Document:

EX-4.3

 Exhibit 4.3 

Warrant Instrument in respect of 

Warrants to subscribe for A Ordinary 

Shares ([●] Lender) 

LumiraDx Limited 

20 September 2019 
  

 
 

 
 41 Lothbury 

London 
 EC2R 7HF 

Tel: +44 20 7972 9600 
 Fax: +44 20
7972 9602 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	1.	  	DEFINITIONS AND INTERPRETATION	  	 	3	 
			
	2.	  	WARRANT ISSUE AND SUBSCRIPTION RIGHTS	  	 	8	 
			
	3.	  	REPRESENTATIONS BY THE [●] LENDER; REPRESENTATIONS BY THE COMPANY; LEGEND	  	 	11	 
			
	4.	  	EXERCISING SUBSCRIPTION RIGHTS	  	 	13	 
			
	5.	  	ISSUE OF SHARES UPON EXERCISE OF SUBSCRIPTION RIGHTS	  	 	13	 
			
	6.	  	RESTRICTIONS AND OBLIGATIONS OF THE COMPANY	  	 	14	 
			
	7.	  	MODIFICATION OF RIGHTS	  	 	16	 
			
	8.	  	LIQUIDATION	  	 	17	 
			
	9.	  	CERTIFICATES	  	 	17	 
			
	10.	  	MEETINGS OF WARRANTHOLDERS	  	 	18	 
			
	11.	  	NOTICES	  	 	18	 
			
	12.	  	INVALIDITY	  	 	19	 
			
	13.	  	THIRD PARTY	  	 	19	 
			
	14.	  	GOVERNING LAW	  	 	19	 
			
	15.	  	ENFORCEMENT	  	 	19	 
		
	 SCHEDULE 1 FORM OF CERTIFICATE
	  	 	20	 
		
	 SCHEDULE 2 THE REGISTER AND TRANSFERS
	  	 	25	 
		
	 SCHEDULE 3 ADJUSTMENTS TO WARRANT SHARES AND SUBSCRIPTION PRICE
	  	 	27	 
		
	 SCHEDULE 4 PROVISIONS AS TO MEETINGS AND RESOLUTIONS OF WARRANTHOLDERS
	  	 	28	 
		
	 SCHEDULE 5 WARRANT ALLOCATION SCHEDULE
	  	 	32	 

  
 2 

 THIS WARRANT INSTRUMENT is executed on 20 September 2019 by LumiraDx Limited (company number
314391) a company incorporated in the Cayman Islands, whose registered office is at Estera Trust (Cayman) Limited, PO Box 1350, Clifton House, 75 Fort Street, Grand Cayman KY1-1108, Cayman Islands (the
“Company”) and [●], a [●], whose registered office is at [●] (the “[●] Lender” or “[●]”). 

WHEREAS 
  

	(1)	 The Company has, by resolution of its directors, agreed to issue warrants to subscribe for shares in the share
capital of the Company on the terms set out in this Warrant Instrument. 

  

	(2)	 All the registered holder(s) of shares in the Company have irrevocably waived all pre-emption rights conferred on them (whether by the Companies Act, the Articles or otherwise) in relation to the issue of Warrants (defined below) and shares in the Company pursuant to this Warrant Instrument.

  

	(3)	 The Company has accordingly executed this Warrant Instrument as a deed in favour of the [●] Lender.

 BY THIS WARRANT INSTRUMENT THE COMPANY DECLARES AND COVENANTS as follows: 

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this Warrant Instrument, the following words and expressions shall have the following meanings unless the
context otherwise requires: 

 “A Ordinary Shares” means A ordinary shares of US $0.001 each in the
capital of the Company (and, if there is a sub-division, consolidation or reclassification of those shares, any shares resulting from such sub-division, consolidation or
re-classification); 
 [“Additional Term A Warrants” means warrants of the Company
relating to rights to the Additional Term A Warrant Shares constituted in this Warrant Instrument and all rights conferred by it (including Subscription Rights); 

“Additional Term A Warrant Shares” means up to 101 new A Ordinary Shares issuable upon the exercise of the Subscription Rights
relating to the Additional Term A Warrants; 
 “Additional Term B Warrants” means warrants of the Company relating to rights
to the Additional Term B Warrant Shares constituted in this Warrant Instrument and all rights conferred by it (including Subscription Rights); 

“Additional Term B Warrant Shares” means up to 147 new A Ordinary Shares issuable upon the exercise of the Subscription Rights
relating to the Additional Term B Warrants; 
 “Additional Term C Warrants” means warrants of the Company relating to rights
to the Additional Term C Warrant Shares constituted in this Warrant Instrument and all rights conferred by it (including Subscription Rights); 

“Additional Term C Warrant Shares” means up to 155 new A Ordinary Shares issuable upon the exercise of the Subscription Rights
relating to the Additional Term C Warrants;]1 
 “Adjustment Event”
means any: 
  

	 	(a)	 sub-division, reclassification or consolidation of or in respect of the
Equity Shares; 

  

	1 	 For Kennedy Lewis Capital Partners Master Fund LP (“KLIM”) Warrant Instrument only.

	 	(b)	 allotment or issue of Equity Shares by way of capitalisation of profits or reserves (including share premium
account and any capital redemption reserve fund), scrip dividend or distribution in specie or bonus issue; and 

  

	 	(c)	 cancellation or purchase by the Company of Equity Shares or any reduction or repayment of share capital or
reserve; 

 “Admission” means: 
  

	 	(a)	 in the case of the A Ordinary Shares being admitted to trading on London Stock Exchanges market for listed
securities: (i) the admission to the Official List of the UK Listing Authority becoming effective in accordance with the Listing Rules; and (ii) the admission to trading on the London Stock Exchange’s market for listed securities
becoming effective in accordance with the Admission and Disclosure Standards of the London Stock Exchange; or 

  

	 	(b)	 in the case of the A Ordinary Shares being approved for listing, subject only to notice of issuance, on any
U.S. National Securities Exchange; or 

  

	 	(c)	 in the case of the A Ordinary Shares being approved for listing on: (i) any other Recognised Investment
Exchange and their respective share dealing markets; (ii) any recognised overseas Investment exchange (as defined by section 292, Financial Services and Markets Act 2000); or (iii) any investment exchange included in the Financial Conduct
Authority’s list of designated investment exchanges; 

 “Affiliate” means with respect to any Person,
a Person that owns or controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and control by any Person means the power of such Person directly or indirectly (i) to
vote 50% or more of the Voting Securities (determined on a fully diluted basis) of another Person, or (ii) to direct or cause the direction of the management and policies of such other Person (whether by contract or otherwise); 

“Articles” means the articles of association of the Company from time to time; 

“Asset Sale” means the sale, lease, transfer or other disposition, in a single transaction or series of related transactions,
by the Company or any subsidiary, of all or substantially all the assets of the Company and its subsidiaries taken as a whole, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the
Company; 
 “Auditors” means the auditors of the Company from time to time; 

“Board” means the board of directors of the Company from time to time; 

“Business Day” means any day on which banks are generally open for business in London and the United States (excluding
Saturdays, Sundays and public holidays); 
 “Certificate” means a certificate evidencing the Warrantholder’s
entitlement to Warrants in the form, or substantially in the form, set out in Schedule 1; 
 “Company’s Account” means
the Company’s US Dollar bank account with the following details: 
 Bank: 

Account Name: 
 Account Number:

 IBAN: 
 Sort Code: 

SWIFT: 

  
 4 

 “Companies Act” means the Companies Law (as revised) of the Cayman Islands;

 “Directors” means the board of directors of the Company from time to time; 

[“Defaulting Lender” means any Lender (other than KLIM) that provides only partial or no funding in respect of its Term Loan
Commitment in respect of the Term A Loan, Term B Loan and the Term C Loan, as applicable;]2 

“Equity Shares” means in relation to the Company, the Company’s issued and unissued share capital excluding any part of
that capital which neither as respect dividends nor as respects capital carries any right to participate beyond a specified amount in a distribution; 

“Event” means an Asset Sale or Offer; 

“Exercise Date” means the date on which a Warrantholder gives notice, in accordance with Clause 4, of its intention to
exercise any of its Subscription Rights from time to time; 
 “Fair Market Value” means, as of any particular date:
(a) the volume weighted average of the closing sales price of the A Ordinary Shares for such day on the Trading Market or (b) if there have been no sales of the A Ordinary Shares on the Trading Market on any such day, the average of the
highest bid and lowest asked prices for the A Ordinary Shares on such Trading Market at the end of such day; in each case, averaged over twenty (20) consecutive Business Days ending on the Business Day immediately prior to the day as of which
Fair Market Value is being determined; provided, that if the A Ordinary Shares are listed on any Trading Market, the term “Business Day” as used in this sentence means Business Days on which such exchange is open for trading; and provided,
further, that, in the context of a Net Exercise in connection with an Event pursuant to Clause 6.3, “Fair Market Value” shall mean the fair value of one A Ordinary Share as determined in good faith by the Company’s Board of Directors
based on the Event giving rise to the Net Exercise; 
 “Funding Date” means the Term A Funding Date, the Term B Funding Date
or the Term C Funding Date, as applicable; 
 [“Funding Shortfall” means the difference between the amount of a Term A Loan,
Term B Loan or Term C Loan, as applicable, that is actually funded by a Defaulting Lender and the Term Loan Commitment of such Defaulting Lender with respect to such Term A Loan, Term B Loan or Term C Loan, as applicable; 

“KLIM” means Kennedy Lewis Capital Partners Master Fund LP, a limited partnership incorporated in the Cayman Islands, whose
registered office is at Maples Corporate Services Limited, Ugland House, South Church Street, George Town, Grand Cayman, KYl-1104, Cayman Islands;]3 

“Lenders” means the [●] Lender and any other lenders under the Loan and Security Agreement; 

“Loan and Security Agreement” means the loan and security agreement between Kennedy Lewis Investment Management LLC as
collateral agent, the lenders named therein, the Company and LumiraDx Investment Limited, a private company incorporated under the laws of England & Wales as borrower and each Guarantor signatory thereto dated 20 September 2019; 

“Notice of Subscription” has the meaning ascribed to it in Clause 4.1; 

“Offer” means an offer by a Person to acquire the entire issued A Ordinary Share capital of the Company; 

 

	2 	 For non-KLIM Warrant Instrument. 

	3 	 For non-KLIM Warrant Instrument. 

  
 5 

 “Other Lender Warrant Shares” means any new A Ordinary Shares issuable upon
the exercise of subscription rights relating to any Warrants issued to any other Lender in connection with its Term Loan Commitments under the Loan and Security Agreement; 

“Person” means an individual, corporation, partnership, limited liability company, joint venture, trust, or unincorporated
organization, or a government or any agency or political subdivision thereof; 
 “Recognised Investment Exchange” shall have
the meaning ascribed to it in section 285(1)(a) of the Financial Services and Markets Act 2000; 
 “Register” means the
register of persons for the time being entitled to the benefit of the Warrants required to be maintained pursuant to this Warrant Instrument or any other warrant instrument; 

“Securities Act” means the U.S. Securities Act of 1933, as amended; 

“Special Resolution” has the meaning ascribed to it in paragraph 18 of Schedule 4; 

“Subscription Price” means US$1,459.890; 

“Subscription Rights” means the subscription rights of the Warrantholder as defined in Clause 2.3; 

“Term Loan” means the Term A Loan, the Term B Loan or the Term C Loan, as applicable; 

“Term A Loan” has the meaning given in the Loan and Security Agreement; 

“Term B Loan” has the meaning given in the Loan and Security Agreement; 

“Term C Loan” has the meaning given in the Loan and Security Agreement; 

“Term A Funding Date” means the date on which the Term A Loan is funded by the Lenders pursuant to the terms of the Loan and
Security Agreement; 
 “Term B Funding Date” means the date on which the Term B Loan is funded by the Lenders pursuant to
the terms of the Loan and Security Agreement; 
 “Term C Funding Date” means the date on which the Term C Loan is funded by
the Lenders pursuant to the terms of the Loan and Security Agreement; 
 “Term A Warrants” means warrants of the Company
relating to rights to the Term A Warrant Shares constituted in this Warrant Instrument and all rights conferred by it (including Subscription Rights); 

“Term B Warrants” means warrants of the Company relating to rights to the Term B Warrant Shares constituted in this Warrant
Instrument and all rights conferred by it (including Subscription Rights); 
 “Term C Warrants” means warrants of the
Company relating to rights to the Term C Warrant Shares constituted in this Warrant Instrument and all rights conferred by it (including Subscription Rights); 

“Term A Warrant Shares” means up to [●] new A Ordinary Shares issuable upon the exercise of the Subscription Rights
relating to the Term A Warrants; 
 “Term B Warrant Shares” means up to [●] new A Ordinary Shares issuable upon the
exercise of the Subscription Rights relating to the Term B Warrants; 

  
 6 

 “Term C Warrant Shares” means up to [●] new A Ordinary Shares
issuable upon the exercise of the Subscription Rights relating to the Term C Warrants; 
 “Term Loan Commitment” has the
meaning given in the Loan and Security Agreement; 
 “Trading Market” means the London Stock Exchange’s market for
listed securities, any U.S. National Securities Exchange or any form of over-the-counter quotation platform, as applicable, if such exchange or market is the principal
market on which the A Ordinary Shares are then traded; 
 “U.S. National Securities Exchange” means a “national
securities exchange” as defined in Section 6 of the Securities Exchange Act of 1934, as amended; 
 “Voting
Securities” means, with respect to any Person, equity interests of any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person; 

“Warrantholder” means in relation to a Warrant, the person who appears in the Register as the holder of such Warrant which, as
of the Term A Funding Date with respect to the Term A Warrants [and the Additional Term A Warrants (if any)], as of the Term B Funding Date with respect to the Term B Warrants [and the Additional Term B Warrants (if any)] and as of the Term C
Funding Date with respect to the Term [C Warrants and the Additional Term] C Warrants (in each case, to the extent issued pursuant to the terms of this Warrant Instrument), shall be the [●]
Lender;4 
 “Warrants” shall mean together the Term A Warrants, the
[Additional Term A Warrants (if any), the] Term B Warrants, [the Additional Term B Warrants (if any),] the Term C Warrants, [the Additional Term C Warrants (if any)] and any warrants issued to any other Lender in connection with its Term Loan
Commitments under the Loan and Security Agreement and “Warrant” shall mean any, all or some of the Term A Warrants, [the Additional Term A Warrants (if any),] the Term B Warrants, [the Additional Term B Warrants (if any),] the Term
C Warrants, [the Additional Term C Warrants (if any)] and any warrants issued to any other Lender in connection with its Term Loan Commitments under the Loan and Security Agreement (as appropriate);
and5 
 “Warrant Shares” means the Term A Warrant Shares, [the
Additional Term A Warrants Shares (if any),] the Term B Warrant Shares, [the Additional Term B Warrant Shares (if any),] the Term C Warrant Shares, [the Additional Term C Warrant Shares (if any)] or the Other Lender Warrant Shares (as appropriate)
or shall mean all of them as appropriate.6 
  

	1.2	 In this Warrant Instrument, unless the context requires otherwise: 

 

	 	(a)	 any expression or word used in this Warrant Instrument which is not defined in it but which has been defined in
the Articles shall have the meaning given to it in the Articles unless the context requires otherwise; 

  

	 	(b)	 headings to clauses and paragraphs are for information only and shall not form part of the operative provisions
of this Warrant Instrument and shall be ignored in its construction; 

  

	 	(c)	 references to recitals, clauses or schedules are to recitals to, clauses of and schedules to this Warrant
Instrument. The recitals and schedules form part of the operative provisions of this Warrant Instrument and references to this Warrant Instrument shall, unless the context otherwise requires, include references to the recitals and schedules;

  

	4 	 Bracketed language for KLIM Warrant Instrument only. 

	5 	 Bracketed language for KLIM Warrant Instrument only. 

	6 	 Bracketed language for KLIM Warrant Instrument only. 

  
 7 

	 	(d)	 references to statutes or statutory provisions include references to any orders or regulations made under them
and any references to any statute, provision, order or regulation include references to that statute, provision, order or regulation as amended, modified, re-enacted or replaced from time to time whether
before or after the date of this Warrant Instrument (subject as otherwise expressly provided in this Warrant Instrument) and to any previous statute, statutory provision, order or regulation amended, modified,
re-enacted or replaced by such statute, provisions, order or regulation provided that nothing in this clause shall have the effect of Increasing the liability of any party; 

 

	 	(e)	 the terms subsidiary and holding company have the meanings ascribed by section 1159 Companies Act 2006 and
include parent and subsidiary undertakings as defined in section 1162 Companies Act 2006; and 

  

	 	(f)	 in this Warrant Instrument, the words other, includes, including and in particular
do not limit the generality of any preceding words and any words which follow them shall not be construed as being limited in scope to the same class as the preceding words where a wider construction is possible. 

 

	2.	 WARRANT ISSUE AND SUBSCRIPTION RIGHTS 

 

	2.1	 Warrant Issue 

 

	 	(a)	 If the provisions of Clause 2.2 (a) are satisfied on the relevant Funding Date, the Term A Warrants, the Term B
Warrants, or the Term C Warrants (as applicable) shall be issued to the [●] Lender on the Term A Funding Date, the Term B Funding Date or the Term C Funding Date, respectively. 

 

	 	(b)	 [If the provisions of Clause 2.2(b) are satisfied on the relevant Funding Date, the Additional Term A Warrants,
the Additional Term B Warrants or the Additional Term C Warrants (as applicable) shall be issued on the Term A Funding Date, the Term B Funding Date or the Term C Funding Date, respectively (as applicable). 

 

	 	(c)	 The maximum number of Warrant Shares that may be issued upon the exercise of Subscription Rights relating to
Warrants that may be granted pursuant to this Warrant Instrument is 5,708. Provided that each of the Term A Loan, the Term B Loan and the Term C Loan are fully funded by each of the Lenders in accordance with the terms of the Loan and Security
Agreement, each Lender shall receive the Warrant Shares set forth opposite its name in Schedule 5.] 7 

  

	2.2	 Funding 

  

	 	(a)	 [The Term A Warrants, the Term B Warrants and the Term C Warrants shall only be issued to the KLIM Lender if
the Lenders’ Term Loan Commitments in respect of the Term A Loan, the Term B Loan and the Term C Loan have been fully funded, respectively, by each of the Lenders in accordance with the terms of the Loan and Security Agreement (or if any of the
Lenders (other than KLIM) fails to fund the relevant Term Loan, the KLIM Lender funds the whole or part of such Term Loan). Where a Lender (other than KLIM) provides no, or partial, funding in respect of its Term Loan Commitment in respect of the
Term A Loan, the Term B Loan or the Term C Loan (as applicable) (a “Defaulting Lender”), the Company shall adjust the number of Warrants in connection with the Term A Loan, the Term B Loan or the Term C Loan (as applicable), if any,
that shall be issued to the Defaulting Lender and such number of allocated Warrants shall be proportionate to the funding actually provided by the Defaulting Lender compared to its original Term Loan Commitment in respect of the Term A Loan, Term B
Loan or the Term C Loan (as applicable), provided that KLIM 

  

	7 	 Bracketed language for KLIM Warrant Instrument only.

  
 8 

	 	
has funded any resulting Funding Shortfall (as defined in Clause 2.2(b) below) as required in accordance with the terms of the Loan and Security Agreement. The Company shall issue a Certificate
in respect of the Term A Warrants, the Term B Warrants and the Term C Warrants to which the KLIM Lender is entitled within 5 Business Days of the Term A Funding Date, the Term B Funding Date or the Term C Funding Date, as applicable.]8 [The Term A Warrants, the Term B Warrants and the Term C Warrants shall only be issued to the [●] Lender if the Lenders’ Term Loan Commitments in respect of the Term A Loan, the Term B
Loan and the Term C Loan have been fully funded, respectively, by each of the Lenders in accordance with the terms of the Loan and Security Agreement or, to the extent that any Funding Shortfall exists as of the Term A Funding Date, the Term B
Funding Date or the Term C Funding Date (as the case may be) as a result of a default by a Defaulting Lender (other than the [●] Lender) with respect to its respective funding commitments relating to the Term A Loan, the Term B Loan or the
Term C Loan, as applicable, KLIM has funded any such Funding Shortfall as required in accordance with the terms of the Loan and Security Agreement. Where the [●] Lender provides no, or partial, funding in respect of its Term Loan Commitment in
respect of the Term A Loan, the Term B Loan or the Term C Loan (as applicable) the Company shall adjust the number of Term A Warrants, Term B Warrants or Term C Warrants (as applicable), if any, that shall be issued to the [●] Lender and such
number of allocated Warrants shall be proportionate to the funding actually provided by the [●] Lender compared to its original Term Loan Commitment in respect of the Term A Loan, the Term B Loan or the Term C Loan (as applicable), provided
that KLIM funds any resulting Funding Shortfall as required in accordance with the terms of the Loan and Security Agreement and, in such event, any surplus Term A Warrants, Term B Warrants and Term C Warrants (if any and as applicable) shall be
issued to KLIM pursuant to the terms of the warrant instrument between KLIM and the Company. The Company shall issue a Certificate in respect of the Term A Warrants, the Term B Warrants and the Term C Warrants to which the [●] Lender is
entitled within 5 Business Days of the Term A Funding Date, the Term B Funding Date or the Term C Funding Date, as applicable.] 9 

