustment to the Original Certificates, if any, is required pursuant to this Section
3, then the Subscriber shall return such Original Certificates to the Company or its designated agent as soon as practicable upon
its receipt of notice from the Company advising Subscriber of such adjustment, following which a new certificate (the “New
Certificate”), if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber.
The New Certificate, if any, shall be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated
securities held by the Subscriber shall be made in book-entry form.

 

4.
Waiver of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement,
the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company
from the trust account which will be established for the benefit of the Company’s public stockholders and into which substantially
all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the
Company upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event
the Subscriber purchases Shares in the IPO or in the aftermarket, any additional Shares so purchased shall be eligible to receive
any liquidating distributions by the Company. However, in no event will the Subscriber have the right to redeem any Shares into
funds held in the Trust Account upon the successful completion of an initial business combination.

 

    3

     

    

 

5.
Restrictions on Transfer.

 

5.1.
Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly
known as an “Insider Letter”) to be dated as of the closing of the IPO by and between Subscriber and the Company,
Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior
thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with
respect to the Shares proposed to be transferred shall then be effective or (b) the Company has received an opinion from counsel
reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from registration
under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable
state securities laws.

 

5.2.
Lock-up. Subscriber acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”)
contained in the Insider Letter.

 

5.3.
Restrictive Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS
AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND
SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED DURING THE TERM OF THE LOCKUP.”

 

5.4.
Additional Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an
extraordinary dividend payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Shares without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section
3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class
of Shares subject to this Section 5 and Section 3.

 

5.5.
Registration Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration
requirements of the Securities Act and will become freely tradable only after certain conditions are met or they are registered
pursuant to a registration rights agreement to be entered into with the Company prior to the closing of the IPO.

 

6.
Other Agreements.

 

6.1.
Further Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Agreement.

 

6.2.
Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i)
in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile
or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such
party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic
mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such
party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered
personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one
(1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

    4

     

    

 

6.3.
Entire Agreement. This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially
in the form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies
the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes
all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict,
the express terms and provisions of this Agreement.

 

6.4.
Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement
executed by all parties hereto.

 

6.5.
Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom
granted, only by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver
or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this
Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose
for which it was given, and shall not constitute a continuing waiver or consent.

 

6.6.
Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto without the prior
written consent of the other party.

 

6.7.
Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the
parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing
in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity
shall be regarded as a third-party beneficiary of this Agreement.

 

6.8.
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance
with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving
effect to the conflict of law principles thereof.

 

6.9.
Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion
thereof, contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed
limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect.
In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions
of this Agreement shall nevertheless remain in full force and effect.

 

6.10.
No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy
under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power
or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor
any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other
or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party
hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on
a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further
notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand
to any other or further action in any circumstances without such notice or demand.

 

6.11.
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement
or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery
hereof and any investigations made by or on behalf of the parties.

 

6.12.
No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as
to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim
or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been
employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

    5

     

    

 

6.13.
Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14.
Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page
were an original thereof.

 

6.15.
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity
or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and
no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision
of this Agreement. The words “include,” “includes,” and “including” will
be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will
be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa,
unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and
covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or
covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to
the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract
from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

6.16.
Mutual Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been
subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party
hereto.

 

7.
Voting and Tender of Shares. Subscriber agrees to vote the Shares in favor of an initial business combination that the
Company negotiates and submits for approval to the Company’s stockholders and shall not seek redemption with respect to
such Shares. Additionally, the Subscriber agrees not to tender any Shares in connection with a tender offer presented to the Company’s
stockholders in connection with an initial business combination negotiated by the Company.

 

8.
Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s
fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in
this Agreement.

 

[Signature
Page Follows]

 

    6

     

    

 

If
the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return
it to us.

 

	 	Very
    truly yours,
	 	 
	 	NEBULA CARAVEL
    ACQUISITION CORP.
	 	 
	 	By:	/s/ Adam H. Clammer
	 	 	Name:  	Adam H. Clammer
	 	 	Title: 	Chief Executive Officer

 

	Accepted and agreed as of the date first written above.
	 	 
	NEBULA CARAVEL
    HOLDINGS, LLC	 
	 	 
	By:	/s/ Jamie H. Greene, Jr.	 
	 	Name: 	 Jamie H. Greene, Jr.	 
	 	Title:	 Managing Member	 

 

 

[Signature
Page to Securities Subscription Agreement]

 

7Exhibit
4.1

 

CO-DIAGNOSTICS,
INC.

