Document:

EX-4.5

Exhibit 4.5

EXECUTION COPY

AMENDMENT TO SHARE SUBSCRIPTION AGREEMENT

     AMENDMENT TO SHARE SUBSCRIPTION AGREEMENT (this “Amendment”) dated as of April 2, 2008 (the
“Amendment Date”) by and among (1) CICC Sun Company Limited, a company incorporated under the laws
of the British Virgin Islands (“CICC”), (2) Carlyle Asia Growth Partners III, L.P., a limited
partnership formed under the laws of the Cayman Islands (“CAGP”), (3) CAGP III Co-Investment III,
L.P. (“CAGP Co-Invest”, together with CAGP, “Carlyle”), (4) Liu Haifeng, a PRC citizen with
passport number G19230849, (5) Steve Sun, a US citizen with passport number 203018867, (6) Yang
Jianyu, a PRC citizen with passport number G04036294, (7) Bona Liu, a New Zealand citizen with
passport number EA713283, (8) Our Medical Services, Ltd., a company formed under the Laws of the
British Virgin Islands, (9) Ascendium Group Limited, a company formed under the Laws of the British
Virgin Islands, (10) Shenzhen Aohua Medical Services Co., Ltd.  a
Sino-foreign joint venture formed under the laws of the PRC, and (11) Concord Medical Services
Holdings Ltd., a company incorporated under the laws of the Cayman Islands (the “Company”).

W I T N E S S E T H :

     WHEREAS, the parties hereto entered into a Share Subscription Agreement dated as of February
5, 2008 (the “Agreement”) pursuant to which the Company agreed to issue and sell to each of CICC
and Carlyle and each of CICC and Carlyle agreed to subscribe for certain shares of the Company on
the terms and conditions set forth in the Agreement;

     WHEREAS, the parties hereto desire to amend the Agreement to reflect the changes set forth
herein.

     NOW, THEREFORE, the parties hereto agree as follows:

     Section 1. Amendments. (a) The Agreement is amended by adding the following definition to
Section 1.01:

     “Conversion Ratio” means the number of Ordinary Shares into which one Series A Share
is convertible pursuant to the Amended and Restated Memorandum and Articles.

     (b) The Agreement is amended by replacing the existing Sections 3.01(b)(iii) and 3.01(b)(iv)
with the following new Sections 3.01(b)(iii) and 3.01(b)(iv):

 

 

     (iii) Carlyle shall have the right, at its sole option, to convert the
Mandatory Convertible Loan into a number of Series A Shares (the “Conversion
Shares”) as follows:

     (A) Carlyle shall have the right, at its sole option, to convert
the Mandatory Convertible Loan into the Conversion Shares at any time
during a period starting from (and including) the day which immediately
follows the Closing Date to (and including) August 31, 2008. If Carlyle
exercises such conversion right, the Mandatory Convertible Loan shall be
converted into a number of Conversion Shares equal to (x) the
Pre-Conversion Shares multiplied by (y) a ratio, the numerator of which
is the Mandatory Loan Conversion Amount, and the denominator of which is
equal to (I) RMB1,100,000,000 minus (II) the Mandatory Loan Conversion
Amount, divided by (z) the then-effective Conversion Ratio; and

     (B) Carlyle shall have the right, at its sole option, to convert
the Mandatory Convertible Loan into the Conversion Shares at any time
during a period starting from (and including) the date on which the 2008
Audited Financial Statements are completed to (and including) April 29,
2009. If Carlyle exercises such conversion right, the Mandatory
Convertible Loan shall be converted into a number of Conversion Shares
equal to (x) the Pre-Conversion Shares multiplied by (y) a ratio, the
numerator of which is the Mandatory Loan Conversion Amount, and the
denominator of which is equal to (I) 10 times of the 2008 Net Income (as
defined below) minus (II) the Mandatory Loan Conversion Amount, divided
by (z) the then-effective Conversion Ratio.

