Document:

Voting and Lock-Up Agreement

 Exhibit 10.2 
 VOTING AND LOCK-UP AGREEMENT 
 March 28, 2008 
 Commonwealth Biotechnologies, Inc. 
 601 Biotech Drive 
 Richmond, Virginia 23235 
 Attention: Paul D’Sylva, Ph.D. 
  

	Re:	Voting and Lock-Up Agreement 

 Dear Dr. D’Sylva:

 Reference is made to the Share Sale Agreement dated as of March 28, 2008 (the “Purchase Agreement”) between PharmAust
Limited., an Australian limited corporation, (“PharmAust”), and VenturePharm Laboratories Limited (“VPL”). Pursuant to the terms of the Purchase Agreement, VPL has agreed to acquire, subject to, among others, applicable
regulatory approvals, from PharmAust 2,150,000 shares of common stock, without par value per share (the “Shares”), of Commonwealth Biotechnologies, Inc. (“CBI”). In connection therewith, CBI and VPL, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, hereby agree as follows: 
 1. For the period beginning on the
closing date of the Purchase Agreement and expiring on the date that is the six month anniversary of such closing date (the “Voting Period”), VPL agrees to vote all shares of CBI common stock that it controls (including the Shares) in
favor of all proposals requiring shareholder approval that are adopted by CBI’s Board of Directors. 
 2. During the period beginning on
the closing date of the Purchase Agreement and ending on the date that is the 18 month anniversary of such closing date (the “Lock-Up Period”), VPL will not offer, sell, contract to sell, grant any option to purchase or otherwise dispose
of any shares of CBI’s capital stock, or any securities convertible into or exercisable or exchangeable for CBI’s capital stock, or warrants to purchase shares of CBI’s capital stock (including, without limitation, securities of CBI
which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the Securities and Exchange Commission and securities which may be issued upon the exercise of a stock option or warrant) without the
prior written consent of CBI, which consent shall not be unreasonably withheld. 
 3. Furthermore and in furtherance of the agreements set
forth in Sections 2 and 3 above, VPL hereby undertakes not to assign, transfer or otherwise convey the Shares which would contravene the intent of Sections 2 and/or 3. In the event that VPL fails to take any action that it is required to take under
this Voting and Lock-Up Agreement, VPL appoints CBI as its attorney-in-fact to take such action that VPL would be required to take. 

 4. The parties hereto agree there shall be imprinted or otherwise placed, on certificates held by VPL the
following restrictive legend: 
 THE SALE OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE
TERMS AND CONDITIONS OF A CERTAIN VOTING AND LOCK-UP AGREEMENT BETWEEN COMMONWEALTH BIOTECHNOLOGIES, INC. (“CBI”) AND VENTUREPHARM LABORATORIES LIMITED. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF CBI.

 5. The provisions of this Agreement shall be binding upon the successors and assigns of the parties including, without limitation, any
person who shall succeed to the ownership of any of the Shares. Notwithstanding the foregoing, however, neither party hereto may assign this agreement without the written consent of the other party. 
 6. Except as otherwise provided herein, VPL shall exercise the full rights of a stockholder with respect to the Shares. 
 7. This Agreement shall begin on the date hereof and shall terminate upon the expiration of the Lock-Up Period, whichever is later. 
 8. The parties hereto hereby declare that it is impossible to measure in money the damages which will accrue to a party hereto or to their heirs,
personal representatives, or assigns by reason of a failure to perform any of the obligations under this Agreement and agree that the terms of this Agreement shall be specifically enforceable. If any party hereto or his heirs, personal
representatives, or assigns institutes any action or proceeding to specifically enforce the provisions hereof, any person against whom such action or proceeding is brought hereby waives the claim or defense therein that such party or such personal
representative has an adequate remedy at law, and such person shall not offer in any such action or proceeding the claim or defense that such remedy at law exists. 
 9. THIS AGREEMENT, AND THE RIGHTS OF THE PARTIES HERETO, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF VIRGINIA. VENUE UNDER ANY CLAIM ARISING UNDER OR RELATED TO THIS AGREEMENT
SHALL LIE EXCLUSIVELY IN THE STATE COURTS LOCATED IN THE CITY OF RICHMOND AND THE U.S. FEDERAL COURTS LOCATED IN THE EASTERN DISTRICT OF VIRGINIA. 
 10. This Agreement may be amended only by an instrument in writing signed by each of the parties hereto. 
 11. Whenever possible,
each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  

