Document:

Exhibit 4.1

 

termination
Agreement

 

This termination agreement
(the “Agreement”) is made and entered into as of December 15, 2022 by and among BIMI International
Medical Inc., a company organized under the laws of the state of Delaware, the U.S.A. (“Parent”), BIMI HOSPITAL
MANAGEMENT (Chongqing) Co., Ltd. (formerly known as BIMAI HOSPITAL MANAGEMENT (CHONGQING)
CO., LTD.) , a company organized under the laws of the PRC (“Buyer”), BENGBU MARY OB-GYN HOSPITAL CO., LTD., a company
organized under the laws of the PRC (the “Company”), RENBAO CHEN, a Chinese citizen residing in the PRC (“Chen”)
and BENGBU MARY OB-GYN HOSPITAL, a PRC organization (“Mali”). Chen and Mali may be referred to herein individually
as a “Seller” and collectively as “Sellers.” Each of the parties named above may be referred to
herein as a “Party” and collectively as the “Parties.” Capitalized terms used herein but not otherwise
defined shall have the meanings ascribed to such terms in the Original Agreement (as defined below).

 

RECITALS

 

WHEREAS, the Parties
entered into that certain Stock Purchase Agreement dated as of December 20, 2021 (the “Original Agreement”), whereby
Buyer contemplated the purchase of all the issued and outstanding shares of capital stock of the Company from Sellers, in consideration
of an aggregate purchase price of US$16,750,000;

 

Whereas,
as of the date hereof, the Closing Stock Payment in the form of 3,000,000 Parent Shares have been delivered to Sellers and Third Party
Beneficiaries pursuant to the Original Agreement;

 

Whereas,
the closing of the Original Agreement has not taken place as of the date hereof;

 

WHEREAS, due to a 1-for-5
reverse stock split of Parent on February 2, 2022 and a 1-10 reverse stock split of Parent on December 9, 2022, the 3,000,000 Parent Shares
issued to Sellers were consolidated into 60,000 Parent Shares; and

 

WHEREAS, the Parties
desire to terminate the Original Agreement by mutual consent as permitted in Section 11.1 (c) of the Original Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

 

1.
Termination.

 

1.1 Immediately
after the signing of this Agreement, each of Sellers and Third Party Beneficiaries shall execute and deliver a transfer agent instruction
in substantially the form of Exhibit A and all other documents as requested by Buyer in order to cause the return to Parent of
the 60,000 Parent Shares, which were previously issued to Sellers and Third Party Beneficiaries.

 

1.2 The
Original Agreement will terminate effective as of the date of the return of the Parent Shares and shall be of no further force or effect.

 

     

     

    

 

1.3 Upon
the termination of the Original Agreement, all further obligations of the Parties under the Original Agreement will terminate, except
that the obligations in Sections 13.1 and 13.3 thereof will survive. None of Buyer, Parent, nor any of their Related Parties
will have any debt, obligation or liability to any Seller or Third Party Beneficiary in connection with or resulting from the Original
Agreement. Each Party, on behalf of itself and its respective Related Parties, hereby unconditionally and irrevocably releases the other
Party and its Related Parties from any and all claims, debts, obligations and liabilities, whether known or unknown, contingent or non-contingent,
at law or in equity, in each case arising from, in connection with or resulting from the Original Agreement.

 

2. Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which together shall constitute
one instrument.

 

3. Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Agreement.

 

4. Governing
Law; jurisdiction. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the Parties shall
be governed, construed and interpreted in accordance with the laws of the State of New York without regard to its choice of laws principles.
Any dispute arising from or in connection with this Agreement shall be submitted to China International Economic and Trade Arbitration
Commission (CIETAC) for arbitration which shall be conducted in accordance with the CIETAC’s arbitration rules in effect at the time of
applying for arbitration. The arbitral award is final and binding upon all the Parties. In the event a proceeding is commenced to enforce
any provision of this Agreement, the prevailing party shall be entitled to recover from the non-prevailing party the reasonable fees and
expenses payable by the prevailing party to his or its attorneys, accountants and other professionals in connection with that proceeding.

 

5. Representation
by Counsel. Each of the Parties has been represented or has had the opportunity to be represented by legal counsel of their own choice.

 

(Signature Pages Follow)

 

     

     

    

 

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

 

BUYER:

 

	BIMI HOspital management (Chongqing) co., ltd.
	 	 	 
	By: 	/s/ Wangjin Wu	 
	Name: 	Wangjin Wu	 
	Title: 	Legal Representative	 
	 	 	 
	PARENT:	 
	 	 	 
	BIMI INTERNATIONAL MEDICAL INC.	 
	 	 	 