2015
LONG TERM INCENTIVE PLAN

 

Amended
and Restated as of 

November
20, 2020

 

1.
GENERAL

 

1.
Purpose. The Co-Diagnostics, Inc. 2015 Long Term Incentive Plan (the “Plan”) has been established by
Co-Diagnostics, Inc. (the “Company”) to:

 

(1)
attract and retain key executive and managerial employees of the Company;

 

(2)
attract and retain directors, independent contractors, and consultants;

 

(3)
motivate Participants by means of appropriate incentives to achieve long-range goals;

 

(4)
provide incentive compensation opportunities that are competitive with those of comparable corporations; and

 

(5)
further identify Participants’ interests with those of the Company’s other shareholders through compensation alternatives
based on the Company’s common stock;

 

and
thereby promote the long-term financial interest of the Company and its Subsidiaries (if any), including the growth in value of
the Company’s equity and enhancement of long-term shareholder return.

 

2.
Effective Date. The Plan shall be effective as of January 1, 2015. The Plan shall terminate on December 31, 2025, the tenth
anniversary of the Plan’s effective date.

 

3.
Definitions. The following definitions are applicable to the Plan.

 

“Applicable
Laws” means the requirements related to or implicated by the administration of the Plan under applicable state corporate
law, United States federal and state securities laws, the Code, any stock exchange or quotation system on which the shares of
common stock are listed or quoted, and the applicable laws of any foreign country or jurisdiction where awards are granted under
the Plan.

 

“Award
Agreement” means a written agreement, contract, certificate or other instrument or document evidencing the terms and
conditions of an individual award granted under the Plan which may, in the discretion of the Company, be transmitted electronically
to any Participant. Each Award Agreement shall be subject to the terms and conditions of the Plan.

 

“Option
Grant Certificate” means a written agreement between the Company and a Participant documenting an award under this Plan.

 

“Board”
means the Board of Directors of the Company.

 

“Change
of Control” has the meaning ascribed to it in Section 11.

 

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

 

“Committee”
means the Compensation Committee of the Board.

 

“Disabled”
means the inability of a Participant, by reason of a physical or mental impairment, to engage in any substantial gainful activity,
of which the Board shall be the sole judge.

 

    	 

    	 

    

 

“Fair
Market Value” of any share of Stock means (i) if the Stock is listed on a national securities exchange, the closing
price on the Stock on a given date; (ii) if the Stock is traded on an exchange or market in which prices are reported on a bid
and asked price, the mean between the high bid and low asked price, at the closing, for the Stock on a given date; and (iii) if
the Stock is not listed on a national securities exchange nor traded on the over-the-counter market, such value as the Committee,
in good faith, shall determine.

 

“1934
Act” means the Securities Exchange Act of 1934, as amended, or any successor statute.

 

“Option
Date” means, with respect to any Stock Option, the date on which the Stock Option is awarded under the Plan.

 

“Participant”
means (i) any employee of the Company or any Subsidiary (meaning an employee who works twenty (20) hours or more per week) who
is selected by the Committee to participate in the Plan, or (ii) any consultant, independent contractor or director of the Company
or any Subsidiary.

 

“Performance
Award” has the meaning ascribed to it in Article VI.

 

“Performance
Goals” means, for a Performance Period, the one or more goals established by the Committee for the Performance Period based
upon business criteria or other performance measures determined by the Committee in its discretion.

 

“Performance
Period” has the meaning ascribed to it in Article VI.

 

“Related
Company” means any corporation during any period in which it is a Subsidiary, or during any period in which it directly
or indirectly owns fifty percent (50%) or more of the total combined voting power of all classes of securities that are entitled
to vote.

 

“Restricted
Period” has the meaning ascribed to it in Article V.

 

“Restricted
Stock” has the meaning ascribed to it in Article V.

 

“Retirement”
means (i) termination of employment in accordance with the retirement procedures set by the Company from time to time; (ii) termination
of employment because a participant becomes Disabled; or (iii) termination of employment voluntarily with the consent of the Company
(of which the Board shall be the sole judge).

 

“Stock”
means the common stock, $0.001 par value per share, of Co-Diagnostics, Inc.

 

“Stock
Appreciation Right” means the right of a holder of a Stock Option to receive Stock or cash as described in Article IV.

 

“Stock
Option” means the right of a Participant to purchase Stock pursuant to an Incentive Stock Option, a Non-Qualified Option
or a Reload Option awarded pursuant to the provisions of the Plan.

 

“Subsidiary”
means any corporation during any period of which fifty percent (50%) or more of the total combined voting power of all classes
of securities entitled to vote is owned, directly or indirectly, by the Company.

 

4.
Administration. The authority to manage and control the operation and administration of the Plan shall be vested in the
Board. Subject to the provisions of the Plan, the Board will have authority to select employees to receive awards of Stock Options,
with or without tandem Stock Appreciation Rights, Performance Awards, Restricted Stock, and/or Restricted Stock Unit, to determine
the time or times of receipt, to determine the types of awards and the number of shares covered by the awards, to establish the
terms, conditions, performance criteria, restrictions, and other provisions of such awards, and to amend, modify or suspend awards.
In making such award determinations, the Board may take into account the nature of services rendered by the respective employee,
his or her present and potential contribution to the Company’s success and such other factors as the Board deems relevant.