 2 

 12. This Agreement may be executed in one or more counterparts, each of which will be deemed an original
but all of which together shall constitute one and the same agreement. 
 13. No waivers of any breach of this Agreement extended by any
party hereto to any other party shall be construed as a waiver of any rights or remedies of any other party hereto or with respect to any subsequent breach. 
 14. In the event that any suit or action is instituted to enforce any provision in this Agreement, the prevailing party shall be entitled to all costs and expenses of maintaining such suit or action, including
reasonable attorneys’ fees. 
 15. All notices and other communications required or permitted under this Agreement shall be in writing
and shall be delivered personally by hand or by courier, or mailed by United States first-class mail, postage prepaid directed to such party at its address set forth on the signature page hereto, or at such other address as such party may designate
by ten (10) days’ advance written notice to the party providing notice. All such notices and other communications shall be deemed given upon personal delivery or three (3) days after the date of mailing. 
 16. This Agreement is intended to be the sole agreement of the parties as it relates to this subject matter and does hereby supersede all other
agreements of the parties relating to the subject matter hereof. 
 17. The obligations of VPL hereunder are subject to the condition that
VPL shall have obtained all necessary approvals under the Rules Governing the Listing of Securities on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited and any other regulatory approvals. 
  

 3 

			
	Very truly yours,
	
	VENTUREPHARM LABORATORIES LIMITED
		
	By:	 	 /s/ William Xia Guo

	Name:	 	William Xia Guo
	Title:	 	Director
	Date:	 	28 March 2008

			
		
	Address:	  	Venturepharm Towers
		  	No. 3 Jinzhuang, Si Ji Qing
		  	Haidian District, Beijing 10089
		  	China

			
	
	AGREED:
	
	COMMONWEALTH BIOTECHNOLOGIES, INC.
		
	By:	 	 /s/ Richard J. Freer, Ph.D.

	Name:	 	Richard J. Freer, Ph.D.
	Title:	 	Chief Operating Officer
	Date:	 	March 28, 2008

			
		
	Address:	  	601 Biotech Drive
		  	Richmond, Virginia 23235

  

 4Ancillary Agreement

 Exhibit 10.3 
 ANCILLARY AGREEMENT 
 THIS ANCILLARY
AGREEMENT (“Agreement”) is made and entered into this 28th day of March, 2008, by and between Commonwealth Biotechnologies, Inc., a
Virginia corporation (“CBI”), and Venturepharm Laboratories Limited, a Cayman Islands limited company (“VPL”). CBI and VPL are hereinafter sometimes referred to individually as a “Party” or collectively as the
“Parties.” 
 RECITALS 
 WHEREAS, contemporaneously with the execution of this Agreement, VPL has agreed, subject to, among others, applicable regulatory approvals, to purchase an aggregate of 2,150,000 shares (the “Purchased Shares”) of CBI’s
common stock, without par value per share (“CBI Common Stock”), from PharmAust Limited, an Australian limited company, in a private transaction. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth together with other good and valuable consideration, the receipt and legal sufficiency of which are hereby
acknowledged, the Parties agree as follows: 
 ARTICLE I 
 AGREEMENT RELATED TO PUT RIGHT AND CALL RIGHT 
 1.01 Put Right of CBI. 
 (a) In consideration of US$1 paid by CBI to VPL (receipt of which is hereby acknowledged), on one single occasion at any time prior to the date that is
the third anniversary of the date of this Agreement (the “Put Expiration Date”), but no earlier than 60 days after the closing of the acquisition of the Purchased Shares by VPL, subject to the terms of this Agreement, CBI shall have the
option (the “Put Right”) to sell to VPL, and VPL shall be obligated to purchase, up to $1,000,000 of CBI Common Stock at the Put Price Per Share (the “Put Shares”). The Put Shares will be newly issued, unregistered shares of CBI
Common Stock, with registration rights. The payment will be made half by cash and half by ordinary shares of VPL at the price determined in accordance with paragraph (c) below. 
 (b) CBI shall provide written notice to VPL of its election to exercise the Put Right, which notice shall specify: (a) the date of notice of
exercise of the Put Right (the “Put Notification Date”); and (b) the date on which VPL shall purchase the Put Shares from CBI (the “Put Date”). The Put Date shall be the tenth business day after VPL receives such notice.

