Document:

Exhibit 10.3

 

ASSIGNMENT AND ASSUMPTION OF
LEASE AGREEMENT

 

THIS ASSIGNMENT AND ASSUMPTION
OF LEASE AGREEMENT (this “Agreement”) is entered into as of March 5, 2013 (the “Effective Date”), by
and between GLADIATOR CAPITAL FUNDS, LLC, a California limited liability company (“Assignor”), RUTHIGEN, INC., a Nevada
corporation (“Assignee”), SR OFFICE PROPERTIES LLC, a California limited liability company (“Landlord”),
and HOJABR ALIMI, an individual (“Guarantor”) with reference to the following facts:

 

A.          Assignor is the tenant under
that certain Office Lease dated June 29, 2010 between Landlord’s predecessor in interest CA-Waterfall Towers Limited Partnership
and Assignor, as amended by that certain First Amendment dated August 18, 2011 and that certain Second Amendment dated September
1, 2012 (as so amended, the “Lease”) with respect to the leasing of approximately 995 rentable square feet of space
within the building commonly known as Building C of Waterfall Towers located at 2455 Bennett Valley Road, Santa Rosa, California
(the “Premises”).

 

B.          Guarantor (under the pseudonym
Hoji Alimi) is the guarantor of the Lease pursuant to that certain Guaranty dated June 29, 2010 (the “Guaranty”).

 

C.          Capitalized terms used but
not defined herein shall have the meaning given to them in the Lease.

 

D.          Assignor desires to assign
to Assignee, and Assignee desires to assume from Assignor, all of Assignor’s right, title, and interest in and obligations under
the Lease.

 

E.          Subject to the terms and conditions
set forth herein, Landlord desires to consent to such assignment.

 

F.          Guarantor desires to consent
to such assignment and to confirm and ratify its guaranty of the Lease pursuant to the Guaranty.

 

NOW, THEREFORE, in consideration
of the agreements, covenants, and conditions contained herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, it is agreed by and among the parties hereto as follows:

 

1.          Assignment. Assignor
hereby assigns to Assignee all of Assignor’s right, title, and interest in and obligations under the Lease.

 

2.          Assumption. Assignee
hereby assumes from Assignor all of Assignor’s right, title, and interest in and obligations under the Lease. Such assumption shall
include, without limitation, the obligation to pay, as a direct obligation to Landlord, all rent, additional rent, and all other
sums due by the tenant under the Lease, and to perform, as a direct obligation to Landlord, all other terms, covenants, conditions,
stipulations, provisions, and obligations of the tenant under the Lease. Assignee acknowledges and agrees that neither Landlord
nor its agents have made any representations or warranties with respect to the Premises, except as may be expressly set forth in
the provisions of the Lease.

 

    	Page 1 of 3

    	 

    

 

3.          Representations. Assignor
hereby represents that on the Effective Date no breach or default by either Assignor or Landlord has occurred, and there exist
no events which would constitute a breach or default but for the lapse of time or giving of notice or both, and that the Lease,
and all of its terms, conditions, covenants, agreements, and provisions, except as hereby modified, are in full force and effect
with no defenses or offsets thereto provided, however, that Assignor’s affirmation as to the absence of (i) any breach or
default by Landlord, or (ii) any event, defenses or offsets to the extent the same may result from any act or omission by Landlord,
are limited to the actual knowledge of Assignor.

 

4.          Consent of Landlord.
By its signature below, Landlord hereby consents to (a) the assignment of all of Assignor’s right, title, and interest in and obligations
under the Lease by Assignor to Assignee upon the terms set forth in this Agreement and (b) the assumption by Assignee of all of
Assignor’s right, title, and interest in and obligations under the Lease as provided for in this Agreement. The transfer of the
Lease shall not affect the terms of the Lease. Assignee accepts the Lease and the Premises in its “as is” condition
on the Effective Date and with all faults, and agrees that Landlord does not have any obligation to repair or correct any condition
or defect or to compensate Assignee for same, or to alter, improve, remodel, or otherwise improve the Premises or any part thereof,
except as expressly provided in the Lease. Assignor shall not be released from liability under the Lease and Landlord shall have
the right to pursue claims against either or both of Assignor or Assignee in the event of a default under the Lease.

 

5.          Entire Agreement. This
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior
negotiations and agreements, whether written or oral.

 

6.          Amendments. This Agreement
may not be altered or amended except by an instrument in writing executed by all of the parties hereto.

 

7.          Governing Law. This
Agreement shall be governed by the laws of the State of California.

 

8.          Counterpails. This Agreement
may be executed in one or more counterparts, each of which shall be deemed an original, but all of which when taken together shall
constitute one agreement.

 

9.          Severability. If any
term or provision of this Agreement is, to any extent, held to be invalid or unenforceable, the remainder of this Agreement will
not be affected, and each term or provisions of this Agreement will be valid and be enforced to the fullest extent permitted by
law. If the application of any term or provision of this Agreement to any person or circumstances is held to be invalid or unenforceable,
the application of that term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable,
will not be affected, and each term or provision of this Agreement will be valid and be enforced to the fullest extent permitted
by law.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	Page 2 of 3

    	 

    

 

IN WITNESS WHEREOF, the undersigned
have executed this Agreement on the date set forth above.

 

	“ASSIGNOR”	“ASSIGNEE”
	 	 
	GLADIATOR CAPITAL FUNDs, LLC,	RUTHIGEN, INC.,
	a California limited liability company	a Nevada corporation

 

	By:	/s/ Hoji
    Alimi	 	By:	/s/ Sameer Harish
	Name:	Hoji Alimi	 	Name:	Sameer Harish
	Its:	 	 	Its:	 

 

“LANDLORD”

 

SR OFFICE PROPERTIES LLC,

a California limited liability company

 

	By:	G&W Ventures, LLC,	 
	 	a California limited liability company	 

 

	 	By:	/s/ Matthew T. White	 
	 	 	Matthew T. White, Manager	 

 

“GUARANTOR”

 

The undersigned Guarantor has a financial interest in
the Assignor and the Assignee, and hereby consents to the above assignment and confirms and ratifies the continued full validity
and enforceability of the Guaranty of the Lease following the assignment of the Lease from Assignor to Assignee.

 

	/s/ Hojabr Alimi	 
	Hojabr Alimi, an individual	 

 

    	Page 3 of 3

    	 

    

 

OFFICE LEASE

 

This Office Lease
(this “Lease”), dated as of the date set forth in Section 1.1, is made by and between CA-WATERFALL
TOWERS LIMITED PARTNERSHIP, a Delaware limited partnership (“Landlord”), and GLADIATOR CAPITAL FUNDS
LLC, a California limited liability company (“Tenant”). The following exhibits are incorporated
herein and made a part hereof: Exhibit A (Outline of Premises); Exhibit B ([Intentionally Omitted]);
Exhibit C (Form of Confirmation Letter); Exhibit D (Rules and Regulations); Exhibit E (Judicial
Reference); Exhibit F (Additional Provisions); and Exhibit G (Form of Guaranty).

 

	1 	BASIC LEASE INFORMATION

 

	 	1.1	Date:  	June 29, 2010
	 	 	 	 
	 	1.2	Premises.	 

 

	 	1.2.1	“Building”:	 	2455 Bennett Valley Road, Santa Rosa, California, 95404 commonly known as Building C of Waterfall Towers.
	 	 	 	 	 
	 	1.2.2	“Premises”:	 	Subject to Section 2.1.1, 995 rentable
    square feet of space located on the first floor of the Building and commonly known as Suite C-116, the outline and location
    of which is set forth in Exhibit A. If the Premises includes any floor in its entirety, all corridors
    and restroom facilities located on such floor shall be considered part of the Premises.
	 	 	 	 	 
	 	1.2.3	“Property”:	 	The Building, the parcel(s) of land upon which it is located, and, at Landlord’s discretion, any parking facilities and other improvements serving the Building and the parcel(s) of land upon which such parking facilities and other improvements are located.
	 	 	 	 	 
	 	1.2.4	“Project”:	 	The Property or, at Landlord’s discretion, any project containing the Property and any other land, buildings or other improvements.
	 	 	 	 	 
	 	1.3	Term	 	 	 
	 	 	 	 	 
	 	1.3.1	Term:	 	The term of this Lease (the “Term”)
    shall commence on the Commencement Date and end on the Expiration Date (or any earlier date on which this Lease is terminated
    as provided herein).
	 	 	 	 	 
	 	1.3.2	“Commencement Date”:	 	The earlier of (i) the first date on which Tenant conducts business in the Premises pursuant to this Lease, or (ii) July 1, 2010; provided, however, that if Landlord fails to deliver the Premises to Tenant pursuant to this Lease on or before the date described in the preceding clause (ii) as a result of any holdover or unlawful possession by another party, the Commencement Date shall be the date on which Landlord delivers possession of the Premises to Tenant pursuant to this Lease free from occupancy by any party.
	 	 	 	 	 
	 	1.3.3	“Expiration Date”:	 	The last day of the 14th full calendar month commencing on or after the Commencement Date.

 

	 	1.4	“Base Rent”:	 

 

	 	 	 	 	 	Monthly Base	 	 	 	 
	 	 	 	 	 	Rent Per	 	 	 	 
	 	 	Annual Base	 	 	Rentable Square	 	 	 	 
	 	 	Rent Per	 	 	Foot (rounded to	 	 	Monthly	 
	Period During	 	Rentable Square	 	 	the
    nearest 100th	 	 	Installment	 
	Term	 	Foot	 	 	of a dollar)	 	 	of Base Rent	 
	 	 	 	 	 	 	 	 	 	 
	Commencement Date through Expiration Date	 	$	15.00	 	 	$	1.25	 	 	$	1,243.75	 

 

    	1

    	 

    

 

Notwithstanding the foregoing,
so long as no Default (defined in Section 19.1) exists, Tenant shall be entitled to an abatement of Base Rent, in the amount
of $1,243.75 per month, for the first two (2) full calendar months of the Term.

 

	 	1.5	“Base Year” for Expenses:	 	Calendar year 2010.
	 	 	 	 	 
	 	 	“Base Year” for Taxes:	 	Calendar year 2010.
	 	 	 	 	 
	 	1.6	“Tenant’s Share”:	 	
        1.0824% (based upon a total of 91,929 rentable
        square feet in the Building), subject to Section 2.1.1.

         

        Notwithstanding any contrary provision
        hereof, for purposes of the definition of Tenant’s Share, the second sentence of Section 2.1.1, and Sections
        2.2 and 4, “Building” means, collectively, the Related Buildings (defined below), and “Property”
        means, collectively, the Related Buildings, the parcel(s) of land upon which the Related Buildings are located and, at
        Landlord’s discretion, the parking facilities and other improvements, if any, serving the Related Buildings and
        the parcels of land upon which such parking facilities and improvements are located. As used herein, “Related
        Buildings” means, collectively, the 3 buildings located at 2455 Bennett Valley Road, in Santa Rosa, California;
        provided, however, that, at Landlord’s option from time to time, any such building, other than the building(s) in
        which the Premises is located, may be removed from the Related Buildings (whether as a result of a sale or demolition
        of such building or otherwise) and any building owned by Landlord may be added to the Related Buildings (whether as a
        result of a purchase or development of such building or otherwise), in which event, effective as of the date of such removal
        or addition, Tenant’s Share, together with Expenses and Taxes for the Base Year, shall be recalculated accordingly.

	 	 	 	 	 
	 	1.7	“Permitted Use”:	 	General office use consistent with a first-class office building.
	 	 	 	 	 
	 	1.8.	“Security Deposit”:	 	$1,243.75, as more particularly described in Section 21.
	 	 	 	 	 
	 	 	Prepaid Base Rent:	 	$1,243.75, as more particularly described in Section 3.
	 	 	 	 	 
	 	1.9	Parking:	 	
        Three (3) unreserved parking spaces, at
        the rate of $0.00 per space per month, as such rate may be adjusted from time to time to reflect Landlord’s then current
        rates.

         

        Zero (0) reserved parking spaces, at the
        rate of $N/A per space per month.

	 	 	 	 	 
	 	1.10	Address of Tenant:	 	
        Before the Commencement Date:

         

        Hoji Alimi

        1135 N. McDowell Blvd.

        Petaluma, CA 94954

         

        From and after the Commencement Date:
        the Premises.

 

    	2

    	 

    

 

	 	1.11	Address of Landlord:	 	
        CA-Waterfall Towers Limited Partnership

c/o Equity Office

1318
        Redwood Way, Suite 140

Petaluma, California 94954

Attention: Building manager

         

        with copies to:

         

        Equity Office

        2655 Campus Drive, Suite 100

San Mateo, CA 94403

Attn: Managing
        Counsel

         

        and

         

        Equity Office

        Two North Riverside Plaza

Suite 2100

Chicago, IL 60606

Attn:
        Lease Administration

	 	 	 	 	 
	 	1.12	Broker(s):	 	Cornish & Carey Commercial, a California corporation
    (“Tenant’s Broker”), representing Tenant, and Cornish & Carey Commercial, a California
    corporation (“Landlord’s Broker”), representing Landlord.
	 	 	 	 	 
	 	1.13	Building Hours and Holidays:	 	“Building Hours” mean
    7:00 a.m. to 6:00 p.m., Monday through Friday, excluding the day of observation of New Year’s Day, Presidents Day, Memorial
    Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Day, and, at Landlord’s discretion, any other locally
    or nationally recognized holiday that is observed by other buildings comparable to and in the vicinity of the Building (collectively,
    “Holidays”).
	 	 	 	 	 
	 	1.14	“Transfer Radius”:	 	The area within five (5) miles of the Building.
	 	 	 	 	 
	 	1.15	“Tenant Improvements”:	 	Defined in Exhibit B, if any.
	 	 	 	 	 
	 	1.16	“Guarantor”:	 	Hoji Alimi, an individual. Concurrently with Tenant’s
    execution and delivery hereof, Tenant shall cause Guarantor to execute and deliver a guaranty in favor of Landlord in the
    form of Exhibit G.

 

		2	PREMISES AND COMMON AREAS.

 

		2.1	The Premises.

 

2.1.1      Subject
to the terms hereof, Landlord hereby leases the Premises to Tenant and Tenant hereby leases the Premises from Landlord. Landlord
and Tenant acknowledge that the rentable square footage of the Premises is as set forth in Section 1.2.2 and the rentable
square footage of the Building is as set forth in Section 1.6; provided, however, that Landlord may from time to time remeasure
the Premises and/or the Building in accordance with any generally accepted measurement standards selected by Landlord and adjust
Tenant’s Share based on such re-measurement; provided further, however, that any such re-measurement shall not affect the
amount of Base Rent payable for, or the amount of any tenant allowance applicable to, the initial Term. At any time Landlord may
deliver to Tenant a notice substantially in the form of Exhibit C, as a confirmation of the information set
forth therein. Tenant shall execute and return (or, by notice to Landlord, reasonably object to) such notice within five (5) days
after receiving it, and if Tenant fails to do so, Tenant shall be deemed to have executed and returned it without exception.

 

2.1.2      Except
as expressly provided herein, the Premises is accepted by Tenant in its condition and configuration existing on the date hereof
(or in such other condition and configuration as any existing tenant of the Premises may cause to exist in accordance with its
lease), without any obligation of Landlord to perform or pay for any alterations to the Premises, and without any representation
or warranty regarding the condition of the Premises, the Building or the Project or their suitability for Tenant’s business.
By taking possession of the Premises pursuant to this Lease, Tenant acknowledges that the Premises and the Building are then in
the condition and configuration required hereunder.

 

    	3

    	 

    

 

2.2         Common
Areas. Tenant may use, in common with Landlord and other parties and subject to the Rules and Regulations (defined
in Exhibit D), any portions of the Property that are designated from time to time by Landlord for such use
(the “Common Areas”).

 

3          RENT.
Tenant shall pay all Base Rent and Additional Rent (defined below) (collectively, “Rent”) to Landlord
or Landlord’s agent, without prior notice or demand or any setoff or deduction, at the place Landlord may designate from
time to time. As used herein, “Additional Rent” means all amounts, other than Base Rent, that Tenant
is required to pay Landlord hereunder. Monthly payments of Base Rent and monthly payments of Additional Rent for Expenses (defined
in Section 4.2.2), Taxes (defined in Section 4.2.3) and parking (collectively, “Monthly Rent”)
shall be paid in advance on or before the first day of each calendar month during the Term; provided, however, that the installment
of Base Rent for the first full calendar month for which Base Rent is payable hereunder shall be paid upon Tenant’s execution
and delivery hereof. Except as otherwise provided herein, all other items of Additional Rent shall be paid within 30 days after
Landlord’s request for payment. Rent for any partial calendar month shall be prorated based on the actual number of days
in such month. Without limiting Landlord’s other rights or remedies, (a) if any installment of Rent is not received by Landlord
or its designee within five (5) business days after its due date, Tenant shall pay Landlord a late charge equal to 5% of the overdue
amount; and (b) any Rent that is not paid within 10 days after its due date shall bear interest, from its due date until paid,
at the lesser of 18% per annum or the highest rate permitted by Law (defined in Section 5). Tenant’s covenant to
pay Rent is independent of every other covenant herein.

 

		4	EXPENSES AND TAXES.

 

4.1         General
Terms. In addition to Base Rent, Tenant shall pay, in accordance with Section 4.4, for each Expense Year
(defined in Section 4.2.1), an amount equal to the sum of (a) Tenant’s Share of any amount (the “Expense
Excess”) by which Expenses for such Expense Year exceed Expenses for the Base Year, plus (b) Tenant’s Share of
any amount (the “Tax Excess”) by which Taxes for such Expense Year exceed Taxes for the Base Year. No
decrease in Expenses or Taxes for any Expense Year below the corresponding amount for the Base Year shall entitle Tenant to any
decrease in Base Rent or any credit against amounts due hereunder. Tenant’s Share of the Expense Excess and Tenant’s
Share of the Tax Excess for any partial Expense Year shall be prorated based on the number of days in such Expense Year.