 

    	 

    	 

    

 

The
Board is authorized to interpret the Plan, to establish, amend, and rescind any rules and regulations relating to the Plan, to
determine the terms and provisions of any agreements made pursuant to the Plan, to modify such agreements, and to make all other
determinations that may be necessary or advisable for the administration of the Plan. With respect to persons subject to Section
16 of the 1934 Act, transactions under the Plan are intended to comply with all applicable conditions of Rule 16b-3 or its successor
rule or statute under the 1934 Act. To the extent any provision of the Plan or action by the Board or the Committee fails to so
comply, it shall be deemed null and void, to the extent permitted by law.

 

The
Board, in its discretion, may delegate any or all of its authority, powers and discretion under this Plan to the Committee, and
the Board in its discretion may revest any or all such authority, powers and discretion in itself at any time. If any or all of
the authority, powers and discretion under this Plan are delegated to the Committee and the Company has registered any of its
equity securities under Section 12 of the 1934 Act, the Committee shall consist solely of two or more non-employee directors (as
defined in Rule 16b-3 under the 1934 Act) until such time as such other requirements are imposed by applicable law. If appointed,
the Committee shall function as follows: A majority of the Committee shall constitute a quorum, and the acts of a majority of
the members present at any meeting at which a quorum is present, or acts approved in writing by all members of the Committee,
shall be the acts of the Committee, unless provisions to the contrary are embodied in the Company’s Bylaws or resolutions
duly adopted by the Board. All actions taken and decisions and determinations made by the Board or the Committee pursuant to the
Plan shall be binding and conclusive on all persons interested in the Plan. No member of the Board or the Committee shall be liable
for any action or determination taken or made in good faith with respect to the Plan.

 

5.
Participation. Subject to the terms and conditions of the Plan, the Board shall determine and designate, from time to time,
(i) the full-time employees of the Company and/or its Subsidiaries who will participate in the Plan, and (ii) any consultants,
independent contractors or directors of the Company and/or its Subsidiaries who will participate in the Plan. In the discretion
of the Board, a Participant may be awarded Stock Options with or without tandem Stock Appreciation Rights, Performance Units,
Restricted Stock, Restricted Stock Unit or any combination thereof, and more than one award may be granted to a Participant; provided,
however, that Incentive Stock Options shall not be awarded to Participants who are not employees of the Company. Except as otherwise
agreed to by the Company and the Participant, any award under the Plan shall not affect any previous award to the Participant
under the Plan or any other plan maintained by the Company or its Subsidiaries.

 

6.
Shares Subject to the Plan. The shares of Stock with respect to which awards may be made under the Plan shall be either
authorized and unissued shares or issued and outstanding shares (including, in the discretion of the Board, shares purchased in
the market). Subject to the provisions of Section 1.10, the number of shares of Stock available under the Plan for the grant of
Stock Options with or without tandem Stock Appreciation Rights, Performance Units, Restricted Stock, and Restricted Stock Unit
shall not exceed 6,000,000 shares in the aggregate. If, for any reason, any award under the Plan or any portion of the award,
shall expire, terminate or be forfeited or canceled, or be settled in cash pursuant to the terms of the Plan and, therefore, any
such shares are no longer distributable under the award, such shares of Stock shall again be available for award under the Plan.

 

7.
Compliance With Applicable Laws and Withholding of Taxes.

 

(1)
Notwithstanding any other provision of the Plan, the Company shall have no liability to issue any shares of Stock under the Plan
unless such issuance would comply with all applicable laws and the applicable requirements of any securities exchange or similar
entity. Prior to the issuance of any shares of Stock under the Plan, the Company may require a written statement that the recipient
is acquiring the shares for investment and not for the purpose or with the intention of distributing the shares.

 

(2)
All awards and payments under the Plan are subject to withholding of all applicable taxes, which withholding obligations may be
satisfied, with the consent of the Board, through the surrender of shares of Stock that the Participant already owns, or to which
a Participant is otherwise entitled under the Plan. The Company shall have the right to deduct from all amounts paid in cash in
consequence of the exercise of a Stock Option, Performance Unit or Stock Appreciation Right or in connection with an award of
Restricted Stock and/or Restricted Stock Unit under the Plan any taxes required by law to be withheld with respect to such cash
payments. Where an employee or other person is entitled to receive shares of Stock pursuant to the exercise of a Stock Option,
a Performance Unit or a Stock Appreciation Right pursuant to the Plan, the Company shall have the right to require the employee
or such other person to pay to the Company the amount of any taxes that the Company is required to withhold with respect to such
shares, or, in lieu thereof, to retain, or sell without notice, a sufficient number of such shares to cover the amount required
to be withheld.