 (c) The “Put Price Per Share” shall be defined as 10% discount of the arithmetic average of the closing sales prices of one
share of CBI Common Stock, as reported by the NASDAQ Capital Market, for the fifty (50) consecutive trading days immediately prior to (but not including) the second business day before the Put Date. If there are any days on which the NASDAQ
Capital Market is open but CBI Common Stock does not trade, such days shall be 

 
omitted from the calculation and additional days shall be added to the time period as necessary to establish a 50-trading day average price. The number of
the ordinary shares of VPL to be issued to CBI as partial consideration will be determined by dividing one half of the consideration for the Put Shares by 90% of the arithmetic average of the closing prices of the one share of VPL as published in
the Daily Quotation Sheets published by The Stock Exchange of Hong Kong Limited for the fifty (50) consecutive trading days immediately prior to (but not including) the second business day before the Put Date, subject to the rules of the HK
Stock Exchange. To the extent that CBI Common Stock is not then listed on the Nasdaq Capital Market or VPL’s ordinary shares are not then listed on the HK Stock Exchange, the Parties agree to mutually determine the Put Price Per Share.

 (d) Subject to the terms and conditions hereof, upon exercise by CBI of the Put Right, CBI hereby agrees to issue and sell to VPL, and VPL
hereby agrees to purchase from CBI, that number of Put Shares calculated by dividing the dollar amount of the investment selected by CBI (up to $1, 000,000) by the Put Price Per Share. 
 (e) Until the Put Expiration Date, CBI will not offer any placement of equity or equity equivalent securities of CBI to any third party, until CBI
exercises its put right. The foregoing sentence shall only apply to situations where CBI issues its securities in a capital raise. CBI shall not be restricted in its ability to issue securities (i) pursuant to its stock incentive plans or
(ii) in connection with any strategic acquisition or merger, the primary purpose of which is not to raise capital. 
 1.02 Call Right
of VPL. 
 (a) In consideration of US$1 paid by VPL to CBI (receipt of which is hereby acknowledged), at any time prior to the date that
is the third anniversary of the date of this Agreement (the “Call Expiration Date”), subject to the terms of this Agreement, VPL shall have two separate options (each, a “Call Right” and, collectively, the “Call
Rights”) to purchase, and CBI shall be obligated to sell, up to an aggregate of $3,000,000 of CBI Common Stock (the “Call Shares”). The Call Shares will be newly issued, unregistered shares of CBI Common Stock, with registration
rights. The payment will be made half by cash and half by ordinary shares of VPL. For clarification purposes, the Parties hereto acknowledge that while CBI shall grant VPL two Call Rights pursuant to the terms of this Agreement, upon exercise of
these Call Rights, CBI is not required to sell more than $3,000,000 of CBI Common Stock in the aggregate pursuant to this Agreement upon VPL’s exercise of the Call Rights. 
 (b) VPL shall provide written notice to CBI of its election to exercise a Call Right, which notice shall specify: (a) the date of notice of exercise
of the applicable Call Right (the “Call Notification Date”); and (b) the date on which VPL shall purchase the Call Shares from CBI (the “Call Date”). The applicable Call Date shall be the tenth business day after CBI
receives such notice. 
 (c) The “Call Price Per Share” shall be defined as 10% discount of the arithmetic average of the closing
sales prices of one share of CBI Common Stock, as reported by the NASDAQ Capital Market, for the fifty (50) consecutive trading days immediately prior to 

  