 

4.2         Definitions.
As used herein, the following terms have the following meanings:

 

4.2.1      “Expense
Year” means each calendar year, other than the Base Year, in which any portion of the Term occurs.

 

4.2.2      “Expenses”
means all expenses, costs and amounts that Landlord pays or accrues during the Base Year or any Expense Year because of or in
connection with the ownership, management, maintenance, security, repair, replacement, restoration or operation of the Property.
Landlord shall act in a reasonable manner in incurring Expenses. Expenses shall include (i) the cost of supplying all utilities,
the cost of operating, repairing, maintaining and renovating the utility, telephone, mechanical, sanitary, storm-drainage, and
elevator systems, and the cost of maintenance and service contracts in connection therewith; (ii) the cost of licenses, certificates,
permits and inspections, the cost of contesting any Laws that may affect Expenses, and the costs of complying with any governmentally-mandated
transportation- management or similar program; (iii) the cost of all insurance premiums and deductibles; (iv) the cost of landscaping
and relamping; (v) the cost of parking-area operation, repair, restoration, and maintenance; (vi) fees and other costs, including
management and/or incentive fees, consulting fees, legal fees and accounting fees, of all contractors and consultants in connection
with the management, operation, maintenance and repair of the Property; (vii) payments under any equipment-rental agreements and
the fair rental value of any management office space; (viii) wages, salaries and other compensation, expenses and benefits, including
taxes levied thereon, of all persons engaged in the operation, maintenance and security of the Property, and costs of training,
uniforms, and employee enrichment for such persons; (ix) the costs of operation, repair, maintenance and replacement of all systems
and equipment (and components thereof) of the Property; (x) the cost of janitorial, alarm, security and other services, replacement
of wall and floor coverings, ceiling tiles and fixtures in Common Areas, maintenance and replacement of curbs and walkways, repair
to roofs and re-roofing; (xi) rental or acquisition costs of supplies, tools, equipment, materials and personal property used
in the maintenance, operation and repair of the Property; (xii) the cost of capital improvements or any other items that are (A)
intended to effect economies in the operation or maintenance of the Property, reduce current or future Expenses, enhance the safety
or security of the Property or its occupants, or enhance the environmental sustainability of the Property’s operations,
(B) replacements or modifications of nonstructural items located in the Base Building (defined in Section 7) or Common
Areas that are required to keep the Base Building or Common Areas in good condition, or (C) required under any Law; (xiii) the
cost of tenant-relation programs reasonably established by Landlord; and (xiv) payments under any existing or future reciprocal
easement agreement, transportation management agreement, cost-sharing agreement or other covenant, condition, restriction or similar
instrument affecting the Property.

 

    	4

    	 

    

 

Notwithstanding
the foregoing, Expenses shall not include: (a) capital expenditures not described in clauses (xi) or (xii) above (in addition,
any capital expenditure shall be included in Expenses only if paid or accrued after the Base Year and shall be amortized (including
actual or imputed interest on the amortized cost) over such period of time as Landlord shall reasonably determine); (b) depreciation;
(c) principal payments of mortgage or other non-operating debts of Landlord; (d) costs of repairs to the extent Landlord is reimbursed
by insurance or condemnation proceeds; (e) except as provided in clause (xiii) above, costs of leasing space in the Building, including
brokerage commissions, lease concessions, rental abatements and construction allowances granted to specific tenants; (f) costs
of selling, financing or refinancing the Building; (g) fines, penalties or interest resulting from late payment of Taxes or Expenses;
(h) organizational expenses of creating or operating the entity that constitutes Landlord; or (i) damages paid to Tenant hereunder
or to other tenants of the Building under their respective leases.

 

If, in the
Base Year or any Expense Year, the Property is not 100% occupied (or a service provided by Landlord to tenants of the Building
generally is not provided by Landlord to a tenant that provides such service itself, or any tenant of the Building is entitled
to free rent, rent abatement or the like), Expenses for such year shall be determined as if the Property had been 100% occupied
(and all services provided by Landlord to tenants of the Building generally had been provided by Landlord to all tenants, and no
tenant of the Building had been entitled to free rent, rent abatement or the like) throughout such year. If insurance, security
or utility costs for any Expense Year are less than insurance, security or utility costs, respectively, for the Base Year, then,
for purposes of determining Expenses for such Expense Year, such costs for such Expense Year shall be deemed to be increased so
as to be equal to such corresponding costs for the Base Year. Notwithstanding any contrary provision hereof, Expenses for the Base
Year shall exclude (a) any market-wide cost increases resulting from extraordinary circumstances, including Force Majeure (defined
in Section 25.2), boycotts, strikes, conservation surcharges, embargoes or shortages, and (b) at Landlord’s option,
the cost of any repair or replacement that Landlord reasonably expects will not recur on an annual or more frequent basis.

 

4.2.3      “Taxes”
means all federal, state, county or local governmental or municipal taxes, fees, charges, assessments, levies, licenses or other
impositions, whether general, special, ordinary or extraordinary, that are paid or accrued during the Base Year or any Expense
Year (without regard to any different fiscal year used by such governmental or municipal authority) because of or in connection
with the ownership, leasing or operation of the Property. Taxes shall include (a) real estate taxes; (b) general and special assessments;
(c) transit taxes; (d) leasehold taxes; (e) personal property taxes imposed upon the fixtures, machinery, equipment, apparatus,
systems, appurtenances, furniture and other personal property used in connection with the Property; (f) any tax on the rent, right
to rent or other income from any portion of the Property or as against the business of leasing any portion of the Property; (g)
any assessment, tax, fee, levy or charge imposed by any governmental agency, or by any non-governmental entity pursuant to any
private cost-sharing agreement, in order to fund the provision or enhancement of any fire-protection, street-, sidewalk- or road-maintenance,
refuse-removal or other service that is (or, before the enactment of Proposition 13, was) normally provided by governmental agencies
to property owners or occupants without charge (other than through real property taxes); and (h) any assessment, tax, fee, levy
or charge allocable or measured by the area of the Premises or by the Rent payable hereunder, including any business, gross income,
gross receipts, sales or excise tax with respect to the receipt of such Rent. Any costs and expenses (including reasonable attorneys’
and consultants’ fees) incurred in attempting to protest, reduce or minimize Taxes shall be included in Taxes for the year
in which they are incurred. Notwithstanding any contrary provision hereof, Taxes shall be determined without regard to any “green
building” credit and shall exclude (i) all excess profits taxes, franchise taxes, gift taxes, capital stock taxes, inheritance
and succession taxes, estate taxes, federal and state income taxes, and other taxes to the extent applicable to Landlord’s
general or net income (as opposed to rents, receipts or income attributable to operations at the Property), (ii) any Expenses,
and (iii) any items required to be paid by Tenant under Section 4.5.

 

4.3          Allocation.
Landlord, in its reasonable discretion, may equitably allocate Expenses among office, retail or other portions or occupants of
the Property. If Landlord incurs Expenses or Taxes for the Property together with another property, Landlord, in its reasonable
discretion, shall equitably allocate such shared amounts between the Property and such other property.

 

		4.4	Calculation and Payment of Expense Excess and Tax
Excess.

 

4.4.1      Statement
of Actual Expenses and Taxes; Payment by Tenant. Landlord shall endeavor to give to Tenant, after the end of each
Expense Year, a statement (the “Statement”) setting forth the actual Expenses, Taxes, Expense Excess
and Tax Excess for such Expense Year. If the amount paid by Tenant for such Expense Year pursuant to Section 4.4.2 is less
or more than the sum of Tenant’s Share of the actual Expense Excess plus Tenant’s Share of the actual Tax Excess (as
such amounts are set forth in such Statement), Tenant shall pay Landlord the amount of such underpayment, or receive a credit
in the amount of such overpayment, with or against the Rent then or next due hereunder; provided, however, that if this Lease
has expired or terminated and Tenant has vacated the Premises, Tenant shall pay Landlord the amount of such underpayment, or Landlord
shall pay Tenant the amount of such overpayment (less any Rent due), within 30 days after delivery of such Statement. Any failure
of Landlord to timely deliver the Statement for any Expense Year shall not diminish either party’s rights under this Section
4.

 

    	5

    	 

    

 

4.4.2      Statement
of Estimated Expenses and Taxes. Landlord shall endeavor to give to Tenant, for each Expense Year, a statement
(the “Estimate Statement”) setting forth Landlord’s reasonable estimates of the Expenses, Taxes,
Expense Excess (the “Estimated Expense Excess”) and Tax Excess (the “Estimated Tax Excess”)
for such Expense Year. Upon receiving an Estimate Statement, Tenant shall pay, with its next installment of Base Rent, an amount
equal to the excess of (a) the amount obtained by multiplying (i) the sum of Tenant’s Share of the Estimated Expense Excess
plus Tenant’s Share of the Estimated Tax Excess (as such amounts are set forth in such Estimate Statement), by (ii) a fraction,
the numerator of which is the number of months that have elapsed in the applicable Expense Year (including the month of such payment)
and the denominator of which is 12, over (b) any amount previously paid by Tenant for such Expense Year pursuant to this Section
4.4.2. Until Landlord delivers a new Estimate Statement (which Landlord may do at any time), Tenant shall pay monthly, with
the monthly Base Rent installments, an amount equal to one-twelfth (1/12) of the sum of Tenant’s Share of the Estimated
Expense Excess plus Tenant’s Share of the Estimated Tax Excess, as such amounts are set forth in the previous Estimate Statement.
Any failure of Landlord to timely deliver any Estimate Statement shall not diminish Landlord’s rights to receive payments
and revise any previous Estimate Statement under this Section 4.

 

4.4.3      Retroactive
Adjustment of Taxes. Notwithstanding any contrary provision hereof, if, after Landlord’s delivery of any
Statement, an increase or decrease in Taxes occurs for the applicable Expense Year or for the Base Year (whether by reason of
reassessment, error, or otherwise), Taxes for such Expense Year or the Base Year, as the case may be, and the Tax Excess for such
Expense Year shall be retroactively adjusted. If, as a result of such adjustment, it is determined that Tenant has under- or overpaid
Tenant’s Share of such Tax Excess, Tenant shall pay Landlord the amount of such underpayment, or receive a credit in the
amount of such overpayment, with or against the Rent then or next due hereunder; provided, however, that if this Lease has expired
or terminated and Tenant has vacated the Premises, Tenant shall pay Landlord the amount of such underpayment, or Landlord shall
pay Tenant the amount of such overpayment (less any Rent due), within 30 days after such adjustment is made.

 

4.5          Charges
for Which Tenant Is Directly Responsible. Tenant shall pay, 10 days before delinquency, any taxes levied against
Tenant’s equipment, furniture, fixtures and other personal property located in or about the Premises. If any such taxes
are levied against Landlord or its property (or if the assessed value of Landlord’s property is increased by the inclusion
therein of a value placed upon such equipment, furniture, fixtures or other personal property of Tenant), Landlord may pay such
taxes (or such increased assessment) regardless of their (or its) validity, in which event Tenant, upon demand, shall repay to
Landlord the amount so paid. If the Leasehold Improvements (defined in Section 7.1) are assessed for real property tax
purposes at a valuation higher than the valuation at which tenant improvements conforming to Landlord’s “building
standard” in other space in the Building are assessed, the Taxes levied against Landlord or the Property by reason of such
excess assessed valuation shall be deemed taxes levied against Tenant’s personal property for purposes of this Section
4.5. Notwithstanding any contrary provision hereof, Tenant shall pay, 10 days before delinquency, (i) any rent tax, sales
tax, service tax, transfer tax or value added tax, or any other tax respecting the rent or services described herein or otherwise
respecting this transaction or this Lease; and (ii) any taxes assessed upon the possession, leasing, operation, management, maintenance,
alteration, repair, use or occupancy by Tenant of any portion of the Property.

 

5          USE;
COMPLIANCE WITH LAWS. Tenant shall not (a) use the Premises for any purpose other than the Permitted Use, or (b) do
anything in or about the Premises that violates any of the Rules and Regulations, damages the reputation of the Project, interferes
with, injures or annoys other occupants of the Building, or constitutes a nuisance. Tenant, at its expense, shall comply with
all Laws relating to (i) the operation of its business at the Project,
(ii) the use, condition, configuration or occupancy of the Premises, or (iii) the Building systems located in or exclusively serving
the Premises. If, in order to comply with any such Law, Tenant must obtain or deliver any permit, certificate or other document
evidencing such compliance, Tenant shall provide a copy of such document to Landlord promptly after obtaining or delivering it.
If a change to any Common Area, the Building structure, or any Building system located outside of and not exclusively serving
the Premises becomes required under Law as a result of any Tenant-Insured Improvement (defined in Section 10.2.2) or any
use of the Premises other than general office use, Tenant, upon demand, shall (x) at Landlord’s option, either make such
change at Tenant’s cost or pay Landlord the cost of making such change, and (y) pay Landlord a coordination fee equal to
10% of the cost ol such change. As used herein, “Law” means any existing or future law, ordinance, regulation
or requirement of any governmental authority having jurisdiction over the Project or the parties.

 

    	6

    	 

    

 

		6	SERVICES.

 

6.1          Standard
Services. Landlord shall provide the following services on all days (unless otherwise stated below): (a) subject
to limitations imposed by Law, customary heating, ventilation and air conditioning (“HVAC”) in season
during Building Hours; (b) electricity supplied by the applicable public utility, stubbed to the Premises; (c) water supplied
by the applicable public utility (i) for use in lavatories and any drinking facilities located in Common Areas within the Building,
and (ii) stubbed to the Building core for use in any plumbing fixtures located in the Premises; (d) janitorial services to the
Premises, except on weekends and Holidays; and (e) elevator service (subject to scheduling by Landlord, and payment of Landlord’s
standard usage fee, for any freight service).

 

6.2          Above-Standard
Use. Landlord shall provide HVAC service outside Building Hours if Tenant gives Landlord such prior notice and
pays Landlord such hourly cost per zone as Landlord may require. Tenant shall not, without Landlord’s prior consent, use
equipment that may affect the temperature maintained by the air conditioning system or consume above-Building-standard amounts
of any water furnished for the Premises by Landlord pursuant to Section 6.1. If Tenant’s consumption of electricity
or water exceeds the rate Landlord reasonably deems to be standard for the Building, Tenant shall pay Landlord, upon billing,
the cost of such excess consumption, including any costs of installing, operating and maintaining any equipment that is installed
in order to supply or measure such excess electricity or water. The connected electrical load of Tenant’s incidental-use
equipment shall not exceed the Building-standard electrical design load, and Tenant’s electrical usage shall not exceed
the capacity of the feeders to the Project or the risers or wiring installation.

 

6.3          Interruption.
Any failure to furnish, delay in furnishing, or diminution in the quality or quantity of any service resulting from any application
of Law, failure of equipment, performance of maintenance, repairs, improvements or alterations, utility interruption, or event
of Force Majeure (each, a “Service Interruption”) shall not render Landlord liable to Tenant, constitute
a constructive eviction, or excuse Tenant from any obligation hereunder. Notwithstanding the foregoing, if all or a material portion
of the Premises is made untenantable or inaccessible for more than five (5) consecutive business days after notice from Tenant
to Landlord by a Service Interruption that Landlord can correct through reasonable efforts, then, as Tenant’s sole remedy,
Monthly Rent shall abate for the period beginning on the day immediately following such 5-business-day period and ending on the
day such Service Interruption ends, but only in proportion to the percentage of the rentable square footage of the Premises made
untenantable or inaccessible.

 

		7	REPAIRS AND ALTERATIONS.

 

7.1          Repairs.
Tenant, at its expense, shall perform all maintenance and repairs (including replacements) to the Premises that are not Landlord’s
express responsibility hereunder, and shall keep the Premises in good condition and repair, reasonable wear and tear excepted.
Tenant’s maintenance and repair obligations shall include (a) all leasehold improvements in the Premises, whenever and by
whomever installed or paid for, including any Tenant Improvements, any Alterations (defined in Section 7.2). and any leasehold
improvements installed pursuant to any prior lease, but excluding the Base Building (the “Leasehold Improvements”);
(b) all supplemental heating, ventilation and air conditioning units, kitchens (including hot water heaters, dishwashers, garbage
disposals, insta-hot dispensers, and plumbing) and similar facilities exclusively serving Tenant, whether located inside or outside
of the Premises, and whenever and by whomever installed or paid for; and (c) all Lines (defined in Section 23). Notwithstanding
the foregoing, Landlord may, at its option, perform such maintenance and repairs on Tenant’s behalf, in which case Tenant
shall pay Landlord, upon demand, the cost of such work plus a coordination fee equal to 10% of such cost. Landlord shall perform
all maintenance and repairs to (i) the roof and exterior walls and windows of the Building, (ii) the Base Building, and (iii)
the Common Areas. As used herein, “Base Building” means the structural portions of the Building, together
with all mechanical (including HVAC), electrical, plumbing and fire/life-safety systems serving the Building in general, whether
located inside or outside of the Premises.

 

7.2          Alterations.
Tenant may not make any improvement, alteration, addition or change to the Premises or to any mechanical, plumbing or HVAC
facilities or other systems serving the Premises (an “Alteration”) without Landlord’s prior consent,
which consent shall be requested by Tenant not less than 30 days before commencement of work and shall not be unreasonably withheld
by Landlord. Notwithstanding the foregoing, Landlord’s prior consent shall not be required for any Alteration that is decorative
only (e.g., carpet installation or painting) provided that Landlord receives 10 business days’ prior notice. For
any Alteration, (a) Tenant, before commencing work, shall deliver to Landlord, and obtain Landlord’s approval of, plans
and specifications; (b) Landlord, in its discretion, may require Tenant to obtain security for performance satisfactory to Landlord;
(c) Tenant shall deliver to Landlord “as built” drawings (in CAD format, if requested by Landlord), completion affidavits,
full and final lien waivers, and all governmental approvals; and (d) Tenant shall pay Landlord upon demand (i) Landlord’s
reasonable out-of-pocket expenses incurred in reviewing the work, and (ii) a coordination fee equal to 10% of the cost of the
work; provided, however, that this clause (d) shall not apply to any Tenant Improvements.