	By: 	/s/ Tiewei Song	 
	Name:  	Tiewei Song	 
	Title: 	CEO	 
	 	 	 
	SELLERS:	 
	 	 	 
	Renbao Chen	 
	 	 	 
	By: 	/s/ Renbao Chen	 
	Name: 	Renbao Chen	 

	Address:  	Room 1002, Unit 3, Building 007,

 Jiulonghu Apartments, 

Gulou District, Xu Zhou,

 Jiangsu Province, PRC	 

 

	Bengbu Mali OB-GYN hospital	 
	 	 	 
	By: 	/s/ Jiansen
    Chen	 
	Name:  	Jiansen Chen	 
	Title: 	President	 

 

	COMPANY:	 
	 	 
	Bengbu Mali OB-GYN hospital co., ltd.	 
	 	 
	By: 	/s/
    Jiansen Chen	 
	Name:  	Jiansen Chen	 
	Title: 	President	 

 

     

     

    

 

	Third party beneficiaries:	 
	 	 	 
	DI LIU	 
	 	 	 
	By: 	/s/ Di Liu	 
	Name: 	Di Liu              	 

	Address: 	1-2-301, District 7,

 Shijishequ, Zhenxing Road,

 Xinglongtai District, Panjin,	 

 

	Liaoning Province, PRC	 
	 	 	 
	LIJUN YU	 
	 	 	 
	By: 	/s/ Lijun Yu	 
	Name:  	Lijun Yu	 

	Address: 	54-2-302, Xianfeng Area,

 Xianfeng Community, Xinglong Road,

 Xinglongtai District, 

Panjin, Liaoning Province, PRC	 

 

	GUILI ZHANG	 
	 	 	 
	By:	 /s/ Guili Zhang	 
	Name: 	Guili Zhang	 

	Address:	 1-15-33, Hongqiwei, Qingshui Street,

 Shenbei New District, 

Shenyang, Liaoning Province, PRC	 

 

	jingbo wen	 
	 	 	 
	By:	 /s/ Jingbo Wen	 
	Name: 	Jingbo Wen	 

	Address:	 No. 1 Lianmeng Road, 

Unit 1, Room 302, 

Kaiyuan, Liaoning Province, PRC	 

 

	renhua chen	 
	 	 	 
	By: 	/s/ Renhua Chen	 
	Name: 	Renhua Chen	 

	Address: 	Bengbu Tower, Room 613,

 Boshan District, 

Bengbo, Anhui Province, PRC	 

 

	yang biao	 
	 	 	 
	By: 	/s/ Biao Yang	 
	Name: 	Biao Yang	 

	Address: 	Tianyi Garden, Tower 11, Unit 3, 

Room 402, Yuhui District, 

Bengdbu, Anhui Province, PRC	 

 

     

     

    

 

Exhibit A Transfer Agent
Instructions

 

Date:

 

American Stock Transfer & Trust Company, LLC

Attention Darren Larson

6201 15th Avenue

Brooklyn, NY 11219

By email: Darren.Larson@equiniti.com

 

Re: BIMI International Medical Inc. (“BIMI”)

 

Dear Mr. Larson:

 

The undersigned, the record and beneficial owner of _________ shares
(the “Subject Shares”) of common stock of BIMI International Medical Inc. (“BIMI”) held in a DRS account (AST
Account number _______), hereby unconditionally and irrevocably instructs American Stock Transfer & Trust Company, LLC (“AST”),
BIMI’s transfer agent, to transfer the Subject Shares to BIMI. The undersigned consents to BIMI’s instructions to AST in substantially
the form as Appendix I attached hereto.

 

The undersigned hereby agrees to indemnify and hold harmless AST, its
affiliates, successors and assigns from and against any and all claims, damages, liabilities or losses to which they may be subject as
a result of accepting this letter.

 

	Sincerely,	 
	 	 	 
	By:	     	 
	Name:	 	 

 

     

     

    

 

Appendix I

 

(BIMI Company Letterhead)

 

Date

 

American Stock Transfer & Trust Company, LLC

Attention Darren Larson

6201 15th Avenue

Brooklyn, NY 11219

By email: Darren.Larson@equiniti.com

 

Re: BIMI International Medical Inc. (“BIMI”)

 

Dear Mr. Larson:

 

I am writing to you on behalf our company, of
BIMI International Medical Inc. (“BIMI”). We have entered into agreements with certain of our shareholders whereby they have
agreed to return to us an aggregate of ______ shares of our Common Stock. In your capacity as transfer agent for BIMI, you hereby authorized
and instructed to cancel and retire the _______ shares as detailed in Schedule I hereto.