 2 

 
(but not including) the second business day before an applicable Call Date. If there are any days on which the NASDAQ Capital Market is open but CBI Common
Stock does not trade, such days shall be omitted from the calculation and additional days shall be added to the time period as necessary to establish a 50-trading day average price. The number of the ordinary shares of VPL to be issued to CBI as
partial consideration will be determined by dividing one half of the consideration for the Call Shares by 90% of the arithmetic average of the closing prices of the one share of VPL as published in the Daily Quotation Sheets published by The Stock
Exchange of Hong Kong Limited for the fifty (50) consecutive trading days immediately prior to (but not including) the second business day before the Call Date, subject to the rules of the HK Stock Exchange. To the extent that CBI Common Stock
is not then listed on the Nasdaq Capital Market or VPL’s ordinary shares are not then listed on the HK Stock Exchange, the Parties agree to mutually determine the Call Price Per Share. 
 (d) Subject to the terms and conditions hereof, upon exercise by VPL of a Call Right, CBI hereby agrees to issue and sell to VPL, and VPL hereby agrees
to purchase from CBI, that number of Call Shares calculated by dividing the dollar amount of the investment selected by VPL by the Call Price Per Share. Notwithstanding the foregoing, however, CBI shall not be required to issue more than an
aggregate of $3,000,000 of CBI Common Stock upon the exercise of the Call Rights. 
 (e) Up until the Call Expiration Date, CBI agrees to
grant VPL a first right of refusal to participate in any placement of equity or equity equivalent securities of CBI. The foregoing sentence shall only apply to situations where CBI issues its securities in a capital raise. CBI will not grant VPL a
first right of refusal to participate in the issuance of securities (i) pursuant to its stock incentive plans or (ii) in connection with any strategic acquisition or merger the primary purpose of which is not to raise capital. 

1.03 Closing Date. The closing of the sale and purchase of the Shares under this Agreement shall be held at time and place CBI and VPL may
agree. 
 1.04 Delivery. At the Closing, subject to the terms and conditions hereof, CBI will deliver to VPL a stock certificate,
issued in the name of VPL and bearing applicable legends representing the Put Shares or Call Shares, as applicable, dated as of the Closing against payment of the purchase price, which shall be paid in immediately available funds. VPL will deliver
to CBI a stock certificate, issued in the name of CBI and bearing applicable legends representing the Shares, after HK regulatory approval. An executed subscription agreement shall be signed by both Parties prior to the Closing making reasonable and
appropriate representations and warranties necessary to ensure compliance with U.S. securities laws as well as HK Stock Exchange Regulations. 
 ARTICLE II 
 MISCELLANEOUS 
 2.01 Interplay with Nasdaq Listing Rules and Existing Contractual Obligations of CBI. Notwithstanding any other provision noted in this Agreement, CBI shall be under no obligation 

  

 3 

 
to issue any securities and shall not be deemed to have granted any rights to VPL to the extent that such issuance or grant would violate (a) the
listing standards of the Nasdaq Stock Market, including, but not limited to Rule 4350 thereof, or (b) the terms of CBI’s private placement of securities completed as of December 31, 2007 (the “Private Placement”). The
documents governing the Private Placement are included as exhibits to CBI’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on January 8, 2008. 
 2.02 Obligations of VPL. The obligations of VPL hereunder are subject to the conditions that (a) the purchase of the Purchased Shares by VPL
shall have been completed in accordance with the terms and conditions of the Share Sale Agreement dated [ ] March 2008 between VPL and PharmAust Limited, and (b) VPL shall have obtained all necessary approvals under the Rules Governing the
Listing of Securities on the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited and any other regulatory approvals. 
 2.03
Dispute Resolution. 
 (a) The Parties hereby agree to exercise their best efforts to resolve all disputes arising hereunder in good
faith. 
 (b) Any and all disputes arising out of or in connection with the negotiation, execution, interpretation, performance or
nonperformance of this Agreement (including the validity, scope and enforceability of this arbitration provision) which cannot be settled as provided in subsection (a) above shall be submitted to an authorized arbitration association in
(i) Richmond, Virginia (to the extent that VPL initiates such arbitration) or (ii) Hong Kong (to the extent CBI initiates such arbitration). 
 (c) The Parties shall proceed diligently with the performance of this Agreement, pending final resolution of any dispute, request for relief, claim, appeal or action arising hereunder. 
 2.04 Notices. All notices, writings, information, documents or communications required or permitted to be given hereunder shall be in writing
shall be sent by electronic mail, confirmed telefax, personal delivery, overnight mail with confirmed receipt, or by United States Mail, postage pre-paid, and in each case (except hand delivery) addressed to the applicable party as set forth below
or at such other address as shall be designated by such party in a written notice to the party: 
 To CBI: 
 Commonwealth Biotechnologies, Inc. 
 601
Biotech Drive 
 Richmond, Virginia 23235 
 Attention: Richard J. Freer, Ph.D., Chairman 
 Facsimile: (804) 915-3831 
 E-Mail: rfreer@cbi-biotech.com 
  