[For illustrative purposes if KLIM fails to fund any of its Term Loans or any Funding Shortfall, none of the Lenders (other than possibly
Petrichor Opportunities Fund I LP depending on the circumstances) will receive any of the Warrants.]10 
  

	 	(b)	 [Notwithstanding any other term of this Warrant Instrument, in no circumstances shall any Lender (other than
KLIM) receive a greater number of Warrant Shares pursuant to this Warrant Instrument (or any other warrant instrument) as is set forth opposite its name in Schedule 5.] 11 [The Additional Term A
Warrants, the Additional Term B Warrants or the Additional Term C Warrants (as applicable) shall only be issued to KLIM in circumstances where: (y) a Defaulting Lender fails to provide its Term Loan Commitment in respect of the Term A Loan, the
Term B Loan or the Term C Loan (as applicable) in accordance with the terms of the Loan and Security Agreement (the difference between the amount funded by a Defaulting Lender and the Defaulting Lender’s Term Loan Commitment being the
“Funding Shortfall”); and (z) KLIM steps in to fund the Funding Shortfall as required in accordance with the terms of the Loan and Security Agreement. In such circumstances the number of Additional Term A Warrants, Additional
Term B Warrants or the number of Additional Term C Warrants (if any and as applicable) that shall be issued to KLIM in respect of each Defaulting Lender for which there is a Funding Shortfall shall be computed using the following formula:

 Additional Term A Warrants, Additional Term B Warrants or Additional Term C Warrants 

 

	8 	 For KLIM Warrant Instrument only. 

	9 	 For non-KLIM Warrant Instrument. 

	10 	 For KLIM Warrant Instrument only. 

	11 	 For non-KLIM Warrant Instrument. 

  
 9 

 X = (A / B) * C 

where 
 X = the number of
Additional Term A Warrants, Additional Term B Warrants or Additional Term C Warrants (as applicable) to be issued to KLIM rounded down to the nearest whole number; 

A = the Funding Shortfall; 
 B =
the Defaulting Lender’s Term Loan Commitment in respect of the Term A Loan, Term B Loan or the Term C Loan (as applicable); 
 C = the
total number of Term A Warrant Shares, Term B Warrant Shares or Term C Warrant Shares that would have been issued to the Defaulting Lender had it provided its Term Loan Commitment in respect of the Term A Loan, the Term B Loan or the Term C Loan (as
applicable) in full. 
 The Company shall issue a Certificate in respect of the Additional Term A Warrants, the Additional Term B Warrants or
the Additional Term C Warrants (as applicable) within 5 Business Days of the Term A Funding Date, the Term B Funding Date or the Term C Funding Date, as applicable. 

To illustrate, if the Term A Loan was fully funded by each of the Lenders and the Term B Loan is funded in full by Banque Pictet & Cie
S.A. and Blackpool Investment Limited, but Joe Bernardo only funds half of his Term Loan Commitment with respect to Term B Loan, then, provided that KLIM funds the Funding Shortfall arising from the default by Joe Bernardo, each of the Lenders would
be issued Warrants representing the following number of Warrant Shares with respect to the Term A Loan and the Term B Loan respectively: 
  

									
	 	  	Term A Loan	 	  	Term B Loan	 
	 Kennedy Lewis Capital Partners Master Fund LP
	  	 	1326 Warrant Shares	 	  	 	1943 Warrant Shares	 
	 Petrichor Opportunities Fund I LP
	  	 	857 Warrant Shares	 	  	 	197 Warrant Shares	 
	 Banque Pictet & Cie S.A.
	  	 	76 Warrant Shares	 	  	 	111 Warrant Shares	 
	 Blackpool Investment Limited
	  	 	19 Warrant Shares	 	  	 	28 Warrant Shares	 
	 Joe Bernardo
	  	 	6 Warrant Shares	 	  	 	4 Warrant Shares	 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	2284 Warrant Shares	 	  	  	2283 Warrant Shares	]12 
		  	  
	  
	 	  	  
	  
	 

  

	12 	 For KLIM Warrant Instrument only. 

  
 10 

	2.3	 Subscription Rights 

Each relevant Warrant confers the right (but not the obligation) (“Subscription Rights”) on the Warrantholder to subscribe in
cash at the relevant Subscription Price for such number of Warrant Shares in respect of which it is recorded in the Register as the holder of on the terms set out in this Warrant Instrument. 

Entitlement to all rights attaching to the Warrants shall be evidenced by the issue to a Warrantholder of a Certificate. One Certificate shall
be issued to each Warrantholder for all of the Warrants registered in its name. The Company shall issue a copy of this Warrant Instrument with each Certificate. 
  

	2.4	 Adjustment Event 

If an Adjustment Event occurs, the number and nominal value of Warrant Shares which the Warrantholders are entitled to subscribe and (as
appropriate) the Subscription Price payable in respect of such subscription shall be adjusted in accordance with the provisions set out in Schedule 3. If requested by the Warrantholder in writing, the Company will use its commercially reasonable
efforts to cause its Auditors to certify the appropriate adjustment in accordance with Schedule 3. If the Auditors are unwilling or unable to perform any calculation or other task required of them under this Warrant Instrument, the Company and the
Warrantholder shall appoint another reputable firm of accountants agreed between them (or in the absence of agreement nominated by the President of the Institute of Chartered Accountants of England and Wales) to perform the calculation or task. 

 

	3.	 REPRESENTATIONS BY THE [●] LENDER; REPRESENTATIONS BY THE COMPANY; LEGEND

  

	3.1	 Representations by the [●] Lender 

The [●] Lender represents that: 
  

	 	(a)	 It is acquiring Warrants for its own account and that such Warrants are being and will be acquired for the
purpose of investment and not with a view to distribution or resale thereof, subject, nevertheless, to the conditions that the disposition of the property of the [●] Lender shall at all times be within its control, and that the [●]
Lender may at any time transfer its Warrants, provided that any such distribution complies with applicable securities laws and the terms of this Warrant Instrument and, to the extent applicable, the Warrants and the Articles. The acquisition by the
[●] Lender of Warrants shall constitute a confirmation of this representation; 

  

	 	(b)	 It understands that no federal or state agency has approved, disapproved or made any findings or determinations
as to the fairness for investment, nor any recommendation of endorsement of the merits of the offering of the Warrants; Any representation to the contrary is a criminal offense; 

 

	 	(c)	 It is an “accredited investor” for purposes of Regulation D of the Securities Act
(“Regulation D”) and has knowledge and experience in financial and business matters such that it is capable of evaluating the merits and risks of the investment to be made hereunder and is financially able to undertake the risks
involved in such an investment. The [●] Lender further understands that (a) the Warrants have not been registered under the Securities Act, or any state securities law, by reason of their issuance in a transaction exempt from the
registration requirements of the Securities Act pursuant to 

  
 11 

	 	
Section 4(a)(2) and Regulation D promulgated thereunder and an exemption under the applicable state securities law and (b) the Warrants must be held indefinitely unless: (i) a
registration statement covering such securities is effective under the Securities Act and such state law; (ii) an exemption from registration under the Securities Act and such state law is available; (iii) the Subscription Rights are
exercised pursuant to the terms of this Warrant Instrument; or (iv) the Warrants are transferred pursuant to the terms of this Warrant Instrument; 

  

	 	(d)	 The Company has granted the [●] Lender and its attorneys or other representatives access to all
information about the Company and its subsidiaries which the [●] Lender has requested and which was relevant to its decision to acquire the relevant Warrants at the price proposed. The [●] Lender and its attorneys or other
representatives have had the opportunity to ask questions of, and receive answers from, representatives of the Company concerning such information and the Company’s financial condition and prospects. The [●] Lender is satisfied that it
has received information with respect to all matters that it considers material to its decision to make this investment; and 

  

	 	(e)	 It (a) is qualified by its knowledge and experience in financial and business matters to evaluate the
merits and risks of an investment in the Warrants and to make an informed decision relating thereto, (b) has the financial capability for making the investment and protecting its interests, and (c) can afford a complete loss of the
investment. The investment is a suitable one for the [●] Lender. 

  

	3.2	 Representations by the Company 

The Company represents that: 
  

	 	(a)	 its fully diluted share capital, taking into account the exercise of all options and warrants outstanding and
all issued and allotted Preferred Shares (as defined in the Articles), is 684,983 shares (as defined in the Articles); 

  

	 	(b)	 the registered holders of shares (as defined in the Articles) in the Company have irrevocably waived all pre-emption rights conferred on them (whether by the Companies Act, the Articles or otherwise) in relation to the issue of the Warrants and the Warrant Shares pursuant to the Warrant Instrument; and

  

	 	(c)	 the Company has, and will have on the exercise of the Warrants, sufficient authorised share capital to enable
the issue and allotment of the Warrant Shares. 

  

	3.3	 Legend 

The Certificates shall each bear the following legend or a legend substantially similar thereto: 

“The securities represented hereby have not been registered under the Securities Act of 1933, as amended, or any state “blue
sky” or other applicable securities law. These securities have been acquired for investment and not with a view to distribution or resale, and may not be sold, mortgaged, pledged, hypothecated or otherwise transferred (other than in accordance
with Clause 6.5 of the Warrant Instrument (the “Warrant Instrument”)) without an effective registration statement for such securities under the Securities Act of 1933, as amended, or an opinion of counsel reasonably satisfactory to
the Company that registration is not required under such Act. The securities represented hereby are subject to the Warrant Instrument.” 

  
 12 

	4.	 EXERCISING SUBSCRIPTION RIGHTS 

 

	4.1	 Timing 

Each of the Warrantholders may at any time, and from time to time after the issuance of the relevant Warrants, including at any time before but
conditional upon the occurrence of an Event, provided that an exercise of Subscription Rights which is conditional upon the occurrence of an Event shall be deemed to take effect immediately prior to the occurrence of the relevant Event occurring,
exercise their Subscription Rights in whole or part, by delivering to the Company a notice substantially in the form contained in the Certificate (“Notice of Subscription”) together with: 

 

	 	(a)	 the Certificate for the Warrants in respect of which Subscription Rights are being exercised; and

  

	 	(b)	 a payment by telegraphic transfer to the Company’s Account (or such other mode of payment as the Company
and the relevant Warrantholder shall agree) of the aggregate Subscription Price in respect of the Subscription Rights which are being exercised. 

  

	4.2	 On any exercise of the Warrantholder’s Subscription Rights, in lieu of payment of the aggregate
Subscription Price in the manner specified in Clause 4.1(b) above, but otherwise in accordance with the requirements of this Clause 4.2, the Warrantholder may elect to authorise the Company to sell such number of Warrant Shares as it indicates and
deduct from such sale proceeds an amount equal to the aggregate Subscription Price payable for the Warrant Shares that have been sold (with the Company retaining such amounts), and with the net sale proceeds after such deduction being used to fund
the aggregate Subscription Price payable for the balance of the Warrant Shares that the Warrantholder wishes to subscribe for. The provisions of this Clause 4.2 shall only apply after Admission. 

 

	4.3	 For the avoidance of doubt, where part only of a Warrantholder’s total Subscription Rights are exercised,
the Company shall update the Register to record the remaining Subscription Rights in respect of such Warrantholder following the partial exercise of its Subscription Rights and shall issue to such Warrantholder an updated Certificate confirming the
remaining Subscription Rights in respect of which it is recorded in the Register as the holder on the terms set out in this Warrant Instrument. 

  

	4.4	 Irrevocable Election 

Delivery of the items specified in Clause 4.1 to the Company shall, other than with the Company’s written consent, be an irrevocable
election by the relevant Warrantholder to exercise the relevant Subscription Rights. 
  

	4.5	 Lapse 

All Subscription Rights not exercised shall lapse on the date falling ten years from the date of this Warrant Instrument (the
“Termination Date”). 
  

	5.	 ISSUE OF SHARES UPON EXERCISE OF SUBSCRIPTION RIGHTS 

 

	5.1	 Allotment and Issue 

Following receipt of a Notice of Subscription, the Company shall: 
  

	 	(a)	 within ten (10) Business Days after the Exercise Date, resolve to allot and issue to the person(s)
identified in the relevant Notice of Subscription (“Allottee(s)”) the Warrant Shares specified in the Notice of Subscription and to enter the Allottee(s)’ name in the register of members of the Company as the holder of the
Warrant Shares issued to such Allottee(s); and 

  
 13 

	 	(b)	 within ten (10) Business Days of the allotment and issue of the Warrant Shares pursuant to this Clause 5
(“Warrant Share Delivery Date”), at the Company’s cost, send to the address stipulated in the Notice of Subscription share certificate(s) in respect of the Warrant Shares issued and (in the event of a partial exercise by any
Warrantholder) a balancing Certificate in respect of those Subscription Rights which remain unexercised. 

  

	5.2	 Rights attaching to Warrant Shares 

The Warrant Shares allotted pursuant to the exercise of the Subscription Rights shall: 

 

	 	(a)	 be allotted and issued fully paid; 

 

	 	(b)	 rank pari passu with the fully paid A Ordinary Shares then in issue and have the rights set out in the Articles
relating to the A Ordinary Shares; and 

  

	 	(c)	 subject to the Articles, be entitled to receive any dividend or other distribution which has previously been
announced or declared provided that the record date by which the holder of Warrant Shares must be registered to participate in such dividend or other distribution is after the date on which the Warrant Shares are allotted and issued.

  

	5.3	 Rounding 

If the number of Warrant Shares falling to be allocated to a Warrantholder (or at its direction) on an exercise of Subscription Rights would
otherwise require a fraction of a Warrant Share to be allotted, the number of Warrant Shares to be so allotted will be rounded down to the nearest whole number of Warrant Shares. 

 

	6.	 RESTRICTIONS AND OBLIGATIONS OF THE COMPANY 

 

	6.1	 Undertakings 

For so long as any Subscription Rights remain outstanding, the Company will comply with the undertakings in this Clause 6. 

 

	6.2	 Covenants 

Subject to Clause 6.3, as long as any Warrants remain outstanding, the Company covenants to the Warrantholders as follows: 

 

	 	(a)	 it will procure that at all times there are available for issue sufficient A Ordinary Shares free from pre-emptive rights to satisfy in full the exercise of Subscription Rights in respect of all outstanding Warrants (taking into account any other obligations of the Company to issue any shares in the Company);

  

	 	(b)	 unless approved by the shareholders of the Company by written resolution or at a general meeting on or prior to
the date hereof or unless authorised by the Board at a duly convened meeting of the Board held on or prior to the date hereof, it will notify the Warrantholder in writing of any proposed issue of securities to the holders of A Ordinary Shares as a
class by way of rights at least 10 Business Days prior to the proposed date of such issue; 

  

	 	(c)	 it will not proceed with an Admission unless as part of the Admission, quotation or registration is obtained
for all Warrant Shares (or the shares into which they are converted), including all of the Warrant Shares that would result from the exercise of all of the Warrants; and 

  
 14 

	 	(d)	 if it is proposed that there shall be a reorganisation or other restructuring of the Company and its
subsidiaries involving the acquisition of the Company by a new holding company, the Company shall ensure that the Warrantholders’ Warrants are exchanged (to the extent not yet exercised) for warrants over the same proportion of the equity share
capital of the new holding company as the Warrant Shares to which the Warrants relate constituted as a percentage of the equity share capital of the Company prior to such reorganisation or other restructuring of the Company, such warrants to be
subject to the same terms and conditions as the Warrants. 

  

	6.3	 Events and Adjustment Events 

 

	 	(a)	 The Company will notify each Warrantholder in writing within three Business Days of the publication of any
regulatory news service announcement in respect of a proposed Event specifying the proposed date and nature of such Event, provided that nothing in this Clause 6.3(a) shall require the Company to provide any information relating to the proposed
Event which has not already been made public pursuant to a regulatory news service announcement. 

  

	 	(b)	 In respect of any Offer, the Company shall procure that (i) appropriate provision is made in connection
with the Offer such that the Warrantholder shall, following the announcement of the Offer, be entitled, upon exercise of these Warrants, to receive the number of shares or other securities of the Company, or other successor entity, or property
(including cash) as to which the Warrantholder would have been entitled if the Warrantholder had exercised all of its rights pursuant to this Warrant immediately prior thereto and was able to participate in the Offer, or (ii) appropriate
provision is made in connection with the Offer such that, upon the consummation thereof, and without any exercise of this Warrant by the Warrantholder or other action, the Warrantholder shall be entitled to receive the consideration under the Offer
to which the Warrantholder would have been entitled if the Warrantholder had exercised its rights pursuant to the Warrants immediately prior thereto net of the aggregate Subscription Price of the Warrants. The Warrantholder agrees that an amount
equal to the aggregate Subscription Price for his Warrants may be deducted from the Offer consideration and paid to the Company. 

  

	6.4	 Shareholders, Board and Management Meetings 

Each of the Warrantholders shall have the right to: 
  

	 	(a)	 receive notice of all shareholders meetings of the Company and class meetings of the holders of A Ordinary
Shares but shall not be entitled to attend, speak or vote at those meetings in its capacity as a Warrantholder; and 

  

	 	(b)	 receive (at the same time as the relevant shareholders) a copy of any proposed written resolution of the
shareholders or any proposed written class consent of the holders of A Ordinary Shares but shall not be entitled to vote on those resolutions in its capacity as a Warrantholder. 

 

	6.5	 Transfer of Warrants 

 

	 	(a)	 The Warrants shall be freely transferable, in whole or in part, in accordance with the transfer provisions set
out in paragraph 2 of Schedule 2 to any of the following persons or entities (together, the “Permitted Transferees”): 

  
 15 

	 	(i)	 a person or entity to whom all or a portion of, the Term A Loan, the Term B Loan or the Term C Loan, as
applicable, has been assigned by the [●] Lender pursuant to and in accordance with the Loan and Security Agreement. In such an event, the number of Warrants that the [●] Lender shall be entitled to transfer to such Permitted Transferee
shall be computed using the following formula with respect to each of the Term A Warrants [(which, for purposes of this Clause, shall include any Additional Term A Warrants),] the Term B Warrants [(which, for the purposes of this Clause, shall
include any Additional Term B Warrants)] and the Term C Warrants [(which, for the purposes of this Clause, shall include any Additional Term C Warrants)]: 13 

X = A/B * Y 
 where 

X = the number of Warrants to be transferred; 

A = the amount of the Term A Loan, Term B Loan or Term C Loan that is being assigned pursuant to the Loan and Security Agreement, as
applicable; 
 B = the total amount of the Term A Loan, Term B Loan or Term C Loan, as applicable; and 

Y = the total amount of the Term A Warrants [(which, for these purposes, shall include any Additional Term A Warrants),] Term B Warrants
[(which, for these purposes, shall include any Additional Term B Warrants)] or Term C Warrants [(which, for these purposes, shall include any Additional Term C Warrants)], as applicable; 14 

So, for example, if the [●] Lender assigns two-thirds of its Term A Loan to a Permitted
Transferee, it shall be obliged to transfer to such Permitted Transferee two-thirds of the Term A Warrants that have been issued to the [●] Lender in respect of its Term A Loan; 

 

	 	(ii)	 any Affiliate of the [●] Lender and if such Affiliate is no longer an Affiliate of the [●] Lender,
such Affiliate shall transfer such Warrants back to the [●] Lender or to an Affiliate of the [●] Lender; and 

  

	 	(iii)	 any person or entity approved by the Board. 

 

	 	(b)	 Subject to Clause 6.5(a) above and further subject to compliance with federal and applicable state or foreign
securities laws, and, as applicable, the provisions of the Warrants and the Articles as the same may be in effect from time to time, the registered holder of any warrants may surrender such Warrants at the principal office of the Company for
transfer or exchange. Within a reasonable time after notice to the Company from the registered holder of its intention to make such transfer or exchange and without expense (other than transfer taxes, if any) to such registered holder, the Company
shall issue in exchange therefor another Warrant or Warrants, containing the same provisions and subject to the same terms and conditions as the Warrant so surrendered, and for the same aggregate number of Warrant Shares so surrendered. The new
Warrant(s) shall be issued in the name of such person or registered assignee, as the registered holder of such surrendered Warrants may designate in writing. 