     (iv) If the IPO Date occurs after August 31, 2008 but prior to the
completion of the 2008 Audited Financial Statements and the Mandatory Convertible
Loan is outstanding as of the IPO Date, the Mandatory Convertible Loan shall be
automatically converted, on the IPO Date, into a number of Series A Shares equal
to (x) the Pre-Conversion Shares multiplied by (y) a ratio, the numerator of
which is the Mandatory Loan Conversion Amount, and the denominator of which is
equal to (I) 10 times the projected consolidated after-tax net income of the
Company for the Company’s fiscal year ending December 31, 2008, as disclosed to
the public in the IPO (provided that the result of the calculation in this clause
(I) shall not exceed (a) the number of the outstanding Ordinary Shares
immediately prior to the IPO Date multiplied by (μ) the lower end of the last
price range disclosed to the public in

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connection with the IPO) minus (II) the Mandatory Loan Conversion Amount, divided
by (z) the then-effective Conversion Ratio.

     (c) The Agreement is amended by replacing the existing Section 3.02 with the following new
Section 3.02:

     Section 3.02. Optional Additional Investment. If the Company has not exercised the
Mandatory Additional Investment Right by March 31, 2008, Carlyle shall have the right (the
“Optional Additional Investment Right”) to purchase and subscribe for, at any time by
August 31, 2008, a number of Series A Shares (the “Additional Carlyle Purchased Shares”)
for US$20,000,000. The Additional Carlyle Purchased Shares shall equal to (x) the number
of outstanding Ordinary Shares as of the date of such purchase immediately prior to the
consummation of such purchase, calculated on a Fully-Diluted basis (which for the purposes
of this Section 3.02 shall exclude any Ordinary Shares issuable upon the exercise of any employee
stock options), multiplied by (y) a ratio, the numerator of which is equal to the RMB
equivalent of US$20,000,000 calculated with the spot exchange rate between US dollars and
RMB as quoted by the People’s Bank of China on the date of such purchase (the “Additional
Carlyle Purchase Price”), and the denominator of which is equal to (i) RMB1,100,000,000
minus (ii) the Additional Carlyle Purchase Price, divided by (z) the then-effective
Conversion Ratio. In order to exercise the Optional Additional Investment Right, Carlyle
shall deliver a written notice to the Company no later than 5 Business Days prior to the
proposed purchase date set forth in such notice.

     (d) The Agreement is amended by replacing the existing Section 4.04(a) with the following new
Section 4.04(a):

     (a) transfer to Carlyle free of charge a number of Ordinary Shares equal to (x) the
Conversion Shares or the Additional Carlyle Purchased Shares, as applicable, multiplied by
(y) the Conversion Ratio effective on the date the Mandatory Convertible Loan is converted
to Conversion Shares or the date Carlyle purchases the Additional Carlyle Purchased
Shares, as applicable, multiplied by (z) a ratio, the numerator of which is equal to (i)
RMB1,100,000,000 minus (ii) 10 times the 2008 Net Income, and the denominator of which is
equal to (I) 10 times the 2008 Net Income minus (II) the Mandatory Loan Conversion Amount
or the Additional Carlyle Purchase Price, as applicable; and

     Section 2. Effect of Amendment. Except as amended by this Amendment, the Agreement shall
remain unchanged and in full force and effect. From and after the Amendment Date, each reference
to “this Agreement,” “hereof,” “hereunder” or words of like import, and all references to the
Agreement in any and all agreements, instruments, documents, notes, certificates and other writings

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of every kind and nature shall be deemed to mean the Agreement as amended by this Amendment,
except as is otherwise expressly stated.