 4 

 With a copy to: 
 Kaufman & Canoles 
 Three James Center, 12
th Floor 
 1051 East Cary Street

 Richmond, Virginia 23219 
 Attention: Bradley A. Haneberg, Esq. 
 Facsimile: (804) 771-5777 
 E-Mail: bahaneberg@kaufcan.com 
 To VPL:

 Venturepharm Laboratories Limited 
 Venturepharm Towers 
 No. 3 Jinzhuang 
 Si Ji Qing, Haidian District 
 Beijing 10089, People’s Republic of China 
 Attention: Mr. Bill Guo 
 E-Mail:
bill@venturpharm.net 
 2.05 Governing Law. This Agreement shall be construed and interpreted in accordance with the laws of
the Commonwealth of Virginia.  
 2.06 Assignment. Neither Party shall assign this Agreement (i) without the other
Party’s prior written consent, and (ii) only in such case if the assignee agrees in writing to be bound irrevocably and unconditionally by the terms hereof; provided however, that the assigning party shall remain liable for the
assignee’s performance of its obligations hereunder. This Agreement shall inure to the benefit of and be binding upon the parties hereto, and except as otherwise limited herein, their respective successors, assigns, heirs and personal
representative, as applicable. 
 2.07 Entire Agreement. This Agreement contains the entire agreement between the Parties respecting
the subject matter hereof. Any variations, amendments, modifications or changes in this Agreement shall not be binding upon a Party unless in a writing duly executed by such Party. 
 2.08 No Waiver. No consent or waiver, express or implied, by any Party to or of any breach or default by the other in the performance by the other
of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such other party of the same or any other obligations of such Party hereunder. Failure on the part of
either Party to complain of any act or failure to act of the other Party or to declare the other Party in default, irrespective of how long such failure continues, shall not constitute a waiver by such Party of its rights hereunder. 
  

 5 

 2.09 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed
an original and all of which when taken together shall constitute one and the same instrument. 
 2.10 Further Assurances. The Parties
shall each perform such acts, execute and deliver such instruments and documents, and do all such other things as may be reasonably necessary to accomplish the transactions contemplated by this Agreement. 
 2.11 Severability. If any provision in this Agreement shall be found or be held to be invalid or unenforceable, then the meaning of said provision
shall be construed, to the extent feasible, so as to render the provision enforceable, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement which shall remain in full force and effect
unless the severed provision is essential and material to the rights or benefits received by any party. In such event, the Parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which
most nearly affects the Parties’ intent in entering into this Agreement. 
 2.12 Captions. The headings and captions in this
Agreement are for ease of reference only and shall not be relied upon in construing any provision hereof. 
 [Remainder of Page Blank;
Signature Page Follows] 
  

 6 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement 
  

			
	COMMONWEALTH BIOTECHNOLOGIES, INC.
		
	By:	 	 /s/ Richard J. Freer, Ph.D.

	Name:	 	Richard J. Freer, Ph.D.
	Title:	 	Chief Operating Officer
	
	VENTUREPHARM LABORATORIES LIMITED
		
	By:	 	 /s/ William Xia Guo

	Name:	 	William Xia Guo
	Title:	 	Director

  

 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00140-of-00352.parquet"}]]