 

	7.	 MODIFICATION OF RIGHTS 

 

	13 	 Bracketed language for KLIM Warrant Instrument only. 

	14 	 Bracketed language for KLIM Warrant Instrument only. 

  
 16 

 This Warrant Instrument may be modified only with the prior sanction of a Special Resolution
in accordance with the provisions of Schedule 4. 
  

	8.	 LIQUIDATION 

  

	8.1	 Liquidation and Dissolutions 

If an order is made or an effective resolution is passed for the winding-up or dissolution of the
Company or if any other dissolution of the Company by operation of law is to be effected then the provisions of Clause 8.2 or 8.3 shall apply. 
  

	8.2	 Sanctioned Agreement 

If the winding-up or dissolution is for the purpose of a reorganisation or amalgamation pursuant to a
scheme of arrangement sanctioned by a special resolution of the Company, the terms of the scheme of arrangement will be binding on the Warrantholder. 
  

	8.3	 Non Sanctioned Agreement 

If Clause 8.2 does not apply, the Company shall immediately notify the Warrantholders, in writing, that such an order has been made or
resolution has been passed or other dissolution is to be effected. The Warrantholders shall be entitled at any time within three months after the date such notice is given to elect by notice in writing to the Company to be treated as if they had,
immediately before the date of the making of the order or passing of the resolution or other dissolution, exercised the Subscription Rights and they shall be entitled to receive out of the assets which would otherwise be available in the liquidation
to the holders of A Ordinary Shares, such a sum, if any, as they would have received had they been the holders of and paid for the Warrant Shares to which they would have become entitled by virtue of such exercise, after deducting from such sum the
amount which would have been payable by them in respect of the Warrant Shares if they had exercised the Subscription Rights. Nothing contained in this paragraph shall have the effect of requiring the Warrantholders to make any actual payment to the
Company. If no such notice is given by the Warrantholders within the three month period specified above, the Subscription Rights shall lapse without claim if an order is made or an effective resolution is passed for the winding-up or the dissolution of the Company. 
  

	9.	 CERTIFICATES 

  

	9.1	 Issues of Certificates 

Within five Business Days of entering the name of a Warrantholder in the Register of the Company, the Company shall issue to the Warrantholder
a Certificate in respect of the Subscription Rights in respect of which it is recorded in the Register as the holder. 
  

	9.2	 Lost Certificates, etc. 

If a Certificate is mutilated, defaced, lost, stolen or destroyed the Company will replace it provided that: 

 

	 	(a)	 the Warrantholder seeking the replacement provides the Company with such evidence and indemnity in respect of
the mutilation, defacement, loss, theft or destruction as the Company may reasonably require; 

  

	 	(b)	 the Warrantholder seeking the replacement pays the Company’s reasonable costs in connection with the issue
of the replacement; and 

  

	 	(c)	 mutilated or defaced Certificates in respect of which replacements are being sought are surrendered.

  
 17 

	10.	 MEETINGS OF WARRANTHOLDERS 

The provisions of Schedule 4 shall apply in relation to meetings of Warrantholders. 

 

	11.	 NOTICES 

  

	11.1	 Mode of Service 

Subject to Clause 11.2 any notice, demand or other communication given or made under or in connection with the matters contemplated by this
Warrant Instrument shall be in writing and shall be delivered personally or sent by fax or prepaid first class post: 
  

	 	(a)	 In the case of the Company to: 

 

			
	Name:	  	LumiraDx Limited
		
	Address:	  	3 More London Riverside, London SE1 2AQ, England
		
	Name:	  	General Counsel

  

	 	(b)	 in the case of a Warrantholder to the address of the Warrantholder shown in the Register or, if no address is
shown in the Register, to its last known place of business or residence. 

  

	11.2	 Procedure if no known address 

If no address has been notified to the Company by a Warrantholder, any notice, demand or other communication given or made under or in
connection with the matters contemplated by this Warrant Instrument may be given to that Warrantholder by the Company by exhibiting it for ten Business Days at the registered office of the Company. 

 

	11.3	 Deemed Service 

Any notice, demand or other communication given or made under or in connection with the matters contemplated by this Warrant Instrument shall
be deemed to have been duly given or made as follows: 
  

	 	(a)	 if personally delivered, upon delivery at the address of the relevant party; 

 

	 	(b)	 if sent by first class post, ten Business Days after the date of posting; and 

 

	 	(c)	 if Clause 11.2 applies, at the expiry of the ten Business Day period referred to in that clause,

 provided that if, in accordance with the above provision, any such notice, demand or other communication would otherwise
be deemed to be given or made after 5.30 pm such notice, demand or other communication shall be deemed to be given or made at 9.30 am on the next Business Day. 
  

	11.4	 Joint Registered Holders 

All notices and other communications with respect to Warrants standing in the names of joint registered holders shall be given to whichever of
such persons is named first in the Register and such notice so given shall be sufficient notice to all the registered holders of such Warrants. 

  
 18 

	11.5	 Successors 

Any person who becomes entitled to any Warrant (whether by operation of law, transfer or otherwise) shall be bound by every notice given in
respect of that Warrant before its name and address is entered on the Register. 
  

	12.	 INVALIDITY 

Where any provision of this Warrant Instrument is or becomes illegal, invalid or unenforceable in any respect under the laws of any
jurisdiction then such provision shall be deemed to be severed from this Warrant Instrument and, if possible, replaced with a lawful provision which, as closely as possible, gives effect to the intention of the parties under this Warrant Instrument
and, where permissible, that shall not affect or impair the legality, validity or enforceability in that, or any other, jurisdiction of any other provision of this Warrant Instrument. 

 

	13.	 THIRD PARTY 

The parties to this Warrant Instrument expressly agree for the purposes of the Contracts (Rights of Third Parties) Act 1999 that they do not
intend any person other than a party to this Warrant Instrument or a Warrantholder to be able to enforce any term of this Warrant Instrument. 
  

	14.	 GOVERNING LAW 

This Warrant Instrument and any non-contractual obligations arising out of or in connection with it are
governed by English law. 
  

	15.	 ENFORCEMENT 

The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Warrant instrument (including
a dispute relating to the existence, validity or termination of this Warrant Instrument or any non-contractual obligation arising out of or in connection with this Warrant Instrument). 

  
 19 

 SCHEDULE 1 

FORM OF CERTIFICATE 
 [FOR
KLIM] 
 The securities represented hereby have not been registered under the Securities Act, as amended, or any state “blue sky” or other
applicable securities law. These securities have been acquired for investment and not with a view to distribution or resale, and may not be sold, mortgaged, pledged, hypothecated or otherwise transferred (other than in accordance with Clause 6.5 of
the Warrant Instrument (the “Warrant Instrument”)) without an effective registration statement for such securities under the Securities Act, as amended, or an opinion of counsel reasonably satisfactory to the Company that
registration is not required under such Act. The securities represented hereby are subject to the Warrant Instrument. 
 LUMIRADX LIMITED

 Registered in the Cayman Islands (No. 314391) 

WARRANT CERTIFICATE 

Warrant Certificate Number [·] 
 This is to certify that the person named below is a Warrantholder for the purpose of the warrant instrument
issued by the Company on    September 2019 (“Warrant Instrument”) and has the right to subscribe in cash at the aggregate Subscription Price for that number of the Warrant Shares (as defined in the Warrant
Instrument) specified below on the terms set out in the Warrant Instrument. The Warrants are issued with the benefit of, and subject to, the provisions contained in this Warrant Instrument. Unless the context otherwise requires terms defined in the
Warrant Instrument shall have the same meanings in this Certificate. 
 Warrantholder 

Name: 
 Address: 

[Term A Warrants [and Additional Term A Warrants] 

Number of Term A Warrant Shares [and Additional Term A Warrant Shares, in aggregate,] represented by this Certificate: [·] 
 (Subject to adjustment in
accordance with Clause 2.4 of the Warrant Instrument) 
 Total Subscription Price for Term A Warrant Shares [and Additional Term A Warrant Shares, in
aggregate,] represented by this Certificate: $[·]] 

[Term B Warrants [and Additional Term B Warrants] 

Number of Term B Warrant Shares [and Additional Term B Warrant Shares, in aggregate,] represented by this Certificate: [·] 
 (Subject to adjustment in
accordance with Clause 2.4 of the Warrant Instrument) 
 Total Subscription Price for Term B Warrant Shares [and Additional Term B Warrant Shares, in
aggregate,] represented by this Certificate: $[·]] 

  
 20 

 [Term C Warrants [and Additional Term C Warrants] 

Number of Term C Warrant Shares [and Additional Term C Warrant Shares, in aggregate,] represented by this Certificate: [·] 
 (Subject to adjustment in
accordance with Clause 2.4 of the Warrant Instrument) 
 Total Subscription Price for Term C Warrant Shares [and Additional Term C Warrant Shares, in
aggregate,] represented by this Certificate: $[·]] 

 

					
	Date of Issue	  		  	
			
	Executed as a Deed by	  	)	  	                                      
                                      
			
	LumiraDx Limited	  	)	  	                                      
                                      
			
	acting by a director in the presence of	  		  	
			
	                                      
                      	  		  	

 Signature of witness 
  

			
	Name	 	  

		
	Address	 	  

		
		 	  

 Notes: 
  

	(1)	 The Subscription Rights are transferable prior to exercise only in accordance with the provisions of the
Warrant Instrument. 

  

	(2)	 All transfers must be accompanied by this Warrant Certificate. 

  
 21 

 SCHEDULE 1 

FORM OF CERTIFICATE 
 [FOR NON-KLIM LENDERS] 
 The securities represented hereby have not been registered under the Securities Act, as amended, or
any state “blue sky” or other applicable securities law. These securities have been acquired for investment and not with a view to distribution or resale, and may not be sold, mortgaged, pledged, hypothecated or otherwise transferred
(other than in accordance with Clause 6.5 of the Warrant Instrument (the “Warrant Instrument”)) without an effective registration statement for such securities under the Securities Act, as amended, or an opinion of counsel
reasonably satisfactory to the Company that registration is not required under such Act. The securities represented hereby are subject to the Warrant Instrument. 

LUMIRADX LIMITED 

Registered in the Cayman Islands (No. 314391) 

WARRANT CERTIFICATE 

Warrant Certificate Number [·] 
 This is to certify that the person named below is a Warrantholder for the purpose of the warrant instrument
issued by the Company on    September 2019 (“Warrant Instrument”) and has the right to subscribe in cash at the aggregate Subscription Price for that number of the Warrant Shares (as defined in the Warrant
Instrument) specified below on the terms set out in the Warrant Instrument. The Warrants are issued with the benefit of, and subject to, the provisions contained in this Warrant Instrument. Unless the context otherwise requires terms defined in the
Warrant Instrument shall have the same meanings in this Certificate. 
 Warrantholder 

Name: 
 Address: 

[Term A Warrants 
 Number of Term A Warrant Shares
represented by this Certificate: [·] 

(Subject to adjustment in accordance with Clause 2.4 of the Warrant Instrument) 

Total Subscription Price for Term A Warrant Shares represented by this Certificate:
$[·]] 
 [Term B Warrants

 Number of Term B Warrant Shares represented by this Certificate: [·] 
 (Subject to adjustment in accordance with Clause 2.4 of the Warrant Instrument) 

Total Subscription Price for Term B Warrant Shares represented by this Certificate:
$[·]] 
 [Term C Warrants

 Number of Term C Warrant Shares represented by this Certificate: [·] 

  
 22 

 (Subject to adjustment in accordance with Clause 2.4 of the Warrant Instrument) 

Total Subscription Price for Term C Warrant Shares represented by this Certificate:
$[·]] 
  

					
	Date of Issue	  		  	
			
	Executed as a Deed by	  	)	  	                                      
                                      
			
	LumiraDx Limited	  	)	  	                                      
                                      
			
	acting by a director in the presence of	  		  	
			
	                                      
                      	  		  	

 Signature of witness 
  

			
	Name	 	  

		
	Address	 	  

		
		 	  

 Notes: 
  

	(1)	 The Subscription Rights are transferable prior to exercise only in accordance with the provisions of the
Warrant Instrument. 

  

	(2)	 All transfers must be accompanied by this Warrant Certificate. 

  
 23 

 NOTICE OF SUBSCRIPTION 

(To be printed on the back of the Certificate) 

We hereby exercise the Subscription Rights as set out below* pursuant to this Certificate and confirm payment by [telegraphic transfer to the
Company’s account] [other method of payment agreed by the Company] of $[·] being the Subscription Price payable in
respect of the aggregate Subscription Rights we are exercising. [This exercise is conditional upon the Event referred to in the notice from the Company dated [date] taking place.] We acknowledge that the legal and beneficial title to the relevant A
Ordinary Shares are accepted subject to the Articles. 
 We direct the Company pursuant to this exercise to allot and issue the number of A Ordinary
Shares to be issued pursuant to this exercise to the following proposed allottees. The aforesaid A Ordinary Shares are to be issued in connection with the exercise of Warrants originally acquired by way of private placement transaction conditionally
approved by LumiraDx Limited on [·] 2019. Any proposed allottee must be a person or entity permitted in accordance with Clause 6.5
of the Warrant Instrument: 
  

							
	 	  	 [·]
Number of A Ordinary Shares··
	  	 Name of Proposed Allottee
	  	 Address of Proposed Allottee

	 1.
	  		  		  	
	 2.
	  		  		  	
	 3.
	  		  		  	
	 4.
	  		  		  	

 We hereby instruct you to sell [·] Warrant Shares to fund the Subscription Price for the balance of our entitlement in accordance with Clause 4.2. 

Share certificates should be sent to [include details] 
  

			
	Signed	 	  

		
	Print Name	 	  

		
	Address:	 	  

		
		 	  

 [*Details of all rights should be inserted as shown.] 

[··Number of shares over which rights are to be exercised.] 

  
 24 

 SCHEDULE 2 

THE REGISTER AND TRANSFERS 
  

	1.	 Register 

  

	1.1	 An accurate register of entitlement to the Warrants (the Register) will be kept by the Company at its
registered office in which the Company shall enter: 

  

	 	(a)	 the names and addresses of the persons for the time being entitled to be registered as the holders of the
Warrants; 

  

	 	(b)	 the number of Warrants held by every registered holder; and 

 

	 	(c)	 the date on which the name of every registered holder is entered in the Register in respect of the Warrants in
his name. 

  

	1.2	 Any change in the name or address of any Warrantholder shall be notified as soon as reasonably practicable
following such change to the Company which shall cause the Register to be amended accordingly. Any Warrantholder and any person authorised by any Warrantholder may at all reasonable times during office hours inspect the Register and take copies of
or extracts from it or any part of it. 

  

	1.3	 The Company may treat the registered Warrantholder as the absolute owner of a Warrant and accordingly shall
not, except as ordered by a court of competent jurisdiction or as required by law, be bound to recognise any equitable or other claim to or interest in a Warrant on the part of any other person, whether or not it shall have express or other notice
of such a claim. 

  

	1.4	 Every Warrantholder will be recognised by the Company as entitled to its Warrants free from any equity, set-off or cross-claim on the part of the Company against the original or any intermediate holder of the Warrants. 

  

	2.	 Transfers 

  

	2.1	 The Warrants may only be transferable in whole or in part by a Warrantholder to any other person or entity
permitted in accordance with Clause 6.5 of the Warrant Instrument. 

  

	2.2	 Every transfer of a Warrant shall be made by an instrument of transfer in the usual or common form or in any
other form which may be approved by the Directors. 

  

	2.3	 The instrument of transfer of a Warrant shall be executed by or on behalf of the transferor but need not be
executed by or on behalf of the transferee. The transferor shall be deemed to remain the holder of the Warrant until the name of the transferee is entered in the Register in respect of the Warrant being transferred. 

 

	2.4	 No fee shall be charged for any registration of a transfer of a Warrant or for the registration of any other
documents which in the opinion of the Directors require registration. 

  

	2.5	 The registration of a transfer shall be conclusive evidence of the approval by the Directors of such a
transfer. 

  

	3.	 Stock Exchange Dealings 

 

	3.1	 Provided that at the time of issue of Warrant Shares pursuant to the exercise of the Warrants, the A Ordinary
Shares (or any of them) are quoted on the Official List of the United Kingdom Listing Authority, admitted to trading on the Alternative Investment Market operated by The London Stock Exchange plc, and/or permission or approval has been granted for
dealings therein or listing on any U.S. National Securities Exchange or any Recognised Investment 

  
 25 

	 	
Exchange in any part of the world, the Company will apply to such exchange or body for permission to deal in, approval to list or for quotation of and Admission of such Warrant Shares (as the
case may be) and shall use its commercially reasonable efforts to secure such permission or quotation as soon as reasonably practicable after the issue of such Warrant Shares. 

  
 26 

 SCHEDULE 3 

ADJUSTMENTS TO WARRANT SHARES AND SUBSCRIPTION PRICE 
  

	1.	 If there is an Adjustment Event whilst any of the Warrants are outstanding, the number and nominal value of
Warrant Shares to be, or capable of being, subscribed on any subsequent exercise of the Subscription Rights and the Subscription Price will be adjusted in such manner as the Auditors or such other firm of accountants determined in accordance with
Clause 2.4 (acting on the joint instructions of the WarranthoIders and the Company, as experts and not as arbitrators) shall certify to be necessary in order that, after such adjustment: 

 

	 	(a)	 the total number of Warrant Shares to be, or capable of being, subscribed on any subsequent exercise of the
Subscription Rights conferred by the Warrants: 

  

	 	(i)	 will carry as nearly as possible (and in any event not less than) the same proportion (expressed as a
percentage of the total number of votes exercisable in respect of all the Equity Shares) of the votes available to be cast at a general meeting of the Company; and 

 

	 	(ii)	 will carry the same entitlement (expressed as a percentage of the total entitlement conferred by all the Equity
Shares) to participate in the profits and assets of the Company; 

 as would the total number of Warrant Shares which could
have been subscribed pursuant to the Subscription Rights conferred by the Warrants had there been no such adjustment and no such event giving rise to such adjustment; and 
  

	 	(b)	 the aggregate Subscription Price payable in order to subscribe for all the Warrant Shares will be as nearly as
possible the same as it was prior to such adjustment. 

  

	2.	 In calculating the aggregate entitlement to additional Subscription Rights under paragraph 1 above, any
entitlement to a fraction of a Warrant Share shall be rounded down to the nearest whole Warrant Share. 

  

	3.	 The Company will send the Warrantholders notice of any adjustments to the Subscription Rights as soon as
reasonably practicable after the relevant resolution of the Board giving effect to or sanctioning the Adjustment Event together with a replacement Warrant Certificate evidencing each Warrantholder’s adjusted Subscription Rights.

  
 27 

 SCHEDULE 4 

PROVISIONS AS TO MEETINGS AND RESOLUTIONS OF WARRANTHOLDERS 
  

	1.	 Calling of Meetings 

The Company may at any time, and shall upon a request in writing signed by Warrantholders holding Warrants conferring not less than 10% of the
aggregate Subscription Rights then outstanding, convene a meeting of Warrantholders in default of which such Warrantholders shall convene such meeting themselves. Every such meeting shall be held at such reasonably convenient and appropriate place
in the United Kingdom as the Directors may approve. 
  

	2.	 Notice of Meetings 

At least 21 clear days’ notice of the meeting shall be given to Warrantholders of any meeting of Warrantholders. Any meeting of
Warrantholders may he called by shorter notice if it is so agreed by Warrantholders holding Warrants conferring not less than 90% of the aggregate Subscription Rights then outstanding. The notice shall specify the date, time and place of the meeting
and the terms of the resolutions to be proposed. The accidental omission to give notice to, or the non-receipt of any such notice by, any of the Warrantholders shall not invalidate the proceedings at any
meeting. 
  

	3.	 Chairman 

A person (who may, but need not be, a Warrantholder) nominated in writing by the Company shall be entitled to take the chair at every such
meeting but if no such nomination is made, or if at any meeting the person nominated shall not be present within 15 minutes after the time appointed for the holding of such meeting, the Warrantholders present shall choose one of their number to be
chairman. 
  

	4.	 Quorum at Meetings 

At any such meeting other than one at which a Special Resolution is proposed to be passed, two or more persons holding Warrants and/or being
proxies and being or representing in aggregate Warrantholders registered as the holders of Warrants conferring not less than 10% of the aggregate Subscription Rights then outstanding shall form a quorum for the transaction of business. The quorum at
any such meeting for the passing of a Special Resolution shall, subject to the remaining provisions of this paragraph 4, be two or more persons holding Warrants and/or being proxies and being or representing in the aggregate Warrantholders
registered as the holders of Warrants conferring not less than 50% of the aggregate Subscription Rights. No business other than the choosing of a chairman shall be transacted at any meeting unless the requisite quorum be present at the commencement
of business. Whenever there is only one holder of Warrants, a quorum at any meeting of Warrantholders shall, for all purposes, be that Warrantholder or any proxy for that Warrantholder. 