     Section 3. General. (a) This Amendment shall be binding on the successors and permitted
assigns of the parties hereto; (b) this Amendment shall be governed by and construed in accordance
with the laws of the State of New York, without regard to conflicts of law principles thereunder
and shall be subject to the jurisdiction of the courts in the State of New York; (c) this Amendment
may be executed in more than one counterpart, each of which shall be deemed an original and any
counterpart so executed shall be deemed to be one and the same instrument; (d) each party hereto
acknowledges that the parties hereto have participated jointly in the negotiation and drafting of
this Amendment, and in the event an ambiguity or question of intent or interpretation arises, this
Amendment shall be construed as if drafted jointly by the parties hereto and no presumption or
burden of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of
any of the provisions of this Amendment; (e) if any part of any provision of this Amendment shall
be invalid or unenforceable under applicable law, such part shall be ineffective to the extent of
such invalidity only, without in any way affecting the remaining parts of such provision or the
remaining provisions of this Amendment; and (f) each party hereto acknowledges that the remedies at
law of the other parties hereto for a breach or threatened breach of this Amendment would be
inadequate and, in recognition of this fact, any party hereto, without posting any bond, and in
addition to all other remedies that may be available, shall be entitled to obtain equitable relief
in the form of specific performance, a temporary restraining order, a temporary or permanent
injunction or any other equitable remedy that may then be available.

[The remainder of this page has been intentionally left blank; the next page is the signature page.]

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EXECUTION COPY

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

	 	 	 	 	 
	 	CONCORD MEDICAL SERVICES HOLDINGS LTD.

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 
	 	ASCENDIUM GROUP LIMITED

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 
	 	OUR MEDICAL SERVICES LTD.

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 
	 	SHENZHEN AOHUA MEDICAL SERVICES CO., LTD.

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 	 	 
	 	/s/ Liu Haifeng
 	 
	 	Liu Haifeng, in his individual capacity 	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	/s/ Steve Sun
 	 
	 	Steve Sun, in his individual capacity 	 
	 	 	 
	 	/s/ Yang Jianyu
 	 
	 	Yang Jianyu, in his individual capacity 	 
	 	 	 
	 	/s/ Bona Liu
 	 
	 	Bona Liu, in her individual capacity 	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CICC SUN COMPANY LIMITED

 	 
	 	By:  	/s/ Shirley Shiyou Chen
 	 
	 	 	Name:  	Shirley Shiyou Chen 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CARLYLE ASIA GROWTH PARTNERS III, L.P.

 	 
	 	By:  	CAGP General Partner, L.P., as its General Partner
 	 
	 	 	 	 
	 	By:  	CAGP, Ltd., as the General Partner of CAGP General Partner, L.P.
 	 
	 	 	 
	 	By:  	/s/ Daniel A. D’Aniello
 	 
	 	 	Name:  	Daniel A. D’Aniello 	 
	 	 	Title:  	Director 	 

	 	 	 	 	 
	 	CAGP III CO-INVESTMENT, L.P.

 	 
	 	By:  	CAGP General Partner, L.P., as its General Partner
 	 
	 
	 	By:  	CAGP, Ltd., as the General Partner of CAGP General Partner, L.P.
 	 
	 	 	 	 
	 	By:  	/s/ Daniel A. D’Aniello
 	 
	 	 	Name:  	Daniel A. D’Aniello 	 
	 	 	Title:  	DirectorEX-4.6

Exhibit 4.6

EXECUTION COPY

AMENDMENT NO. 2 TO SHARE SUBSCRIPTION AGREEMENT

     AMENDMENT NO. 2 TO SHARE SUBSCRIPTION AGREEMENT (this “Amendment No. 2”) dated as of October
20, 2008 (the “Amendment Date”) by and among (1) CICC Sun Company Limited, a company incorporated
under the laws of the British Virgin Islands (“CICC”), (2) Carlyle Asia Growth Partners III, L.P.,
a limited partnership formed under the laws of the Cayman Islands (“CAGP”), (3) CAGP III
Co-Investment, L.P. (“CAGP Co-Invest”, together with CAGP, “Carlyle”), (4) Concord Medical Services
Holdings Limited, an exempted company with limited liability organized and existing under the laws
of the Cayman Islands (the “Company”), (5) the Controlling Shareholders (as defined below) and (6)
the other parties listed on the signature page hereof.