 

    	7

    	 

    

 

7.3          Tenant
Work. Before commencing any repair or Alteration (“Tenant Work”), Tenant shall deliver to Landlord, and obtain
Landlord’s approval of, (a) names of contractors, subcontractors, mechanics, laborers and materialmen; (b) evidence of contractors’
and subcontractors’ insurance; and (c) any required governmental permits. Tenant shall perform all Tenant Work (i) in a good
and workmanlike manner using materials of a quality reasonably approved by Landlord; (ii) in compliance with any approved plans
and specifications, all Laws, the National Electric Code, and Landlord’s construction rules and regulations; and (iii) in
a manner that does not impair the Base Building. If, as a result of any Tenant Work, Landlord becomes required under Law to perform
any inspection, give any notice, or cause such Tenant Work to be performed in any particular manner, Tenant shall comply with such
requirement and promptly provide Landlord with reasonable documentation of such compliance. Landlord’s approval of Tenant’s
plans and specifications shall not relieve Tenant from any obligation under this Section 7.3. In performing any Tenant Work,
Tenant shall not use contractors, services, labor, materials or equipment that, in Landlord’s reasonable judgment, would
disturb labor harmony with any workforce or trades engaged in performing other work or services at the Project.

 

8           LANDLORD’S PROPERTY.
All Leasehold Improvements shall become Landlord’s property upon installation and without compensation to Tenant. Notwithstanding
the foregoing, before the expiration or earlier termination hereof, Tenant shall, at Landlord’s election, either (a) at Tenant’s
expense, and except as otherwise notified by Landlord, remove any Tenant-Insured Improvements, repair any resulting damage to the
Premises or Building, and restore the affected portion of the Premises to its condition existing before the installation of such
Tenant-Insured Improvements (or, at Landlord’s election, to a Building-standard tenant-improved condition as determined by
Landlord), or (b) pay Landlord an amount equal to the estimated cost of such work, as reasonably determined by Landlord. If Tenant
fails to perform, before the expiration or earlier termination hereof, any work required under clause (a) of the preceding sentence,
Landlord may perform such work at Tenant’s expense.

 

9           LIENS. Tenant
shall keep the Project free from any lien arising out of any work performed, material furnished or obligation incurred by or
on behalf of Tenant. Tenant shall remove any such lien within 10 business days after notice from Landlord, and if
Tenant fails to do so, Landlord, without limiting its remedies, may pay the amount necessary to cause such removal, whether
or not such lien is valid, The amount so paid, together with reasonable attorneys’ fees and expenses, shall be
reimbursed by Tenant upon demand.

 

		10	INDEMNIFICATION; INSURANCE.

 

10.1        Waiver
and Indemnification. Tenant waives all claims against Landlord, its Security Holders (defined in Section 17), Landlord’s
managing agent(s), their (direct or indirect) owners, and the beneficiaries, trustees, officers, directors, employees and agents
of each of the foregoing (including Landlord, the “Landlord Parties”) for (i) any damage to person or property
(or resulting from the loss of use thereof), except to the extent such damage is caused by the gross negligence or willful misconduct
of any Landlord Party, or (ii) any failure to prevent or control any criminal or otherwise wrongful conduct by any third party
or to apprehend any third party who has engaged in such conduct. Tenant shall indemnify, defend, protect, and hold the Landlord
Parties harmless from any obligation, loss, claim, action, liability, penalty, damage, cost or expense (including reasonable attorneys’
and consultants’ fees and expenses) (each, a “Claim”) that is imposed or asserted by any third party
and arises from (a) any cause in, on or about the Premises, (b) occupancy of the Premises by, or any negligence or willful misconduct
of, Tenant, any party claiming by, through or under Tenant, their (direct or indirect) owners, or any of their respective beneficiaries,
trustees, officers, directors, employees, agents, contractors, licensees or invitees, or (c) any breach by Tenant of any representation,
covenant or other term contained herein, except to the extent such Claim arises from the gross negligence or willful misconduct
of any Landlord Party.

 

10.2        Tenant’s
Insurance. Tenant shall maintain the following coverages in the following amounts:

 

10.2.1      Commercial
General Liability Insurance covering claims of bodily injury, personal injury and property damage arising out of Tenant’s
operations and contractual liabilities, including coverage formerly known as broad form, on an occurrence basis, with minimum primary
limits of $2,000,000 each occurrence and $4,000,000 annual aggregate (and not more than $25,000 self-insured retention).

 

10.2.2      Property
Insurance covering (i) all office furniture, business and trade fixtures, office equipment, free-standing cabinet work, movable
partitions, merchandise and all other items of Tenant’s property in the Premises installed by, for, or at the expense of
Tenant, and (ii) any Leasehold Improvements installed by or for the benefit of Tenant, whether pursuant to this Lease or pursuant
to any prior lease or other agreement to which Tenant was a party (“Tenant-Insured Improvements”). Such insurance
shall be written on an “all risks” of physical loss or damage basis, for the full replacement cost value (subject
to reasonable deductible amounts) new without deduction for depreciation of the covered items and in amounts that meet any co-insurance
clauses of the policies of insurance, and shall include coverage for damage or other loss caused by fire or other peril, including
vandalism and malicious mischief, theft, water damage of any type, including sprinkler leakage, bursting or stoppage of pipes,
and explosion, and providing business interruption coverage for a period of one year.

 

    	8

    	 

    

 

10.2.3      Worker’s Compensation
and Employer’s Liability or other similar insurance to the extent required by Law.

 

10.3        Form
of Policies. The minimum limits of insurance required to be carried by Tenant shall not limit Tenant’s liability.
Such insurance shall be issued by an insurance company that has an A. M. Best rating of not less than A-VIII and shall be
in form and content reasonably acceptable to Landlord. Tenant’s Commercial General Liability Insurance shall (a) name the
Landlord Parties and any other party designated by Landlord (“Additional Insured Parties”) as additional
insureds; and (b) be primary insurance as to all claims thereunder and provide that any insurance carried by Landlord is excess
and non-contributing with Tenant’s insurance. Landlord shall be designated as a loss payee with respect to Tenant’s
Property Insurance on any Tenant-Insured Improvements. Tenant shall deliver to Landlord, on or before the Commencement Date and
at least 15 days before the expiration dates thereof, certificates from Tenant’s insurance company on the forms currently
designated “ACORD 25-S” (Certificate of Liability Insurance) and “ACORD 28” (Evidence of Commercial Property
Insurance) or the equivalent. Attached to the ACORD 25-S (or equivalent) there shall be an endorsement naming the Additional Insured
Parties as additional insureds, and attached to the ACORD 28 (or equivalent) there shall be an endorsement designating Landlord
as a loss payee with respect to Tenant’s Property Insurance on any Tenant-Insured Improvements, and each such endorsement
shall be binding on Tenant’s insurance company. Upon Landlord’s request, Tenant shall deliver to Landlord, in lieu
of such certificates, copies of the policies of insurance required to be carried under Section 10.2 showing that the Additional
Insured Parties are named as additional insureds and that Landlord is designated as a loss payee with respect to Tenant’s
Property Insurance on any Tenant-Insured Improvements.

 

10.4        Subrogation.
Each party waives, and shall cause its insurance carrier to waive, any right of recovery against the other party, any of its
(direct or indirect) owners, or any of their respective beneficiaries, trustees, officers, directors, employees or agents for any
loss of or damage to property which loss or damage is (or, if the insurance required hereunder had been carried, would have been)
covered by insurance. For purposes of this Section 10.4 only, (a) any deductible with respect to a party’s insurance
shall be deemed covered by, and recoverable by such party under, valid and collectable policies of insurance, and (b) any contractor
retained by Landlord to install, maintain or monitor a fire or security alarm for the Building shall be deemed an agent of Landlord.

 

10.5        Additional
Insurance Obligations. Tenant shall maintain such increased amounts of the insurance required to be carried by Tenant under
this Section 10, and such other types and amounts of insurance covering the Premises and Tenant’s operations therein,
as may be reasonably requested by Landlord, but not in excess of the amounts and types of insurance then being required by landlords
of buildings comparable to and in the vicinity of the Building.

 

11          CASUALTY
DAMAGE. With reasonable promptness after discovering any damage to the Premises, or to the Common Areas necessary for access
to the Premises, resulting from any fire or other casualty (a “Casualty”), Landlord shall notify Tenant
of Landlord’s reasonable estimate of the time required to substantially complete repair of such damage (the “Landlord
Repairs”). If, according to such estimate, the Landlord Repairs cannot be substantially completed within 270
days after they are commenced, either party may terminate this Lease upon 60 days’ notice to the other party delivered within
10 days after Landlord’s delivery of such estimate. Within 90 days after discovering any damage to the Project resulting
from any Casualty, Landlord may, whether or not the Premises is affected, terminate this Lease by notifying Tenant if (i) any
Security Holder terminates any ground lease or requires that any insurance proceeds be used to pay any mortgage debt; (ii) any
damage to Landlord’s property is not fully covered by Landlord’s insurance policies; (iii) Landlord decides to rebuild
the Building or Common Areas so that it or they will be substantially different structurally or architecturally; (iv) the damage
occurs during the last 12 months of the Term; or (v) any owner, other than Landlord, of any damaged portion of the Project does
not intend to repair such damage. If this Lease is not terminated pursuant to this Section 11, Landlord shall promptly
and diligently perform the Landlord Repairs, subject to reasonable delays for insurance adjustment and other events of Force Majeure.
The Landlord Repairs shall restore the Premises and the Common Areas necessary for access to the Premises to substantially the
same condition that existed when the Casualty occurred, except for (a) any modifications required by Law or any Security Holder,
and (b) any modifications to the Common Areas that are deemed desirable by Landlord, are consistent with the character of the
Project, and do not materially impair access to the Premises. Notwithstanding Section 10.4. Tenant shall assign to Landlord
(or its designee) all insurance proceeds payable to Tenant under Tenant’s insurance required under Section 10.2 with
respect to any Tenant-Insured Improvements, and if the estimated or actual cost of restoring any Tenant-Insured Improvements exceeds
the insurance proceeds received by Landlord from Tenant’s insurance carrier, Tenant shall pay such excess to Landlord within
15 days after Landlord’s demand. No Casualty and no restoration performed as required hereunder shall render Landlord liable
to Tenant, constitute a constructive eviction, or excuse Tenant from any obligation hereunder; provided, however, that if the
Premises or any Common Area necessary for Tenant’s access to the Premises is damaged by a Casualty, then, during any time
that, as a result of such damage, any portion of the Premises is untenantable or inaccessible and is not occupied by Tenant, Monthly
Rent shall be abated in proportion to the rentable square footage of such portion of the Premises.

 

    	9

    	 

    

 

12          NONWAIVER. No provision
hereof shall be deemed waived by either party unless it is waived by such party expressly and in writing, and no waiver of any
breach of any provision hereof shall be deemed a waiver of any subsequent breach of such provision or any other provision hereof.
Landlord’s acceptance of Rent shall not be deemed a waiver of any preceding breach of any provision hereof, other than Tenant’s
failure to pay the particular Rent so accepted, regardless of Landlord’s knowledge of such preceding breach at the time of
such acceptance. No acceptance of payment of an amount less than the Rent due hereunder shall be deemed a waiver of Landlord’s
right to receive the full amount of Rent due, whether or not any endorsement or statement accompanying such payment purports to
effect an accord and satisfaction. No receipt of monies by Landlord from Tenant after the giving of any notice, the commencement
of any suit, the issuance of any final judgment, or the termination hereof shall affect such notice, suit or judgment, or reinstate
or extend the Term or Tenant’s right of possession hereunder.

 

13          CONDEMNATION.
If any part of the Premises, Building or Project is taken for any public or quasi-public use by power of eminent domain or
by private purchase in lieu thereof (a “Taking”) for more than 180 consecutive days, Landlord may terminate
this Lease. If more than 25% of the rentable square footage of the Premises is Taken, or access to the Premises is substantially
impaired as a result of a Taking, for more than 180 consecutive days, Tenant may terminate this Lease. Any such termination shall
be effective as of the date possession must be surrendered to the authority, and the terminating party shall provide termination
notice to the other party within 45 days after receiving written notice of such surrender date. Except as provided above in this
Section 13, neither party may terminate this Lease as a result of a Taking. Tenant shall not assert any claim for compensation
because of any Taking; provided, however, that Tenant may file a separate claim for any Taking of Tenant’s personal property
or any fixtures that Tenant is entitled to remove upon the expiration hereof, and for moving expenses, so long as such claim does
not diminish the award available to Landlord or any Security Holder and is payable separately to Tenant. If this Lease is terminated
pursuant to this Section 13, all Rent shall be apportioned as of the date of such termination. If a Taking occurs and this
Lease is not so terminated, Monthly Rent shall be abated for the period of such Taking in proportion to the percentage of the
rentable square footage of the Premises, if any, that is subject to, or rendered inaccessible by, such Taking.

 

		14	ASSIGNMENT AND SUBLETTING.

 

14.1        Transfers.
Tenant shall not, without Landlord’s prior consent, assign, mortgage, pledge, hypothecate, encumber, permit any lien
to attach to, or otherwise transfer this Lease or any interest hereunder, permit any assignment or other transfer hereof or any
interest hereunder by operation of law, enter into any sublease or license agreement, otherwise permit the occupancy or use of
any part of the Premises by any persons other than Tenant and its employees and contractors, or permit a Change of Control (defined
in Section 14.6) to occur (each, a “Transfer”). If Tenant desires Landlord’s consent to
any Transfer, Tenant shall provide Landlord with (i) notice of the terms of the proposed Transfer, including its proposed effective
date (the “Contemplated Effective Date”), a description of the portion of the Premises to be transferred
(the “Contemplated Transfer Space”), a calculation of the Transfer Premium (defined in Section 14.3),
and a copy of all existing executed and/or proposed documentation pertaining to the proposed Transfer, and (ii) current financial
statements of the proposed transferee (or, in the case of a Change of Control, of the proposed new controlling party(ies)) certified
by an officer or owner thereof and any other information reasonably required by Landlord in order to evaluate the proposed Transfer
(collectively, the “Transfer Notice”). Within 30 days after receiving the Transfer Notice, Landlord
shall notify Tenant of (a) its consent to the proposed Transfer, (b) its refusal to consent to the proposed Transfer, or (c) its
exercise of its rights under Section 14.4. Any Transfer made without Landlord’s prior consent shall, at Landlord’s
option, be void and shall, at Landlord’s option, constitute a Default (defined in Section 19). Tenant shall pay Landlord
a fee of $1,500.00 for Landlord’s review of any proposed Transfer, whether or not Landlord consents to it.

 

14.2        Landlord’s
Consent. Subject to Section 14.4, Landlord shall not unreasonably withhold its consent to any proposed Transfer.
Without limiting other reasonable grounds for withholding consent, it shall be deemed reasonable for Landlord to withhold consent
to a proposed Transfer if:

 

14.2.1      The
proposed transferee is not a party of reasonable financial strength in light of the responsibilities to be undertaken in connection
with the Transfer on the date the Transfer Notice is received; or

 

14.2.2      The
proposed transferee has a character or reputation or is engaged in a business that is not consistent with the quality of the Building
or the Project; or

 

    	10

    	 

    

 

14.2.3    The
proposed transferee is a governmental entity or a nonprofit organization; or

 

14.2.4    In
the case of a proposed sublease, license or other occupancy agreement, the rent or occupancy fee charged by Tenant to the transferee
during the term of such agreement, calculated using a present value analysis, is less than 95% of the rent being quoted by Landlord
or its Affiliate (defined in Section 14.8) at the time of such Transfer for comparable space in the Project for a comparable
term, calculated using a present value analysis; or

 

14.2.5    The
proposed transferee or any of its Affiliates, on the date the Transfer Notice is received, leases or occupies (or, at any time
during the 6-month period ending on the date the Transfer Notice is received, has negotiated with Landlord to lease) space in the
Project or in another comparable project owned by Landlord or an Affiliate of Landlord within the Transfer Radius.

 

Notwithstanding any
contrary provision hereof, (a) if Landlord consents to any Transfer pursuant to this Section 14.2 but Tenant does not enter
into such Transfer within six (6) months thereafter, such consent shall no longer apply and such Transfer shall not be permitted
unless Tenant again obtains Landlord’s consent thereto pursuant and subject to the terms of this Section 14; and (b)
if Landlord unreasonably withholds its consent under this Section 14.2, Tenant’s sole remedies shall be contract damages
(subject to Section 20) or specific performance, and Tenant waives all other remedies, including any right to terminate
this Lease.

 

14.3     Transfer
Premium. If Landlord consents to a Transfer, Tenant shall pay Landlord an amount equal to 75% of any Transfer Premium
(defined below). As used herein, “Transfer Premium” means (a) in the case of an assignment, any consideration
(including payment for Leasehold Improvements) paid by the assignee for such assignment; (b) in the case of a sublease, license
or other occupancy agreement, the amount by which all rent and other consideration paid by the transferee to Tenant pursuant to
such agreement exceeds the Monthly Rent payable by Tenant hereunder with respect to the Contemplated Transfer Space for the term
of such agreement; and (c) in the case of a Change of Control, any consideration (including payment for Leasehold Improvements)
paid by the new controlling party(ies) to the prior controlling party(ies) on account of this Lease. Payment of Landlord’s
share of the Transfer Premium shall be made (x) in the case of an assignment or a Change of Control, within 10 days after Tenant
or the prior controlling party(ies), as the case may be, receive(s) the consideration described above, and (y) in the case of
a sublease, license or other occupancy agreement, on the first day of each month during the term of such agreement, in the amount
of 75% of the amount by which the rent and other consideration paid by the transferee to Tenant under such agreement for such
month exceeds the Monthly Rent payable by Tenant hereunder with respect to the Contemplated Transfer Space for such month.