 

    	 

    	 

    

 

(3)
Upon the disposition (within the meaning of Code Section 424(c)) of shares of Stock acquired pursuant to the exercise of an Incentive
Stock Option prior to the expiration of the holding period requirements of Code Section 422(a)(1), the employee shall be required
to give notice to the Company of such disposition and the Company shall have the right to require the employee to pay to the Company
the amount of any taxes that are required by law to be withheld with respect to such disposition.

 

(4)
Upon termination of the Restricted Period with respect to an award of Restricted Stock (or such earlier time, if any, as an election
is made by the employee under Code Section 83(b), or any successor provisions thereto, to include the value of such shares in
taxable income), the Company shall have the right to require the employee or other person receiving shares of Stock in respect
of such Restricted Stock award to pay to the Company the amount of taxes that the Company is required to withhold with respect
to such shares of Stock or, in lieu thereof, to retain or sell without notice a sufficient number of shares of Stock held by it
to cover the amount required to be withheld. The Company shall have the right to deduct from all dividends paid with respect to
Restricted Stock the amount of taxes that the Company is required to withhold with respect to such dividend payments.

 

8.
Transferability. Performance Awards, Incentive Stock Options with or without tandem Stock Appreciation Rights, and, during
the period of restriction, Restricted Stock Unit or Restricted Stock awarded under the Plan are not assignable or transferable
except as designated by the Participant by will or by the laws of descent and distribution. Incentive Stock Options may be exercised
during the lifetime of the Participant only by the Participant or his guardian or legal representative.

 

9.
Employee and Stockholder Status. The Plan does not constitute a contract of employment, and selection as a Participant
will not give any employee the right to be retained in the employ of the Company or any Subsidiary or any director or consultant
the right to continue to provide services to the Company or any Subsidiary. No award under the Plan shall confer upon the holder
thereof any right as a stockholder of the Company prior to the date on which he fulfills all service requirements and other conditions
for receipt of shares of Stock. If the redistribution of shares is restricted, certificates representing such shares may bear
a legend referring to such restrictions.

 

10.
Adjustments to Number of Shares Subject to the Plan. In the event of any change in the outstanding shares of Stock of the
Company by reason of any stock dividend, split, spinoff, recapitalization, merger, consolidation, combination, extraordinary dividend,
exchange of shares or other similar change, the aggregate number of shares of Stock with respect to which awards may be made under
the Plan, the terms and the number of shares of any outstanding Stock Options, Stock Appreciation Rights, Performance Units, Restricted
Stock, and Restricted Stock Unit, and the purchase price of a share of Stock under Stock Options, may be equitably adjusted by
the Board in its sole discretion.

 

11.
Business Combinations. In addition to the rights and obligations of the Committee to modify, adjust or accelerate exercisability
of outstanding options, in the event that, while any Stock Options, Stock Appreciation Rights, Performance Units, Restricted Shares,
or Restricted Stock Units are outstanding under the Plan, there shall occur (i) a merger or consolidation of the Company with
or into another corporation in which the Company shall not be the surviving corporation (for purposes of this Section 11, the
Company shall not be deemed the surviving corporation in any such transaction if, as the result thereof, the existing shareholders
of the Company hold less than 51% of the outstanding stock of the Company), (ii) a dissolution of the Company, or (iii) a transfer
of all or substantially all of the assets or shares of stock of the Company in one transaction or a series of related transactions
to one or more other persons or entities (any of the foregoing events as described in (i)-(iii) above, a “Change of Control”),
then, with respect to each Stock Option, Stock Appreciation Right, Performance Unit and share of Restricted Stock and/or Restricted
Stock Unit outstanding immediately prior to the consummation of such transaction and without the necessity of any action by the
Committee:

 

(1)
If provision is made in writing in connection with such transaction for the continuance and/or assumption of the Stock Options,
Stock Appreciation Rights, Performance Units, Restricted Shares, and Restricted Stock Units granted under the Plan, or the substitution
for such Stock Options, Stock Appreciation Rights, Performance Units, Restricted Shares, and Restricted Stock Units of new Stock
Options, Stock Appreciation Rights, Performance Units, Restricted Shares, and Restricted Stock Units with appropriate adjustment
as to the number and kind of shares or other securities deliverable with respect thereto, the Stock Options, Stock Appreciation
Rights, Performance Units, Restricted Shares, and Restricted Stock Units granted under the Plan, or the new Stock Options, Stock
Appreciation Rights, Performance Units, Restricted Shares, and Restricted Stock Units substituted therefor, shall continue, subject
to such adjustment, in the manner and under the terms provided in the respective agreements.