W I T N E S S E T H:

     WHEREAS, pursuant to a Share Subscription Agreement dated as of February 5, 2008 (the
“Original Agreement”), the Company agreed to issue and sell to each of CICC and Carlyle and each of
CICC and Carlyle agreed to subscribe for certain Series A redeemable convertible preferred shares
of the Company on the terms and conditions set forth in the Original Agreement;

     WHEREAS, certain terms in the Original Agreement were amended pursuant to an Amendment to
Share Subscription Agreement dated as of April 2, 2008 (the “Amendment No. 1”);

     WHEREAS, the parties hereto and certain other parties entered into a Share Subscription
Agreement dated as of October 10, 2008, as amended on October 20, 2008 (the “Series B Share
Subscription Agreement”), pursuant to which the Company agreed to issue and sell to each of CICC
and Carlyle and each of CICC and Carlyle agreed to subscribe for certain Series B redeemable
convertible preferred shares, par value US$0.01 per share, of the Company (the “Series B Shares”)
on the terms and conditions set forth therein;

     WHEREAS, the parties hereto desire to amend the Original Agreement, as amended by the
Amendment No. 1 (the “Existing Agreement”), to reflect the changes set forth herein.

     NOW, THEREFORE, the parties hereto agree as follows:

     SECTION 1. Amendments. (a) The Existing Agreement is amended by deleting the existing
definition of “Controlling Shareholders” in the preamble.

     (b) The Existing Agreement is amended by adding the following definitions to Section 1.01:

 

 

“Amended and Restated Shareholders’ Agreement” means the Amended and
Restated Shareholders’ Agreement dated October 8, 2008 by and among the Company,
Carlyle, CICC, the Controlling Shareholders and certain other Persons listed on
the signature pages thereto.

“Amendment to Convertible Loan Agreement” means the Amendment to Convertible
Loan Agreement dated October 20, 2008 by and among the Company, Carlyle, the
Controlling Shareholders and the Group Companies.

“China Medstar” means China Medstar Pte. Ltd., a company incorporated under
the laws of Singapore.

“Controlling Shareholders” means, collectively, the following Persons:

(1) Mr. Cheng
Zheng (), a PRC citizen with passport number G14947877 (“Mr.
Cheng”);

(2) CZY Investments Limited, a company incorporated under the laws of the British
Virgin Islands and a direct wholly owned Subsidiary of Mr. Cheng;

(3) Mr. Yang;

(4) Daketala International Investment Holdings Ltd., a company incorporated under
the laws of the British Virgin Islands and a direct wholly owned Subsidiary of
Mr. Yang;

(5) Mr. Sun;

(6) Dragon Image Investment Ltd., a company incorporated under the laws of the
British Virgin Islands and a direct wholly owned Subsidiary of Mr. Sun;

(7) Mr. Zhang Jing (), a PRC citizen with passport number G10824344 (“Mr.
Zhang”);

(8) Thousand Ocean Group Limited, a company incorporated under the laws of the
British Virgin Islands and a direct wholly owned Subsidiary of Mr. Zhang;

(9) Mr. Yap Yaw Kong (), a Malaysia citizen with passport number A15954913
(“Mr. Yap”);

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(10) Top Mount Group Limited, a company incorporated under the laws of the
British Virgin Islands and a direct wholly owned Subsidiary of Mr. Yap;

(11) Mr. Liu;

(12) Ms. Bona Lau, a New Zealand citizen with passport EA713283 (“Ms. Lau”); and

(13) Notable Enterprise Limited, a company incorporated under the laws of the
British Virgin Islands and a direct wholly owned Subsidiary of Ms. Lau.

     “Convertible Loans” means, collectively, (i) the convertible loan in the
principal amount of US$5,000,000 borrowed by the Company from Carlyle pursuant to
the Amended and Restated Convertible Loan Agreement by and among the Company,
Carlyle and certain other parties thereto dated as of April 2, 2008, and (ii) the
convertible loan in the principal amount of US$20,000,000 borrowed by the Company
from Carlyle pursuant to the Convertible Loan Agreement by and among the Company,
Carlyle and certain other parties thereto dated as of April 10, 2008, as amended
by the Amendment to Convertible Loan Agreement.