 

14.4      Landlord’s
Right to Recapture. Notwithstanding any contrary provision hereof, except in the case of a Permitted Transfer (defined
in Section 14.8), Landlord, by notifying Tenant within 30 days after receiving the Transfer Notice, may terminate this Lease
with respect to the Contemplated Transfer Space as of the Contemplated Effective Date. If the Contemplated Transfer Space is less
than the entire Premises, then Base Rent, Tenant’s Share, and the number of parking spaces to which Tenant is entitled under
Section 1.9 shall be deemed adjusted on the basis of the percentage of the rentable square footage of the Premises retained
by Tenant. Upon request of either party, the parties shall execute a written agreement prepared by Landlord memorializing such
termination.

 

14.5     Effect
of Consent. If Landlord consents to a Transfer, (i) such consent shall not be deemed a consent to any further Transfer,
(ii) Tenant shall deliver to Landlord, promptly after execution, an executed copy of all documentation pertaining to the Transfer
in form reasonably acceptable to Landlord, and (iii) Tenant shall deliver to Landlord, upon Landlord’s request, a complete
statement, certified by an independent CPA or Tenant’s chief financial officer, setting forth in detail the computation of
any Transfer Premium. In the case of an assignment, the assignee shall assume in writing, for Landlord’s benefit, all of
Tenant’s obligations hereunder. No Transfer, with or without Landlord’s consent, shall relieve Tenant or any guarantor
hereof from any liability hereunder.

 

14.6      Change
of Control. As used herein, “Change of Control” means (a) if Tenant is a closely held professional
service firm, the withdrawal or change (whether voluntary, involuntary or by operation of law) of 25% or more of its equity owners
within a 12-month period; and (b) in all other cases, any transaction(s) resulting in the acquisition of a Controlling Interest
(defined below) by one or more parties that did not own a Controlling Interest immediately before such transaction(s). As used
herein, “Controlling Interest” means any direct or indirect equity or beneficial ownership interest
in Tenant that confers upon its holder(s) the direct or indirect power to direct the ordinary management and policies of Tenant,
whether through the ownership of voting securities, by contract or otherwise (but not through the ownership of voting securities
listed on a recognized securities exchange).

 

14.7     Effect
of Default. If Tenant is in Default, Landlord is irrevocably authorized, as Tenant’s agent and attorney-in-fact,
to direct any transferee under any sublease, license or other occupancy agreement to make all payments under such agreement directly
to Landlord (which Landlord shall apply towards Tenant’s obligations hereunder) until such Default is cured. Such transferee
shall rely upon any representation by Landlord that Tenant is in Default, whether or not confirmed by Tenant.

 

    	11

    	 

    

 

14.8      Permitted
Transfers. Notwithstanding any contrary provision hereof, if Tenant is not in Default, Tenant may, without Landlord’s
consent pursuant to Section 14.1, assign this Lease to (a) an Affiliate of Tenant, (b) a successor to Tenant by merger
or consolidation, or (c) a successor to Tenant by purchase of all or substantially all of Tenant’s assets (a “Permitted
Transfer”), provided that (i) at least 10 business days before the Transfer, Tenant notifies Landlord of such
Transfer and delivers to Landlord any documents or information reasonably requested by Landlord relating thereto, including reasonable
documentation that the Transfer satisfies the requirements of this Section 14.8; (ii) in the case of an assignment pursuant
to clause (a) or (c) above, the assignee executes and delivers to Landlord, at least 10 business days before the assignment, a
commercially reasonable instrument pursuant to which the assignee assumes, for Landlord’s benefit, all of Tenant’s
obligations hereunder; (iii) in the case of an assignment pursuant to clause (b) above, (A) the successor entity has a net worth
(as determined in accordance with GAAP, but excluding intellectual property and any other intangible assets (“Net Worth”))
immediately after the Transfer that is not less than the Net Worth of Tenant immediately before the Transfer, and (B) if Tenant
is a closely held professional service firm, at least 75% of its equity owners existing 12 months before the Transfer are also
equity owners of the successor entity; (iv) the transferee is qualified to conduct business in the State of California; and (v)
the Transfer is made for a good faith operating business purpose and not in order to evade the requirements of this Section
14. As used herein, “Affiliate” means, with respect to any party, a person or entity that controls,
is under common control with, or is controlled by such party.

 

15       SURRENDER.
Upon the expiration or earlier termination hereof, and subject to Section 8 and this Section 15, Tenant shall
surrender possession of the Premises to Landlord in as good condition as when Tenant took possession and as thereafter improved
by Landlord and/or Tenant, except for reasonable wear and tear and repairs that are Landlord’s express responsibility hereunder.
Before such expiration or termination, Tenant, without expense to Landlord, shall (a) remove from the Premises all debris and
rubbish and all furniture, equipment, business and trade fixtures, Lines, free-standing cabinet work, movable partitions and other
articles of personal property that are owned or placed in the Premises by Tenant or any party claiming by, through or under Tenant
(except for any Lines not required to be removed under Section 23), and (b) repair all damage to the Premises and Building
resulting from such removal. If Tenant fails to timely perform such removal and repair, Landlord may do so at Tenant’s expense
(including storage costs). If Tenant fails to remove such property from the Premises, or from storage, within 30 days after notice
from Landlord, any part of such property shall be deemed, at Landlord’s option, either (x) conveyed to Landlord without
compensation, or (y) abandoned.

 

16       HOLDOVER.
If Tenant fails to surrender the Premises upon the expiration or earlier termination hereof, Tenant’s tenancy shall be
subject to the terms and conditions hereof; provided, however, that such tenancy shall be a tenancy at sufferance only, for the
entire Premises, and Tenant shall pay Monthly Rent (on a per-month basis without reduction for any partial month) at a rate equal
to twice the Monthly Rent applicable during the last calendar month of the Term. Nothing in this Section 16 shall limit
Landlord’s rights or remedies or be deemed a consent to any holdover. If Landlord is unable to deliver possession of the
Premises to a new tenant or to perform improvements for a new tenant as a result of Tenant’s holdover, Tenant shall be liable
for all resulting damages, including lost profits, incurred by Landlord.

 

17       SUBORDINATION;
ESTOPPEL CERTIFICATES. This Lease shall be subject and subordinate to all existing and future ground or underlying leases,
mortgages, trust deeds and other encumbrances against the Building or Project, all renewals, extensions, modifications, consolidations
and replacements thereof (each, a “Security Agreement”), and all advances made upon the security of
such mortgages or trust deeds, unless in each case the holder of such Security Agreement (each, a “Security Holder”)
requires in writing that this Lease be superior thereto. Upon any termination or foreclosure (or any delivery of a deed in lieu
of foreclosure) of any Security Agreement, Tenant, upon request, shall attorn, without deduction or set-off, to the Security Holder
or purchaser or any successor thereto and shall recognize such party as the lessor hereunder provided that such party agrees not
to disturb Tenant’s occupancy so long as Tenant timely pays the Rent and otherwise performs its obligations hereunder. Within
10 days after request by Landlord, Tenant shall execute such further instruments as Landlord may reasonably deem necessary to
evidence the subordination or superiority of this Lease to any Security Agreement. Tenant waives any right it may have under Law
to terminate or otherwise adversely affect this Lease or Tenant’s obligations hereunder upon a foreclosure. Within 10 business
days after Landlord’s request, Tenant shall execute and deliver to Landlord a commercially reasonable estoppel certificate
in favor of such parties as Landlord may reasonably designate, including current and prospective Security Holders and prospective
purchasers.

 

18       ENTRY
BY LANDLORD. At all reasonable times and upon reasonable notice to Tenant, or in an emergency, Landlord may enter the
Premises to (i) inspect the Premises; (ii) show the Premises to prospective purchasers, current or prospective Security
Holders or insurers, or, during the last 12 months of the Term (or while an uncured Default exists), prospective tenants;
(iii) post notices of non-responsibility; or (iv) perform maintenance, repairs or alterations. At any time and without notice
to Tenant, Landlord may enter the Premises to perform required services. If reasonably necessary, Landlord may temporarily
close any portion of the Premises to perform maintenance, repairs or alterations. In an emergency, Landlord may use any means
it deems proper to open doors to and in the Premises. No entry into or closure of any portion of the Premises pursuant to
this Section 18 shall render Landlord liable to Tenant, constitute a constructive eviction, or excuse Tenant from any
obligation hereunder.

 

    	12

    	 

    

 

19       DEFAULTS;
REMEDIES.

 

19.1      Events
of Default. The occurrence of any of the following shall constitute a “Default”:

 

19.1.1    Any
failure by Tenant to pay any Rent when due unless such failure is cured within five (5) business days after notice; or

 

19.1.2    Except
where a specific time period is otherwise set forth for Tenant’s performance herein (in which event the failure to
perform by Tenant within such time period shall be a Default), and except as otherwise provided in this Section 19.1,
any failure by Tenant to observe or perform any other provision, covenant or condition hereof where such failure continues
for 30 days after notice from Landlord; provided that if such failure cannot reasonably be cured within such 30-day period,
Tenant shall not be in Default as a result of such failure if Tenant diligently commences such cure within such period,
thereafter diligently pursues such cure, and completes such cure within 60 days after Landlord’s notice; or

 

19.1.3    Abandonment
or vacation of all or a substantial portion of the Premises by Tenant; or

 

19.1.4    Any
failure by Tenant to observe or perform the provisions of Sections 5, 14, 17 or 18 where such failure
continues for more than two (2) business days after notice from Landlord; or

 

19.1.5    Tenant
becomes in breach of Section 25.3.

 

If Tenant breaches a
particular provision hereof (other than a provision requiring payment of Rent) on three (3) separate occasions during any 12-month
period, Tenant’s subsequent breach of such provision shall be, at Landlord’s option, an incurable Default. The notice
periods provided herein are in lieu of, and not in addition to, any notice periods provided by Law, and Landlord shall not be required
to give any additional notice in order to be entitled to commence an unlawful detainer proceeding.

 

19.2     Remedies
Upon Default. Upon any Default, Landlord shall have, in addition to any other remedies available to Landlord at law or
in equity (which shall be cumulative and nonexclusive), the option to pursue any one or more of the following remedies (which shall
be cumulative and nonexclusive) without any notice or demand:

 

19.2.1    Landlord
may terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord, and if Tenant fails to do
so, Landlord may, without prejudice to any other remedy it may have for possession or arrearages in Rent, enter upon and take possession
of the Premises and expel or remove Tenant and any other person who may be occupying the Premises or any part thereof, without
being liable for prosecution or any claim or damages therefor; and Landlord may recover from Tenant the following:

 

(a)      The
worth at the time of award of the unpaid Rent which has been earned at the time of such termination; plus

 

(b)      The
worth at the time of award of the amount by which the unpaid Rent which would have been earned after termination until the time
of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus

 

(c)      The
worth at the time of award of the amount by which the unpaid Rent for the balance of the Term after the time of award exceeds the
amount of such Rent loss that Tenant proves could have been reasonably avoided; plus

 

(d)      Any
other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its
obligations hereunder or which in the ordinary course of things would be likely to result therefrom, including brokerage commissions,
advertising expenses, expenses of remodeling any portion of the Premises for a new tenant (whether for the same or a different
use), and any special concessions made to obtain a new tenant; plus

 

(e)       At
Landlord’s option, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by
Law.

 

    	13

    	 

    

 

As used in Sections
19.2.1(a) and (b), the “worth at the time of award” shall be computed by allowing interest
at a rate per annum equal to the lesser of (i) the annual “Bank Prime Loan” rate cited in the Federal Reserve Statistical
Release Publication G.13(415), published on the first Tuesday of each calendar month (or such other comparable index as Landlord
shall reasonably designate if such rate ceases to be published) plus two (2) percentage points, or (ii) the highest rate permitted
by Law. As used in Section 19.2.1(c), the “worth at the time of award” shall be computed by discounting
such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus 1%.

 

19.2.2    Landlord
shall have the remedy described in California Civil Code § 1951.4 (lessor may continue lease in effect after lessee’s
breach and abandonment and recover Rent as it becomes due, if lessee has the right to sublet or assign, subject only to reasonable
limitations). Accordingly, if Landlord does not elect to terminate this Lease on account of any default by Tenant, Landlord may,
from time to time, without terminating this Lease, enforce all of its rights and remedies hereunder, including the right to recover
all Rent as it becomes due.

 

19.2.3    Landlord
shall at all times have the rights and remedies (which shall be cumulative with each other and cumulative and in addition to those
rights and remedies available under Sections 19.2.1 and 19.2.2, or any Law or other provision hereof), without prior
demand or notice except as required by Law, to seek any declaratory, injunctive or other equitable relief, and specifically enforce
this Lease, or restrain or enjoin a violation or breach of any provision hereof.

 

19.3      Efforts
to Relet. Unless Landlord provides Tenant with express notice to the contrary, no re-entry, repossession, repair,
maintenance, change, alteration, addition, reletting, appointment of a receiver or other action or omission by Landlord shall
(a) be construed as an election by Landlord to terminate this Lease or Tenant’s right to possession, or to accept a surrender
of the Premises, or (b) operate to release Tenant from any of its obligations hereunder. Tenant waives, for Tenant and for all
those claiming by, through or under Tenant, California Civil Code § 3275 and California Code of Civil Procedure §§
1174(c) and 1179 and any existing or future rights to redeem or reinstate, by order or judgment of any court or by any legal process
or writ, this Lease or Tenant’s right of occupancy of the Premises after any termination hereof.

 

19.4      Landlord
Default. Landlord shall not be in default hereunder unless it fails to begin within 30 days after notice from Tenant,
or fails to pursue with reasonable diligence thereafter, the cure of any failure of Landlord to meet its obligations hereunder.
Before exercising any remedies for a default by Landlord, Tenant shall give notice and a reasonable time to cure to any Security
Holder of which Tenant has been notified.

 

20       LANDLORD
EXCULPATION. Notwithstanding any contrary provision hereof, (a) the liability of the Landlord Parties to Tenant shall be limited
to an amount equal to the lesser of (i) Landlord’s interest in the Building, or (ii) the equity interest Landlord would have
in the Building if the Building were encumbered by third-party debt in an amount equal to 80% of the value of the Building (as
such value is determined by Landlord); (b) Tenant shall look solely to Landlord’s interest in the Building for the recovery
of any judgment or award against any Landlord Party; (c) no Landlord Party shall have any personal liability for any judgment or
deficiency, and Tenant waives and releases such personal liability on behalf of itself and all parties claiming by, through or
under Tenant; and (d) no Landlord Party shall be liable for any injury or damage to, or interference with, Tenant’s business,
including loss of profits, loss of rents or other revenues, loss of business opportunity, loss of goodwill or loss of use, or for
any form of special or consequential damage.

 

21       SECURITY
DEPOSIT. Concurrently with its execution and delivery hereof, Tenant shall deposit with Landlord the Security Deposit, if any,
as security for Tenant’s performance of its obligations hereunder. If Tenant breaches any provision hereof, Landlord may,
at its option, without notice to Tenant, apply all or part of the Security Deposit to pay any past-due Rent, cure any breach by
Tenant, or compensate Landlord for any other loss or damage caused by such breach. If Landlord so applies any portion of the Security
Deposit, Tenant, within three (3) days after demand therefor, shall restore the Security Deposit to its original amount. The Security
Deposit is not an advance payment of Rent or measure of damages. Any unapplied portion of the Security Deposit shall be returned
to Tenant within 60 days after the latest to occur of (a) the expiration of the Term, (b) Tenant’s surrender of the Premises
as required hereunder, or (c) determination of the final Rent due from Tenant. Landlord shall not be required to keep the Security
Deposit separate from its other accounts.

 

22       RELOCATION.
Landlord, after giving notice, may move Tenant to other space in the Project comparable in size and utility to the Premises.
In such event, all terms hereof shall apply to the new space, except that Base Rent and Tenant’s Share shall not increase
as a result of such relocation. Landlord, at its expense, shall provide Tenant with tenant improvements in the new space at least
equal in quality to those in the Premises and shall move Tenant’s effects to the new space. Landlord shall reimburse Tenant
for Tenant’s reasonable moving, re-cabling and stationery-replacement costs. The parties shall execute a written agreement
prepared by Landlord memorializing the relocation.

 

    	14

    	 

    

 

23      COMMUNICATIONS
AND COMPUTER LINES. All Lines installed pursuant to this Lease shall be (a) installed in accordance with Section 7;
and (b) clearly marked with adhesive plastic labels (or plastic tags attached to such Lines with wire) to show Tenant’s name,
suite number, and the purpose of such Lines (i) every six (6) feet outside the Premises (including the electrical room risers and
any Common Areas), and (ii) at their termination points. Landlord may designate specific contractors for work relating to vertical
Lines. Sufficient spare cables and space for additional cables shall be maintained for other occupants, as reasonably determined
by Landlord. Unless otherwise notified by Landlord, Tenant, at its expense and before the expiration or earlier termination hereof,
shall remove all Lines and repair any resulting damage. As used herein, “Lines” means all communications or
computer wires and cables serving the Premises, whenever and by whomever installed or paid for, including any such wires or cables
installed pursuant to any prior lease.

 

24      PARKING.
Tenant may park in the Building’s parking facilities (the “Parking Facility”), in common with
other tenants of the Building, upon the following terms and conditions. Tenant shall not use more than the number of unreserved
and/or reserved parking spaces set forth in Section 1.9. Tenant shall pay Landlord, in accordance with Section 3,
any fees for the parking spaces described in Section 1.9. Tenant shall pay Landlord any fees, taxes or other charges imposed
by any governmental or quasi- governmental agency in connection with the Parking Facility, to the extent such amounts are allocated
to Tenant by Landlord. Landlord shall not be liable to Tenant, nor shall this Lease be affected, if any parking is impaired by
(or any parking charges are imposed as a result of) any Law. Tenant shall comply with all rules and regulations established by
Landlord from time to time for the orderly operation and use of the Parking Facility, including any sticker or other identification
system and the prohibition of vehicle repair and maintenance activities in the Parking Facility. Landlord may, in its discretion,
allocate and assign parking passes among Tenant and the other tenants in the Building. Tenant’s use of the Parking Facility
shall be at Tenant’s sole risk, and Landlord shall have no liability for any personal injury or damage to or theft of any
vehicles or other property occurring in the Parking Facility or otherwise in connection with any use of the Parking Facility by
Tenant, its employees or invitees. Landlord may alter the size, configuration, design, layout or any other aspect of the Parking
Facility, and, in connection therewith, temporarily deny or restrict access to the Parking Facility, in each case without abatement
of Rent or liability to Tenant. Landlord may delegate its responsibilities hereunder to a parking operator, in which case (i)
such parking operator shall have all the rights of control reserved herein by Landlord, (ii) Tenant shall enter into a parking
agreement with such parking operator, (iii) Tenant shall pay such parking operator, rather than Landlord, any charge established
hereunder for the parking spaces, and (iv) Landlord shall have no liability for claims arising through acts or omissions of such
parking operator except to the extent caused by Landlord’s gross negligence or willful misconduct. Tenant’s parking
rights under this Section 24 are solely for the benefit of Tenant’s employees and invitees and such rights may not
be transferred without Landlord’s prior consent, except pursuant to a Transfer permitted under Section 14.