 

	5.	 Absence of Quorum 

If, within half an hour after the time appointed for any meeting a quorum is not present, the meeting shall, if convened upon the requisition
of Warrantholders, be dissolved. In any other case it shall stand adjourned for such period, not being less than 14 days nor more than 28 days, and to such time and place, as may be appointed by the chairman. At such adjourned meeting one person
present in person holding Warrants or being a proxy shall for all proposes form a quorum and shall have the power to pass any resolution (including a Special Resolution) and to decide upon all matters which could properly have been dealt with at the
meeting from which the adjournment took place had a quorum been present at such meeting. 
  

	6.	 Adjournment of Meetings 

  
 28 

 The chairman may with the consent of (and shall if directed by) any meeting adjourn the same
from time to time and from place to place but no business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place. 

 

	7.	 Notice of Adjournment of Meetings 

At least five days’ notice of any meeting adjourned through want of a quorum shall be given to Warrantholders in the same manner as of an
original meeting, and such notice shall state the quorum required at such adjourned meeting. Subject as aforesaid, it shall not be necessary to give any notice of an adjourned meeting. 

 

	8.	 Resolution on Show of Hands 

Every question submitted to a meeting shall be decided in the first instance by a show of hands and in case of equality of votes the chairman
shall both on a show of hands and on a poll have a casting vote in addition to the vote or votes (if any) to which the chairman may be entitled as a Warrantholder or as a proxy. 

 

	9.	 Demand for Poll 

At any meeting, unless a poll is demanded by the chairman or by one or more Warrantholders (or by their proxies) being or representing in the
aggregate Warrantholders registered as the holders of Warrants conferring not less than 10% of the aggregate Subscription Rights then outstanding (before or on the declaration of the result of a show of hands), a declaration by the chairman that a
resolution has been carried or carried by a particular majority or lost or not carried by any particular majority shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such
resolution. 
  

	10.	 Manner of taking Poll 

If at any meeting a poll is so demanded, it shall be taken in such manner and, subject as hereinafter provided, either at once or after any
adjournment, as the chairman directs, and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded. The demand for a poll shall not prevent the continuance of the meeting for the transaction of any
business other than the question on which the poll has been demanded. 
  

	11.	 Time for taking Poll 

Any poll demanded at any meeting on the election of a chairman or on any question of adjournment shall be taken at the meeting without
adjournment. 
  

	12.	 Persons Entitled to Attend, Speak and Vote 

The Company (through its representatives) and its legal and financial advisers shall be entitled to attend and speak at any meeting of
Warrantholders. Save as aforesaid, no person shall be entitled to attend or vote at any meeting of Warrantholders or to join with others in requesting the convening of such a meeting unless he is a Warrantholder, the duly appointed corporate
representative of a corporate Warrantholder or duly appointed proxy of a Warrantholder. 
  

	13.	 Instrument Appointing a Proxy 

A Warrantholder shall be entitled to appoint a proxy to attend any meeting of the Warrantholders and to vote at such meeting on behalf of such
Warrantholder. Every instrument appointing a proxy must be in writing signed by the Warrantholder or (in the case of a corporation) by a duly authorised officer of the Warrantholder and shall be in such form as the Directors may approve (acting
reasonably). Such instrument of proxy shall unless the contrary 

  
 29 

 
is stated thereon be valid as well for an adjournment of the meeting as for the meeting to which it relates and need not be witnessed. A person appointed to act as a proxy need not be a
Warrantholder. 
  

	14.	 Deposit of Instrument Appointing a Proxy 

The instrument appointing a proxy and the power of attorney or other authority (if any) under which it is signed or a notarially certified or
office copy of such power of attorney shall be deposited at such place or places as the Company (or the Warrantholders in default of the Company convening the meeting) may in the notice of meeting direct or if no such place is specified then at the
registered office of the Company, not less than forty-eight hours before the time appointed for holding the meeting or adjourned meeting or the taking of a poll at which the person named in such instrument proposes to vote and in default the
instrument of proxy shall not be treated as valid. A vote given in accordance with the terms of an instrument appointing a proxy shall be valid notwithstanding the previous revocation of the instrument of proxy or of the authority under which the
instrument of proxy is given or transfer of the Warrants in respect of which it is given unless previous intimation in writing of such revocation or transfer shall have been received at the registered office of the Company. No instrument appointing
a proxy shall be valid after the expiration of twelve months from the date named in it as the date of its execution. 
  

	15.	 Votes 

Subject as provided in paragraph 8 of this schedule, at any meeting: 
  

	 	(a)	 on a show of hands each Warrantholder who is present in person (or in the case of a corporation by a duly
authorised representative) and each person who is a proxy shall have one vote; and 

  

	 	(b)	 on a poll each Warrantholder who is present in person or by proxy as aforesaid shall have a number of votes
equal to the proportion (expressed as a percentage figure rounded up or, as appropriate, down to the nearest one tenth of one%) of the outstanding Subscription Rights represented by Warrants held by him. Any person entitled to more than one vote
need not use all his votes or cast all the votes to which he is entitled in the same way. 

  

	16.	 Powers of Meetings of Warrantholders 

A meeting of Warrantholders shall in addition to all other powers (but without prejudice to any powers conferred on other persons by this
Warrant Instrument) have the following powers exercisable by a Special Resolution, namely: 
  

	 	(a)	 power to sanction any compromise or arrangement proposed to be made between the Company and the Warrantholders
or any of them; 

  

	 	(b)	 power to sanction any proposal by the Company for the modification, abrogation, variation or compromise of, or
arrangement in respect of, the rights of the Warrantholders against the Company whether such rights shall arise under this Warrant Instrument or otherwise; 

  

	 	(c)	 power to sanction any proposal by the Company for the exchange or substitution for the Warrants of, or the
conversion of the Warrants into, shares, stock, bonds, debentures, debenture stock or other obligations or securities of the Company, or any other body corporate formed or to be formed; 

 

	 	(d)	 power to assent to any modification of the provisions contained in this Warrant Instrument which shall be
proposed by the Company; 

  
 30 

	 	(e)	 power to authorise any person to concur in and execute and do all such documents, acts and things as may be
necessary to carry out and give effect to a Special Resolution; 

  

	 	(f)	 power to discharge or exonerate any person from any liability in respect of any act or omission for which such
person may have become responsible under this Warrant Instrument; 

  

	 	(g)	 power to give any authority, direction or sanction which under the provisions of this Warrant Instrument is
required to be given by a Special Resolution; and 

  

	 	(h)	 power to appoint any persons (whether Warrantholders or not) as a committee or committees to represent
the Interest of the Warrantholders and to confer upon such committee any powers or discretions which the Warrantholders could themselves exercise by Special Resolution. 

 

	17.	 A Special Resolution binding on all Warrantholders 

A Special Resolution shall be binding upon all the Warrantholders, whether present or not present at such meeting, and each of the
Warrantholders shall be bound to give effect thereto accordingly. The passing of any such resolution shall be conclusive evidence that the circumstances of such resolution justified the passing thereof. 

 

	18.	 Definition of a Special Resolution 

The expression Special Resolution when used in this Warrant Instrument means a resolution passed at a meeting of the Warrantholders duly
convened and held and carried by a majority consisting of no less than 75% of the votes cast upon a show of hands or, if a poll is duly demanded, by a majority consisting of not less than 75% of the votes cast on a poll. 

 

	19.	 Minutes of Meetings 

Minutes of all resolutions and proceedings at every meeting shall be made and duly entered in books to be from time to time provided for that
purpose by the Company, and any such minutes, if the same are signed by the chairmen of the meeting at which such resolutions were passed or proceedings transacted or by the chairman of the next succeeding meeting of the Warrantholder, shall be
conclusive evidence of the matters therein contained and, until the contrary is proved, every meeting in respect of the proceedings of which minutes have been made and signed as aforesaid shall be deemed to have been duly convened and held and all
resolutions passed or proceedings transacted thereafter to have been duly passed and transacted. 
  

	20.	 Written Resolution 

Anything which, under the terms of this Warrant Instrument, may be done by resolution passed at a meeting of the Warrantholders (including
specifically, but without limitation, the passing of a Special Resolution) may be done, without a meeting and without any previous notice being required, by resolution in writing signed by or on behalf of the Warrantholders holding not less than 75%
of the Warrant Shares. The signatures to any such resolution need not be on a single document provided each is on a document which accurately states the terms of the resolution. The date of the resolution shall be the date when the resolution is
signed by or on behalf of the last Warrantholder to sign. 

  
 31 

 SCHEDULE 5 

WARRANT ALLOCATION SCHEDULE 
 The following
table sets forth the maximum number of Warrant Shares that shall be issued if each of the Term A Loan, the Term B Loan and the Term C Loans are fully funded, respectively. 
  

																	
	 	  	Term A Loan	 	  	Term B Loan	 	  	Term C Loan	 	  	Total	 
	 Kennedy Lewis Capital Partners Master Fund LP
	  	 	1326 Warrant Shares	 	  	 	1939 Warrant Shares	 	  	 	2040 Warrant Shares	 	  	 	5305 Warrant Shares	 
	 Petrichor Opportunities Fund I LP
	  	 	857 Warrant Shares	 	  	 	197 Warrant Shares	 	  	 	88 Warrant Shares	 	  	 	1142 Warrant Shares	 
	 Banque Pictet & Cie S.A.
	  	 	76 Warrant Shares	 	  	 	111 Warrant Shares	 	  	 	117 Warrant Shares	 	  	 	304 Warrant Shares	 
	 Blackpool Investment Limited
	  	 	19 Warrant Shares	 	  	 	28 Warrant Shares	 	  	 	29 Warrant Shares	 	  	 	76 Warrant Shares	 
	 Joe Bernardo
	  	 	6 Warrant Shares	 	  	 	8 Warrant Shares	 	  	 	9 Warrant Shares	 	  	 	23 Warrant Shares	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	2284 Warrant Shares	 	  	 	2283 Warrant Shares	 	  	 	2283 Warrant Shares	 	  	 	6850 Warrant Shares	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 32 

 Executed and delivered by the Company and the [●] Lender as a Deed on the date stated at the beginning
of this Deed. 
 Date of
Issue:                                        
     
 Executed as a Deed by 

LumiraDx Limited 
 acting by a director in the presence of

  
  

Signature of witness 
 Name 

Address 
 Date of
Issue:                                        
     
 Executed as a Deed by 
 [●]

 acting by its authorized signatory  

                          
                  , in the presence of 
  

 
 Signature of witness 

Name 
 AddressEX-4.4

 Exhibit 4.4 

Convertible Loan Instrument 

constituting up to US$150,000,000 

Convertible Loan Notes (as defined herein) 

Between 
 LumiraDx
Limited 
 and 

Wilmington Trust SP Services (London) 

15 October 2019 
  

 
  
 

 

  
 i 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	DEFINITIONS AND INTERPRETATION	  	 	1	 
			
	 2.
	 	AMOUNT OF THE CONVERTIBLE LOAN NOTES	  	 	3	 
			
	 3.
	 	STATUS OF THE CONVERTIBLE LOAN NOTES	  	 	4	 
			
	 4.
	 	CONDITIONS OF ISSUE	  	 	4	 
			
	 5.
	 	CERTIFICATES FOR THE CONVERTIBLE LOAN NOTES	  	 	4	 
			
	 6.
	 	REGISTER OF NOTEHOLDERS	  	 	5	 
			
	 7.
	 	MEETINGS OF NOTEHOLDERS	  	 	5	 
			
	 8.
	 	FOREIGN NOTEHOLDERS	  	 	5	 
			
	 9.
	 	TRUSTEE	  	 	5	 
			
	 10.
	 	INTERCREDITOR AGREEMENT AND ADDITIONAL INTERCREDITOR AGREEMENT	  	 	10	 
			
	 11.
	 	RIGHTS OF THIRD PARTIES	  	 	11	 
			
	 12.
	 	GOVERNING LAW	  	 	11	 
			
	 13.
	 	JURISDICTION	  	 	11	 
		
	 SCHEDULE 1 FORM OF CONVERTIBLE LOAN NOTE
	  	 	12	 
		
	 SCHEDULE 2 CONDITIONS
	  	 	13	 
		
	 SCHEDULE 3 PROVISIONS AS TO THE REGISTER
	  	 	24	 
		
	 SCHEDULE 4 PROVISIONS FOR MEETINGS OF NOTEHOLDERS
	  	 	27	 
		
	 SCHEDULE 5 CONVERSION NOTICE
	  	 	32	 
		
	 SCHEDULE 6 FORM OF [AUTOMATIC/SENIOR LENDER FORCED/COMPANY FORCED] CONVERSION
NOTICE
	  	 	33	 

 IMPORTANT NOTICE 

THE CONTENT OF THIS INSTRUMENT HAS NOT BEEN APPROVED BY AN AUTHORISED PERSON WITHIN THE MEANING OF THE FINANCIAL SERVICES AND MARKETS ACT 2000. RELIANCE ON
THIS INSTRUMENT FOR THE PURPOSES OF ENGAGING IN ANY INVESTMENT ACTIVITY MAY EXPOSE AN INDIVIDUAL TO A SIGNIFICANT RISK OF LOSING ALL OF THE PROPERTY OR OTHER ASSETS INVESTED. A PURCHASER OF THE UNSECURED CONVERTIBLE LOAN NOTES (AS DEFINED HEREIN)
MUST BE PREPARED TO BEAR THE ECONOMIC RISKS OF THE INVESTMENT BECAUSE AMONG OTHER FACTS AND CIRCUMSTANCES, THE CONVERTIBLE LOAN NOTES HAVE NOT BEEN AND MAY NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES
ACT”), AS AMENDED, AND SO ARE RESTRICTED AS TO THEIR TRANSFERABILITY. 
 THE CONVERTIBLE LOAN NOTES REFERRED TO HEREIN ARE HIGHLY SPECULATIVE,
ILLIQUID, INVOLVE A HIGH DEGREE OF RISK AND SHOULD BE PURCHASED ONLY BY PERSONS WHO CAN AFFORD THE LOSS OF THEIR ENTIRE INVESTMENT. 
 FOR RESIDENTS OF ALL
U.S. STATES 
 THE CONVERTIBLE LOAN NOTES REFERRED TO IN THIS INSTRUMENT SHALL BE OFFERED IN THE UNITED STATES SOLELY TO “ACCREDITED INVESTORS” AS
SUCH TERM IS DEFINED IN RULE 501 OF REGULATION D UNDER THE SECURITIES ACT. THE CONVERTIBLE LOAN NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE AND WILL BE OFFERED AND SOLD IN RELIANCE ON THE EXEMPTION
FROM REGISTRATION AFFORDED BY SECTION 4(a)(2) AND REGULATION D (RULE 506) OF THE SECURITIES ACT AND CORRESPONDING PROVISIONS OF STATE SECURITIES LAWS. THE AVAILABILITY OF SUCH EXEMPTIONS IS ALSO DEPENDENT, IN PART, UPON THE “INVESTMENT
INTENT” OF THE PURCHASERS AND THE EXEMPTIONS WOULD NOT BE AVAILABLE IF ANY PURCHASERS WERE PURCHASING THE CONVERTIBLE LOAN NOTES WITH A VIEW TOWARD THE REDISTRIBUTION THEREOF. ACCORDINGLY, EACH PURCHASER OF CONVERTIBLE LOAN NOTES REFERRED TO
HEREIN WILL BE REQUIRED TO ACKNOWLEDGE THAT HIS/HER/ITS PURCHASE IS FOR INVESTMENT, FOR HIS/HER/ITS OWN SOLE ACCOUNT, AND WITHOUT ANY VIEW TOWARD THE SALE OR OTHER DISPOSITION THEREOF. 

THE CONVERTIBLE LOAN NOTES REFERRED TO IN THIS INSTRUMENT ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD
EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND STATE LAW, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. PURCHASERS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THERE
PRESENTLY IS NO PUBLIC MARKET FOR THE COMPANY’S CONVERTIBLE LOAN NOTES. ACCORDINGLY, AN INVESTMENT IN THE CONVERTIBLE LOAN NOTES CREATED HEREIN SHOULD BE CONSIDERED HIGHLY ILLIQUID. 

THE CONVERTIBLE LOAN NOTES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER
REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THE OFFER OF THE CONVERTIBLE LOAN NOTES OR THE ACCURACY OR ADEQUACY OF THE NOTE TO INVESTORS (AS DEFINED HEREIN), THE SUBSCRIPTION LETTER FOR
CONVERTIBLE LOAN NOTES AND THIS INSTRUMENT (“PRIVATE PLACEMENT DOCUMENTS”). ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL. 
 PROSPECTIVE
PURCHASERS OF CONVERTIBLE LOAN NOTES REFERRED TO HEREIN SHOULD NOT CONSTRUE THE CONTENTS OF THE PRIVATE PLACEMENT DOCUMENTS AS INVESTMENT, LEGAL, BUSINESS, OR TAX ADVICE. EACH PURCHASER OF CONVERTIBLE LOAN NOTES HEREIN SHOULD CONTACT HIS OWN
ADVISORS REGARDING THE APPROPRIATENESS OF THIS INVESTMENT AND THE TAX CONSEQUENCES THEREOF WHICH MAY DIFFER DEPENDING ON A PURCHASER’S PARTICULAR FINANCIAL SITUATION. IN NO EVENT SHOULD THE PRIVATE PLACEMENT DOCUMENTS BE DEEMED TO BE CONSIDERED
TAX ADVICE PROVIDED BY THE COMPANY. 

 FOR FLORIDA RESIDENTS ONLY 

THE CONVERTIBLE LOAN NOTES REFERRED TO IN THIS INSTRUMENT WILL BE SOLD TO, AND ACQUIRED BY, THE HOLDER IN A TRANSACTION EXEMPT UNDER § 517.061 OF THE
FLORIDA SECURITIES ACT. THE CONVERTIBLE LOAN NOTES HAVE NOT BEEN REGISTERED UNDER SAID ACT IN THE STATE OF FLORIDA. IN ADDITION, ALL FLORIDA RESIDENTS SHALL HAVE THE PRIVILEGE OF VOIDING THE PURCHASE WITHIN THREE (3) DAYS AFTER THE FIRST TENDER
OF CONSIDERATION IS MADE BY SUCH SUBSCRIBER TO THE COMPANY OR WITHIN THREE DAYS AFTER THE AVAILABILITY OF THAT PRIVILEGE IS COMMUNICATED TO SUCH SUBSCRIBER, WHICHEVER OCCURS LATER. 

 THIS INSTRUMENT is made by way of deed on ____________________ by and between LumiraDx Limited, an
exempted company with limited liability incorporated in the Cayman Islands under company number 314391 whose registered office is at Estera Trust (Cayman) Limited, PO Box 1350, Clifton House, 75 Fort Street, Grand Cayman KY1-1108, Cayman Islands (the “Company”), and Wilmington Trust SP Services (London) Limited as trustee. 

WHEREAS 
  

	 	(a)	 LumiraDx Limited, the parent of the LumiraDx Group (as defined herein) wishes to raise up to
U.S.$150 million through the issue of 5% unsecured subordinated Convertible Loan Notes due 15 October 2024 (“Convertible Loan Notes”). 

 

	(b)	 The Company will issue the Convertible Loan Notes to Qualified Investors (as defined herein) who subscribe for
the Convertible Loan Notes. 

  

	(c)	 The Convertible Loan Notes that are to be subscribed for by Qualified Investors are to be constituted as
hereinafter provided and subject to, and with the benefit of the Schedules attached to it, such Schedules shall be deemed to form part of this instrument. 