     “QPO” means a firm-commitment underwritten IPO (i) led by an internationally
reputable underwriter, approved by a majority of the Board of Directors (which
majority shall include the Carlyle Director, the CICC Director and the Starr
Director, and yielding a valuation of the Company at not less than US$450 million
immediately prior to the consummation of such IPO, or (ii) any other IPO approved
by holders of at least 70% of the then outstanding Series B Shares.

     “QPO Date” means the date on which the QPO is consummated.

     “Second Amended and Restated Memorandum and Articles” means the Second
Amended and Restated Memorandum and Articles of the Company adopted by the board
of directors and shareholders of the Company on October 20, 2008.

     “Series B Shares” means the Series B redeemable convertible preferred
shares, par value US$0.01 per share, of the Company.

3

 

     (c) The Existing Agreement is amended by replacing the existing definitions of “Group” and
“2008 Net Income” in Section 1.01 with the following new definitions, respectively:

     “Group” means, at any time, collectively, the Company and all direct and
indirect then-current and future Subsidiaries of the Company.

     “2008 Net Income” means the consolidated after-tax net income of the Company
for the Company’s fiscal year ending December 31, 2008; provided that (i) the
2008 Net Income shall not include the cumulative effect of any change or changes
in accounting principles; (ii) the 2008 Net Income shall not include any
extraordinary or non-recurring earnings obtained or losses incurred by any Group
Company; (iii) the 2008 Net Income shall not include non-cash charges or expenses
relating to any share-based compensation, the Convertible Loans, Series A Shares
and Series B Shares; (iv) the 2008 Net Income shall not include the consolidated
after-tax net income generated from sales of medical equipment by China Medstar
and its Subsidiaries to the extent it exceeds 30% of China Medstar’s consolidated
after-tax net income for the year ending December 31, 2008 (the calculation of
which shall not include (A) the cumulative effect of any change or changes in
accounting principles and (B) any extraordinary or non-recurring earnings or
losses); (v) the 2008 Net Income shall include the consolidated after-tax net
income of China Medstar for the whole year ending December 31, 2008 and, if such
inclusion is agreed to by all Investors, the full-year after-tax net income of
any other business that the Company may have acquired after the date hereof; and
(vi) any dividend paid by the Company on the Preferred Shares pursuant to the
Second Amended and Restated Memorandum and Articles shall not be deemed expenses
for the purposes of calculating 2008 Net Income. For the avoidance of doubt, any
accounts receivable generated by the Company during the Company’s fiscal year
ending December 31, 2008 and written off by the Company in connection with the
audit of the 2008 Audited Financial Statements shall not be deemed a
non-recurring loss and shall be included as a loss when calculating the 2008 Net
Income.

     (d) The Existing Agreement is amended by adding the following rows to the table in Section
1.01(b):

	 	 	 	 	 
	Pre-Closing Options

	 	 	8.16	(a)
	 
	 	 	 	 
	Post Closing Options

	 	 	8.16	(b)

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     (e) The Existing Agreement is amended by replacing the existing Article 4 with the following
new Article 4:

ARTICLE 4

Earning Adjustments

     Section 4.01. Calculation of 2008 Net Income. As soon as practicable and
in any event within one hundred and fifty (150) days after the end of the
Company’s fiscal year ending December 31, 2008, the Company shall complete the
2008 Audited Financial Statements and on the same date of such completion have
the accounting firm who prepared the 2008 Audited Financial Statements calculate
the 2008 Net Income based on the 2008 Audited Financial Statements.