 

25      MISCELLANEOUS.

 

25.1      Notices.
No notice, demand, statement, designation, request, consent, approval, election or other communication given hereunder (“Notice”)
shall be binding upon either party unless (a) it is in writing; (b) it is (i) sent by certified or registered mail, postage prepaid,
return receipt requested, (ii) delivered by a nationally recognized courier service, or (iii) delivered personally; and (c) it
is sent or delivered to the address set forth in Section 1.10 or 1.11, as applicable, or to such other place (other
than a P.O. box) as the recipient may from time to time designate in a Notice to the other party. Any Notice shall be deemed received
on the earlier of the date of actual delivery or the date on which delivery is refused, or, if Tenant is the recipient and has
vacated its notice address without providing a new notice address, three (3) days after the date the Notice is deposited in the
U.S. mail or with a courier service as described above.

 

25.2      Force
Majeure. If either party is prevented from performing any obligation hereunder by any strike, act of God, war, terrorist
act, shortage of labor or materials, governmental action, civil commotion or other cause beyond such party’s reasonable
control (“Force Majeure”), such obligation shall be excused during (and any time period for the performance
of such obligation shall be extended by) the period of such prevention; provided, however, that this Section 25.2 shall
not (a) permit Tenant to hold over in the Premises after the expiration or earlier termination hereof, or (b) excuse any of Tenant’s
obligations under Sections 3, 4, 5, 21 or 25.3 or any of Tenant’s obligations whose nonperformance
would interfere with another occupant’s use, occupancy or enjoyment of its premises or the Project.

 

25.3      Representations
and Covenants. Tenant represents, warrants and covenants that (a) Tenant is, and at all times during the Term will remain,
duly organized, validly existing and in good standing under the Laws of the state of its formation and qualified to do business
in the state of California; (b) neither Tenant’s execution of nor its performance under this Lease will cause Tenant to be
in violation of any agreement or Law; (c) Tenant (and any guarantor hereof) has not, and at no time during the Term will have,
(i) made a general assignment for the benefit of creditors, (ii) filed a voluntary petition in bankruptcy or suffered the filing
of an involuntary petition by creditors, (iii) suffered the appointment of a receiver to take possession of all or substantially
all of its assets, (iv) suffered the attachment or other judicial seizure of all or substantially all of its assets, (v) admitted
in writing its inability to pay its debts as they come due, or (vi) made an offer of settlement, extension or composition to its
creditors generally; and (d) each party that (other than through the passive ownership of interests traded on a recognized securities
exchange) constitutes, owns, controls, or is owned or controlled by Tenant, any guarantor hereof or any subtenant of Tenant is
not, and at no time during the Term will be, (i) in violation of any Laws relating to terrorism or money laundering, or (ii) among
the parties identified on any list compiled pursuant to Executive Order 13224 for the purpose of identifying suspected terrorists
or on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website,
http://www.treas.gov/ofac/tllsdn.pdf or any replacement website or other replacement official
publication of such list.

 

    	15

    	 

    

 

25.4      Signs.
Landlord shall include Tenant’s name in any tenant directory located in the lobby on the first floor of the Building.
If any part of the Premises is located on a multi-tenant floor, Landlord, at Tenant’s cost, shall provide identifying suite
signage for Tenant comparable to that provided by Landlord on similar floors in the Building. Tenant may not install (a) any signs
outside the Premises, or (b) without Landlord’s prior consent in its sole and absolute discretion, any signs, window coverings,
blinds or similar items that are visible from outside the Premises.

 

25.5      Attorneys’ Fees. In any action or proceeding between the parties, including any appellate or alternative dispute resolution proceeding,
the prevailing party may recover from the other party all of its costs and expenses in connection therewith, including reasonable
attorneys’ fees and costs. Tenant shall pay all reasonable attorneys’ fees and other fees and costs that Landlord incurs
in interpreting or enforcing this Lease or otherwise protecting its rights hereunder (a) where Tenant has failed to pay Rent when
due, or (b) in any bankruptcy case, assignment for the benefit of creditors, or other insolvency, liquidation or reorganization
proceeding involving Tenant or this Lease.

 

25.6      Brokers.
Tenant represents to Landlord that it has dealt only with Tenant’s Broker as its broker in connection with this Lease.
Tenant shall indemnify, defend, and hold Landlord harmless from all claims of any brokers, other than Tenant’s Broker, claiming
to have represented Tenant in connection with this Lease. Landlord shall indemnify, defend and hold Tenant harmless from all claims
of any brokers, including Landlord’s Broker, claiming to have represented Landlord in connection with this Lease. Tenant
acknowledges that any Affiliate of Landlord that is involved in the negotiation of this Lease is representing only Landlord, and
that any assistance rendered by any agent or employee of such Affiliate in connection with this Lease or any subsequent amendment
or other document related hereto has been or will be rendered as an accommodation to Tenant solely in furtherance of consummating
the transaction on behalf of Landlord, and not as agent for Tenant.

 

25.7      Governing
Law; WAIVER OF TRIAL BY JURY. This Lease shall be construed and enforced in accordance with the Laws of the State of California.
THE PARTIES WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY LITIGATION ARISING OUT OF OR RELATING
TO THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT’S USE OR OCCUPANCY OF THE PREMISES, AND/OR ANY CLAIM FOR INJURY
OR DAMAGE OR ANY EMERGENCY OR STATUTORY REMEDY.

 

25.8      Waiver
of Statutory Provisions. Each party waives California Civil Code §§ 1932(2) and 1933(4). Tenant waives (a) any
rights under (i) California Civil Code §§ 1932(1), 1941, 1942, 1950.7 or any similar Law, or (ii) California Code of
Civil Procedure § 1265.130; and (b) any right to terminate this Lease under California Civil Code § 1995.310.

 

25.9      Interpretation.
As used herein, the capitalized term “Section” refers to a section hereof unless otherwise specifically provided
herein. As used in this Lease, the terms “herein,” “hereof,” “hereto” and “hereunder”
refer to this Lease and the term “include” and its derivatives are not limiting. Any reference herein to “any
part” or “any portion” of the Premises, the Property or any other property shall be construed to refer to all
or any part of such property. Wherever this Lease requires Tenant to comply with any Law, rule, regulation, procedure or other
requirement or prohibits Tenant from engaging in any particular conduct, this Lease shall be deemed also to require Tenant to cause
each of its employees, licensees, invitees and subtenants, and any other party claiming by, through or under Tenant, to comply
with such requirement or refrain from engaging in such conduct, as the case may be. Wherever this Lease requires Landlord to provide
a customary service or to act in a reasonable manner (whether in incurring an expense, establishing a rule or regulation, providing
an approval or consent, or performing any other act), this Lease shall be deemed also to provide that whether such service is customary
or such conduct is reasonable shall be determined by reference to the practices of owners of buildings that (i) are comparable
to the Building in size, age, class, quality and location, and (ii) at Landlord’s option, have been, or are being prepared
to be, certified under the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) rating system
or a similar rating system. Tenant waives the benefit of any rule that a written agreement shall be construed against the drafting
party.

 

25.10      Entire
Agreement. This Lease sets forth the entire agreement between the parties relating to the subject matter hereof and supersedes
any previous agreements (none of which shall be used to interpret this Lease). Tenant acknowledges that in entering into this Lease
it has not relied upon any representation, warranty or statement, whether oral or written, not expressly set forth herein. This
Lease can be modified only by a written agreement signed by both parties.

 

    	16

    	 

    

 

25.11      Other.
Landlord, at its option, may cure any Default, without waiving any right or remedy or releasing Tenant from any obligation,
in which event Tenant shall pay Landlord, upon demand, the cost of such cure. If any provision hereof is void or unenforceable,
no other provision shall be affected. Submission of this instrument for examination or signature by Tenant does not constitute
an option or offer to lease, and this instrument is not binding until it has been executed and delivered by both parties. If Tenant
is comprised of two or more parties, their obligations shall be joint and several. Time is of the essence with respect to the performance
of every provision hereof in which time of performance is a factor. So long as Tenant performs its obligations hereunder, Tenant
shall have peaceful and quiet possession of the Premises against any party claiming by, through or under Landlord, subject to the
terms hereof. Landlord may transfer its interest herein, in which event Landlord shall be released from, Tenant shall look solely
to the transferee for the performance of, and the transferee shall be deemed to have assumed, all of Landlord’s obligations
arising hereunder after the date of such transfer (including the return of any Security Deposit) and Tenant shall attorn to the
transferee. Landlord reserves all rights not expressly granted to Tenant hereunder, including the right to make alterations to
the Project. No rights to any view or to light or air over any property are granted to Tenant hereunder. The expiration or termination
hereof shall not relieve either party of any obligation that accrued before, or continues to accrue after, such expiration or termination.

 

[SIGNATURES ARE ON THE FOLLOWING PAGE]

 

    	17

    	 

    

 

IN WITNESS WHEREOF,
Landlord and Tenant have caused this Lease to be executed the day and date first above written.

 

	 	LANDLORD:
	 	 	 
	 	CA-WATERFALL TOWERS LIMITED PARTNERSHIP,

a Delaware limited
partnership
	 	 	 
	 	By:	EOP Owner GP L.L.C.,
	 	 	a Delaware limited liability company,
	 	 	its general partner

 

	 	By:	/s/ Kenneth Young
	 	 	Name: 	Kenneth Young
	 	 	Title:	Vice President - Leasing

 

	 	TENANT:
	 	 
	 	GLADIATOR CAPITAL FUNDS LLC, a California limited liability company
	 	 	 
	 	By:	/s/ H. Alimi
	 	 	 
	 	Name:	H. Alimi
	 	 	 
	 	Title:	Partner

 

 

    	18

    	 

    
 

FIRST AMENDMENT

 

THIS FIRST AMENDMENT
(this “Amendment”) is made and entered into as of August 18, 2011, by and between CA-WATERFALL
TOWERS LIMITED PARTNERSHIP, a Delaware limited partnership (“Landlord”), and GLADIATOR CAPITAL FUNDS LLC, a
California limited liability company (“Tenant”).

 

RECITALS

 

		A.	Landlord and Tenant are parties to that
                                                          certain lease dated June 29, 2010 (the “Lease”).
                                                          Pursuant to the Lease, Landlord has leased to Tenant space currently
                                                          containing approximately 995 rentable square feet (the “Premises”)
                                                          described as Suite 116 on the first floor of the building commonly known
                                                          as Waterfall Towers Building C located at 2455 Bennett Valley Road,
                                                          Santa Rosa, California.

 

		B.	The Lease will expire by its terms on
                                                          August 31, 2011 (the “Existing Expiration Date”),
                                                          and the parties wish to extend the term of the Lease on the following
                                                          terms and conditions.

 

NOW, THEREFORE,
in consideration of the above recitals which by this reference are incorporated herein, the mutual covenants and conditions contained
herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree
as follows:

 

		1.	Extension. The term of
                                                          the Lease is hereby extended through August 31, 2012 (the “Extended
                                                          Expiration Date”). The portion of the term of the Lease
                                                          commencing on the date immediately following the Existing Expiration
                                                          Date (the “Extension Date”) and ending on
                                                          the Extended Expiration Date shall be referred to herein as the “Extended
                                                          Term”.

 

		2.	Base Rent. During the Extended Term, the schedule of Base Rent shall be as follows:

 

	Period of Extended Term	 	Annual Rate Per Square 
Foot	 	 	Monthly Base Rent	 
	9/1/11 – 8/31/12	 	$	15.00	 	 	$	1,243.75	 

 

All such Base Rent
shall be payable by Tenant in accordance with the terms of the Lease.

 

		3.	Additional Security Deposit. No additional security deposit shall be required in
connection with this Amendment.

 

		4.	Expenses and Taxes. During the Extended Term, Tenant shall pay for Tenant’s
Share of Expenses and Taxes in accordance with the terms of the Lease; provided, however, that, during the Extended Term, the Base
Year for Expenses and Taxes shall be 2012.

 

		5.	Improvements to Premises.

 

		5.1.	Condition of Premises. Tenant acknowledges that it is in possession of the Premises and
agrees to acccpt it “as is” without any representation by Landlord regarding its condition and without any obligation
on the part of Landlord to perform or pay for any alteration or improvement, except as may be otherwise expressly provided in this
Amendment.

 

		5.2.	Responsibility for Improvements to Premises. Any improvements to the Premises performed
by Tenant shall be paid for by Tenant and performed in accordance with the terms of the Lease.

 

		6.	Other Pertinent Provisions. Landlord and Tenant agree that, effective as of the date
of this Amendment (unless different effective date(s) is/are specifically referenced in this Section), the Lease shall be amended
in the following additional respects:

 

		6.1.	Address of Landlord. Section 1.11 of the Lease is amended in its entirety to read as follows:

 

CA-Waterfall Towers Limited Partnership

c/o Equity Office

3558 Round Barn Boulevard. Suite
212

Santa Rosa, CA 95403

Attention: Property Manager

 

    	1

    	 

    

 

with copies to:

 

Equity Office

2655 Campus Drive, Suite 100

San Mateo, CA 94403

Attn: Managing Counsel

 

and

 

Equity Office

Two North Riverside Plaza

Suite 2100

Chicago, IL 60606

Attn: Lease Administration

 

		7.	Miscellaneous.

 

		7.1.	This Amendment sets forth the entire agreement between the parties with respect to the matters
set forth herein. There have been no additional oral or written representations or agreements. Tenant shall not be entitled, in
connection with entering into this Amendment, to any free rent, allowance, alteration, improvement or similar economic incentive
to which Tenant may have been entitled in connection with entering into the Lease, except as may be otherwise expressly provided
in this Amendment.

 

		7.2.	Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain
unchanged and in full force and effect.

 

		7.3.	In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions
of this Amendment shall govern and control.

 

		7.4.	Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather
is a solicitation for such an offer by Tenant. Landlord shall not be bound by this Amendment until Landlord has executed and delivered
it to Tenant.

 

		7.5.	The capitalized terms used in this Amendment shall have the same definitions as set forth in the
Lease to the extent that such capitalized terms are defined therein and not redefined in this Amendment.

 

		7.6.	Tenant shall indemnify and hold Landlord, its trustees, members, principals, beneficiaries, partners,
officers, directors, employees, mortgagee(s) and agents, and the respective principals and members of any such agents harmless
from all claims of any brokers claiming to have represented Tenant in connection with this Amendment. Landlord shall indemnify
and hold Tenant, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, and agents, and the
respective principals and members of any such agents harmless from all claims of any brokers claiming to have represented Landlord
in connection with this Amendment. Tenant acknowledges that any assistance rendered by any agent or employee of any affiliate of
Landlord in connection with this Amendment has been made as an accommodation to Tenant solely in furtherance of consummating the
transaction on behalf of Landlord, and not as agent for Tenant.

 

		7.7.	Each signatory of this Amendment represents hereby that he or she has the authority to execute
and deliver it on behalf of the party hereto for which such signatory is acting.

 

		7.8.	At Landlord’s option, this Amendment shall be of no force and effect unless and until accepted
by any guarantors of the Lease, who by signing below shall agree that their guaranty shall apply to the Lease as amended herein,
unless such requirement is waived by Landlord in writing.

 

[SIGNATURES ARE ON FOLLOWING PAGE]

 

    	2

    	 

    

 

IN WITNESS WHEREOF,
Landlord and Tenant have duly executed this Amendment as of the day and year first above written.

 

	 	LANDLORD:
	 	 	 
	 	CA-WATERFALL TOWERS LIMITED PARTNERSHIP,

a Delaware limited
partnership
	 	 	 
	 	By:	EOP Owner GP L.L.C.,
	 	 	a Delaware limited liability company,
	 	 	its general partner

 

	 	By:	/s/ Kenneth Young
	 	 	Name: 	Kenneth Young
	 	 	Title:	Vice President - Leasing

 

	 	TENANT:
	 	 
	 	GLADIATOR CAPITAL FUNDS LLC, a California limited liability company
	 	 	 
	 	By:	/s/ H. Alimi
	 	 	 
	 	Name:	H. Alimi
	 	 	 
	 	Title:	Partner
	 	 	 
	 	GUARANTOR:
	 	 
	 	HOJI ALIMI, an individual
	 	 	 
	 	By:	/s/ Hoji Alimi
	 	 	Hoji Alimi

 

	 	The undersigned is the spouse, of Hoji Alimi (who is the Guarantor under the foregoing Amendment). The undersigned (the “Undersigned”) hereby certifies, represents and agrees that (i) the Undersigned has read and understands the foregoing Amendment; (ii) the Undersigned consents to the terms of the Amendment and the Undersigned’s spouse’s execution, delivery and performance thereunder; and (iii) Landlord may have recourse against the community property interest of the Undersigned in community assets. Notwithstanding the foregoing, the Undersigned shall not be individually liable under the foregoing Amendment, and Landlord shall not have any right of recourse against the Undersigned’s separate property.
	 	 	 
	 	 	 

 

    	3

    	 

    

 

SECOND AMENDMENT

 

THIS SECOND AMENDMENT
(this “Amendment”) is made and entered into as of September 1, 2012, by and between CA-WATERFALL
TOWERS LIMITED PARTNERSHIP, a Delaware limited partnership (“Landlord”), and GLADIATOR CAPITAL FUNDS, LLC,
a California limited liability company (“Tenant”).