 

BIMI hereby agrees to indemnify and hold harmless
American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (“AST”), its affiliates, successors
and assigns from and against any and all claims, damages, liabilities or losses to which they may be subject as a result of accepting
this letter in connection with cancelation of the _______ shares of BIMI currently held in in book-entry positions with AST.

 

Thank you for your assistance and please let me
know if you have any questions.

 

	Sincerely,	 
	 	 	 
	Name:  	Tiewei Song	 
	Title: 	CEO	 

 

     

     

    

 

Schedule IExhibit 4.5

     
      	
               

            	
              
                OPTION AGREEMENT

                 

                Made as of _____, __, _____

              

            

    

    

    
      	BETWEEN:   

            	
              TAT TECHNOLOGIES LTD.

               

                

              
                A company incorporated in Israel

                 

                With an address at 7 Gibori Israel St.,

                 

                Netanya, 4250407, Israel          

                (hereinafter the “Company”)          

                

                 

            

    

    

    on the one part

     

    AND:                                   Name: ___________________________________

     

    I.D. No.  ___________________________________

     

    With an address at ____________________________          

    (hereinafter the “Optionee”)

    on the other part

     

    	WHEREAS	
            The Company duly adopted approved the 2022 Stock Option Plan, a copy of which is attached as Exhibit A hereto, forming an integral part hereof (the “Plan”);
              and

          

     

    	WHEREAS	
            Pursuant to the Plan, the Company wishes to grant the Optionee, pursuant and subject to the provisions of Section 102 of the Income Tax Ordinance (New Version) 1961 (the "ITO") and the regulations
              promulgated thereunder, including without limitation the Israeli Income Tax Rules (Tax Benefits in Stock Issuance to Employees) 2003 (the "Rules") or such other rules published by the Israeli Income Tax
              Authorities ("ITA"), options to purchase Ordinary Shares, par value NIS 0.90 per share, of the Company (the "Options");

          

     

    NOW, THEREFORE, it is agreed as follows:

     

    	1.	
            Preamble and Definitions

          

     

    	

          	1.1.	
            The preamble to this agreement constitutes an integral part hereof.

          

     

    	

          	1.2.	
            Unless otherwise defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Plan.

          

     

    	

          	1.3.	
            Optionee has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of the Plan and this Agreement.

          

     

    
      
        

    

     

    

    	

          	1.4.	
            Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board and/or Committee upon any questions relating to the Plan and this Agreement.

          

     

    	

          	1.5.	
            Optionee and the Company further agree that the Options are granted under and governed by Section 102(b)(2) and Section 102(b)(3) of the ITO and the Rules promulgated in connection therewith and the Trust Deed, a copy of which is attached
              as Exhibit C hereto, forming an integral part hereof.

          

     

    	

          	1.6.	
            Furthermore, by Optionee’s signature below, Optionee agrees that the Options and any underlying Shares will be issued to or controlled by ESOP Management and Trust Services Ltd. (the "Trustee") for
              the Optionee’s benefit, pursuant to the terms of the ITO, the Rules and the Trust Deed. Optionee confirms that he is familiar with the terms and provisions of Section 102 of the ITO, particularly the Capital Gains Track described in
              subsections (b)(2) and (b)(3) thereof, and agrees that he will not require the Trustee to release the Options or Shares to him, or to sell the Options or Shares to a third party, during the Required Holding Period, unless permitted to do so
              by applicable law and unless he bears the full implications of such request.

          

     

    	2.	
            Grant of Options

          

     

    	

          	2.1.	
            The Company hereby grants to the Optionee the number of Options as set forth in Exhibit B, each Option exercisable for one Ordinary Share of the Company, upon payment of the Exercise Price as set forth in Exhibit B, subject to the terms
              and the conditions as set forth in the Plan and as provided herein.

          

     

    	

          	2.2.	
            The Optionee is aware that the Company intends in the future to issue additional shares and to grant additional options to various entities and individuals, as the Company in its sole discretion shall determine.

          

     

    	3.	
            Option Term and Conditions of Exercise

          

     

    	

          	3.1.	
            The Options may be exercised by the Optionee prior to the Expiration Date (as as set forth in Exhibit B) to the extent that the Options become vested and exercisable in accordance with Exhibit B hereto, and provided that, the Optionee is
              an employee or an office holder of the Company or any of its Affiliates, at all times during the period beginning with the Date of Grant and ending upon the date of exercise and subject to the termination provisions detailed in subsection (h)
              through (k) in section 6.3 of the Plan.