     Section 4.02. Adjustment with respect to the Subscription. If the 2008 Net
Income is lower than the RMB equivalent of US$21,430,000 (calculated with the
spot exchange rate between US dollars and RMB as quoted by the People’s Bank of
China on the Closing Date), the Controlling Shareholders shall, jointly and
severally,

     (a) transfer to each Investor free of charge a number of Ordinary Shares
equal to (x) the number of such Investor’s Purchased Shares, multiplied by (y) a
ratio, the numerator of which is equal to (i) 7 times the RMB equivalent of
US$21,430,000 (calculated with the spot exchange rate between US dollars and RMB
as quoted by the People’s Bank of China on the Closing Date) minus (ii) 7 times
the 2008 Net Income, and the denominator of which is equal to (I) 7 times the
2008 Net Income minus (II) the Total Closing Investment; and

     (b) pay to each Investor the US dollar equivalent (calculated with the spot
exchange rate between US dollars and RMB as quoted by the People’s Bank of China
on the date of such payment) of an amount equal to (x) the Purchase Price of such
Investor, multiplied by (y) a ratio, the numerator of which is equal to (i) 7
times the RMB equivalent of US$21,430,000 (calculated with the spot exchange rate
between US dollars and RMB as quoted by the People’s Bank of China on the Closing
Date) minus (ii) 7 times the 2008 Net Income, and the denominator of which is
equal to (I) 7 times the RMB equivalent of US$21,430,000 (calculated with the
spot exchange rate between US dollars and RMB as quoted by the People’s Bank of
China on the Closing Date) minus (II) the Total Closing Investment, multiplied by
(z) 0.3.

5

 

     Section 4.03. Adjustment with respect to the Carlyle Loan Conversion. If
the 2008 Net Income is lower than the RMB equivalent of US$21,430,000 (calculated
with the spot exchange rate between US dollars and RMB as quoted by the People’s
Bank of China on the Closing Date), the Controlling Shareholders shall, jointly
and severally,

     (a) transfer to Carlyle free of charge a number of Ordinary Shares equal to
(x) the number of Series A Shares Carlyle acquired as a result of the Carlyle
Loan Conversion multiplied by (y) a ratio, the numerator of which is equal to (i)
7 times the RMB equivalent of US$21,430,000 (calculated with the spot exchange
rate between US dollars and RMB as quoted by the People’s Bank of China on the
Closing Date) minus (ii) 7 times the 2008 Net Income, and the denominator of
which is equal to (I) 7 times the 2008 Net Income minus (II) the Total Closing
Investment; and

     (b) pay to Carlyle the US dollar equivalent (calculated with the spot
exchange rate between US dollars and RMB as quoted by the People’s Bank of China
on the date of such payment) of an amount equal to (x) the Existing Carlyle Loan
Conversion Amount, multiplied by (y) a ratio, the numerator of which is equal to
(i) 7 times the RMB equivalent of US$21,430,000 (calculated with the spot
exchange rate between US dollars and RMB as quoted by the People’s Bank of China
on the Closing Date) minus (ii) 7 times the 2008 Net Income, and the denominator
of which is equal to (I) 7 times the RMB equivalent of US$21,430,000 (calculated
with the spot exchange rate between US dollars and RMB as quoted by the People’s
Bank of China on the Closing Date) minus (II) the Total Closing Investment,
multiplied by (z) 0.3.

     Section 4.04. Procedure of Adjustment. The adjustments set forth in
Sections 4.02 and 4.03 shall be made within five (5) Business Days of the day on
which the 2008 Net Income is calculated pursuant to Section 4.01. On each date
on which the adjustments are to be made, the Controlling Shareholders shall (i)
deliver to each Investor a copy of the updated register of members of the Company
dated such date and duly certified by a duly authorized director of the Company
evidencing such Investor’s ownership of the Ordinary Shares transferred to such
Investor pursuant to Sections 4.02 and 4.03, respectively, which Ordinary Shares
shall be free and clear of any Lien (including any restrictions on the voting
rights or transferability of such Ordinary Shares other than those restrictions
set forth in this Agreement) and duly authorized, validly issued, fully paid and
non-assessable; and (ii) cause the Company to deliver to such Investor a
certificate representing such Ordinary Shares.

6

 

     Section 4.05. Termination of Adjustment Rights. Sections 4.01 through 4.04
shall terminate upon the occurrence of the QPO.