 

    	 

    	 

    

 

(2)
In the event provision is not made in connection with such transaction for the continuance and/or assumption of the Stock Options,
Stock Appreciation Rights, Restricted Stock Units, Performance Units and Restricted Shares granted under the Plan, or for the
substitution of equivalent options, rights, units and awards, then (i) each holder of an outstanding option shall be entitled,
immediately prior to the effective date of such transaction, to purchase the full number of shares that he or she would otherwise
have been entitled to purchase during the entire remaining term of the option; (ii) the holder of any right or unit shall be entitled,
immediately prior to the effective date of such transaction, to exercise such right to the extent the related option is or becomes
exercisable at such time in accordance with its terms; (iii) all restrictions on any award of Restricted Shares shall lapse, and
(iv) any restriction or risk of forfeiture imposed under the Plan shall lapse immediately prior to the effective date of such
transaction. The unexercised portion of any option or right shall be deemed canceled and terminated as of the effective date of
such transaction.

 

12.
Agreement With Company. At the time of any awards under the Plan, the Board will require a Participant to enter into an
agreement with the Company in a form specified by the Board (the “Option Grant Certificate”), agreeing to the
terms and conditions of the Plan and to such additional terms and conditions, not inconsistent with the Plan, as the Board may,
in its sole discretion, prescribe.

 

13.
Amendment and Termination of Plan. Subject to the following provisions of this Section 13, the Board may at any time and
in any way amend, suspend or terminate the Plan. No amendment of the Plan and, except as provided in the Plan, no action by the
Board shall, without further approval of the stockholders of the Company, increase the total number of shares of Stock with respect
to which awards may be made under the Plan, materially increase the benefits accruing to Participants under the Plan or materially
modify the requirements as to eligibility for participation in the Plan, if stockholder approval of such amendment is a condition
of Securities and Exchange Commission Rule 16b-3 or its successor rule or statute, the Code or any exchange or market system on
which the Stock is listed at the time such amendment is adopted. No amendment, suspension or termination of the Plan shall alter
or impair any Stock Option with or without tandem Stock Appreciation Right, Restricted Stock Units, Performance Award or share
of Restricted Stock previously awarded under the Plan without the consent of the holder thereof.

 

2.
INCENTIVE STOCK OPTIONS

 

1.
Definition. The award of an Incentive Stock Option under the Plan entitles the Participant to purchase shares of Stock
at a price fixed at the time the option is awarded, subject to the following terms of this Article II.

 

2.
Eligibility. The Board shall designate the Participants to whom Incentive Stock Options, as described in Code Section 422(b)
or any successor section thereto, are to be awarded under the Plan and shall determine the number of option shares to be offered
to each of them. Incentive Stock Options may be awarded only to employees.

 

3.
Price. The purchase price of a share of Stock under each Incentive Stock Option shall be determined by the Board, provided,
however, that in no event shall such price be less than the greater of (i) 100% of the Fair Market Value of a share of Stock as
of the Option Date (or 110% of such Fair Market Value if the holder of the option owns stock possessing more than 10% of the combined
voting power of all classes of stock of the Company or any Subsidiary) or (ii) the par value of a share of Stock on such date.
To the extent provided by the Board, the full purchase price of each share of Stock purchased upon the exercise of any Incentive
Stock Option shall be paid in cash or in shares of Stock (valued at Fair Market Value as of the day of exercise), or in any combination
thereof, at the time of such exercise and, as soon as practicable thereafter, a certificate representing the shares so purchased
shall be delivered to the person entitled thereto.

 

    	 

    	 

    

 

4.
Exercise. Each Option shall become and be exercisable at such time or times and during such period or periods, in full
or in such installments as may be determined by the Board at the Option Date. In addition, if permitted by the Board or the terms
of the Option Grant Certificate evidencing such Stock Option, Participants may elect to pay the purchase price of shares of Stock
purchased upon the exercise of Incentive Stock Options in cash or through delivery at the time of such exercise of shares of Stock
(valued at Fair Market Value as of the date of exercise) already owned by the Participant, or any combination thereof, equivalent
to the purchase price of such Incentive Stock Options. A Participant’s payment of the purchase price in connection with
the exercise of an Incentive Stock Option through delivery of share of Stock (“ISO Stock”) that were acquired
through the exercise of an Incentive Stock Option and that have not been held for more than one year will be considered a disposition
(within the meaning of Code Section 422(c)) of ISO Stock, resulting in the disqualification of the ISO Stock from treatment as
an Incentive Stock Option under Code Section 422, and the Participant’s recognition of ordinary income. Participants should
consult with their tax advisors prior to electing to exercise an Incentive Stock Option by this method.