BY THIS DEED THE COMPANY DECLARES AND COVENANTS as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 In this Instrument the following words and expressions shall have the following meanings, unless the context
otherwise requires: 

 “A Ordinary Shares” means A ordinary shares of US$0.001 each in the share capital
of the Company having the rights set out in the Articles of Association; 
 “Additional Intercreditor Agreement” means an
additional intercreditor agreement on terms substantially similar to the Intercreditor Agreement (or more favorable to the Noteholders) or a replacement of, or an amendment to or an amendment and restatement of the Intercreditor Agreement; 

“Articles of Association” means the articles of association of the Company in force from time to time; 

“Business Day” means a day (excluding Saturdays) on which banks generally are open in London for the transaction of normal
banking business; 
 “Common Shares” means the ordinary shares of US$0.001 each in the share capital of the Company having
the rights set out in the Articles of Association; 
 “Conditions” means the conditions of the Convertible Loan Notes as set
out in Schedule 2 as from time to time modified in accordance with the provisions contained herein; 
 “Convertible Loan
Notes” means the 5% unsecured subordinated convertible loan notes due on 15 October 2024 in the principal amount of up to U.S.$150 million constituted by this Instrument; 

“Directors” or “Board” means the board of directors for the time being of the Company; 

“Extraordinary Resolution” means an extraordinary resolution as defined in paragraph 18 of Schedule 4; 

“Financial Promotion Order” means the United Kingdom Financial Services and Markets Act (Financial Promotion) Order 2005; 

  
 1 

 “FSMA” means the United Kingdom Financial Services and Markets Act 2000;

 “Gates Foundation Note” means the unsecured subordinated note in an amount of up to US$20 million to be issued to
the Bill & Melinda Gates Foundation as further described in the Note to Investors; 
 “Instrument” means this
convertible loan note instrument and the Schedules attached to it as may from time to time be modified or supplemented in accordance with the provisions contained herein; 

“Interest Payment Date” has the meaning given in Condition 10.1; 

“Intercreditor Agreement” means the intercreditor agreement dated 3 October 2016 as amended and restated on
21 February 2017 and as amended and/or amended and restated from time to time between, inter alia, the Company, certain of its subsidiaries and the Senior Lenders; 

“LumiraDx Group” means the Company and its subsidiaries and subsidiaries’ undertakings from time to time; 

“Majority Noteholders” means, as of any date, the Noteholders holding at least 50.1% of the aggregate principal amount of the
Convertible Loan Notes then in issue; 
 “Maturity Date” means the date that is the fifth anniversary of the date of the
issue of the relevant Convertible Loan Notes; 
 “Noteholder” means a person whose name is entered in the Register as the
holder of a Convertible Loan Note; 
 “Note to Investors” means the note to shareholders of the Company and other Investors
dated 6 September 2019; 
 “Non-US Qualified Investor” means investors who are
exempt from the general restriction in Section 21 of FSMA on the communication of invitations or inducements to engage in investment activity (being persons of the kind described in Article 19, 43, 48, 49 or 50A of the Financial Promotion
Order). In broad terms these are persons who are: (a) investment professionals, or (b) a high net worth entity, or (c) a self-certified sophisticated investor, or (d) a certified high net worth individual, or (e) an existing
shareholder of the Company, or (f) persons outside the United Kingdom; 
 “Preferred Shares” means the series A 8%
cumulative convertible preferred shares of US$0.001 each in the share capital of the Company having the rights set out in the Articles of Association; 

“Qualified Investors” or “Investors” means, collectively, the US Qualified Investors and Non-US Qualified Investors; 
 “Rate of Interest” has the meaning given in
Condition 10.2; 
 “Register” means the register of holders of the Convertible Loan Notes kept by or on behalf of the
Company; 
 “Regulation D” means Regulation D promulgated under the Securities Act; 

“Sale” has the meaning given in the Articles of Association; 

“Secretary” means the company secretary for the time being of the Company; 

  
 2 

 “Securities Act” means the U.S. Securities Act of 1933, as amended from
time to time; 
 “Senior Debt” means any Senior Liabilities (as that term is defined in the Intercreditor Agreement or any
Additional Intercreditor Agreement); 
 “Senior Lender” means each noteholder, lender or any other person who provides
financial indebtedness to the Company (or any of its affiliate(s)) in respect of any Senior Debt; 
 “Shares” means the
Common Shares, A Ordinary Shares and/or the Preferred Shares, as the context requires; 
 “Trustee” means Wilmington Trust
SP Services (London) Limited, until a successor replaces it in accordance with the applicable provisions of this Instrument and thereafter means the successor serving hereunder; 

“United States” means the United States of America, its territories and possessions, any state of the United States of
America, the District of Columbia and all other areas subject to its jurisdiction; 
 “US Person” means a US Person as
defined in Regulation S under the United States Securities Act of 1933, as amended; 
 “US Qualified Investors” means
shareholders of the Company and other investors who are outside the United Kingdom and who constitute “accredited investors” as that term is used in Regulation D, promulgated under the Securities Act, that are not persons prohibited from
involvement with private offerings under Regulation D by virtue of Rule 506(d) thereof. 
  

	1.2	 A Convertible Loan Note is outstanding unless: 

 

	 	(a)	 it has been redeemed in full or purchased under Condition 2; or 

 

	 	(b)	 it is held by a person for the benefit of the Company, a subsidiary or holding company for the time being of
the Company or a subsidiary for the time being of a holding company of the Company. 

  

	1.3	 Subject as herein expressly defined any words and expressions defined in the Companies Act 2006 shall have the
meaning therein ascribed to them save that in interpreting section 1159 Companies Act 2006 for the purposes of this Instrument, a company is to be treated as a member of a subsidiary or as the holding company of another company even if its shares in
that subsidiary or other company are registered in the name of (i) a nominee, or (ii) any party holding security over those shares, or that secured party’s nominees. 

 

	1.4	 References to any provision of any statute shall be deemed also to refer to any statutory modification or re-enactment thereof from time to time in force. 

  

	1.5	 Words denoting persons shall include corporations, associations or partnerships, the masculine gender shall
include the feminine and the singular shall include the plural and vice versa. 

  

	1.6	 The headings are for convenience only and shall not affect the interpretation hereof. 

 

	2.	 AMOUNT OF THE CONVERTIBLE LOAN NOTES 

 

	2.1	 The aggregate nominal amount of the Convertible Loan Notes constituted by this Instrument is limited to a
maximum of US$150,000,000. 

  

	2.2	 The Convertible Loan Notes will be issued in registered form in denominations of US$1 in nominal amount or
integral multiples thereof by the Company. 

  
 3 

	3.	 STATUS OF THE CONVERTIBLE LOAN NOTES 

 

	3.1	 The Convertible Loan Notes represent a direct and unsecured and subordinated obligation of the Company for the
due and punctual payment of the principal and interest in respect of them and for the performance of all the obligations of the Company with respect to them. 

  

	3.2	 The Convertible Loan Notes when issued will rank pari passu equally and rateably without discrimination
or preference as unsecured debt obligations of the Company and with all other unsecured indebtedness of the Company apart from those preferred by law. The Company shall not issue any further debt securities ranking pari passu with the
Convertible Loan Notes, other than the Gates Foundation Note, but reserves its right to be able to issue debt securities which rank in priority to the Convertible Loan Notes. 

 

	3.3	 Pursuant to the terms of the Intercreditor Agreement (or any Additional Intercreditor Agreement), the
obligations represented by the Convertible Loan Notes shall rank junior in right of payment to obligations that are due and payable from time to time with respect to the Senior Debt. Pursuant to the terms of the Intercreditor Agreement (or any
Additional Intercreditor Agreement), upon the liquidation, winding-up, dissolution, administration, receivership or other similar proceeding of the Company (and in each of the foregoing cases, whether
voluntary, involuntary, partial or complete and whether pursuant to any compromise or arrangement with creditors or otherwise), the rights of the Noteholders will be subject to the prior payment in full of all Senior Debt. Pursuant to the terms of
the Intercreditor Agreement (or any Additional Intercreditor Agreement), for so long as any Senior Debt is outstanding, the Company shall not pay and the Noteholders shall not receive or accept any payment of principal unless expressly permitted by
the holders of the Senior Debt and payments of interest on any Convertible Loan Note is subject to no default or event of default continuing with respect to the Senior Debt. 

 

	3.4	 The Convertible Loan Notes shall be known as 5% Unsecured Convertible Loan Notes due 2024.

  

	4.	 CONDITIONS OF ISSUE 

The Conditions and other provisions contained in the Schedules shall have effect in the same manner as if such Conditions and other provisions
were set out herein. The Convertible Loan Notes shall be held subject to and with the benefit of the Conditions and of the other provisions in the Schedules, all of which shall be deemed to be incorporated into this Instrument and be binding on the
Company, the Noteholders and all persons claiming through them respectively and the Company hereby covenants with the Noteholders and each of them duly to comply with the terms of the Convertible Loan Notes and to observe and perform the Conditions
and the other provisions in the Schedules. 
  

	5.	 CERTIFICATES FOR THE CONVERTIBLE LOAN NOTES 

 

	5.1	 Each Noteholder shall be entitled without charge to a certificate stating the nominal amount of the Convertible
Loan Notes registered in his name. Each certificate shall: 

  

	 	(a)	 bear a denoting number; 

 

	 	(b)	 (subject as provided in this clause 5) be executed on behalf of the Company; 

 

	 	(c)	 be substantially in the form set out in Schedule 1; and 

 

	 	(d)	 have endorsed on it the Conditions. 

  
 4 

	5.2	 A certificate must be signed by one Director and a witness and expressed to be executed by the Company as a
deed. The Company shall not be bound to register more than four persons as the joint holders of any Convertible Loan Note. Joint holders of Convertible Loan Notes will be entitled to only one Convertible Loan Note in respect of their joint holding
and the Convertible Loan Note will be delivered to that one of the joint holders who is first-named in the Register in respect of the joint holding or to such other person as the joint holders may, in writing, direct. Delivery of a certificate to
one of such persons shall be sufficient delivery to all. When a Noteholder has redeemed or transferred part only of his Convertible Loan Notes, the old certificate shall be cancelled and a new certificate for the balance of such Convertible Loan
Notes shall be issued without charge by the Company. 

  

	6.	 REGISTER OF NOTEHOLDERS 

 

	6.1	 The Company shall cause a register to be maintained in respect of the Convertible Loan Notes in accordance with
the provisions of Schedule 3. 

  

	6.2	 The provisions relating to the Register set out in Schedule 3 shall be deemed to be incorporated in this
Instrument and shall be binding on the Company and the Noteholders and on all persons claiming through or under them respectively. 

  

	7.	 MEETINGS OF NOTEHOLDERS 

The provisions for meetings of holders of the Convertible Loan Notes set out in Schedule 4 shall be deemed to be incorporated in this
Instrument and shall be binding on the Company and the Noteholders and on all persons claiming through or under them respectively. 
  

	8.	 FOREIGN NOTEHOLDERS 

The Convertible Loan Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any of
the relevant securities laws of any state or territory of the United States. No prospectus in relation to the Convertible Loan Notes will be filed and no relief from applicable securities law requirements has been or will be obtained from the
applicable securities regulatory authority of any province or territory of Canada. In addition, no steps have been taken, or will be taken, to enable the Convertible Loan Notes to be offered in Japan in compliance with applicable securities laws of
Japan and no prospectus in relation to the Convertible Loan Notes has been, or will be, lodged with or registered by the Australian Securities Commission. Accordingly, the Convertible Loan Notes may not (subject to certain exceptions, including any
exemption, if available, from any applicable registration requirements, and otherwise in compliance with all applicable laws) be offered, sold or delivered, directly or indirectly, in or into Canada, Japan, Australia or the Republic of South Africa
or any other jurisdiction if to do so would constitute a violation of relevant laws of, or require registration thereof in, such jurisdiction or to or for the account or benefit of any US Person. 

 

	9.	 TRUSTEE 

  

	9.1	 Duties of Trustee. 

  

	 	(a)	 The Trustee is hereby appointed by the Company and the Noteholders to act as agent for the Noteholders in
connection with this Instrument, the Intercreditor Agreement, any Additional Intercreditor Agreement, any Creditor Accession Undertaking (as defined in the Intercreditor Agreement or Additional Intercreditor Agreement, as applicable) and any other
agreement, instrument, document or matter connected, or reasonably incidental to, any of the foregoing. The Trustee agrees to comply with its obligations under this Instrument, the Intercreditor Agreement and any Additional Intercreditor Agreement
and agrees to sign on behalf of each Noteholder or proposed transferee in respect thereof any Creditor Accession Undertaking (as defined in the Intercreditor Agreement or Additional Intercreditor Agreement, as applicable) or Additional Intercreditor
Agreement or amendment to the Intercreditor Agreement or Additional 

  
 5 

	 	
Intercreditor Agreement presented to it by the Company. In the event of a conflict between the terms of this Instrument and the terms of the Intercreditor Agreement, in relation to the Trustee,
the terms of the Intercreditor Agreement shall prevail. All protections and rights to indemnities set out in each of the Intercreditor Agreement, any Additional Intercreditor Agreement and any Creditor Accession Undertaking apply herein.

  

	 	(b)	 The Trustee will exercise such of the rights and powers vested in it by this Instrument. 

 

	 	(c)	 The duties of the Trustee will be determined solely by the express provisions of this Instrument, the
Intercreditor Agreement, any Additional Intercreditor Agreement and the Trustee need perform only those duties that are specifically set forth in this Instrument, the Intercreditor Agreement, any Additional Intercreditor Agreement and no others, and
no other implied covenants or obligations shall be read into this Instrument against the Trustee. In the event of a conflict between the terms of this Instrument and the terms of the Intercreditor Agreement, in relation to the Trustee, the terms of
the Intercreditor Agreement shall prevail. 

  

	 	(d)	 In the absence of wilful default, fraud or gross negligence, the Trustee may conclusively rely without
liability, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions of counsel furnished to the Trustee and conforming to the requirements of this Instrument. 

 

	 	(e)	 The Trustee may not be relieved from liabilities for its own gross negligence, wilful default or fraud.

  

	 	(f)	 Whether or not therein expressly so provided, every provision of this Instrument that in any way relates to the
Trustee is subject to this clause 9. 

  

	 	(g)	 No provision of this Instrument will require the Trustee to expend or risk its own funds or incur any
liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Instrument at the request of any Noteholders, unless such Noteholder has offered to the Trustee security or an indemnity satisfactory to it
against any loss, liability or expense. 

  

	 	(h)	 The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in
writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and funds held by the Trustee will not be subject to the United Kingdom FCA Client Money Rules.

  

	 	(i)	 The Trustee shall not be deemed to have notice or any knowledge of any matter (including without limitation any
breach of the terms of this Instrument) unless a responsible officer assigned to and working in the Trustee’s corporate trust and agency department has actual knowledge thereof or unless written notice thereof is received by the Trustee and
such notice clearly references Convertible Loan Notes, the Company or this Instrument. 

  

	 	(j)	 Notwithstanding anything else herein contained, the Trustee may refrain from doing anything that would or might
in its opinion based upon legal advice in the relevant jurisdiction be contrary to any law of any state or jurisdiction (including but not limited to the United States of America or any jurisdiction forming a part of it and England & Wales)
or any directive or regulation of any agency of any such state or jurisdiction and may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation. 

  
 6 

	9.2	 Disapplication of Trustee Acts. 

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by this
Instrument. Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Instrument, the provisions of this Instrument shall, to the extent permitted by law and regulation, prevail and, in
the case of any inconsistency with the Trustee Act 2000, the provisions of this Instrument shall constitute a restriction or exclusion for the purposes of the Trustee Act 2000. 

 

	9.3	 Rights of Trustee. 

  

	 	(a)	 The Trustee may conclusively rely upon any document (whether in its original, electronic or facsimile form)
believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in such document. The Trustee may, if it sees fit, make such inquiry. 

 

	 	(b)	 Before the Trustee acts or refrains from acting, it may require an officer’s certificate or an opinion of
counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such officer’s certificate or opinion of counsel, as the case may be. The Trustee may consult with counsel or other
professional advisors and the written advice of such counsel, professional advisor or any opinion of counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon. 

  

	 	(c)	 The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or
negligence of any attorney or agent appointed with due care. 

  

	 	(d)	 The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be
authorized or within the rights or powers conferred upon it by this Instrument. 

  

	 	(e)	 Unless otherwise specifically provided in this Instrument, any demand, request, direction or notice from the
Company will be sufficient if signed by an officer of the Company. 

  

	 	(f)	 The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Instrument
at the request or direction of any of the Noteholders unless such Noteholders have offered to the Trustee indemnity or security satisfactory to it against the losses, liabilities and expenses that might be incurred by it in compliance with such
request or direction. 

  

	 	(g)	 The Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall
not be responsible or liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations imposed under this Instrument or under applicable law or regulation with respect to any
transfer, exchange, redemption, purchase or repurchase, as applicable, of any interest in any Convertible Loan Notes. 

  

	 	(h)	 In the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of
Noteholders, each representing less than a majority in aggregate principal amount of the Notes then outstanding, pursuant to the provisions of this Instrument, the Trustee, in its sole discretion, may determine what action, if any, will be taken and
shall not incur any liability for its failure to act until such inconsistency or conflict is, in its reasonable opinion, resolved. 

  
 7 

	 	(i)	 The Trustee is not required to give any bond or surety with respect to the performance or its duties or the
exercise of its powers under this Instrument or the Convertible Loan Notes. 

  

	 	(j)	 The permissive right of the Trustee to take the actions permitted by this Instrument shall not be construed as
an obligation or duty to do so. 

  

	 	(k)	 The Trustee will not be liable to any person if prevented or delayed in performing any of its obligations or
discretionary functions under this Instrument by reason of any present or future law applicable to it, by any governmental or regulatory authority or by any circumstances beyond its control. 

 

	 	(l)	 The Trustee shall not under any circumstances be liable for any special, indirect or consequential loss or
damage whatsoever (being loss of business, goodwill, opportunity or profit of any kind) of the Company, an affiliate of the Company or any other person (or, in each case, any successor thereto), even if advised of it in advance and even if
foreseeable. 

  

	 	(m)	 The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company personally or by agent or
attorney at the sole cost of the Company and, subject to this clause 9, shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

 

	 	(n)	 The Trustee may request that the Company delivers an officer’s certificate setting forth the names of the
individuals or titles of officers authorized at such time to take specified actions pursuant to this Instrument, which officer’s certificate may be signed by any person authorized to sign an officer’s certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded. 

  

	 	(o)	 The Trustee may retain professional advisors to assist it in performing its duties under this Instrument. The
Trustee may consult with such professional advisors or with counsel, and the advice or opinion of such professional advisors or counsel with respect to legal or other matters relating to this Instrument and the Convertible Loan Notes shall be full
and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

 

	 	(p)	 The Trustee may assume without inquiry in the absence of actual knowledge that the Company is duly complying
with its obligations contained in this Instrument required to be performed and observed by it, and that no breach of this Instrument or other event which would require repayment of the Convertible Loan Notes has occurred. 

 

	9.4	 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Convertible Loan Notes and may otherwise deal with the
Company or any affiliate of the Company with the same rights it would have if it were not Trustee. 

  
 8 

	9.5	 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Instrument, the Convertible Loan
Notes or the Intercreditor Agreement (including any Additional Intercreditor Agreement entered into in accordance with the terms of the Intercreditor Agreement or this Instrument), it shall not be accountable for the Company’s use of the
proceeds from the Convertible Loan Notes or any money paid to the Company or upon the Company’s direction under any provision of this Instrument, and it will not be responsible for any statement or recital herein or any statement in the
Convertible Loan Notes or any other document in connection with the sale of the Convertible Loan Notes or pursuant to this Instrument other than its certificate of authentication. 

 

	9.6	 Compensation and Indemnity. 

 

	 	(a)	 The Company will pay to the Trustee from time to time compensation for its acceptance of this Instrument and
services hereunder as shall be agreed from time to time between them. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for
all disbursements, advances and documented expenses properly incurred or made by it in addition to the compensation for its services. Such expenses will include the properly incurred compensation, disbursements and expenses of the Trustee’s
agents and counsel. In the event of the occurrence of a breach of the terms of this Instrument or the Convertible Loan Notes or being requested by the Company to undertake duties which the Trustee and the Company agree to be of an exceptional nature
or otherwise outside the scope of the normal duties of the Trustee under this Instrument, the Company shall pay to the Trustee such additional remuneration as shall be agreed between them. 

 

	 	(b)	 The Company will indemnify the Trustee against any and all losses, liabilities or expenses (including
attorneys’ fees) incurred by it arising out of or in connection with the acceptance or administration of its duties under this Instrument, including the costs and expenses of enforcing this Instrument against the Company and defending itself
against any claim (whether asserted by the Company, any Noteholder or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense
may be attributable to the Trustee’s gross negligence, wilful default or fraud. The Trustee shall notify the Company promptly of any third-party claim for which it may seek indemnity of which it has received written notice. Failure by the
Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim, with counsel satisfactory to the Trustee, and the Trustee shall provide reasonable cooperation at the Company’s
expense in the defense; provided that if the defendants in any such claim include both the Company and the Trustee and the Trustee shall have concluded that there may be legal defences available to it which are different from or additional to those
available to the Company, or the Trustee has concluded that there may be any other actual or potential conflicting interests between the Company and the Trustee, the Trustee shall have the right to select separate counsel and the Company shall be
required to pay the fees and expenses of such separate counsel. Any settlement which affects the Trustee may not be entered into without the written consent of the Trustee, unless the Trustee is given a full and unconditional release from liability
with respect to the claims covered thereby and such settlement does not include a statement or admission of fault, culpability or failure to act by or on behalf of the Trustee. The Company shall not need to pay for any settlement made without its
consent, which consent will not be unreasonably withheld. 