     (f) The Existing Agreement is amended by replacing the existing Section 8.11 with the
following new Section 8.11:

     Section 8.11. QPO. Each Group Company and each Controlling Shareholder
shall use its or his or her best efforts to complete the QPO by the third
anniversary of the closing of subscription contemplated by the Series B Share
Subscription Agreement.

     (g) The Existing Agreement is amended by replacing the existing Section 8.16 with the
following new Section 8.16:

     Section 8.16. Employee Stock Options. (a) Notwithstanding anything to the
contrary set forth in Section 8.01, prior to the Closing Date (as defined in the
Series B Share Subscription Agreement), the Company may adopt an employee share
option plan under which the Company will be authorized to grant a maximum number
of share options equal to 1.5% of the Ordinary Shares outstanding immediately
prior to the Closing (as defined in the Series B Share Subscription Agreement),
calculated on a Fully-Diluted basis (the “Pre-Closing Options Pool”).
Notwithstanding anything to the contrary set forth in the Amended and Restated
Shareholders’ Agreement and the Second Amended and Restated Memorandum and
Articles, the majority of the directors of the Company (which majority shall
include the directors designated by Carlyle and CICC pursuant to the
Shareholders’ Agreement or the Amended and Restated Shareholders’ Agreement, as
applicable) shall have the sole right to determine the granting of the share
options in the Pre-Closing Options Pool.

     (b) The majority of the directors of the Company (which majority shall
include all directors designated by the Investors pursuant to the Amended and
Restated Shareholders’ Agreement) may adopt an employee share option plan under
which the Company will be authorized to grant a maximum number of share options
equal to 3.0% of the Ordinary Shares outstanding on (x) the QPO Date or (y) April
30, 2009, whichever is earlier, calculated on a Fully-Diluted basis (the
“Post-Closing Options Pool”); provided that (A) no share options in the
Post-Closing Options Pool shall be granted to any of the Controlling Shareholders
unless such grant has been approved by all directors of the Company designated by
the Investors pursuant the Amended and Restated Shareholders’ Agreement, and (B)
the exercise price

7

 

of any such share option shall not be lower than the fair market value of
the Ordinary Share on a per share basis on the date that such share option is
granted.

     SECTION 2. Effect of Amendment. Except as amended by this Amendment No. 2, the Existing
Agreement shall remain unchanged and in full force and effect. From and after the Amendment Date,
each reference to “this Agreement,” “hereof,” “hereunder” or words of like import, and all
references to the Agreement in any and all agreements, instruments, documents, notes, certificates
and other writings of every kind and nature shall be deemed to mean the Existing Agreement as
amended by this Amendment No. 2, except as is otherwise expressly stated.

     SECTION 3. General. (a) This Amendment No. 2 shall be binding on the successors and
permitted assigns of the parties hereto; (b) this No. 2 Amendment shall be governed by and
construed in accordance with the laws of the State of New York, without regard to conflicts of law
principles thereunder and shall be subject to the jurisdiction of the courts in the State of New
York; (c) this Amendment No. 2 may be executed in more than one counterpart, each of which shall be
deemed an original and any counterpart so executed shall be deemed to be one and the same
instrument; (d) each party hereto acknowledges that the parties hereto have participated jointly in
the negotiation and drafting of this Amendment No. 2, and in the event an ambiguity or question of
intent or interpretation arises, this Amendment No. 2 shall be construed as if drafted jointly by
the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any
party hereto by virtue of the authorship of any of the provisions of this Amendment No. 2; (e) if
any part of any provision of this Amendment No. 2 shall be invalid or unenforceable under
applicable law, such part shall be ineffective to the extent of such invalidity only, without in
any way affecting the remaining parts of such provision or the remaining provisions of this
Amendment; and (f) each party hereto acknowledges that the remedies at law of the other parties
hereto for a breach or threatened breach of this Amendment No. 2 would be inadequate and, in
recognition of this fact, any party hereto, without posting any bond, and in addition to all other
remedies that may be available, shall be entitled to obtain equitable relief in the form of
specific performance, a temporary restraining order, a temporary or permanent injunction or any
other equitable remedy that may then be available.