 

5.
Option Expiration Date. Unless otherwise provided by the Option Grant Certificate, the “Expiration Date”
with respect to an Incentive Stock Option or any portion thereof awarded to a Participant under the Plan means the earliest of:

 

(1)
the date that is ten (10) years after the date on which the Incentive Stock Option is awarded (or, if the Participant owns stock
possessing more than ten percent (10%) of the combined voting power of all classes of stock of the Company or any Subsidiary,
the date that is five (5) years after the date on which the Incentive Stock Option is awarded);

 

(2)
the date that is one year after the Participant’s employment with the Company and all Related Companies is terminated by
reason of the Participant becoming Disabled or by reason of the Participant’s death; or

 

(c)
thirty (30) days following the date that the Participant’s employment with the Company and all Related Companies is terminated
by reasons other than death or becoming Disabled. All rights to purchase shares of Stock pursuant to an Incentive Stock Option
shall cease as of such option’s Expiration Date.

 

All
rights to purchase shares of Stock pursuant to an Incentive Stock Option shall cease as of such option’s Expiration Date.

 

6.
Reload Options. The Committee may, in its discretion, provide in the terms of any Option Grant Certificate that if the
Participant delivers shares of Stock already owned or to be received upon exercise of the Option in full or partial payment of
the option price, or in full or partial payment of the tax withholding obligations incurred on account of the exercise of the
Option, the Optionee shall automatically and immediately upon such exercise be granted an additional option (a “Reload
Option”) to purchase the number of shares of Stock delivered by the Optionee to the Company, on such terms and conditions
as the Committee may determine under the terms of the Plan. Notwithstanding the preceding, the purchase price of shares of Stock
acquired under a Reload Option shall be not less than the Fair Market Value of a share of Stock on the date the Reload Option
is issued.

 

3.
NON-QUALIFIED STOCK OPTIONS

 

1.
Definition. The award of a Non-Qualified Stock Option under the Plan entitles the Participant to purchase shares of Stock
at a price fixed at the time the option is awarded, subject to the following terms of this Article III.

 

2.
Eligibility. The Board shall designate the Participants to whom Non-Qualified Stock Options are to be awarded under the
Plan and shall determine the number of option shares to be offered to each of them.

 

3.
Price. The purchase price of a share of Stock under each Non-Qualified Stock Option shall be determined by the Board; provided,
however, that in no event shall such price be less than the Fair Market Value of a share of Stock as of the Option Date.

 

    	 

    	 

    

 

4.
Exercise. Each Option shall become and be exercisable at such time or times and during such period or periods, in full
or in such installments as may be determined by the Board at the Option Date. To the extent provided by the Board, the full purchase
price of each share of Stock purchased upon the exercise of any Non-Qualified Stock Option shall be paid in cash or in shares
of Stock (valued at Fair Market Value as of the day of exercise), or in any combination thereof, at the time of such exercise
and, as soon as practicable thereafter, a certificate representing the shares so purchased shall be delivered to the person entitled
thereto. In addition, unless restricted by the Board, Participants may elect to pay the purchase price of shares of Stock purchased
upon the exercise of Non-Qualified Stock Options in cash or through the constructive delivery at the time of such exercise of
shares of Stock (valued at Fair Market Value as of the day of exercise) already owned by the Participant, or any combination thereof,
equivalent to the purchase price of such Non-Qualified Stock Options, and, as soon as practicable thereafter, a certificate representing
the net number of shares so purchased shall be delivered to the person entitled thereto. Participants also may elect to pay, unless
restricted by the Board, the purchase price, in whole or in part, of shares of Stock purchased upon the exercise of Non-Qualified
Options through the Company=s withholding of shares of Stock (valued at Fair Market Value as of the day of exercise) that would
otherwise by issuable upon exercise of such options equivalent to the purchase price of such Non-Qualified Stock Options and,
as soon as practicable thereafter, a certificate representing the net number of shares so purchased shall be delivered to the
person entitled thereto.

 

5.
Option Expiration Date. Unless otherwise provided in a Participant’s Option Grant Certificate, the “Expiration
Date” with respect to a Non-Qualified Stock Option or any portion thereof awarded to a Participant under the Plan means
the earliest of:

 

(a)
the date that is one (1) year after the Participant’s employment with the Company and all Related Companies is terminated
by reason of the Participant becoming Disabled or by reason of the Participant’s death; or

 

(b)
thirty (30) days following the date that the Participant’s employment with the Company and all Related Companies is terminated
by reasons other than death or becoming Disabled.

 

All
rights to purchase shares of Stock pursuant to a Non-Qualified Stock Option shall cease as of such option’s Expiration Date.

 

6.
Reload Options. The Committee may, in its discretion, provide in the terms of any Option Grant Certificate that if the
Participant delivers shares of Stock already owned or to be received upon exercise of the Option in full or partial payment of
the option price, or in full or partial payment of the tax withholding obligations incurred on account of the exercise of the
Option, the Optionee shall automatically and immediately upon such exercise be granted a Reload Option to purchase the number
of shares of Stock delivered by the Optionee to the Company, on such terms and conditions as the Committee may determine under
the terms of the Plan. Notwithstanding the preceding, the purchase price of shares of Stock acquired under a Reload Option shall
be not less than the Fair Market Value of a share of Stock on the date the Reload Option is issued.