          

     

    	

          	3.2.	
            Options may be exercised only to purchase whole Shares, and in no case may a fraction of a Share be purchased. If any fractional Share would be deliverable upon exercise, such fraction shall be rounded up one-half or less, or otherwise
              rounded down, to the nearest whole number.

          

     

    	

          	3.3.	
            Detrimental Activity. For purposes of this Agreement, Detrimental Activity shall have the meaning set forth in the Plan. In the event that the Optionee engages in Detrimental Activity prior to any exercise of Options, such Options
              shall thereupon terminate and expire. As a condition of the exercise of Options, the Optionee shall be required to certify (or shall be deemed to have certified) at the time of exercise in a manner acceptable to the Company that he is in
              compliance with the terms and conditions of the Plan and that the Optionee has not engaged in, and does not intend to engage in, any Detrimental Activity. In the event the Optionee engages in Detrimental Activity during the one year period
              commencing on the later of the date the Options are exercised or become vested, the Company shall be entitled to recover from the Optionee at any time within one year after such exercise or vesting, and the Optionee shall pay over to the
              Company, an amount equal to any gain realized as a result of the exercise (whether at the time of exercise or thereafter).

          

     

    
      
        

    

     

    

    	4.	
            Vesting; Exercise Period

          

     

    	

          	4.1.	
            Subject to the provisions of the Plan, Options shall vest and become exercisable according to the vesting schedule and acceleration provisions set forth in Exhibit B hereto.

          

     

    	

          	4.2.	
            As per the rules of the TASE, due to transition to clearing on T+ 1 in shares and convertible securities, no conversion of options shall take place on the effective date to distribution of bonus shares, offering by way of rights,
              distribution of dividends, capital consolidation, capital split or reduction of capital (each of the above- "Company Event"). Additionally, if the ex day of the Company Event shall occur prior to the effective date of the Company Event, no
              conversion of options shall take place on the ex day as aforesaid.

          

     

    	

          	4.3.	
            At the expiration of the Exercise Period, all unexercised Options shall become null and void.

          

     

    	5.	
            Exercise of Options

          

     

    	

          	5.1.	
            Options may be exercised in accordance with the provisions of Section 6.3(f) of the Plan.

          

     

    	

          	5.2.	
            In order for the Company to issue Shares upon the exercise of any of the Options, the Optionee hereby agrees to sign any and all documents required by any applicable law and/or by the Company's Articles of Association.

          

     

    	

          	5.3.	
            The Company shall not be obligated to issue any Shares upon the exercise of Options if such issuance, in the opinion of the Company, might constitute a violation by the Company of any provision of law.

          

     

    	6.	
            Trust

          

     

    	

          	6.1.	
            The Options granted hereunder are intended to be subject to the capital gains track of section 102 of the ITO. As such, the Options and any Shares issued thereunder shall be held or controlled by the Trustee for the benefit of the
              Optionee, until the Optionee chooses to sell them or release them from such holding or control of the Trustee. The Optionee shall be able, at any time, to request the sale of the Shares or the release of the Shares from the holding or control
              of the Trustee, subject to the terms of the Plan, this Agreement and any applicable law.

          

     

    	

          	6.2.	
            Without derogating from the aforementioned, if the Shares are sold or released from the holding or control of the Trustee before the lapse of the period of time required under Section 102 of the ITO or any other period of time determined
              by the ITA (the “Holding Period”), the sanctions under Section 102 shall apply to and be borne by the Optionee. The Shares shall not be sold or released from the holding or control of the Trustee unless the Company and the Trustee are
              satisfied that the full amount of income tax or other tax-related withholding due have been paid or will be paid in relation thereto.

          

     

    	

          	6.3.	
             In the event that stock dividends or rights to purchase additional shares (collectively, the “Additional Shares”) are issued in respect of the Options or underlying Shares, or as a result of an adjustment made pursuant the Plan, such
              Additional Shares shall be held or controlled by the Trustee for the benefit of the Participant and shall be ruled by the same tax terms that apply to the respective Shares.

          

     

    
      
        

    

     

    

    	7.	
            Taxes; Indemnification

          

     

    	

          	7.1.	
            Any tax consequences arising from the grant or exercise of any Option, from the payment for Shares covered thereby or from any other event or act (of the Company and/or its Affiliates, the Trustee or the Optionee), hereunder, shall be
              borne solely by the Optionee. The Company and/or its Affiliates and/or the Trustee shall withhold taxes according to the requirements under the applicable laws, rules, and regulations, including withholding taxes at source. Furthermore, the
              Optionee hereby agrees to indemnify the Company and/or its Affiliates and/or the Trustee and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities
              relating to the necessity to withhold, or to have withheld, any such tax from any payment made to the Optionee.