  

	9.7	 Replacement of Trustee. 

 

	 	(a)	 A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon
the successor Trustee’s acceptance of appointment as provided in this clause 9.6. 

  
 9 

	 	(b)	 The Trustee may resign in writing at any time and be discharged from the terms of this Instrument by so
notifying the Company provided that a successor Trustee has accepted appointment as provided in this clause 9.6. The Noteholders by Extraordinary Resolution may remove the Trustee by so notifying the Trustee and the Company in writing not less than
60 days prior to the effective date of such removal. The Company may remove the Trustee if: 

  

	 	(i)	 the Trustee is adjudged a bankrupt or insolvent or an order for relief is entered with respect to the Trustee
under or in respect of any bankruptcy, insolvency, administration, receivership or other analogous proceedings; 

  

	 	(ii)	 a custodian or public officer takes charge of the Trustee or its property; 

 

	 	(iii)	 the Trustee becomes incapable of acting; or 

 

	 	(iv)	 if the Company determines it wishes so. 

 

	 	(c)	 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the
Company will promptly appoint a successor Trustee. 

  

	 	(d)	 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed,
(i) the retiring Trustee, the Company, or the Noteholders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee or (ii) the
retiring Trustee may appoint a successor Trustee at any time prior to the date on which a successor Trustee takes office, provided that such appointment shall be reasonably satisfactory to the Company. 

 

	 	(e)	 A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the
Company. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Instrument. The successor Trustee will mail a notice of its
succession to Noteholders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee at the cost of the Company; provided all sums owing to the Trustee hereunder have been paid . The retiring Trustee
shall have no responsibility or liability for the action or inaction of the successor Trustee. 

  

	9.8	 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. 
  

	10.	 INTERCREDITOR AGREEMENT AND ADDITIONAL INTERCREDITOR AGREEMENT 

 

	 	(a)	 Each Noteholder, by accepting a Convertible Loan Note and/or signing any transfer in connection therewith, will
be deemed to have (i) agreed to and accepted the terms and conditions of the Intercreditor Agreement, any Additional Intercreditor Agreement and any amendment thereto referred to in this clause 10; (ii) authorised and instructed the Trustee to
sign the Intercreditor Agreement, any Additional Intercreditor Agreement and/or any Creditor Accession Undertaking (as defined in the Intercreditor Agreement or Additional Intercreditor Agreement, as applicable) on its behalf and/or on its own
account, as applicable; and (iii) agreed that neither the Trustee nor the Company will be required to seek the consent of the Noteholders to perform its obligations under and in accordance with this clause 10. 

  
 10 

	 	(b)	 At the request of the Company, at the time of, or prior to, the incurrence by the Company or any of its
affiliates of any indebtedness permitted to be incurred pursuant to the terms of this Instrument, the Trustee will (without the consent of the Noteholders) enter into or accede to an Additional Intercreditor Agreement on the behalf of the
Noteholders; provided that such Additional Intercreditor Agreement will not impose any additional personal obligations on the Trustee or adversely affect the rights, duties, liabilities or immunities of the Trustee under this Instrument, any
Additional Intercreditor Agreement or the Intercreditor Agreement. 

  

	 	(c)	 At the written direction of the Company and without the consent of the Noteholders, the Trustee shall from time
to time enter into one or more amendments to the Intercreditor Agreement or any Additional Intercreditor Agreement on behalf of the Noteholders to: (1) cure any ambiguity, omission, defect or inconsistency of any such agreement,
(2) increase the amount or types of indebtedness covered by any such Intercreditor Agreement or Additional Intercreditor Agreement that may be incurred by the Company or its affiliates that is subject to any such Intercreditor Agreement or
Additional Intercreditor Agreement (provided that such indebtedness is incurred in compliance with this Instrument), (3) add new guarantors to the Intercreditor Agreement or any Additional Intercreditor Agreement, (4) secure any additional
indebtedness incurred in compliance with this Instrument, or (5) make any other change to any such agreement as determined by the Company. 

  

	11.	 RIGHTS OF THIRD PARTIES 

A person who is not a Noteholder has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of the terms of this
Instrument. This Instrument may only be amended in accordance with the provisions of Condition 11.2. 
  

	12.	 GOVERNING LAW 

This Instrument and the Convertible Loan Notes and any non-contractual obligations connected with it
shall be governed by and construed in accordance with English law. 
  

	13.	 JURISDICTION 

  

	13.1	 Each of the Company and the Noteholders irrevocably agree that the courts of England and Wales are to have
exclusive jurisdiction, and that no other court is to have jurisdiction to: 

  

	 	(a)	 determine any claim, dispute or difference arising under or in connection with this Instrument, any non-contractual obligations connected with it, or in connection with the negotiation, existence, legal validity, enforceability or termination of this Instrument, whether the alleged liability shall arise under the
law of England or under the law of some other country and regardless of whether a particular cause of action may successfully be brought in the English courts (“Proceedings”); 

 

	 	(b)	 grant interim remedies, or other provisional or protective relief. 

 

	13.2	 Each of the Company and the Noteholders submit to the exclusive jurisdiction of the courts of England and Wales
and accordingly any Proceedings may be brought against them or any of their respective assets in such courts. 

 This instrument has been
executed as a deed, and it has been delivered on the date stated at the beginning of this Instrument. 

  
 11 

 SCHEDULE 1 

FORM OF CONVERTIBLE LOAN NOTE 
 NEITHER
THE CONVERTIBLE LOAN NOTES EVIDENCED HEREBY NOR THE COMMON SHARES (OR OTHER QUALIFYING EQUITY SECURITIES, IF APPLICABLE) HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE AND WILL BE OFFERED AND SOLD IN RELIANCE ON AN
EXEMPTION FROM, OR TRANSACTION NOT SUBJECT TO, THE SECURITIES ACT. 
  

			
	 Certificate No.
	  	 Nominal Amount

		  	US$[•]

 LUMIRADX LIMITED 

(an exempted company with limited liability incorporated in the Cayman Islands under company number 314391) 

5% UNSECURED SUBORDINATED CONVERTIBLE LOAN NOTES DUE 2024 

Issue of US$[•] 5% unsecured subordinated convertible loan notes due 15 October 2024 (the “Convertible Loan Notes”) created and
issued by LumiraDx Limited (the “Company”) pursuant to the Articles of Association of LumiraDx Limited and a resolution of the Board passed on 6 September 2019. 

THIS IS TO CERTIFY
that                    of                    
is/are the registered holder(s) of the above nominal amount of the above mentioned Convertible Loan Notes which are constituted by an Instrument entered into by the Company on [•] 2019 (the “Instrument”) and are issued with the
benefit of and subject to the provisions contained in the Instrument and the conditions endorsed hereon. The Convertible Loan Notes of US$ [•] have been allotted and issued on [•] 2019 and [•] 2019 and are therefore due to be repaid
in full in accordance with Condition 2 of the Conditions on 15 October 2024, unless previously converted into Common Shares (as defined in the Instrument) or other qualifying equity securities of the Company in accordance with the terms of
the Instrument. 
 IN WITNESS whereof this certificate has been executed and delivered by the Company as a Deed: 

Date of Issue: 
  

					
	Executed as a Deed by	  	)	  	                                      
                  
			
	LumiraDx Limited	  	)	  	                                      
                  

  

	
	acting by a director in the presence of
	
	                                      
                          

  

			
	Signature of witness
		
	Name	  	                                      
                              
		
	Address	  	                                      
                              
		
		  	                                      
                              

  
 12 

 SCHEDULE 2 

CONDITIONS 
  

	1.	 FORM AND STATUS 

The Convertible Loan Notes will be issued by the Company in registered form in amounts and integral multiples of US$1, and will constitute
unsecured subordinated obligations of the Company. Fractional entitlements will be disregarded. 
  

	2.	 REPAYMENT, PREPAYMENT, PURCHASE AND REDEMPTION 

 

	2.1	 Unless converted in accordance with Conditions 3 or 4, in which case no consent shall be required, or an
Extended Maturity Date applies (as referred to in Condition 4.2(a)), the Convertible Loan Notes will be repaid in full by the Company at par together with accrued interest (subject to any requirement to deduct or withhold amounts in respect of tax
therefrom) in accordance with this Condition 2 on 15 October 2024 (or, if such date is not a Business Day, on the first Business Day thereafter) (each a “Maturity Date”), provided that the Convertible Loan Notes (including
principal, interest and other amounts thereon) shall not be repaid by the Company unless permitted by the terms of the Senior Debt and/or Intercreditor Agreement (or Additional Intercreditor Agreement). 

 

	2.2	 The Convertible Loan Notes may not be prepaid or repurchased by the Company prior to a Maturity Date without
the consent of the Majority Noteholders and unless permitted by the terms of the Senior Debt and/or Intercreditor Agreement (or Additional Intercreditor Agreement). In addition, any prepayment on the relevant Convertible Loan Notes will be made on
all outstanding relevant Convertible Loan Notes on a pro-rata basis. 

  

	3.	 VOLUNTARY CONVERSION BY A NOTEHOLDER 

 

	3.1	 Subject to early repayment of the relevant Convertible Loan Notes, in whole or in part, in accordance with
Condition 2 all, but not part, of the relevant Convertible Loan Notes held by a Noteholder which remain outstanding at the Conversion Date may be converted into Common Shares at any time by the Noteholder serving upon the Company a Conversion
Notice. Upon conversion, such Common Shares shall be subject to the rights and obligations set forth in the Articles of Association. A Noteholder must convert all of the Convertible Loan Notes held by him and cannot convert part only of the
Convertible Loan Notes held by him. 

  

	3.2	 The Conversion Notice: 

 

	 	(a)	 must request conversion into Common Shares of a Noteholder’s entire holding of Convertible Loan Notes;

  

	 	(b)	 shall specify the nominal amount of Convertible Loan Notes held by it, plus the Noteholder’s estimate of
the amount of any accrued interest as at the Conversion Date in respect of all of his or her Convertible Loan Notes; 

  

	 	(c)	 shall be duly completed and signed by the Noteholder; and 

 

	 	(d)	 shall be accompanied by the certificate representing the Convertible Loan Notes to be converted.

 A Conversion Notice shall not be withdrawn once given by the Noteholder. 

 

	3.3	 Within fifteen Business Days of the relevant Conversion Date, the Company shall allot and issue credited as
fully paid to the relevant Noteholder, the whole number of Common Shares to which it shall be entitled at the Conversion Price. Such allotment and issue shall be in full satisfaction and discharge of the principal monies in respect of the
Convertible Loan Notes so converted. Any accrued and unpaid interest on those Convertible Loan Notes, shall be paid in cash to the relevant Noteholder (subject to any requirement to deduct or withhold amounts in respect of tax therefrom) prior to
the allotment and issue of the Common Shares referred to in this paragraph. 

  
 13 

	3.4	 Not later than ten Business Days following the relevant allotment of Common Shares pursuant to Condition 3.3,
the Company shall procure that registration shall take place and shall send free of charge to the relevant Noteholder, a share certificate in respect of the relevant Common Shares. Entitlements to Common Shares shall be rounded down and
fractional entitlements satisfied in cash, such payment to be satisfied in the manner prescribed by Condition 7.2 of this Schedule 2. Cash entitlements to less than US$500 shall be disregarded and not paid. 

 

	3.5	 Common Shares issued to a Noteholder on conversion of the Convertible Loan Notes shall rank equally in all
respects with the other then existing Common Shares on and from the date of allotment and such Common Shares shall be entitled to all dividends and other distributions attaching to the Common Shares arising on and from the date of allotment of such
Common Shares. 

  

	3.6	 In this Condition 3, unless the context otherwise requires the following expressions shall have the
following meanings: 

  

					
	      	 	Conversion Date	  	means the date on which a Conversion Notice, complying with Condition 3.2, is served upon the Company;
			
		 	Conversion Notice	  	means the notice in the form set out in Schedule 5; and
			
		 	Conversion Price	  	means the amount calculated at the rate of one Common Share for each US$1793.382 nominal amount of Convertible Loan Notes held by the Noteholder as at the Conversion Date (and subject to adjustment for stock dividends, splits,
combination and similar events), with any fraction of a Common Share being rounded down to the nearest whole number and entitlements to fractions of a Common Share being satisfied in cash subject to Condition 3.4.

  

	4.	 AUTOMATIC AND/OR FORCED CONVERSION BY THE COMPANY 

 

	4.1	 AUTOMATIC CONVERSION 

 

	 	(a)	 Subject to early repayment of the Convertible Loan Notes in accordance with Condition 2 or conversion in
accordance with Condition 3, the principal amount of the Convertible Loan Notes held by the Noteholders which remain outstanding at the Automatic Conversion Date shall be converted into Common Shares at the Automatic Conversion Price (with any
and all accrued and unpaid interest on those Convertible Loan Notes to be paid to the relevant Noteholders in cash (subject to any requirement to deduct or withhold amounts in respect of tax therefrom)). An Automatic Conversion Notice can only be
served: (i) in connection with a public offering of the Company’s shares on a recognized stock exchange (“IPO”) that raises a minimum of US$100 million of gross proceeds with a price to the public per share in excess
of the Conversion Price (a “Qualifying IPO”); or (ii) upon a Sale of the Company prior to the Maturity Date (including an Extended Maturity Date) that results in net proceeds available for distribution per Common Share equal to
or greater than the Conversion Price. Upon conversion, such Common Shares shall be subject to the rights and obligations set forth in the Articles of Association. 

  
 14 

	 	(b)	 The Automatic Conversion Notice shall: 

 

	 	(i)	 require conversion into Common Shares of a Noteholder’s entire holding of Convertible Loan Notes;

  

	 	(ii)	 specify the nominal amount of Convertible Loan Notes held by each Noteholder which is subject to conversion
into Common Shares as at the Automatic Conversion Date in respect of such Convertible Loan Notes which are subject to conversion into Common Shares; and 

  

	 	(iii)	 be duly completed and signed by the Company. 

 

	 	(c)	 Within fifteen Business Days of the Automatic Conversion Date, the Company shall allot and issue credited as
fully paid to the Noteholders, the number of Common Shares to which each shall be entitled at the Automatic Conversion Price. Such allotment and issue shall be in full satisfaction and discharge of the principal monies in respect of the Convertible
Loan Notes so converted. Any accrued and unpaid interest on those Convertible Loan Notes shall be paid to the relevant Noteholders in cash (subject to any requirement to deduct or withhold amounts in respect of tax therefrom) prior to the allotment
and issue of the Common Shares referred to in this paragraph. 

  

	 	(d)	 Not later than ten Business Days following the relevant allotment of Common Shares pursuant to
Condition 4.1(c), the Company shall procure that registration shall take place and shall send free of charge to the relevant Noteholder, a share certificate in respect of the relevant Common Shares. Entitlements to Common Shares shall be
rounded down and fractional entitlements satisfied in cash in the manner prescribed by Condition 7.2 of this Schedule 2. Cash entitlements to less than US$500 shall be disregarded and not paid. 

 

	 	(e)	 Common Shares issued to a Noteholder on conversion of the Convertible Loan Notes shall rank equally in all
respects with the other then existing Common Shares on and from the date of allotment and such Common Shares shall be entitled to all dividends and other distributions attaching to the Common Shares arising on and from the date of allotment of such
Common Shares. 

  

	 	(f)	 In this Condition 4.1, unless the context otherwise requires the following expressions shall have the
following meanings: 

  

							
	      	  	        	  	Automatic Conversion Date	  	means the date on which an Automatic Conversion Notice is served by the Company;
				
		  		  	Automatic Conversion Notice	  	means the notice in the form set out in Schedule 6;
				
		  		  	Automatic Conversion Price	  	means the Conversion Price; and

  

	4.2	 SENIOR LENDER FORCED CONVERSION 

 

	 	(a)	 Subject to early repayment of the Convertible Loan Notes in accordance with Condition 2 or conversion in
accordance with Condition 3, if the Company is prohibited by the terms of any Senior Debt or pursuant to the terms of the Intercreditor Agreement (or any Additional Intercreditor Agreement) from repaying the Convertible Loan Notes in whole or
in part upon the Maturity Date and the Company is not repaying such Senior Debt, obtaining a waiver or amendment from such Senior Lender or otherwise taking actions that would make a repayment permissible under the terms of such Senior Debt or
pursuant to the terms of the Intercreditor Agreement (or any Additional Intercreditor 

  
 15 

	 	
Agreement) then the Company shall provide notice that it will not be able to repay the Convertible Loan Notes in cash on the Maturity Date to the relevant Noteholders at least 90 days prior to
the Maturity Date (“Extension Notice Deadline”). In such an event, each Noteholder shall have the option to extend the maturity of their Convertible Loan Notes to a date which is 90 days after the maturity of any Senior Debt
(“Extended Maturity Date”) by providing notice thereof to the Company by the date that is thirty days prior to the Maturity Date (the “Extension Deadline”) and, in the event that a Noteholder affirmatively exercises
such option, the interest rate shall automatically increase to 8.5% from the Maturity Date and shall apply throughout the duration of the period to the Extended Maturity Date; provided that if a Noteholder does not elect to extend the terms of his,
her or its Convertible Loan Note prior to the Extension Deadline, then in such instance the Company shall be able to force the conversion (“Senior Lender Forced Conversion”) of the principal amount of the Convertible Loan Notes held
by such Noteholders that remain outstanding at the Senior Lender Forced Conversion Date into Common Shares at the Senior Lender Forced Conversion Price, provided that the Company has served all such Noteholders with a Senior Lender Forced Conversion
Notice. Upon conversion, such Common Shares shall be subject to the rights and obligations set forth in the Articles of Association. Any accrued and unpaid interest on the Convertible Loan Notes shall be paid to the relevant Noteholders in cash
(subject to any requirement to deduct or withhold amounts in respect of tax therefrom) prior to the allotment and issue of the Common Shares referred to in this paragraph. 

 

	 	(b)	 The Senior Lender Forced Conversion Notice shall: 

 

	 	(i)	 require conversion into Common Shares of a Noteholder’s entire holding of Convertible Loan Notes;

  

	 	(ii)	 specify the nominal amount of Convertible Loan Notes held by each Noteholder which is subject to conversion
into Common Shares as at the Senior Lender Forced Conversion Date in respect of such Convertible Loan Notes which are subject to conversion into Common Shares; and 

 

	 	(iii)	 be duly completed and signed by the Company. 

 

	 	(c)	 Within fifteen Business Days of the Senior Lender Forced Conversion Date, the Company shall allot and issue
credited as fully paid to the Noteholders, the number of Common Shares to which each shall be entitled at the Senior Lender Forced Conversion Price. Such allotment and issue shall be in full satisfaction and discharge of the principal monies in
respect of the Convertible Loan Notes so converted. Any accrued and unpaid interest on those Convertible Loan Notes shall be paid to the relevant Noteholders in cash (subject to any requirement to deduct or withhold amounts in respect of tax
therefrom) prior to the allotment and issue of the Common Shares referred to in this paragraph. 

  

	 	(d)	 Not later than ten Business Days following the relevant allotment of Common Shares pursuant to
Condition 4.2(c), the Company shall procure that registration shall take place and shall send free of charge to the relevant Noteholder, a share certificate in respect of the relevant Common Shares. Entitlements to Common Shares shall be
rounded down and fractional entitlements satisfied in cash in the manner prescribed by Condition 7.2 of this Schedule 2. Cash entitlements to less than US$500 shall be disregarded and not paid. 

 

	 	(e)	 Common Shares issued to a Noteholder on conversion of the Convertible Loan Notes pursuant to this
Condition 4.2 shall rank equally in all respects with the other then existing Common Shares on and from the date of allotment and shall be entitled to all dividends and other distributions arising on and from the date of allotment of such
Common Shares. 

  
 16 

	 	(f)	 In this Condition 4.2, unless the context otherwise requires the following expressions shall have the
following meanings: 

  

					
	                  	 	Senior Lender Forced Conversion Date	  	means the date on which a Senior Lender Forced Conversion Notice is served by the Company;
			
		 	Senior Lender Forced Conversion Notice	  	means the notice in the form set out in Schedule 6; and
			
		 	Senior Lender Forced Conversion Price	  	means the amount calculated at the rate of one Common Share for each US$1,269.283 nominal amount of Convertible Loan Notes held by the Noteholder as at the Senior Lender Forced Conversion Date (and subject to adjustment for stock
dividends, splits, combination and similar events), with any fraction of a Common Share being rounded down to the nearest whole number and entitlements to fractions of a Common Share being satisfied in cash subject to
Condition 4.2(d).