 

4.
STOCK APPRECIATION RIGHTS

 

1.
Definition. A Stock Appreciation Right is an award that may or may not be granted in tandem with a Non-Qualified Stock
Option or Incentive Stock Option, and entitles the holder to receive an amount equal to the difference between the Fair Market
Value of the shares of option Stock at the time of exercise of the Stock Appreciation Right and the option price, subject to the
applicable terms and conditions of the tandem options and the following provisions of this Article IV.

 

2.
Eligibility. The Board may, in its discretion, award Stock Appreciation Right under this Article IV concurrent with, or
subsequent to, the award of the option.

 

3.
Exercise. A Stock Appreciation Right shall entitle the holder of a Stock Option to receive, upon the exercise of the Stock
Appreciation Right, shares of Stock (valued at their Fair Market Value at the time of exercise), cash or a combination thereof,
in the discretion of the Board, in an amount equal in value to the excess of the Fair Market Value of the shares of Stock subject
to the Stock Appreciation Right as of the date of such exercise over the purchase price of the Stock Appreciation Right, as shall
be prescribed by the Board in its sole discretion and as shall be contained in the Participant’s Award Agreement. If granted
in tandem with an option, the exercise of a Stock Appreciation Right will result in the surrender of the related Incentive Stock
Option or Non-Qualified Stock Option and, unless otherwise provided by the Board in its sole discretion, the exercise of a Stock
Option will result in the surrender of a related Stock Appreciation Right, if any.

 

    	 

    	 

    

 

4.
Expiration Date. The “Expiration Date” with respect to a Stock Appreciation Right shall be determined
by the Board and documented in the Participant’s Option Grant Certificate, and if granted in tandem with an option, shall
be not later than the Expiration Date for the related Stock Option. If neither the right nor the related Stock Option is exercised
before the end of the day on which the right ceases to be exercisable, such right shall be deemed exercised as of such date and
payment shall be made to the holder in cash.

 

5.
RESTRICTED STOCK AND RESTRICTED STOCK UNITS

 

1.
Definition. Restricted Stock awards are grants of Stock or hypothetical Stock units (“Restricted Stock Units”)
to Participants, the vesting of which is subject to a required period of employment and any other conditions established by the
Board.

 

2.
Eligibility. The Board shall designate the Participants to whom Restricted Stock is to be awarded and the number of shares
of Stock that are subject to the award.

 

3.
Terms and Conditions of Awards. All shares of Restricted Stock awarded to Participants under the Plan shall be subject
to the following terms and conditions and to such other terms and conditions, not inconsistent with the Plan, as shall be prescribed
by the Board in its sole discretion and as shall be contained in the Participant’s Option Grant Certificate.

 

(a)
Restricted Stock awarded to Participants may not be sold, assigned, transferred, pledged or otherwise encumbered, except as hereinafter
provided, for a period of ten (10) years or such shorter period as the Board may determine, but not less than one (1) year, after
the time of the award of such stock (the “Restricted Period”). Except for such restrictions, the Participant
as owner of such shares shall have all the rights of a shareholder, including but not limited to the right to vote such shares
and, except as otherwise provided by the Board, the right to receive all dividends paid on such shares.

 

(b)
The Board may in its discretion, at any time after the date of the award of Restricted Stock, adjust the length of the Restricted
Period to account for individual circumstances of a Participant or group of Participants, but in no case shall the length of the
Restricted Period be less than one (1) year.

 

(c)
Except as otherwise determined by the Board in its sole discretion, a Participant whose employment with the Company and all Related
Companies terminates prior to the end of the Restricted Period for any reason shall forfeit all shares of Restricted Stock remaining
subject to any outstanding Restricted Stock Award.

 

(d)
Each certificate issued in respect of shares of Restricted Stock awarded under the Plan shall be registered in the name of the
Participant and, at the discretion of the Board, each such certificate may be deposited in a bank designated by the Board. Each
such certificate shall bear the following (or a similar) legend:

 

“The
transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including
forfeiture) contained in the Co-Diagnostics, Inc. 2015 Long Term Incentive Plan, as amended and restated, and an agreement entered
into between the registered owner and Co-Diagnostics, Inc. A copy of such plan and agreement is on file in the office of the Secretary
of Co-Diagnostics, Inc. in Salt Lake City, Utah.

 

(e)
At the end of the Restricted Period for Restricted Stock, such Restricted Stock will be transferred free of all restrictions to
a Participant (or his or her legal representative, beneficiary or heir).