[The remainder of this page has been intentionally left blank]

8

 

     IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment No. 2 as of the date
first written above.

	 	 	 	 	 
	 	CONCORD MEDICAL SERVICES HOLDINGS

LIMITED

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 
	 	ASCENDIUM GROUP LIMITED

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 
	 	CHINA MEDSTAR PTE. LTD.

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 
	 	CYBER MEDICAL NETWORK LTD.

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 
	 	OUR MEDICAL SERVICES, LTD.

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CHINA MEDICAL SERVICES (HOLDINGS)

LIMITED

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 
	 	SHENZHEN AOHUA MEDICAL SERVICES CO., LTD.

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 
	 	SHENZHEN AOHUA MEDICAL LEASING AND SERVICES CO., LTD.

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 
	 	SHANGHAI MEDSTAR LEASING CO., LTD.

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 
	 	CMS HOSPITAL MANAGEMENT CO., LTD.

       	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 

 

 

	 	 	 	 	 
	 	 	 
	 	/s/ Steve Sun
 	 
	 	Steve Xiaodi Sun, in his individual capacity 	 
	 	 	 
	 
	 	DRAGON IMAGE INVESTMENT LTD.

 	 
	 	By:  	/s/ Steve Sun
 	 
	 	 	Name:  	Steven Xiaodi Sun 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	/s/ Yang Jianyu
 	 
	 	Yang Jianyu, in his individual capacity 	 
	 	 	 
	 
	 	DAKETALA INTERNATIONAL INVESTMENT

HOLDINGS LTD.

 	 
	 	By:  	/s/ Yang Jianyu
 	 
	 	 	Name:  	Yang Jianyu 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	/s/ Bona Lau
 	 
	 	Bona Lau, in her individual capacity 	 
	 	 	 
	 
	 	NOTABLE ENTERPRISE LIMITED

 	 
	 	By:  	/s/ Bona Lau
 	 
	 	 	Name:  	Bona Lau 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	 	 
	 	/s/ Cheng Zheng
 	 
	 	Cheng Zheng, in his individual capacity 	 
	 	 	 
	 
	 	CZY INVESTMENTS LIMITED

 	 
	 	By:  	/s/ Cheng Zheng
 	 
	 	 	Name:  	Cheng Zheng 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	/s/ Zhang Jing
 	 
	 	Zhang Jing, in his individual capacity 	 
	 	 	 
	 
	 	THOUSAND OCEAN GROUP LIMITED

 	 
	 	By:  	/s/ Zhang Jing
 	 
	 	 	Name:  	Zhang Jing 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	/s/ Yap Yaw Kong
 	 
	 	Yap Yaw Kong, in his individual capacity 	 
	 	 	 
	 
	 	TOP MOUNT GROUP LIMITED

 	 
	 	By:  	/s/ Yap Yaw Kong
 	 
	 	 	Name:  	Yap Yaw Kong 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 

 

 

	 	 	 	 	 
	 	 	 
	 	/s/ Liu Haifeng
 	 
	 	Liu Haifeng, in his individual capacity 	 
	 	 	 
	 

 

 

	 	 	 	 	 
	 	CICC SUN COMPANY LIMITED

 	 
	 	By:  	/s/ Shirley Shiyou Chen
 	 
	 	 	Name:  	Shirley Shiyou Chen 	 
	 	 	Title:  	 	 
	 

 

 

	 	 	 	 	 	 	 
	 	 	CARLYLE ASIA GROWTH PARTNERS III, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	CAGP General Partner, L.P., as its
General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	CAGP, Ltd., as the General Partner of
CAGP General Partner, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Daniel A. D’Aniello
 

Name: Daniel A. D’Aniello
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	CAGP III CO-INVESTMENT, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	CAGP General Partner, L.P., as its
General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	CAGP, Ltd., as the General Partner of
CAGP General Partner, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Daniel A. D’Aniello	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Daniel A. D’Aniello	 	 
	 

	 	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}]]