          

     

    	

          	7.2.	
            The Optionee will not be entitled to receive from the Company and/or the Trustee any Shares allocated or issued upon the exercise of Options prior to the full payments of the Optionee’s tax liabilities arising from Options which were
              granted to him and/or Shares issued upon the exercise of Options.

          

     

    	

          	7.3.	
            The Optionee acknowledges that the Company and/or the Trustee (a) makes no representations or undertakings regarding the tax treatment with any aspect of the Options, including the grant, vesting, or exercise of the Options, the subsequent
              sale of Shares acquired under the Plan and the receipt of dividends, if any; and (b) does not commit to and is under no obligation to structure the terms of the Options or any aspect of the Options to reduce or eliminate Optionee’s tax
              liability, or achieve any particular tax result. Further, if Optionee has become subject to tax in more than one jurisdiction between the date of grant and the date of any relevant taxable event, Optionee acknowledges that the Company and/or
              the Trustee may be required to withhold tax in more than one jurisdiction.

          

     

    	

          	7.4.	
            The receipt of the Options and the acquisition of the Shares to be issued upon the exercise of the Options may result in tax consequences. THE OPTIONEE IS ADVISED TO CONSULT A TAX ADVISER WITH RESPECT TO THE TAX CONSEQUENCES OF RECEIVING
              OR EXERCISING THE OPTIONS OR DISPOSING OF THE SHARES.

          

     

    	8.	
            Miscellaneous

          

     

    	

          	8.1.	
            No Guarantee of Continued Service. Neither this Agreement nor the grant of any Options shall give the Optionee any right with respect to continuance of employment, consultancy or directorship by the Company or any Affiliate, nor
              shall they be a limitation in any way on the right of the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate his or her employment, consultancy or directorship at any
              time.

          

     

    
      
        

    

     

    

    	

          	8.2.	
            Plan Governs. This Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will
              govern.

          

     

    	

          	8.3.	
            Entire Agreement. Subject to the provisions of the Plan, to which this Agreement is subject, this Agreement, together with the exhibits hereto, constitute the entire agreement between the Optionee and the Company with respect to
              Options granted hereunder, and supersedes all prior agreements, understandings and arrangements, oral or written, between the Optionee and the Company with respect to the subject matter hereof.

          

     

    	

          	8.4.	
            Failure to Enforce - Not a Waiver. The failure of any party to enforce at any time any provisions of this Agreement or the Plan shall in no way be construed to be a waiver of such provision or of any other provision hereof.

          

     

    	

          	8.5.	
            Binding Effect. The Plan and this Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereof.

          

     

    	

          	8.6.	
            Governing Law. This Agreement and actions taken in connection herewith shall be governed and construed in accordance with the laws of Israel (regardless of the law that might otherwise govern under applicable Israeli principles of
              conflict of laws).

          

     

    	

          	8.7.	
            Notices. All notices or other communications given or made hereunder shall be in writing and shall be delivered or mailed by registered mail or delivered by email or facsimile with written confirmation of receipt to the Optionee
              and/or to the Company at the addresses shown on the letterhead above, or at such other place as the Company may designate by written notice to the Optionee. The Optionee is responsible for notifying the Company in writing of any change in the
              Optionee’s address, and the Company shall be deemed to have complied with any obligation to provide the Optionee with notice by sending such notice to the address indicated below.

          

     

    IN WITNESS WHEREOF, this Agreement has been executed as of the day and year first above written.

     

    
      
        	

              	________________________          	

              	
                _______________________

                TAT Technologies Ltd. 

              

      

    

    

    
      	

            	Exhibit A 

            	
              TAT TECHNOLOGIES LTD 2022 STOCK OPTION PLAN AS AMENDED

            

      

      

    

    	

          	Exhibit B:	
            Terms of the Option

          

    

    

    	

          	Exhibit C:	
            Trust Deed

          

     

    

    

    
      
        

    

     

    EXHIBIT B

     

    TERMS OF THE OPTION

    

    

    	
            Name of the Optionee:

          	 
	
            Date of Grant:

          	 
	
            Designation:

          	
            •     ☐ Approved 102 Option:

                  Capital Gain Option (CGO) Q ;or

                  Ordinary Income Option (OIO) ƒ

            •     ☐ Unapproved 102 Option

            •     ☐ 3(i) Option

             

          
	
            1.          Number of Options granted:

          	 
	
            2.          Exercise Price Per Share:

          	 
	
            3.          Vesting:

            4.          Expiration Date: 

          	 

     
      
        
          	

                	________________________          	

                	
                  _______________________

                  TAT Technologies Ltd.

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