 

4.
Terms and Conditions of Restricted Stock Units. The terms and conditions of a grant of Restricted Stock Units shall be
reflected in an award agreement. No shares of Common Stock shall be issued at the time a Restricted Stock Unit is granted, and
the Company will not be required to set aside funds for the payment of any such award. A Participant shall have no voting rights
with respect to any Restricted Stock Units granted hereunder. The Committee may also grant Restricted Stock Units with a deferral
feature, whereby settlement is deferred beyond the vesting date until the occurrence of a future payment date or event set forth
in an award agreement (“Deferred Stock Units”). At the discretion of the Committee, each Restricted Stock Unit
or Deferred Stock Unit (representing one share of Stock) may be credited with an amount equal to the cash and stock dividends
paid by the Company in respect of one share of Stock (“Dividend Equivalents”). Dividend Equivalents will be
deemed re-invested in additional Restricted Stock Units or Deferred Stock Units based on the Fair Market Value of a share of Stock
on the applicable dividend payment date and rounded down to the nearest whole share.

 

    	 

    	 

    

 

(a)
Restricted Stock Units and Deferred Stock Units awarded to any Participant shall be subject to (A) forfeiture until vested,
and satisfaction of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement,
and to the extent such Restricted Stock Units or Deferred Stock Units are forfeited, all rights of the Participant to such Restricted
Stock Units or Deferred Stock Units shall terminate without further obligation on the part of the Company and (B) such other terms
and conditions as may be set forth in the applicable Award Agreement.

 

(b)
The Committee shall have the authority to remove any or all of the restrictions on the Restricted Stock, Restricted Stock Units,
and Deferred Stock Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in circumstances
arising after the date the Restricted Stock or Restricted Stock Units or Deferred Stock Units are granted, such action is appropriate.

 

(c)
At the end of the Restricted Period for Restricted Stock Units, such Restricted Stock Units will be transferred free of all restrictions
to a Participant (or his or her legal representative, beneficiary or heir).

 

6.
PERFORMANCE UNITS

 

1.
Definition. Performance Units are awards to Participants who may receive value for the units at the end of a Performance
Period. The number of units earned, and value received for them, will be contingent on the degree to which the performance measures
established at the time of the initial award are met.

 

2.
Eligibility. The Board shall designate the Participants to whom Performance Units are to be awarded, and the number of
units to be the subject of such awards.

 

3.
Terms and Conditions of Awards. For each Participant, the Board will determine the timing of awards; the number of units
awarded; the value of units, which may be stated either in cash or in shares of Stock; the performance measures used for determining
whether the Performance Units are earned; the performance period during which the performance measures will apply; the relationship
between the level of achievement of the performance measures and the degree to which Performance Units are earned; whether, during
or after the performance period, any revision to the performance measures or performance period should be made to reflect significant
events or changes that occur during the performance period; and the number of earned Performance Units that will be paid in cash
and/or shares of Stock, as shall be prescribed by the Board in its sole discretion and as shall be contained in the Participant’s
Option Grant Certificate.

 

4.
Payment. The Board will compare the actual performance to the performance measures established for the performance period
and determine the number of units to be paid and their value. Payment for units earned shall be wholly in cash, wholly in Stock
or in a combination of the two, in a lump sum or installments, and subject to vesting requirements and such other conditions as
the Board shall provide. The Board will determine the number of earned units to be paid in cash and the number to be paid in Stock.
For Performance Units valued when awarded in shares of Stock, one share of Stock will be paid for each unit earned, or cash will
be paid for each unit earned equal to either (i) the Fair Market Value of a share of Stock at the end of the Performance Period
or (ii) the Fair Market Value of the Stock averaged for a number of days determined by the Board. For Performance Units valued
when awarded in cash, the value of each unit earned will be paid in its initial cash value, or shares of Stock will be distributed
based on the cash value of the units earned divided by (i) the Fair Market Value of a share of Stock at the end of the Performance
Period or (ii) the Fair Market Value of a share of Stock averaged for a number of days determined by the Board.

 

5.
Retirement, Death or Termination. A Participant whose employment with the Company and Related Companies terminates during
a performance period because of Retirement or death shall be entitled to the prorated value of earned Performance Units, issued
with respect to that performance period, at the conclusion of the performance period based on the ratio of the months employed
during the period to the total months of the performance period. If the Participant’s employment with the Company and Related
Companies terminates during a performance period for any reason other than Retirement or death, the Performance Units issued with
respect to that performance period will be forfeited on the date his employment with the Company and Related Companies terminates.
Notwithstanding the foregoing provisions of this Article VI, if a Participant’s employment with the Company and Related
Companies terminates before the end of the Performance Period with respect to any Performance Units awarded to him, the Board
may determine that the Participant will be entitled to receive all or any portion of the units that he or she would otherwise
receive, and may accelerate the determination and payment of the value of such units or make such other adjustments as the Board,
in its sole discretion, deems desirable.

 

As
adopted by the Board of Directors on November 20, 2020

 

	/s/
    Reed L. Benson	 
	Name:
    Reed L. Benson	 
	Title:
    Chief Financial Officer and Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}]]