  

	4.3	 COMPANY FORCED CONVERSION 

 

	 	(a)	 Subject to early repayment of the Convertible Loan Notes in accordance with Condition 2 or conversion in
accordance with Condition 3, if at any time after 18 months from the issuance of the Convertible Loan Notes the Company successfully raises additional equity in a private offering of at least US$50 million and at a pre-money valuation that is equal to or greater than US$1,650,000,000 (one billion, six hundred and fifty million) (a “Qualifying Equity Round”), then the Company, subject to the relevant
Shareholder approvals, shall be able to force the conversion (“Company Forced Conversion”) of the principal amount of the Convertible Loan Notes held by Noteholders that remain outstanding at the Company Forced Conversion Date into
the same class of equity security issued to investors in the Qualifying Equity Round (“Qualifying Equity Securities”) at the Company Forced Conversion Price, provided that the Company has served all such Noteholders with a Company
Forced Conversion Notice (with any accrued and unpaid interest on those Convertible Loan Notes to be paid to the relevant Noteholders in cash (subject to any requirement to deduct or withhold amounts in respect of tax therefrom) prior to the
allotment and issue of the Qualifying Equity Securities referred to in this paragraph). Upon conversion, such Qualifying Equity Securities shall be subject to the rights and obligations set forth in the Articles of Association.

  

	 	(b)	 The Company Forced Conversion Notice shall: 

 

	 	(i)	 require conversion into Qualifying Equity Securities of a Noteholder’s entire holding of Convertible Loan
Notes; 

  

	 	(ii)	 specify the nominal amount of Convertible Loan Notes held by each Noteholder which is subject to conversion
into Qualifying Equity Securities as at the Company Forced Conversion Date in respect of such Convertible Loan Notes which is subject to conversion into Qualifying Equity Securities; and 

 

	 	(iii)	 be duly completed and signed by the Company. 

  
 17 

	 	(c)	 Within fifteen Business Days of the Company Forced Conversion Date, the Company shall allot and issue credited
as fully paid to the Noteholders, the number of Qualifying Equity Securities to which each shall be entitled at the Company Forced Conversion Price. Such allotment and issue shall be in full satisfaction and discharge of the principal monies in
respect of the Convertible Loan Notes so converted. Any accrued and unpaid interest on those Convertible Loan Notes shall be paid to the relevant Noteholders in cash (subject to any requirement to deduct or withhold amounts in respect of tax
therefrom) prior to the allotment and issue of the Qualifying Equity Securities referred to in this paragraph. 

  

	 	(d)	 Not later than ten Business Days following the relevant allotment of Qualifying Equity Securities pursuant to
Condition 4.3(c), the Company shall procure that registration shall take place and shall send free of charge to the relevant Noteholder, a share certificate in respect of the relevant Qualifying Equity Securities. Entitlements to a
fraction of a Qualifying Equity Security shall be rounded down and fractions disregarded and fractional entitlements satisfied in cash in the manner prescribed by Condition 7.2 of this Schedule 2. Cash entitlements to less than US$500 shall be
disregarded and not paid. 

  

	 	(e)	 Qualifying Equity Securities issued to a Noteholder on conversion of the Convertible Loan Notes pursuant to
this Condition 4.3 shall rank equally in all respects with the other then existing Qualifying Equity Securities on and from the date of allotment and shall be entitled to all dividends and other distributions arising on and from the date of
allotment of such Qualifying Equity Securities. 

  

	 	(f)	 In this Condition 4.3, unless the context otherwise requires the following expressions shall have the
following meanings: 

  

			
	 Company Forced Conversion Date
	  	means the date on which a Company Forced Conversion Notice is served by the Company;
		
	 Company Forced Conversion Notice
	  	means the notice in the form set out in Schedule 6; and
		
	 Company Forced Conversion Price
	  	means the Conversion Price.

  

	5.	 ADDITIONAL DEBT 

 

	5.1	 In addition to any Senior Debt or debt provided by Senior Lenders, the Company is permitted to incur additional
unsecured debt which is subordinated to the Convertible Loan Notes in an aggregate amount of up to US$100 million without the need for any consent from Noteholders. 

 

	6.	 EVENTS OF DEFAULT 

 

	6.1	 Subject to the provisions of clause 3 (Status of the Convertible Loan Notes) and Condition 2.1, 3
and 4 above, each Noteholder shall be entitled to require all or any part of the Convertible Loan Notes held by him to be repaid at par together with accrued interest (subject to any requirement to deduct or withhold amounts in respect of tax
therefrom) up to (but excluding) the date of payment whilst any of the following is continuing: 

  

	 	(a)	 any principal or interest payable on any of the Convertible Loan Notes held by the Noteholder shall fail to be
paid in full (subject to any requirement to make a deduction or withholding on account of tax) within 14 days of the due date for payment thereof; or 

  
 18 

	 	(b)	 an order is made or an effective resolution is passed for the
winding-up or dissolution (or equivalent procedure in any other jurisdiction) of the Company (otherwise than for the purposes of an amalgamation or reconstruction or a members’ voluntary winding-up upon terms previously approved by Extraordinary Resolution); or 

  

	 	(c)	 an encumbrancer takes possession or a trustee, receiver or an administrator or administrative receiver or
similar officer is appointed of all or substantially all of the undertaking of the Company; 

 provided that, in each case,
no Noteholder may exercise any remedies or take any enforcement action (including but not limited to taking any steps to, or join any other creditor to, commence or pursue any bankruptcy, insolvency, administration, receivership or other analogous
proceedings but excluding the right to make demand for payment to preserve a Noteholder’s position in the insolvency of the Company), against the Company, or any of its subsidiaries until the Senior Debt is repaid in full, other than to make
demand for payment on or following an Interest Payment Date or a Maturity Date or an Extended Maturity Date, as applicable where permitted to do so by the terms of the Intercreditor Agreement (or any Additional Intercreditor Agreement). 

 

	6.2	 Subject to clause 3 (Status of the Convertible Loan Notes) and Condition 2.1, 3 and 4 above, the
rights set out in Condition 6.1 above shall be exercisable by the Noteholder concerned completing and signing such form as the Directors may approve for this purpose and lodging the same at the registered office of the Company, accompanied by
the certificate(s) for all the Convertible Loan Notes to be redeemed and such evidence (if any) as the Directors may reasonably require to prove the title of the person requiring repayment. A notice of repayment given to the Company in accordance
with this Condition shall be irrevocable. 

  

	6.3	 The Company shall notify the Noteholders forthwith of the happening of any of the events specified in
Condition 6.1. 

 Notwithstanding anything to the contrary herein, no Noteholder may exercise any remedies or take any
enforcement action (including but not limited to taking any steps to, or join any other creditor to, commence or pursue any bankruptcy, insolvency, administration, receivership or other analogous proceedings but excluding the right to make demand
for payment to preserve a Noteholder’s position in the insolvency of the Company) against the Company, or any of its subsidiaries until the Senior Debt is repaid in full, other than to make demand for payment on or following an Interest Payment
Date, a Maturity Date or an Extended Maturity Date, as applicable where permitted to do so by the terms of the Intercreditor Agreement (or any Additional Intercreditor Agreement). 

 

	7.	 METHOD OF PAYMENT 

 

	7.1	 Payment of the principal moneys and interest payable upon the Convertible Loan Notes, or any part thereof, may
be made by wire transfer to each Noteholder’s bank account (as notified to the Company), or by cheque, warrant or money order sent through the post at the risk of the Noteholder or Noteholders (as the case may be) to the registered address of
the Noteholder or, in the case of all joint Noteholders, to the registered address of that one of them who is first named on the Register, or to such person and to such address as the Noteholder or all joint Noteholders may in writing direct. Every
such cheque, warrant or money order shall be made payable to the order of the person to whom it is sent (or to such person as the Noteholder or all joint Noteholders may in writing direct) and payment of the cheque, warrant or money order shall be a
satisfaction of the principal and interest represented by it. 

  

	7.2	 If any Convertible Loan Notes are converted into Common Shares or Qualifying Equity Securities in accordance
with Conditions 3 or 4 and there is a balance of the principal amount outstanding in respect of such Noteholder’s holding of Convertible Loan Notes, arising from entitlements to the relevant Common Shares or Qualifying Equity Securities
being rounded down, such fractional entitlements shall be satisfied in cash provided such balance is equal to or more than US$500 (the “Cash Balance”). If so, then such Cash Balance shall be satisfied by the Company paying
the relevant Noteholder an amount equal to the Cash Balance (subject to any requirement to deduct or withhold amounts in respect of tax therefrom). 

  
 19 

	8.	 SURRENDER OF CERTIFICATE AND PRESCRIPTION 

 

	8.1	 Every Noteholder any part of whose principal amount of Convertible Loan Notes are due to be repaid under any of
the provisions of these Conditions shall, not later than the due date for such repayment of principal, deliver the relevant certificates for such Convertible Loan Notes to the Company or as it shall direct. Unless payment of the amount due to be
repaid has already been made in accordance with Condition 7, upon such delivery and against a receipt for the principal moneys payable in respect of the Convertible Loan Notes to be repaid, the Company shall pay to the Noteholder the amount
payable to him in respect of such repayment in accordance with Condition 7. If part only of any Convertible Loan Note(s) as evidenced by the relevant certificate so delivered is then due to be repaid, the Company shall either endorse such
Convertible Loan Note with a memorandum of the date and amount paid to the holder of such Convertible Loan Note and return it to the Noteholder or shall cancel such Convertible Loan Note and without charge issue to such Noteholder a new certificate
in respect of the Convertible Loan Notes for the balance of the principal amount due to him. 

  

	8.2	 If any Noteholder, any part of whose principal amount of Convertible Loan Notes is liable to be repaid under
these Conditions, shall fail or refuse to deliver up the certificate(s) for such Convertible Loan Notes at the time and place fixed for repayment thereof or should fail or refuse to accept payment of the repayment moneys payable in respect thereof,
the moneys payable to such Noteholder shall be set aside by the Company and paid into a separate bank account and held by the Company in trust for such Noteholder but without interest and such setting aside shall be deemed for all the purposes of
these Conditions to be a payment to such Noteholder and the Company shall thereby be discharged from all obligations in connection with such Convertible Loan Notes. If the Company shall place the said moneys on deposit at a bank, they shall not be
responsible for the safe custody of such moneys or for interest thereon except such interest (if any) as the said moneys may earn whilst on deposit, less any expenses incurred by the Company in connection therewith, including administrative costs.
Subject to applicable law, any such amount so paid or deposited, which remains unclaimed after a period of 12 years in respect of interest and 12 years in respect of principal amounts in each case from the date on which the relevant payments first
become due, shall revert to and belong to the Company notwithstanding that in the intervening period the obligation to pay the same may have been provided for in the books, accounts and other records of the Company. 

 

	9.	 CANCELLATION 

All Convertible Loan Notes purchased or repaid by the Company shall be cancelled and shall not be available for reissue. 

 

	10.	 INTEREST 

  

	10.1	 Until such time as the relevant Convertible Loan Notes are repaid, converted or purchased in accordance with
these Conditions, interest on the relevant Convertible Loan Notes will accrue from the date of issue of the relevant Convertible Loan Notes and from day to day and will be calculated on the basis of a 365-day
year and the Company will pay interest on the principal amount of the relevant Convertible Loan Notes (subject to any requirement to deduct or withhold amounts in respect of tax therefrom) semi-annually, in arrears, with the first payment occurring
on the date (the “First Interest Payment Date”) falling six months after the date of issue of the relevant Convertible Loan Notes and subsequent payments occurring upon each six-month
anniversary of the First Interest Payment Date (and if any such day is not a Business day, on the next succeeding Business day) (each an “Interest Payment Date”). 

  
 20 

	10.2	 The rate of interest on the Convertible Loan Notes (the “Rate of Interest”) will be calculated
by the Company and will be 5% per annum from the date of the allotment and issue of the relevant Convertible Loan Notes. 

  

	10.3	 Interest on any Convertible Loan Notes repaid by the Company in accordance with these Conditions shall cease to
accrue as from the date of repayment. Interest on any Convertible Loan Notes converted in accordance with Conditions 3 or 4 shall cease to accrue interest as from the Conversion Date, or from the Automatic Conversion Date, the Senior Lender
Forced Conversion Date or the Company Forced Conversion Date, as applicable. 

  

	11.	 MODIFICATION 

  

	11.1	 The provisions of the Instrument and the rights of the Noteholders may from time to lime be modified, abrogated
or compromised in any respect by the Company and the Noteholders, subject to the consent of the Majority Noteholders as evidenced in an Extraordinary Resolution as provided in the Instrument but subject to the consent of the Company.

  

	11.2	 The Company may amend the provisions of the Instrument with the consent of the Majority Noteholders but without
the sanction or consent of the Noteholders if, in the reasonable opinion of the Company, such amendment would not be materially prejudicial to the interest of Noteholders or is of a formal, minor or technical nature or corrects a manifest error.

  

	12.	 REGISTRATION, TRANSFER AND MARKETABILITY 

 

	12.1	 The Convertible Loan Notes will be registered in amounts of US$1 or integral multiples thereof subject to and
in accordance with the provisions of the Instrument. 

  

	12.2	 The Convertible Loan Notes will be transferable (subject to paragraph 4 of Schedule 3) in amounts or integral
multiples of US$1, subject in all cases to the receipt of consent from the Board of the Company prior to any such transfer and subject to the provisions of Condition 12.3 below. 

 

	12.3	 Notwithstanding the foregoing, 

 

	 	(a)	 no transfer of Convertible Loan Notes will be registered until each transferee has (if so required by the
Company) delivered to the Company a certificate in the prescribed form to the effect that such transferee is not a US Person and is not acquiring, and will not be holding, such Convertible Loan Notes for the account or benefit of a US Person or with
a view to the offer, sale or delivery, directly or indirectly, of such Convertible Loan Notes in the United States, Canada, Japan, Australia or the Republic of South Africa or to or for the account or benefit of any US Person or any other person
whom such transferee has reason to believe is purchasing for the purpose of such offer, sale or delivery and: 

  

	 	(i)	 payments of interest or principal in respect of the Convertible Loan Notes will not be made to addresses in
Canada, Japan, Australia or the Republic of South Africa; 

  

	 	(ii)	 documents of title in respect of the Convertible Loan Notes will not be sent to addresses in Canada, Japan,
Australia or the Republic of South Africa; and 

  

	 	(iii)	 registered addresses of holders of Convertible Loan Notes must be outside Canada, Japan, Australia and the
Republic of South Africa; or 

  

	 	(b)	 a registration statement on the appropriate form under the Securities Act and a registration statement or an
exemption therefrom under applicable state “blue sky’ and any other applicable securities laws with respect to the Convertible Loan Notes proposed to be transferred shall then be effective; or 

  
 21 

	 	(c)	 the Company shall have received an opinion of counsel in form and substance satisfactory to it that such
Securities Act registration is not required because such transaction complies with the Securities Act or with rules promulgated by the Securities and Exchange Commission of the United States of America under and with applicable state and US
securities laws. 

 13. LOST OR DESTROYED NOTES 

If a Convertible Loan Note is defaced, lost or destroyed it may be renewed on payment of such fee as is reasonable and on such terms (if any)
as to evidence and indemnity as the Board may reasonably require but so that in the case of defacement the defaced Convertible Loan Note shall be surrendered before a new Convertible Loan Note is issued. An entry as to the issue of a new Convertible
Loan Note and indemnity (if any) shall be made in the Register. 
  

	14.	 NOTICE TO NOTEHOLDERS 

 

	14.1	 Any notice or other document (including certificates for Convertible Loan Notes) may be served on a Noteholder
(i) by sending the same by post in a prepaid letter addressed to such Noteholder at his registered address; or (ii) by means of an electronic communication to the email address notified to the Company by such Noteholder.

  

	14.2	 In the case of joint Noteholders a notice or document served on the Noteholder whose name stands first in the
Register shall be sufficient notice to all the joint Noteholders. 

  

	14.3	 Any notice or other document may be served on the person entitled to a Convertible Loan Note in consequence of
the death or bankruptcy of any Noteholder by sending the same by post, in a prepaid letter addressed to him by name or by the title of the representative or trustees of such Noteholder, at the address (if any) in the United Kingdom supplied for the
purpose by such persons or (until such address is supplied) by giving notice in the manner in which it would have been given if the death or bankruptcy had not occurred. Service of any notice in accordance with this Condition 14.3 shall
constitute sufficient notice to all other persons interested in the Convertible Loan Note. 

  

	15.	 NOTICES TO THE COMPANY 

Any notice, demand or other document (including certificates for Convertible Loan Notes and transfers of Convertible Loan Notes) may be served
on the Company by leaving it at or sending the same by post in a prepaid letter to the registered office of the Company or to such other address as the Company may from time to time notify to Noteholders or by sending it by email to Veronique Ameye
at the following email address: veronique.ameye@lumiradx.com (or such other email address as the Company may provide from time to time). 
  

	16.	 SERVICE OF NOTICES 

 

	16.1	 Any notice or document served on the Company shall be deemed to have been served 4 days after it is posted or,
if such day is not a Business day, then on the next following Business day and in proving such service it shall be sufficient to prove that the letter containing the notice was properly addressed, stamped and posted. 

  
 22 

	16.2	 Any notice or document served by email on the Company shall be deemed to have been served upon transmission to
the email address specified at clause 15 above, provided that a hard copy is sent by post as soon as reasonably practicable thereafter to: 

FAO: Veronique Ameye 

LumiraDx Limited 
 Estera
Trust (Cayman) Limited 
 PO Box 1350 

Clifton House, 75 Fort Street 

Grand Cayman KY1-1108 

Cayman Islands 
  

	17.	 INSPECTION OF THE INSTRUMENT 

A copy of the Instrument shall be kept at the registered office of the Company. A Noteholder and any person authorised by a Noteholder may at
all reasonable times during office hours inspect such copy. 
  

	18.	 WITHHOLDING AND STAMP DUTY 

Notwithstanding any other Condition (or other provision of this Instrument): 

 

	 	(a)	 The Company shall make all payments (whether in cash or in kind, and including where satisfied by the issuance
of shares, securities or otherwise) without deduction or withholding on account of tax, except where required by law. 

  

	 	(b)	 Where the Company is required by law to make such a deduction or withholding as is mentioned in Condition
18(a), the Company shall (i) make such deduction or withholding in the minimum amount permitted by law, within all applicable time limits: (ii) account to the relevant tax authority for the amount so withheld or deducted; and
(iii) notify the relevant affected Noteholder(s) of the withholding or deduction. 

  

	 	(c)	 Without limitation to the generality of Condition 18(b), the Company shall, in respect of any issuance of
shares or securities (on a conversion in accordance with the Conditions or otherwise), be permitted to reduce the amount of shares or securities so issued as required in order to satisfy any obligation to make a withholding or deduction on account
of tax (or take such other action as is reasonably required to address the relevant withholding or deduction requirement). 

  

	 	(d)	 Under no circumstances shall the Company be required to pay (or otherwise account for) to any Noteholder any
additional amount in respect of any withholding or deduction made on account of tax from any payment, amount or issuance otherwise receivable by such Noteholder under the terms of this Instrument (including the Conditions). 

 

	 	(e)	 Should any stamp duty be due in connection with any Convertible Loan Notes in any jurisdiction, such stamp duty
shall be for the account of the relevant Noteholder. 

  
 23 

 SCHEDULE 3 

PROVISIONS AS TO THE REGISTER 
  

	1.	 REGISTER OF CONVERTIBLE LOAN NOTES 

 

	1.1	 The Company shall cause a register to be maintained at the registered office of the Company showing the amount
of the Convertible Loan Notes for the time being issued, the date of issue and the amount of Convertible Loan Notes for the time being outstanding, the names and addresses of the relevant Noteholders, the nominal amounts of the Convertible Loan
Notes held by them respectively, the relevant denoting numbers (as provided in clause 4 of the Instrument) and all transfers or changes of ownership of the Convertible Loan Notes. 

 

	1.2	 Any change of name or address on the part of any holder of Convertible Loan Notes shall forthwith be notified
by the holder to the Company, and it shall alter the Register accordingly. 

  

	2.	 RECOGNITION OF NOTEHOLDER AS ABSOLUTE OWNER 

 

	2.1	 Except as required by law, the Company will recognise the registered holder of any Convertible Loan Notes as
the absolute owner thereof and shall not (except as ordered by a court of competent jurisdiction) be bound to take notice or see to the execution of any trust, whether express, implied or constructive or otherwise, to which any Convertible Loan
Notes may be subject and the Company may accept the receipt of the registered holder for the time being of any Convertible Loan Notes, or in the case of joint registered holders the receipt of any of them, for the principal moneys payable in respect
thereof or for the interest from time to time accruing due in respect thereof or for any other moneys payable in respect thereof as a good discharge to the Company, notwithstanding any notice it may have whether express or otherwise of the right,
title, interest or claim of any other person to or in such Convertible Loan Notes, interest or moneys. 