 

RECITALS

 

		A.	Landlord and Tenant are parties to that
                                                          certain lease dated June 29, 2010, as previously amended by the First
                                                          Amendment dated August 18, 2011 (as amended, the “Lease”).
                                                          Pursuant to the Lease, Landlord has leased to Tenant space currently
                                                          containing approximately 995 rentable square feet (the “Premises”)
                                                          described as Suite C-116 on the first floor of the building commonly
                                                          known as Waterfall Towers Building C located at 2455 Bennett Valley
                                                          Road, Santa Rosa, California.

 

		B.	The Lease will expire by its terms on
                                                          August 31, 2012 (the “Existing Expiration Date”),
                                                          and the parties wish to extend the term of the Lease on the following
                                                          terms and conditions.

 

NOW, THEREFORE,
in consideration of the above recitals which by this reference are incorporated herein, the mutual covenants and conditions contained
herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree
as follows:

 

		1.	Extension. The term of
                                                          the Lease is hereby extended through October 31, 2013 (the “Second
                                                          Extended Expiration Date”). The portion of the term
                                                          of the Lease commencing on the date immediately following the Existing
                                                          Expiration Date (the “Second Extension Date”)
                                                          and ending on the Second Extended Expiration Date shall be referred
                                                          to herein as the “Second Extended Term”.

 

		2.	Base Rent. During the Second Extended Term, the schedule of Base Rent shall be as
follows:

 

	Period of Second Extended 
Term	 	Annual Rate Per Square 
Foot	 	 	Monthly Base Rent	 
	9/1/12 – 10/31/13	 	$	19.20	 	 	$	1,592.00	 

 

All such Base Rent shall be payable
by Tenant in accordance with the terms of the Lease. Notwithstanding the foregoing, so long as no Default exists, Tenant shall
be entitled to an abatement of Base Rent, in the amount of $1,592.00 per month, for the first two (2) full calendar months of the
Second Extended Term.

 

		3.	Additional Security Deposit. No additional security deposit shall be required in
connection with this Amendment.

 

		4.	Expenses and Taxes. During the Second Extended Term, Tenant shall pay for Tenant’s
Share of Expenses and Taxes in accordance with the terms of the Lease; provided, however, that, during the Second Extended Term,
the Base Year for Expenses and Taxes shall be 2013.

 

		5.	Improvements to Premises.

 

		5.1.	Condition of Premises. Tenant acknowledges that it is in possession of the Premises and
agrees to accept it “as is” without any representation by Landlord regarding its condition and without any obligation
on the part of Landlord to perform or pay for any alteration or improvement, except as may be otherwise expressly provided in this
Amendment.

 

		5.2.	Responsibility for Improvements to Premises. Any improvements to the Premises performed
by Tenant shall be paid for by Tenant and performed in accordance with the terms of the Lease.

 

		6.	[Intentionally Omitted.]

 

		7.	Miscellaneous.

 

		7.1.	This Amendment sets forth the entire agreement between the parties with respect to the matters
set forth herein. There have been no additional oral or written representations or agreements. Tenant shall not be entitled, in
connection with entering into this Amendment, to any free rent, allowance, alteration, improvement or similar economic incentive
to which Tenant may have been entitled in connection with entering into the Lease, except as may be otherwise expressly provided
in this Amendment.

 

    	1

    	 

    

 

		7.2.	Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain
unchanged and in full force and effect.

 

		7.3.	In the case of any inconsistency between the provisions of the Lease and this Amendment, the provisions
of this Amendment shall govern and control.

 

		7.4.	Submission of this Amendment by Landlord is not an offer to enter into this Amendment but rather
is a solicitation for such an offer by Tenant. Landlord shall not be bound by this Amendment until Landlord has executed and delivered
it to Tenant.

 

		7.5.	The capitalized terms used in this Amendment shall have the same definitions as set forth in the
Lease to the extent that such capitalized terms are defined therein and not redefined in this Amendment.

 

		7.6.	Tenant shall indemnify and hold Landlord, its trustees, members, principals, beneficiaries, partners,
officers, directors, employees, mortgagee(s) and agents, and the respective principals and members of any such agents harmless
from all claims of any brokers claiming to have represented Tenant in connection with this Amendment. Landlord shall indemnify
and hold Tenant, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, and agents, and the
respective principals and members of any such agents harmless from all claims of any brokers claiming to have represented Landlord
in connection with this Amendment. Tenant acknowledges that any assistance rendered by any agent or employee of any affiliate of
Landlord in connection with this Amendment has been made as an accommodation to Tenant solely in furtherance of consummating the
transaction on behalf of Landlord, and not as agent for Tenant.

 

		7.7.	Each signatory of this Amendment represents hereby that he or she has the authority to execute
and deliver it on behalf of the party hereto for which such signatory is acting.

 

		7.8.	At Landlord’s option, this Amendment shall be of no force and effect unless and until accepted
by any guarantors of the Lease, who by signing below shall agree that their guaranty shall apply to the Lease as amended herein,
unless such requirement is waived by Landlord in writing.

 

[SIGNATURES ARE ON FOLLOWING PAGE]

 

    	2

    	 

    

 

IN WITNESS WHEREOF,
Landlord and Tenant have duly executed this Amendment as of the day and year first above written.

 

	 	LANDLORD:
	 	 	 
	 	CA-WATERFALL TOWERS LIMITED PARTNERSHIP, a Delaware limited partnership
	 	 	 
	 	By:	EOP Owner GP L.L.C.,
	 	 	a Delaware limited liability company,
	 	 	its general partner

 

	 	By:	/s/ Kenneth Young
	 	 	Name: 	Kenneth Young
	 	 	Title:	Vice President - Leasing

 

	 	TENANT:
	 	 
	 	GLADIATOR CAPITAL FUNDS, LLC, a California limited liability company
	 	 	 
	 	By:	/s/ H. Alimi
	 	 	 
	 	Name:	H. Alimi
	 	 	 
	 	Title:	Partner
	 	 	 
	 	GUARANTOR:
	 	 
	 	HOJI ALIMI, an individual
	 	 	 
	 	By:	/s/ Hoji Alimi
	 	 	Hoji Alimi

 

    	3EXECUTION VERSION

 

 

	
        

         

        CREDIT AGREEMENT

         

        Dated as of August 8, 2013

         

         

         

        between

         

         

         

        CHINA
        BIOLOGIC PRODUCTS, INC.

        as Borrower,

         

        and

         

        CHINA MERCHANTS BANK CO., LTD., NEW YORK
        BRANCH

        as Lender

         

         

         

 

    	 

    	 

    

  TABLE
OF CONTENTS 

	 	 	 	Page No.	 
	SECTION 1 Definitions	 	1	 
	 	 	 	 
	1.1	Definitions	 	1	 
	1.2	Other Definitional Provisions	 	8	 
	1.3	Computation of Time Periods	 	8	 
	1.4	Accounting Terms	 	8	 
	 	 	 	 	 
	SECTION 2 THE CREDIT FACILITIES	 	9	 
	 	 	 	 
	2.1	Term Loan	 	9	 
	2.2	Default Rate	 	10	 
	2.3	Extension	 	10	 
	2.4	Prepayments	 	10	 
	2.5	Capital Adequacy	 	11	 
	2.6	Requirements of Law	 	11	 
	2.7	Taxes	 	13	 
	2.8	Place and Manner of Payments	 	14	 
	2.9	Facility Fee	 	15	 
	2.10	Break Funding Payments	 	15	 
	 	 	 	 	 
	SECTION 3 CONDITIONS PRECEDENT	 	16	 
	 	 	 	 	 
	3.1	Conditions to Initial Loan Advance	 	16	 
	3.2	Conditions to Each Loan Advance	 	17	 
	 	 	 	 	 
	SECTION 4 REPRESENTATIONS AND WARRANTIES	 	18	 
	 	 	 	 	 
	4.1	Corporate Status	 	18	 
	4.2	Power, Authorization; Enforceable Obligations	 	18	 
	4.3	No Legal Bar	 	19	 
	4.4	Liens; Indebtedness	 	19	 
	4.5	Litigation	 	19	 
	4.6	Taxes	 	19	 
	4.7	Governmental and Other Approvals	 	20	 
	4.8	Use of the Loans	 	20	 
	4.9	ERISA.	 	20	 
	4.10	Environmental Compliance	 	20	 
	4.11	Investment Company Act; Other Regulations	 	20	 
	4.12	Foreign Assets Control Regulations, Etc.; OFAC Compliance	 	20	 
	 	 	 	 	 
	SECTION 5 COVENANTS	 	21	 
	 	 	 	 	 
	5.1	Corporate Existence	 	21	 
	5.2	Reports, Certificates and Other Information	 	21	 
	5.3	Compliance Certificate.	 	23	 
	5.4	Liens	 	23	 
	5.5	Mergers and Consolidations	 	23	 
	5.6	Payment of Obligations and Taxes	 	24	 
	5.7	Insurance	 	24	 
	5.8	Compliance with Laws	 	24	 
	5.9	Maintenance of Properties, Etc.	 	24	 
	5.10	Change in the Nature of Business	 	24	 
	5.11	Ownership of Subsidiaries.	 	24	 
	5.12	Transactions with Affiliates	 	25	 
	5.13	Foreign Assets Control Regulations	 	25	 
	5.14	Inspection of Property; Books and Records; Discussions.	 	25	 
	5.15	Disposition of Property.	 	26	 
	5.16	Clauses Restricting Subsidiary Distributions.	 	26	 
	 	 	 	 	 
	SECTION 6 EVENTS OF DEFAULT	 	26	 
	 	 	 	 	 
	6.1	Events of Default	 	26	 
	6.2	Rights and Remedies	 	28	 
	 	 	 	 	 
	SECTION 7 MISCELLANEOUS	 	28	 
	 	 	 	 	 
	7.1	Notices	 	28	 
	7.2	Benefit of Agreement	 	30	 
	7.3	No Waiver; Remedies Cumulative	 	32	 
	7.4	Payment of Expenses and Taxes.	 	32	 
	7.5	Amendments, Waivers and Consents	 	33	 
	7.6	Adjustments; Set-off	 	33	 
	7.7	Counterparts	 	34	 
	7.8	Headings	 	34	 
	7.9	Survival of Indemnification	 	34	 
	7.10	Governing Law; Submission to Jurisdiction, Venue, Waiver of Jury Trial.	 	34	 
	7.11	Confidentiality.	 	35	 
	7.12	USA Patriot Act Notice.	 	36	 
	7.13	Severability	 	36	 
	7.14	Entirety	 	36	 
	7.15	Survival of Representations and Warranties	 	37	 
	7.16	Fiduciary Relationship	 	37	 

    	i

    	 

    

 

		Exhibit A	Form of Notice of Borrowing

 

		Exhibit B	Form of Promissory Note

 

		Exhibit C	Form of Assignment and Assumption

 

		Exhibit D	Form of Compliance Certificate

 

    	ii

    	 

    

 

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT
dated as of August 8, 2013 (as the same may be amended, restated or otherwise modified from time to time, the “Credit
Agreement”) between CHINA BIOLOGIC PRODUCTS, INC. (the “Borrower”), and CHINA MERCHANTS BANK CO.,
LTD., NEW YORK BRANCH (the “Lender”).

 

W I T N
E S S E T H

 

WHEREAS, the
Borrower has requested the Lender, and the Lender has agreed, to provide a term credit facility in an aggregate principal amount
of up to $30,000,000 on the terms and conditions hereinafter set forth;

 

NOW, THEREFORE,
in consideration of good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

 

SECTION
1

 

Definitions

 

		1.1	Definitions.

 

As used in this Credit
Agreement, the following terms shall have the meanings specified below unless the context otherwise requires:

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, controls
or is controlled by or is under common control with the Person specified.

 

“Assignment
and Acceptance” means an assignment and acceptance entered into by the Lender and an assignee in substantially the form
attached as Exhibit C hereto (with the consent of any party whose consent is required by Section 7.2(b)).

 

“Availability
Period” means the one-month period that commences on the Closing Date.

 

“Bankruptcy
Code” means the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded or replaced from
time to time.

 

“Borrower”
means China Biologic Products, Inc., a corporation organized under the laws of the State of Delaware, together with its successors
and permitted assigns.

 

“Borrowing
Date” means the date on which a borrowing is requested as such term is defined in Section 2.1(b)(i).

 

    	 

    	 

    

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York or the mainland
of China are authorized or required by law to close.

 

“Capital
Lease” means any lease of Property the obligations with respect to which are required to be capitalized on a balance
sheet of the lessee in accordance with GAAP.

 

“Capital
Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock
of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights
or options to purchase any of the foregoing.

 

“Change
of Control” means any Person or group of Person (in each case other than the holders of Capital Stock of the Borrower
as of the Closing Date or any Affiliate thereof) acting in concert gaining the Control of the Borrower.

 

“Closing
Date” has the meaning ascribed to it in Section 3.1.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the Treasury regulations promulgated thereunder as in
effect from time to time.

 

“Contractual
Obligation” means as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Control”
in relation to any entity means either the direct or indirect ownership of more than 50% of the membership interest, share capital,
or similar rights of ownership of the entity or the power to direct or cause the direction of the management and the policies of
the entity whether through the ownership of the applicable ownership rights, contract or otherwise.

 

“Commitment”
means the obligation of the Lender to fund the Loan in an aggregate principal amount not to exceed the Committed Amount.

 

“Committed
Amount” means an aggregate principal amount of up to $30,000,000.

 

“Compliance
Certificate” means a certificate in substantially the form set out in Exhibit D hereto.

 

“Credit
Documents” means this Credit Agreement, any Letters of Credit, any Promissory Note and any other documents executed by
the Borrower in connection herewith.

 

“Default”
means any event, act or condition which with notice or lapse of time, or both, would constitute an Event of Default.

 

    	2

    	 

    

 

“Disposition”
means with respect to any property, any sale, lease, sale and leaseback, conveyance, transfer or other disposition thereof. The
terms “Dispose” and “Disposed of” shall have correlative meanings.

 

“Dollars”
and “$” means the lawful currency of the United States of America.

 

“Environmental
Laws” means any and all foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances,
codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating
to or imposing liability or standards of conduct concerning protection of human health or the environment, as now or may at any
time hereafter be in effect.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and the
rulings issued thereunder.

 

“Event
of Default” means such term as defined in Section 6.1.

 

“Facility
Fee” means the Lender’s charge for making the credit facility available to the Borrower hereunder, payable by the
Borrower to the Lender in an amount and in the manner as set forth in Section 2.9 hereunder.

 

“GAAP”
means generally accepted accounting principles in the United States applied on a consistent basis and subject to Section 1.4 hereof.

 

“Governmental
Authority” means any Federal, state, local, or foreign court or governmental agency, authority, instrumentality or regulatory
body.

 

“Guaranty
Obligations” means, with respect to any Person, without duplication, any obligations of such Person (other than endorsements
in the ordinary course of business of negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any
Indebtedness of any other Person in any manner, whether direct or indirect, and including without limitation any obligation, whether
or not contingent, (i) to purchase any such Indebtedness or any Property constituting security therefor, (ii) to advance or provide
funds or other support for the payment or purchase of any such Indebtedness or to maintain working capital, solvency or other balance
sheet condition of such other Person (including without limitation keep well agreements, maintenance agreements, comfort letters
or similar agreements or arrangements) for the benefit of any holder of Indebtedness of such other Person, (iii) to lease or purchase
Property, securities or services primarily for the purpose of assuring the holder of such Indebtedness, or (iv) to otherwise assure
or hold harmless the holder of such Indebtedness against loss in respect thereof. The amount of any Guaranty Obligation hereunder
shall (subject to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount (or maximum
principal amount, if larger) of the Indebtedness in respect of which such Guaranty Obligation is made.

 

    	3

    	 

    

 

“Indebtedness”
means, as to any Person, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced
by bonds, debentures, notes or similar instruments or upon which interest payments are customarily made, (iii) all obligations
of such Person under conditional sale or other title retention agreements relating to Property purchased by such Person (other
than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business),
(iv) all obligations, including without limitation intercompany items, of such Person issued or assumed as the deferred purchase
price of Property or services purchased by such Person (other than trade debt incurred in the ordinary course of business and due
within six months of the incurrence thereof) which would appear as liabilities on a balance sheet of such Person, (v) all
obligations of such Person under take-or-pay or similar arrangements or under commodities agreements, (vi) all Indebtedness
of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured
by) any Lien on, or payable out of the proceeds of production from, Property owned or acquired by such Person, whether or not the
obligations secured thereby have been assumed, (vii) all Guaranty Obligations of such Person, (viii) the principal portion
of all obligations of such Person under Capital Leases, (ix) all obligations of such Person in respect of interest rate protection
agreements, foreign currency exchange agreements, commodity purchase or option agreements or other interest or exchange rate or
commodity price hedging agreements and (x) the maximum amount of all letters of credit issued or bankers’ acceptances
facilities created for the account of such Person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed).
The Indebtedness of any Person shall include the Indebtedness of any partnership in which such Person is a general partner (except
for any such Indebtedness with respect to which the holder thereof is limited to the assets of such partnership or joint venture).

 

“Interest
Payment Date” means, as to any LIBOR Loan, the last day of each Interest Period for such Loan, the date of any prepayment,
and the Maturity Date; if an Interest Payment Date falls on a date which is not a Business Day, such Interest Payment Date shall
be deemed to be the immediately succeeding Business Day, except that in the case of LIBOR Loans where the immediately succeeding
Business Day falls in the immediately succeeding calendar month, then on the immediately preceding Business Day.

 

“Interest
Period” as to any LIBOR Loan, means a period of three months duration commencing in each case on the Borrowing Date (including
extensions); provided, however, that (A) if any Interest Period would end on a day which is not a Business Day, such
Interest Period shall be extended to the immediately succeeding Business Day (except that in the case of LIBOR Loans where the
immediately succeeding Business Day falls in the immediately succeeding calendar month, then on the immediately preceding Business
Day), (B) no Interest Period shall extend beyond the applicable Maturity Date, and (C) in the case of LIBOR Loans, where an Interest
Period begins on a day for which there is no numerically corresponding day in the calendar month in which the Interest Period is
to end, such Interest Period shall, subject to clause (A) above, end on the last Business Day of such calendar month.