  

	2.2	 If a warrant in payment of any amounts due to the registered holders of any Convertible Loan Notes, made
payable and despatched in accordance with the Conditions, is encashed such encashment shall be deemed to be a good discharge to the Company notwithstanding any notice it may have whether express or otherwise of the right, title, interest or claim of
any other person to or in such moneys. 

  

	2.3	 No notice of any trust, express, implied or constructive or otherwise, shall (except as by statute provided or
as required by order of a court of competent jurisdiction) be entered in the Register in respect of any Convertible Loan Notes. 

  

	3.	 EXCLUSION OF EQUITIES 

The Company will recognise every holder of Convertible Loan Notes as entitled to his Convertible Loan Notes free from any equity, set-off or cross-claim on the part of the Company against the original or any intermediate holder of the Convertible Loan Notes. 
  

	4.	 TRANSFERABILITY OF CONVERTIBLE LOAN NOTES 

 

	4.1	 Every holder of Convertible Loan Notes will be entitled (subject as provided herein) to transfer the same or
any part (being an integral multiple of US$1) by an instrument in writing in the usual or common form or such other form as the Company may accept. There shall not be included in any instrument of transfer any notes other than the Convertible Loan
Notes constituted by the instrument. Subject to the provisions of Condition 12 of Schedule 2, a transfer can only be made to another Noteholder, and with the consent of the Board of the Company to such other person as is approved by the
Board of the Company, subject to compliance with clause 4.3 of Schedule 3. 

  
 24 

	4.2	 Every instrument of transfer must be signed by the transferor or where the transferor is a corporation given
under its common seal or signed on its behalf by a duly authorised officer or agent and the transferor shall remain the owner of the Convertible Loan Notes to be transferred until the name of the transferee is entered in the Register in respect
thereof. 

  

	4.3	 Every instrument of transfer must be signed by the transferee or where the transferee is a corporation given
under its common seal or signed on its behalf by a duly authorised officer or agent and must provide for the benefit of the Company and the Trustee that the transferee agrees to be bound by the terms of this Instrument as Noteholder and authorises
the Trustee to sign a Creditor Accession Undertaking (as defined in the Intercreditor Agreement or Additional Intercreditor Agreement, as applicable) in form and substance satisfactory to the Company. 

 

	4.4	 Every instrument of transfer must be lodged for registration at the place where the Register shall for the time
being be kept accompanied by the certificate for the Convertible Loan Notes all or part of the nominal amount of which is to be transferred and such other evidence as the Directors or other officers of the Company authorised to deal with transfers
may require to prove the title of the transferor or his right to transfer the Convertible Loan Notes and, if the instrument of transfer is executed by some other person on his behalf, the authority of the person signing the same.

  

	4.5	 No transfer shall be registered of Convertible Loan Notes in respect of which a notice requiring repayment has
been given. 

  

	4.6	 All instruments of transfer which shall be registered may be retained by the Company. 

 

	5.	 NO FEE FOR REGISTRATION OF TRANSFERS 

No fee shall be charged for the registration of any transfer or for the registration of any probate, letters of administration, certificate of
marriage or death, power of attorney or other document relating to or affecting the title to any Convertible Loan Notes. 
  

	6.	 DEATH OR BANKRUPTCY OF NOTEHOLDERS 

 

	6.1	 The executors or administrators of a deceased Noteholder (not being one of several joint holders) shall be the
only persons recognised by the Company as having any title to or interest in such Convertible Loan Note. 

  

	6.2	 In the case of the death of any of the joint holders of a Note the survivors or survivor will be the only
persons or person recognised by the Company as having any title to or interest in such Convertible Loan Note. 

  

	6.3	 Any person becoming entitled to Convertible Loan Notes in consequence of the death or bankruptcy of any
Noteholder or of any other event giving rise to the transmission of such Convertible Loan Notes by operation of law may, upon producing such evidence that he sustains the character in respect of which he proposes to act under this paragraph or of
his title as the Directors shall think sufficient, be registered himself as the holder of the Convertible Loan Note or subject to the preceding paragraphs may transfer the Convertible Loan Note. 

 

	7.	 RECEIPT OF JOINT HOLDERS 

If several persons are entered in the register as joint registered holders of any Convertible Loan Notes, then, without prejudice to paragraph
2 above, the receipt of any one of such persons for any interest or principal or other moneys payable in respect of such Convertible Loan Notes shall be as effective a discharge to the Company as if the person in receipt were the sole registered
holder of such Convertible Loan Notes. 

  
 25 

	8.	 THE REGISTERS 

 

	8.1	 A Noteholder and any person authorised by him may at all reasonable times during office hours inspect the
Register and upon payment of a reasonable charge take copies of, or extracts from, the Register or any part of either of it. 

  

	8.2	 The Register may be closed by the Company for such periods and at such times (not exceeding 30 Business Days in
any one year) as it may think fit and during such period the Company shall not be under an obligation to register transfers of the Convertible Loan Notes. 

  

	9.	 RISK TO NOTEHOLDERS 

All certificates, other documents and remittances sent through the post shall be sent at the risk of the Noteholders entitled thereto. 

  
 26 

 SCHEDULE 4 

PROVISIONS FOR MEETINGS OF NOTEHOLDERS 
  

	1.	 CALLING OF MEETINGS 

 

	1.1	 The Company at any time may, and shall upon the request in writing signed by Noteholders holding not less than one-tenth in nominal value of the Convertible Loan Notes for the time being outstanding (a “requisition”), convene a meeting of the Noteholders. Every such meeting and every adjourned meeting shall
be held at the registered office of the Company for the time being or such other place as the Company may specify. 

  

	1.2	 A requisition: 

  

	 	(a)	 shall state the objects of the meeting; 

 

	 	(b)	 shall be signed by the requisitionists and deposited at the Company’s registered office, as applicable;
and 

  

	 	(c)	 may consist of several documents in like form each signed by one or more requisitionists.

  

	2.	 NOTICE OF MEETINGS 

At least 21 days’ notice (exclusive of the day on which the notice is given or deemed to be given and the day on which the meeting is to
be held) specifying the day, time and place of meeting shall be given to the Noteholders of any meeting of the Noteholders. Any such notice shall specify the terms of the resolutions to be proposed and shall include a statement to the effect that
proxies may be appointed in accordance with the provisions of paragraph 15 of this schedule. No amendment (other than an amendment to correct a typographical or manifest error) may subsequently be made to the resolution(s) specified in the notice of
meeting. The accidental omission to give notice to, or the non-receipt of notice by, any of the Noteholders shall not invalidate any resolution passed at any such meeting. 

 

	3.	 CHAIRMAN OF MEETINGS 

Such person (who may, but need not, be a Noteholder) nominated in writing by the Board shall be entitled to take the chair at any such meeting
or adjourned meeting. If at any meeting or adjourned meeting no person shall be nominated or the person nominated shall not be present within 15 minutes after the time appointed for the holding of such meeting or adjourned meeting the Noteholders
present shall choose one of their number to be chairman. 
  

	4.	 QUORUM AT MEETINGS 

At any such meeting two or more persons present in person (not being the Company, any person directly or indirectly under the control of the
Company or any nominees thereof) or by proxy holding Convertible Loan Notes or being proxies and being or representing in the aggregate the holders of one-third in nominal amount of the Convertible Loan Notes
then outstanding and not held by or on behalf of the Company shall form a quorum for the transaction of business and no business (other than the choosing of a chairman) shall be transacted at any meeting unless the requisite quorum be present at the
commencement of business. 

  
 27 

	5.	 ABSENCE OF QUORUM 

If within 15 minutes (or such longer period as the chairman shall, in his absolute discretion, decide) from the time appointed for any such
meeting a quorum is not present, the meeting shall, if convened upon the requisition of Noteholders, be dissolved. In any other case, the meeting shall stand adjourned for such period, not being less than 14 days nor more than 42 days, and to such
time and place as may be appointed by the chairman. At such adjourned meeting two or more persons present in person or by proxy (not being the Company, any person directly or indirectly under the control of the Company or any nominee thereof)
holding Convertible Loan Notes or being proxies (whatever the nominal amount of the Convertible Loan Notes which they hold or represent) shall form a quorum and shall have the power to pass any resolution and to decide upon all matters which could
properly have been dealt with at the meeting from which the adjournment took place had a quorum been present at such meeting. 
  

	6.	 NOTICE OF ADJOURNED MEETINGS 

At least ten days’ notice of any meeting adjourned through want of a quorum shall be given in the same manner as of an original meeting
and such notice shall state the quorum required at such adjourned meeting. Subject as aforesaid it shall not be necessary to give any notice of an adjourned meeting. 
  

	7.	 ADJOURNMENT OF MEETINGS 

The Chairman may with the consent of (and shall if directed by) the meeting adjourn the same from time to time and from place to place but no
business shall be transacted at any adjourned meeting except business which might properly have been transacted at the meeting from which the adjournment took place. 
  

	8.	 RESOLUTION ON A SHOW OF HANDS OR POLL 

Every question submitted to a meeting shall be decided in the first instance by a show of hands, and unless a poll is demanded (before or on
the declaration of the result of the show of hands) by the chairman, the Company or by one or more persons holding Convertible Loan Notes or being proxies and being or representing in the aggregate the holders of not less than one-twentieth of the nominal amount of the Convertible Loan Notes then outstanding and not held by or on behalf of the Company, a declaration by the chairman that a resolution has been carried, or carried by a
particular majority, or lost, or not carried by any particular majority shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against such resolution. 

 

	9.	 MANNER OF TAKING POLL 

If at any meeting a poll is so demanded it shall be taken in such manner and, subject as hereinafter provided, either at once or after such an
adjournment as the chairman directs and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the taking of the poll. The demand for a poll (other than in respect of the election
of the chairman or a request to adjourn) shall not prevent the continuance of the meeting for the transaction of any business other than the question on which the poll has been demanded. The demand for a poll may be withdrawn. 

 

	10.	 TIME FOR TAKING POLL 

Any poll demanded at any meeting on the election of a chairman or on any question of adjournment shall be taken at the meeting without
adjournment. 
  

	11.	 PERSONS ENTITLED TO ATTEND AND VOTE 

Any persons duly authorised by the Company including without limitation the Directors, the Secretary or the Company’s auditors or legal or
financial advisers shall be entitled to attend and speak at any meeting of the Noteholders and any other person authorised in that behalf by the Directors. Save as aforesaid no person shall be entitled to attend or vote at any meeting

  
 28 

 
of the Noteholders unless he is registered as a holder of Convertible Loan Notes or he produces written evidence of his appointment as a representative pursuant to paragraph 20 below or is a
proxy. No votes may be exercised in respect of Convertible Loan Notes held by or for the account of the Company or anyone directly or indirectly under the control of it, but this shall not prevent any proxy from being a director, officer or
representative of, or otherwise connected with the Company. 
  

	12.	 VOTES 

  

	12.1	 Subject as provided in paragraph 11 above, at any meeting: 

 

	 	(a)	 on a show of hands every Noteholder who (being an individual) is present in person or by proxy or (being a
corporation) is present by its representative duly authorised in accordance with paragraph 20 below or its proxy, shall have one vote; and 

  

	 	(b)	 on a poll every person who is so present shall have one vote in respect of every US$1 nominal of Convertible
Loan Notes of which he is the holder or in respect of which he is a proxy or a representative. 

  

	12.2	 Without prejudice to the obligations of any proxies any person entitled to more than one vote need not use all
his votes or cast all the votes to which he is entitled in the same way. 

  

	13.	 VOTES OF JOINT HOLDERS 

In the case of joint holders of Convertible Loan Notes the vote of the senior who tenders a vote whether in person or by proxy shall be
accepted to the exclusion of the votes of the other joint holders and for this purpose seniority shall be determined by the order in which the name stands in the Register. 
  

	14.	 CASTING VOTE OF CHAIRMAN 

In the case of an equality of votes, the chairman (if he is a Noteholder or is a proxy or representative of a Noteholder) shall both on a show
of hands and on a poll have a casting vote in addition to the vote or votes (if any) to which he is entitled as a Noteholder or as a proxy or as a representative. If the Chairman is not a Noteholder or a proxy or representative of a Noteholder, he
shall not have a casting vote. 
  

	15.	 APPOINTMENT OF PROXY 

 

	15.1	 Proxies named in any Form of Proxy (as defined below) or block voting instruction need not be Noteholders.

  

	15.2	 A Noteholder may by instrument in writing (a “Form of Proxy”) appoint a proxy. The Form of
Proxy shall be signed by the appointor or his attorney duly authorised in writing or if the appointor is a corporation either under the common seal or under the hand of an officer or attorney so authorised. The Company may, but shall not be bound
to, require evidence of the authority of any such officer or attorney. 

  

	15.3	 A Form of Proxy and the power of attorney or other authority (if any) under which it is signed or a notarially
certified copy of such power or authority shall be deposited at such place as the Company may, in the notice convening the meeting, direct or, if no such place is appointed, then at the registered office of the Company not less than 48 hours before
the time appointed for holding the meeting at which the person named in the Form of Proxy proposes to vote and, in default, the Form of Proxy shall not be treated as valid. No Form of Proxy shall be valid after the expiration of twelve months from
the date named in it as the date of its execution. 

  
 29 

	15.4	 A Form of Proxy may be in any usual or common form or in any other form which the Company shall approve. A
proxy shall, unless the contrary is stated therein and subject to paragraph 15.3 above and paragraph 15.5 below, be valid as well for any adjournment of the meeting as for the meeting to which it relates and need not be witnessed.

  

	15.5	 A vote given in accordance with the terms of a Form of Proxy shall be valid notwithstanding the previous death
or insanity of the principal or revocation of such proxy or of the authority under which the Form of Proxy was executed or transfer of the Convertible Loan Notes in respect of which it was executed provided that no intimation in writing of such
death, insanity, revocation or transfer shall have been received by the Company at its registered office at least one hour before the commencement of the meeting or adjourned meeting for the time being at which such proxy is used.

  

	16.	 POWERS OF MEETINGS OF NOTEHOLDERS 

 

	16.1	 A meeting of the Noteholders shall in addition to all other powers (but without prejudice to any powers
conferred on other persons in the Instrument) have the following powers exercisable only by Extraordinary Resolution namely: 

  

	 	(a)	 to sanction any proposal by the Company for any modification, abrogation, variation or compromise of, or
arrangement in respect of, the rights of the Noteholders against the Company whether such rights shall arise under the Conditions, the Instrument or otherwise; 

 

	 	(b)	 to sanction any proposal by the Company for the exchange or substitution for the Convertible Loan Notes of, or
the conversion of the Convertible Loan Notes into, other obligations or securities of the Company or any other person or entity; 

  

	 	(c)	 to assent to any modification or abrogation of the Conditions and of the provisions of this Instrument which
shall be proposed by the Company and to authorise the Company to execute an instrument supplemental to this Instrument embodying any such modification or abrogation; and 

 

	 	(d)	 to appoint any persons (whether Noteholders or not) as a committee or committees to represent the interests of
the Noteholders and to confer upon such committee or committees any powers or discretions which the Noteholders could themselves exercise by Extraordinary Resolution. 

 

	17.	 EXTRAORDINARY RESOLUTION BINDING ON ALL NOTEHOLDERS 

 

	17.1	 An Extraordinary Resolution passed at a meeting of the Noteholders duly convened and held in accordance with
this Instrument shall be binding upon all the Noteholders whether present or not at such meeting and each of the Noteholders shall be bound to give effect thereto accordingly. 

 

	17.2	 For the avoidance of doubt, unless herein specified otherwise, a resolution of a meeting of Noteholders duly
convened and held in accordance with the provisions contained herein shall be passed by a simple majority of the persons voting thereat upon a show of hands or, if a poll is demanded, then by a simple majority of the votes cast thereon.

  

	18.	 DEFINITION OF EXTRAORDINARY RESOLUTION 

The expression “Extraordinary Resolution” when used in this Instrument means a resolution passed at a meeting of the Noteholders duly
convened and held in accordance with the provisions contained herein by a majority consisting of not less than 50.1 per cent of the persons voting thereat upon a show of hands or, if a poll is demanded, then by a majority consisting of not
less than 50.1 per cent of the votes cast thereon. 

  
 30 

	19.	 MINUTES OF MEETINGS 

Minutes of all resolutions and proceedings at every such meeting shall be made and duly entered in books to be provided from time to time for
that purpose by the Company and any such minutes, if they purport to be signed by the chairman of the meeting at which such resolutions were passed or proceedings were transacted or by the chairman of the next succeeding meeting of the Noteholders,
shall be conclusive evidence of the matters therein contained and, until the contrary is proved, every meeting in respect of which minutes of the proceedings have been made and signed as aforesaid shall be deemed to have been duly held and convened
and all resolutions passed or proceedings transacted thereat to have been duly passed and transacted. 
  

	20.	 CORPORATE REPRESENTATIVES 

Any company or corporation which is a holder of Convertible Loan Notes may by resolution of its directors or other governing body authorise any
person to act as its representative at any meeting of Noteholders and such representative shall be entitled to exercise the same powers on behalf of the company or corporation which he represents as if he were the holder of Convertible Loan Notes.

  

	21.	 RESOLUTIONS IN WRITING 

A resolution in writing signed by or on behalf of a majority of the Noteholders shall have effect in the same manner as an Extraordinary
Resolution of Noteholders duly passed at a meeting duly convened and held. Such resolution in writing may be contained in one document or in several documents in like form, each signed by one or more Noteholders. 

 

	22.	 CONSENT OF COMPANY 

Notwithstanding anything in this Instrument to the contrary, no resolution shall be effective which would increase or vary any obligation of
the Company under the Instrument without the written consent of the Company. 

  
 31 

 SCHEDULE 5 

CONVERSION NOTICE 
  

	To:	 LumiraDx Limited (Company) 

I/We, 
 Name and Address of Noteholder(s), 

[                         
                                         
                                         
                                         
        ] being the registered holder[s] of [    ] Convertible Loan Notes issued by the Company pursuant to a convertible loan note instrument made by and between the Company and the
Trustee on [insert date] (Instrument) and represented by the enclosed certificate (Certificate), hereby give notice that we require the Company to convert the whole of the principal amount of the Convertible Loan Notes
represented by the Certificate dated [                    ] 20[        ] in accordance with the
Instrument into fully paid Common Shares in the capital of the Company in accordance with Condition 3 of Schedule 2 of the Instrument. Terms defined in the Instrument have the same meaning in this notice letter. 

I/We agree to accept all the fully paid Common Shares to be allotted to us pursuant hereto subject to the Articles of Association. 

Dated:    [                   
                                     ]
20[        ] 
 Signed:
[                                         
                                         
                                   

                       
                                         
                                         
                ] 
 Duly authorised
signatory(ies) for and on behalf of the [name of relevant Noteholder(s)]. 

  
 32 

 SCHEDULE 6 

FORM OF [AUTOMATIC/SENIOR LENDER FORCED/COMPANY FORCED] CONVERSION NOTICE 

 

	To:	 [Details of each Noteholder] 

Dear Noteholder, 
 You are currently the registered holder[s] of
[    ] Convertible Loan Notes issued by the Company pursuant to a convertible loan note instrument made by and between the Company and the Trustee on 15 October 2019 (Instrument). Terms defined in the Instrument have
the same meaning in this notice letter. We hereby give you notice that we are exercising our rights pursuant to [an Automatic Conversion/Senior Lender Forced Conversion/Company Forced Conversion] and accordingly we require the whole of the principal
amount of the Convertible Loan Notes to be converted into fully paid [Common Shares/Qualifying Equity Securities] in the capital of the Company in accordance with Condition [4.1/4.2/4.3] of Schedule 2 of the Instrument. 

The fully paid [Common Shares/Qualifying Equity Securities] to be allotted to you pursuant hereto will be subject to the Articles of Association. 

 

			
	Dated:	  	[                             ] 20[     ]
		
	Signed:	  	[                             ] 20[     ]
		
		  	For and on behalf of LumiraDx Limited.

  
 33 

 IN WITNESS whereof this instrument has been executed as a deed and has been delivered on the date
which appears on page one of the Instrument. 
  

					
	Executed as a Deed by LumiraDx Limited	  	)	  	
	acting by David Scott , a director	  	)	  	 /s/ David Scott

			
	in the presence of:	  		  	
			
	 /s/ Veronique Ameye
	  		  	
			
	Name of witness	  		  	
			
	 Veronique Ameye
	  		  	
			
	Address of witness	  		  	
			
	  
	  		  	
			
	Executed as a Deed by	  	)	  	
			
	Wilmington Trust SP Services (London) Limited	  	)	  	
			
	acting by Nic Patch , a director	  	)	  	 /s/ Nic Patch

			
	in the presence of:	  		  	
			
	 /s/ Stuart Watson
	  		  	
			
	Name of witness	  		  	
			
	 Stuart Watson
	  		  	
			
	Address of witness	  		  	
			
	  
	  		  	

  

  
 34

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