 

    	4

    	 

    

 

“Lender”
means China Merchants Bank Co., Ltd., New York Branch, together with its successors and permitted assigns.

 

“Letter
of Credit” means one or more USD-denominated standby letters of credit issued by China Merchants Bank Co., Ltd., Beijing
Branch which is procured by an Affiliate of the Borrower in favor of the Lender to secure the Borrower’s obligations to the
Lender hereunder, which letter of credit shall have been issued in compliance with the laws and regulations applicable to the branch,
and which letter of credit should otherwise be satisfactory to the Lender in form and substance, as such letter of credit may be
amended, extended, or replaced from time to time; provided that any such amendment, extension or replacement is subject
to prior written consent by the Lender.

 

“LIBOR
Loan” means any Loan bearing interest at a rate determined by reference to the LIBOR Rate.

 

“LIBOR
Rate” means, with respect to any LIBOR Loan for the Interest Period applicable thereto, the rate appearing on Reuters
Screen LIBOR01 (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing
rate quotations comparable to those currently provided on such page of such Service, as determined by the Lender from time to time
for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately
11:00 A.M., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with
an interest period comparable to such Interest Rate. In the event that such rate is not available at such time for any reason,
then “LIBOR Rate” shall mean, with respect to any LIBOR Loan for the Interest Period applicable thereto, the
arithmetic average, as determined by the Lender, of the rate per annum (rounded upwards, if necessary, to the nearest 1/16 of 1%)
quoted by each Reference Bank at approximately 11:00 A.M. New York, New York time (or as soon thereafter as practicable) two Business
Days prior to the first day of the Interest Period for such LIBOR Loan for the offering by such Reference Bank to leading banks
in the London interbank market of Eurodollar deposits having a term comparable to such Interest Period and in an amount comparable
to the principal amount of the LIBOR Loan to be made by such Reference Bank for such Interest Period; provided that if any Reference
Bank does not furnish such information to the Lender on a timely basis the Lender shall determine such interest rate on the basis
of timely information furnished by the remaining Reference Banks.

 

“LIBOR
Rate Spread” means, for any LIBOR Loan for any applicable Interest Period, 1.60% per annum.

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, security interest, encumbrance, lien (statutory or
otherwise), preference, priority or charge of any kind (including any agreement to give any of the foregoing, any conditional sale
or other title retention agreement, any financing or similar statement or notice filed under the Uniform Commercial Code as adopted
and in effect in the relevant jurisdiction or other similar recording or notice statute, and any lease in the nature thereof).

 

    	5

    	 

    

 

“Loan”
means, unless otherwise stated in this Credit Agreement, the principal amount of each borrowing under this Credit Agreement or
the principal amount outstanding of that borrowing.

 

“Material
Adverse Effect” means any event, development or circumstances that has had or could reasonably expected to have a material
adverse effect on (i) the condition (financial or otherwise), operations, business, assets, liabilities or prospects of the Borrower
and its Subsidiaries taken as a whole, (ii) the ability of the Borrower to perform any obligation under the Credit Documents or
(iii) the validity or enforceability of this Credit Agreement or any other Credit Document or the rights and remedies of the Lender
under the Credit Documents.

 

“Material
Subsidiary” means a Subsidiary, including its Subsidiaries, substantially all of whose voting Capital Stock is owned
by the Borrower and/or the Borrower’s other Subsidiaries and which meets all of the following criteria:

 

(i)          the
Borrower’s and its other Subsidiaries’ proportionate share of total assets (after intercompany eliminations) of such
subsidiary exceeds 10% of the total assets of the Borrower and its Subsidiaries on a consolidated basis as of its most recently
completed fiscal year; and

 

(ii)         the
Borrower’s and its other Subsidiaries’ proportionate share of or equity in the income from continuing operations before
income taxes, extraordinary items and the cumulative effect of a change in accounting principle of such Subsidiary exceeds 10%
of such income of the Borrower and its Subsidiaries on a consolidated basis for the most recently completed fiscal year.

 

“Maturity
Date” means, for each Loan, the earlier of (x) the date falling 18 months after its Borrowing Date, and (y) the date
that is ten Business Days prior to the date on which any Letter of Credit securing the Obligations shall expire or terminate. Whenever
such date is stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the immediately succeeding
Business Day, except where the immediately succeeding Business Day falls in the immediately succeeding calendar month, then the
due date shall be the immediately preceding Business Day.

 

“Non-Excluded
Taxes” means such term as defined in Section 2.7.

 

“Notice
of Borrowing” means the written notice of borrowing as referenced and defined in Section 2.1(b)(i) in substantially the
form attached as Exhibit A hereto.

 

“Obligations”
means the unpaid principal of, and the accrued and unpaid interest on, the Loan, all accrued and unpaid fees and expenses payable
by the Borrower to the Lender and all other unsatisfied obligations of the Borrower arising under any of the Credit Documents,
including without limitation any and all unsatisfied obligations of the Borrower to the Lender arising as a result of any payment
of the Borrower to the Lender being avoided as the preference payment under the applicable insolvency law or any other similar
contingent obligations of the Borrower to the Lender under any of the Credit Documents.

 

    	6

    	 

    

 

“Participant”
means such term as defined in Section 7.2(c).

 

“Plan”
means an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards under
Section 412 of the Code and is either (i) maintained by the Borrower or any Subsidiary for employees of the Borrower and/or any
Subsidiary or (ii) maintained pursuant to a collective bargaining agreement or any other arrangement under which more than one
employer makes contributions and to which the Borrower or any Subsidiary is then making or accruing an obligation to make contributions
or has within the preceding five plan years made contributions.

 

“Prohibited
Person” shall have the meaning given to such term in the Trading with the Enemy Act, as amended, or the applicable foreign
assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended).

 

“Promissory
Note” means one or more promissory notes executed by the Borrower in connection with this Credit Agreement in substantially
the form of Exhibit B hereto.

 

“Property”
means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

 

“Reference
Banks” means JPMorgan Chase Bank, N.A., Bank of America, N.A. and Citibank, N.A.

 

“Requirement
of Law” means, as to any Person, the certificate of formation and by-laws or other organizational or governing documents
of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority,
in each case applicable to or binding upon such Person or any of its material property.

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer or treasurer of the Borrower.

 

“Subsidiary”
means, as to any Person, (a) any corporation more than 50% of whose stock of any class or classes having by the terms thereof ordinary
voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time, any class or
classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time
owned by such Person directly or indirectly through Subsidiaries, and (b) any partnership, limited liability company, association,
joint venture or other entity in which such person directly or indirectly through Subsidiaries has more than 50% equity interest
at the time. Unless otherwise specified, any reference to a Subsidiary is intended as a reference to a Subsidiary of the Borrower.

 

    	7

    	 

    

 

		1.2	Other Definitional Provisions.

 

(a)           Unless otherwise
specified therein, all terms defined in this Credit Agreement shall have the defined meanings when used in the other Credit Documents
or any certificate or other document made or delivered pursuant hereto or thereto.

 

(b)          As used herein
and in the other Credit Documents, and any certificate or other document made or delivered pursuant hereto or thereto, (i) accounting
terms relating to the Borrower not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not
defined, shall have the respective meanings given to them under GAAP, (ii) the words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”, (iii) the word “incur”
shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred”
and “incurrence” shall have correlative meanings), (iv) the words “asset” and “property” shall
be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including
cash, Capital Stock, securities, revenues, accounts, leasehold interests and contract rights, and (v) references to agreements
or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations
as amended, supplemented, restated or otherwise modified from time to time.

 

(c)           The words “hereof”,
“herein” and “hereunder” and words of similar import, when used in this Credit Agreement, shall refer to
this Credit Agreement as a whole and not to any particular provision of this Credit Agreement, and Section, Schedule and Exhibit
references are to this Credit Agreement unless otherwise specified.

 

(d)           The meanings
given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

		1.3	Computation of Time Periods.

 

For purposes of computation
of periods of time hereunder, the word “from” means “from and including” and the words “to”
and “until” each mean “to but excluding.”

 

		1.4	Accounting Terms.

 

Except as otherwise
expressly provided herein, all accounting terms used herein shall be interpreted, and all financial statements and certificates
and reports as to financial matters required to be delivered to the Lender hereunder shall be prepared, in accordance with GAAP
applied on a consistent basis. All calculations made for the purposes of determining compliance with this Credit Agreement shall
(except as otherwise expressly provided herein) be made by application of GAAP applied on a basis consistent with the most recent
annual or quarterly financial statements delivered pursuant to Section 5.2 hereof.

 

    	8

    	 

    

 

SECTION
2

 

THE CREDIT FACILITIES

 

		2.1	Term Loan.

 

(a)          Commitment.
Subject to the terms and conditions of this Credit Agreement, the Lender agrees to make one term loan to the Borrower within the
Availability Period such that (i) the aggregate principal amount of such Loan outstanding hereunder plus the interests and Facility
Fee due on such Loan for one Interest Period shall not exceed the aggregate drawable amount of the Letters of Credit that secure
the Borrower’s Obligations under the Credit Agreement and are delivered to the Lender on or prior to the Borrowing Date of
such Loan, and (ii) the outstanding principal amount of the Loan will not exceed the Committed Amount. Amounts repaid or prepaid
in respect of the Loan may not be reborrowed.

 

(b)          Loan Borrowings.

 

(i)          Notice
of Borrowing. The Borrower shall request a Loan borrowing by written notice (or telephone notice promptly confirmed in writing)
to the Lender not later than 11:00 A.M. (New York, New York time) two (2) business days prior to the date of the requested borrowing.
Such request for borrowing shall be irrevocable, shall be made in a notice of borrowing in substantially the form of Exhibit
A attached hereto (a “Notice of Borrowing”), and shall specify (A) that a Loan is requested, (B) the
date of the requested borrowing (which shall be a Business Day within the Availability Period) (the “Borrowing Date”),
and (C) the aggregate principal amount to be borrowed.

 

(ii)         Minimum
Amounts. A Loan borrowing shall be in a minimum aggregate amount of $100,000 and integral multiples of $100,000 in excess
thereof (or the remaining Committed Amount, if less).

 

(iii)        Advances.
The Lender will make a Loan borrowing available to the Borrower by crediting the account of the Borrower on the books of the office
of the Lender specified in Section 7.1 with the amount requested in the Notice of Borrowing or by wire transferring such amount
to a bank account designated by the Borrower pursuant to the wire instruction set forth in the Notice of Borrowing. The Lender
at its option may make any Loan by causing any of its domestic or foreign branches or Affiliates to make such Loan; provided
that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the
terms of this Credit Agreement.

 

(c)          Repayment.
The Borrower hereby unconditionally promises to repay in full the principal amount of each Loan and the other Obligations outstanding,
and not previously repaid, on its Maturity Date.

 

(d)          Interest.
Subject to the provisions of Section 2.2, each LIBOR Loan shall bear interest at a per annum rate equal to the LIBOR Rate
for the applicable Interest Period plus the LIBOR Rate Spread. The Borrower hereby unconditionally promises to pay to the
Lender accrued interest on each Loan in arrears on each Interest Payment Date and the Maturity Date.

 

    	9

    	 

    

 

(e)          Evidence
of Debt. The Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness
of the Borrower to the Lender resulting from the Loans made by the Lender, including the amounts of principal and interest payable
and paid to the Lender from time to time hereunder. The entries made in the accounts maintained pursuant to this subsection shall
be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of the Lender
to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans
in accordance with the terms of this Credit Agreement. The Lender may request that a Loan made by it be evidenced by a promissory
note. In such event, the Borrower shall prepare, execute and deliver to the Lender a promissory note payable to the order of the
Lender (or, if requested by the Lender, to the Lender and its registered assigns) and in substantially the form of Exhibit B
attached hereto. Thereafter, the Loan evidenced by such promissory note and interest thereon shall at all times (including after
assignment pursuant to Section 7.2) be represented by one or more promissory notes in such form payable to the order of the payee
named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).

 

		2.2	Default Rate.

 

The Borrower hereby
unconditionally promises to pay to the Lender interest on demand on all overdue principal and, to the extent permitted by law (after
as well as before judgment), overdue interest in respect of each Loan and any other overdue amount payable hereunder or under the
other Credit Documents at a rate 2% per annum greater than the rate which would otherwise be applicable.

 

		2.3	Extension.

 

The Borrower shall
have the option, on any Business Day, to extend existing Loan into a subsequent permissible Interest Period; provided, however,
that (i) a LIBOR Loan may be extended only if no Default or Event of Default is in existence on the date of extension, (ii) Loan
extended as a LIBOR Loan shall be subject to the terms of the definition of “Interest Period” set forth in Section
1.1 and shall be in such minimum amounts as provided in Section 2.1(b)(ii). Each such extension shall be effected by the Borrower
by giving a notice of extension (or telephone notice promptly confirmed in writing) to the Lender prior to 11:00 A.M. (New York,
New York time) on the third Business Day prior to the date of the proposed extension, specifying the date of the proposed extension,
and the Loan to be so extended. The LIBOR Rate Spread for the ensuing Interest Period shall be determined by the Lender in its
sole discretion and notified to the Borrower on or before the date of such extension. Each request for extension shall constitute
a representation and warranty by the Borrower as to the matters specified in subsections (b) and (c) of Section 3.2. In the event
the Borrower fails to request extension of any LIBOR Loan in accordance with this Section, then such Loan, unless repaid on the
Interest Payment Date, shall be automatically extended as a LIBOR Loan with an Interest Period of three months.

 

		2.4	Prepayments.

 

(a)           Voluntary
Prepayments. The Borrower may prepay the Loans, in whole or in part, at any time without any premium or penalty (subject to
the break funding payments as set forth in Section 2.10 hereunder); provided that partial prepayments shall be in a minimum
principal amount of $100,000 and multiples of $100,000 in excess thereof (or the remaining outstanding principal amount of all
the Loans, if less). Any prepayment under this Credit Agreement shall be made together with accrued interest on the amount prepaid.

 

    	10

    	 

    

 

(b)           Notice.
In the case of voluntary prepayments under subsection (a) hereof, the Borrower will give notice to the Lender of its intent to
make such a prepayment by 11:00 A.M. (New York, New York time) three (3) Business Days prior to the date of prepayment. Each such
notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Loan or portion thereof to be
prepaid.

 

		2.5	Capital Adequacy.

 

If, after the Closing
Date, the Lender has determined that the adoption or effectiveness of any applicable law, rule or regulation regarding capital
adequacy, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central
bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Lender or its holding
company with any request or directive regarding capital adequacy (whether or not having the force of law) of any such Governmental
Authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on the Lender’s
or its holding company’s capital or assets as a consequence of its commitments or obligations hereunder to a level below
that which the Lender or its holding company could have achieved but for such adoption, effectiveness, change or compliance (taking
into consideration the Lender’s or its holding company’s policies with respect to capital adequacy), then, upon notice
from the Lender, the Borrower shall pay to the Lender such additional amount or amounts as will compensate the Lender or its holding
company for such reduction. Each determination by the Lender of amounts owing under this Section shall, absent manifest error,
be conclusive and binding on the Borrower. Notwithstanding anything contained herein to the contrary, the Borrower shall not be
under any obligation to pay to the Lender amounts otherwise owing under this Section 2.5 if the Lender shall not have delivered
such written notice to the Borrower within ninety (90) days following the later of (i) the date of occurrence of the event
which forms the basis for such notice and request for compensation and (ii) the date the Lender becomes aware of such event.
Notwithstanding the foregoing, the Lender agrees that, before giving any notice seeking a payment under this Section 2.5,
it will use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different
office, branch or Affiliate of the Lender as the office, branch or Affiliate of the Lender having the commitments and obligations
of the Lender hereunder if making such designation would avoid or reduce the amount of such reduction in its rate of return on
its capital or assets and would not, in the reasonable judgment of the Lender, be otherwise disadvantageous to the Lender.

 

		2.6	Requirements of Law.

 

If the adoption of
or any change in any Requirement of Law or in the interpretation or application thereof applicable to the Lender, or compliance
by the Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental
Authority, in each case made subsequent to the Closing Date (or, if later, the date on which such Lender becomes a Lender) (it
being understood and agreed that matters set forth in the Consultation Paper issued by the Basle Committee on Banking Supervision
of June 1999 shall not be treated as having been adopted or applied prior to the Closing Date):

 

(i)          shall
subject the Lender to any tax of any kind whatsoever with respect to the Loans made by it or change the basis of taxation of payments
to the Lender in respect thereof (except for Non-Excluded Taxes covered by Section 2.7 (including Non-Excluded Taxes imposed solely
by reason of any failure of the Lender to comply with its obligations under Section 2.7) and changes in taxes measured by or imposed
upon the overall net income, or franchise tax (imposed in lieu of such net income tax), of the Lender or its applicable lending
office, branch, or any affiliate thereof);

 

    	11

    	 

    

 

(ii)          shall
impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by,
deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition
of funds by, any office of the Lender; or

 

(iii)         shall
impose on the Lender any other condition (excluding any tax of any kind whatsoever);

 

and the result of any of the foregoing
is to increase the cost to the Lender, by an amount which such Lender deems to be material, of making, continuing or maintaining
the Loans or to reduce any amount receivable hereunder in respect thereof, then, in any such case, upon notice to the Borrower
from the Lender, in accordance herewith, the Borrower shall promptly pay the Lender, upon its demand, any additional amounts necessary
to compensate the Lender for such increased cost or reduced amount receivable; provided that, the Borrower shall not be
under any obligation to pay to the Lender amounts otherwise owing under this Section 2.6 if the Lender shall not have delivered
such written notice to the Borrower, within ninety (90) days following the later of (A) the date of occurrence of the
event which forms the basis for such notice and request for compensation and (B) the date the Lender becomes aware of such
event. Notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof, shall be
deemed to be a change in a Requirement of Law, regardless of the date enacted, adopted, issued or implemented. If the Lender becomes
entitled to claim any additional amounts pursuant to this Section, it shall provide prompt notice thereof to the Borrower certifying
(x) that one of the events described in this Section has occurred and describing in reasonable detail the nature of such event,
(y) as to the increased cost or reduced amount resulting from such event and (z) as to the additional amount demanded
by the Lender and a reasonably detailed explanation of the calculation thereof. Such a certificate as to any additional amounts
payable pursuant to this Section submitted by the Lender to the Borrower shall be conclusive in the absence of manifest error.
This covenant shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable
hereunder. Notwithstanding the foregoing, the Lender agrees that, before giving any notice seeking a payment of additional amounts
under this Section 2.6, the Lender will use reasonable efforts (consistent with its internal policy and legal and regulatory
restrictions) to designate a different office, branch or Affiliate as the office, branch or Affiliate of the Lender making, continuing
or maintaining the Loans hereunder or having the commitments and obligations hereunder resulting in such increased cost to the
Lender or reduction in the amount receivable by the Lender hereunder if making such designation would avoid the need for, or reduce
the amount of, such increased cost or would avoid or decrease the reduction in the amount receivable hereunder and would not, in
the reasonable judgment of such Lender, be otherwise disadvantageous to the Lender.

 

    	12

    	 

    

 

		2.7	Taxes.

 

(a)          Except as provided
below in this subsection, all payments made by the Borrower under this Credit Agreement shall be made free and clear of, and without
deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges,
fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority,
(excluding net income taxes and franchise taxes imposed in lieu of net income taxes imposed on the Lender as a result of a present
or former connection between the jurisdiction of the Governmental Authority imposing such tax and the Lender (except a connection
arising solely from the Lender having executed, delivered or performed its obligations or received a payment under, or enforced,
this Credit Agreement)) (all such non-excluded taxes, levies, imposts, duties, charges, fees, deductions and withholdings being
hereinafter called “Non-Excluded Taxes”). If any Non-Excluded Taxes are required to be withheld from any amounts
payable to the Lender hereunder, the amounts so payable to the Lender shall be increased to the extent necessary to yield to the
Lender (after payment of all Non-Excluded Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts
specified in this Credit Agreement. Whenever any Non-Excluded Taxes are payable by the Borrower, as promptly as possible thereafter
the Borrower shall send to the Lender a certified copy of an original official receipt received by the Borrower showing payment
thereof. If the Borrower fails to pay any Non-Excluded Taxes when due to the appropriate taxing authority or fails to remit to
the Lender the required receipts or other required documentary evidence, the Borrower shall indemnify the Lender for any taxes,
interest or penalties that may become payable by the Lender as a result of any such failure. The agreements in this subsection
shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunder.

  

(b)          The Lender agrees
that it shall:

 

(X)(i)     so long as it is a “bank” within the meaning of Section 881(c)(3)(A) of the Code, on or before the date of any
payment by the Borrower under this Credit Agreement to the Lender, deliver to the Borrower two duly completed copies of
United States Internal Revenue Service Form W-8BEN or W-8ECI, or successor applicable form, as the case may be, certifying
that it is entitled to receive payments under this Credit Agreement without deduction or withholding of any United States
federal income taxes;

 

(ii)          deliver
to the Borrower two further copies of any such form or certification on or before the date that any such form or certification
expires or becomes obsolete and after the occurrence of any event requiring a change in the most recent form previously delivered
by it to the Borrower; and

 

(iii)         obtain
such extensions of time for filing and complete such forms or certifications as may reasonably be requested by the Borrower; or

 

    	13

    	 

    

 

(Y)         if
the Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (i) agree to furnish to the
Borrower on or before the date of any payment by the Borrower two accurate and complete original signed copies of Internal Revenue
Service Form W-8BEN, or successor applicable form certifying to the Lender’s legal entitlement at the date of such certificate
to an exemption from U.S. withholding tax under the provisions of Section 881(c) of the Code with respect to payments to be made
under this Credit Agreement (and to deliver to the Borrower two further copies of such form on or before the date it expires or
becomes obsolete and after the occurrence of any event requiring a change in the most recently provided form and, if necessary,
obtain any extensions of time reasonably requested by the Borrower for filing and completing such forms), and (ii) agree,
to the extent legally entitled to do so, upon reasonable request by the Borrower, to provide to the Borrower such other forms as
may be reasonably required in order to establish the legal entitlement of the Lender to an exemption from withholding with respect
to payments under this Credit Agreement;

 

unless in any such case any change in treaty,
law or regulation has occurred after the date such Person (or, in the case of a Person that shall become a Lender or a Participant
pursuant to Section 7.2, its transferor) becomes the Lender hereunder which renders all such forms inapplicable or which would
prevent the Lender from duly completing and delivering any such form with respect to it and the Lender so advises the Borrower.
Each Person that shall become the Lender shall, upon the effectiveness of the related transfer, be required to provide all of the
forms, certifications and statements required pursuant to this subsection; provided that in the case of a Participant the
obligations of such Participant pursuant to this subsection (b) shall be determined as if the Participant were a Lender except
that such Participant shall furnish all such required forms, certifications and statements to the Lender.

 

		2.8	Place and Manner of Payments.

 

Except as otherwise
specifically provided herein, all payments hereunder shall be made to the Lender in Dollars in immediately available funds, without
offset, deduction, counterclaim or withholding of any kind, at its offices specified in Section 7.1 not later than 2:00 P.M. (New
York, New York time) on the date when due. Payments received after such time shall be deemed to have been received on the immediately
succeeding Business Day. The Lender may (but shall not be obligated to) debit the amount of any such payment which is not made
by such time to any ordinary deposit account of the Borrower maintained with the Lender (with notice to the Borrower). The Borrower
shall, at the time it makes any payment under this Credit Agreement, specify to the Lender the Loans, fees or other amounts payable
by the Borrower hereunder to which such payment is to be applied (and in the event that it fails so to specify, or if such application
would be inconsistent with the terms hereof, the Lender shall apply the payment in such manner as the Lender may determine to be
appropriate in respect of obligations owing by the Borrower hereunder subject to the terms of Section 2.3(a)). Whenever any payment
hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the immediately
succeeding Business Day (subject to accrual of interest at non-default rates and fees for the period of such extension (but not
any default interest on amounts as to which such due date shall have been extended)), except where the immediately succeeding Business
Day falls in the immediately succeeding calendar month, then the due date shall be the immediately preceding Business Day. Except
as expressly provided otherwise herein, all computations of interest and fees shall be made on the basis of actual number of days
elapsed over a year of three hundred and sixty (360) days. Interest shall accrue from and include the date of borrowing, but exclude
the date of payment.

 

    	14

    	 

    

 

		2.9	Facility Fee.

 

The Borrower shall
pay to the Lender a Facility Fee in an amount equal to 0.70% per annum multiplied by the outstanding principal amount of each Loan.
The Facility Fee for each Loan for each Interest Period is payable on the applicable Interest Payment Date. Any Facility Fee, once
paid, is not refundable under any circumstances (including but not limited to circumstances in relation to any prepayment made
by the Borrower pursuant to this Agreement or any amendment of this Agreement).

 

		2.10	Break Funding Payments.

 

In the event of (a)
the payment of any principal of any Loan other than on the last day of an Interest Period applicable thereto (including as a result
of an Event of Default), or (b) the failure to borrow or prepay any Loan on the date specified in any notice delivered pursuant
hereto, then, in any such event, the Borrower shall compensate the Lender for the loss, cost and expense attributable to such event.
Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any,
of (i) the amount of interest which would have accrued on the principal amount of such Loans had such event not occurred, at the
interest that would have been applicable to such Loans, for the period from the date of such event to the last day of the then
current Interest Period therefor (or, in the case of a failure to borrow, for the period that would have been the Interest Period
for such Loans), over (ii) the amount of interest which would accrue on such principal amount for such period at the then applicable
LIBOR Rate for a period available in the London interbank market closest in length to such remaining period. A certificate of any
Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered
to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any
such certificate within ten (10) days after receipt thereof.

 

SECTION
3

 

CONDITIONS PRECEDENT

 

		3.1	Conditions to Initial Loan Advance.

 

This Credit Agreement,
including the obligation of the Lender to make the Loans requested to be made by it, shall not become effective until the date
(the “Closing Date”) on which each of the following conditions is satisfied or provided for in form and substance
reasonably acceptable to the Lender, or duly waived in writing by the Lender in accordance with Section 7.5:

 

(a)          Executed
Credit Documents. Receipt by the Lender of duly executed copies of this Credit Agreement, the Letters of Credit, the Promissory
Note and the other Credit Documents.

 

    	15

    	 

    

 

(b)          No
Default; Representations and Warranties. Receipt by the Lender of an officer’s certificate duly executed by an officer
of the Borrower acceptable to the Lender, certifying that as of the Closing Date (i) there exists no Default or Event of Default,
(ii) all representations and warranties contained herein and in the other Credit Documents are true and correct in all material
respects, and (iii) since the date of the most recent audited financial statements of the Borrower received by the Lender from
the Borrower, there has not occurred, nor otherwise exist, an event or condition which has a Material Adverse Effect on the Borrower.

 

(c)          Corporate Documents.
Receipt by the Lender of the following:

 

(i)          Charter
Documents. A copy of the articles of incorporation of the Borrower certified to be true and complete as of a recent date by
the appropriate Governmental Authority of the jurisdiction of its formation and certified by an officer of the Borrower to be true
and correct as of the Closing Date.

 

(ii)          By-laws.
A copy of the by-laws of the Borrower certified by an officer of the Borrower to be true and correct as of the Closing Date.

 

(iii)         Resolutions.
A copy of the resolution of the board of directors of the Borrower approving and adopting the Credit Documents to which it is a
party, the transactions contemplated thereby and authorizing execution and delivery thereof, certified by an officer of the Borrower
to be true and correct and in force and effect as of the Closing Date.

 

(iv)        Good
Standing. A copy of (A) the certificate of good standing, with respect to the Borrower, certified as of a recent date
by the appropriate Governmental Authorities of the state of formation and each other jurisdiction in which the failure to so qualify
and be in good standing would have a Material Adverse Effect on the business or operations of the Borrower in such jurisdiction
and (B) to the extent available, a certificate indicating payment of all corporate franchise taxes certified as of a recent
date by the appropriate governmental taxing authorities.

 

(v)         Incumbency.
Receipt by the Lender of an incumbency certificate, including specimen signatures, of the authorized signatories of the Borrower
authorized to execute the Credit Documents to which it is a party on behalf of the Borrower.

 

(d)          Annual
Report. A copy of the most recent annual report of the Borrower issued by the appropriate Governmental Authorities of its jurisdiction
of incorporation.

 

(e)          Financial
Statements. The Borrower shall have delivered or made available to the Lender (including by electronic communication regarding
public filings thereof) its audited financial statements of the 2012 fiscal year, and such financial statements shall not, in the
reasonable judgment of the Lender, reflect any material adverse change in the financial condition of the Borrower.

 

    	16

    	 

    

 

(f)          Fees.
The Lender shall have received all fees agreed to be paid by the Borrower, and all reasonable out-of-pocket expenses (including
the Lender’s reasonable fees and expenses of legal counsel) agreed to be paid by the Borrower for which invoices have been
presented to the Borrower reasonably in advance of the Closing Date.

 

(g)          Patriot
Act/ “Know You Customer” Laws. At least two (2) Business Days before the Closing Date the Lender shall have received
from the Borrower all documents and other information reasonably requested by it that is required by bank regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act.

 

(h)          Other.
Receipt by the Lender of such other documents, agreements or information which it may reasonably request.

 

		3.2	Conditions to Each Loan Advance.

 

The obligation of the
Lender to make any Loan is subject to satisfaction of the following conditions:

 

(a)          The
Lender shall have received (i) an appropriate Notice of Borrowing, (ii) the Letter of Credit securing the Borrower’s Obligations
with respect to such Loan, (iii) a copy of the letter of credit reimbursement and pledge agreement duly entered into by an Affiliate
of the Borrower with China Merchants Bank Co., Ltd., Beijing Branch (“Pledge Agreements”), and (iv) a copy of
the banker’s acceptance bill pledged under the Pledge Agreements;

 

(b)          The
representations and warranties set forth in Section 4 shall be true and correct in all material respects as of such date (except
for those which expressly relate to an earlier date);

 

(c)          No
Default or Event of Default shall exist and be continuing either prior to or after giving effect to such Loan to be made; and

 

(d)          (i)
The aggregate principal amount of all the Loans outstanding hereunder plus the interests and Facility Fee due on such Loans for
one Interest Period shall not exceed the aggregate drawable amount of the Letters of Credit that secure the Borrower’s Obligations
and are delivered to the Lender on or prior to the Borrowing Date of such Loan, and (ii) the aggregate principal amount of each
Loan will not exceed the Committed Amount.

 

The delivery of each
Notice of Borrowing shall constitute a representation and warranty by the Borrower of the correctness of the matters specified
in subsections (b) and (c) above.

 

    	17

    	 

    

 

SECTION
4

 

REPRESENTATIONS AND WARRANTIES

 

The Borrower represents
and warrants to the Lender as follows:

 

		4.1	Corporate Status.

 

The Borrower and each
Material Subsidiary (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization,
(b) has the power and authority, and the legal right, to own and operate its material properties, to lease the material properties
it operates as lessee and to conduct the business in which it is currently engaged and (c) is duly qualified as a foreign corporation
or other organization and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property
or the conduct of its business requires such qualification, except to the extent that the failure to be so qualified or in good
standing could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

		4.2	Power, Authorization; Enforceable Obligations.

 

The Borrower has the
corporate power and authority to make, deliver and perform the Credit Documents to which it is a party and to obtain extensions
of credit hereunder. The Borrower has taken all necessary organizational action to authorize the execution, delivery and performance
of the Credit Documents to which it is a party and to authorize the extensions of credit on the terms and conditions of this Credit
Agreement. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority
or any other Person is required in connection with (a) any extension of credit hereunder when made (except for consents, authorizations,
filings, notices or other acts required with respect to such extension of credit that have been obtained or made and are in full
force and effect at the time of such extension of credit) or (b) the execution, delivery, performance, validity or enforceability
of this Credit Agreement or any of the Credit Documents. Each Credit Document has been duly executed and delivered on behalf of
the Borrower. This Credit Agreement constitutes, and each other Credit Document upon execution will constitute, a legal, valid
and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

 

		4.3	No Legal Bar.

 

The execution, delivery
and performance of this Credit Agreement and the other Credit Documents, the borrowings hereunder and the use of the proceeds thereof
will not (a) conflict with or violate any (i) Requirement of Law or (ii) Contractual Obligation of the Borrower or any Material
Subsidiary (except in the case of this clause (a) to the extent any such violations could not, in the aggregate, reasonably be
expected to have a Material Adverse Effect) and (b) result in, or require, the creation or imposition of any Lien on any of their
respective properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation.

 

    	18

    	 

    

 

		4.4	Liens; Indebtedness.

 

Neither the Borrower
nor any of its Subsidiaries has outstanding any Lien except as permitted by Section 5.4.

 

		4.5	Litigation.

 

As of the Closing Date,
(a) except as disclosed in any public filings of the Borrower or its Subsidiaries prior to the date hereof, no material litigation,
investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Borrower,
threatened by or against the Borrower or any Material Subsidiary or against any of their respective properties or revenues that
could reasonably be expected to have a Material Adverse Effect and (b) no material litigation, investigation or proceeding of or
before any arbitrator or Governmental Authority is pending or, to the knowledge of the Borrower, threatened by or against the Borrower
or any Material Subsidiary with respect to any of the Credit Documents or any of the transactions contemplated hereby or thereby.

 

		4.6	Taxes.

 

Each of the Borrower
and each Material Subsidiary has filed or caused to be filed all Federal, state and other material tax returns that are required
to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of
its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other
than (i) where failure to file such returns or pay, discharge or otherwise satisfy such taxes, fees or other charges could not,
in the aggregate, reasonably be expected to result in a Material Adverse Effect and (ii) any taxes, fees or other charges the amount
or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves
in conformity with GAAP have been provided on the books of the Borrower or such Material Subsidiary).

 

		4.7	Governmental and Other Approvals.

 

No authorization or
approval or other action by, and no notice to or filing with, any Governmental Authority or other regulatory body is required for
the due execution, delivery and performance by the Borrower of this Credit Agreement, except for any authorization, order, approval,
notice, filing or other action (i) that is not yet required to be obtained, made or taken or (ii) that has duly been obtained,
made or taken and is (x) in full force and effect and (y) sufficient for the purposes hereof, or except where the failure to satisfy
any of the foregoing could not reasonably be expected to have a Material Adverse Effect.

 

		4.8	Use of the Loans.

 

The proceeds of the
Loans will be used for general corporate purposes, including share repurchase; provided, that no portion of the proceeds
of any Loan will be used to purchase or otherwise acquire, whether in a single transaction or a series of related transactions,
a majority of the voting stock or other ownership interest of a Person or all or substantially all of the Property of a Person
if such purchase or acquisition is against the recommendation of, or otherwise opposed by, the board of directors or other governing
body of such Person. No part of the proceeds of any Loan hereunder will be used for the purpose of purchasing or carrying Margin
Stock or to extend credit to others for such purpose, in violation of Regulation U or Regulation X issued by the Board
of Governors of the Federal Reserve System or Section 7 of the Securities Exchange Act of 1934, as amended.

 

    	19

    	 

    

 

		4.9	ERISA.

 

Each of the Borrower
and each Subsidiary has fulfilled its obligations, if any, under the minimum funding standards of ERISA with respect to each Plan
maintained by it and is otherwise in compliance in all material respects with the applicable provisions of ERISA.

 

		4.10	Environmental Compliance.

 

Each of the Borrower
and its Subsidiaries is in substantial compliance with all applicable federal, state and local environmental laws, regulations
and ordinances governing its business, properties or assets with respect to discharges into the ground and surface water, emissions
into the ambient air and generation, storage, transportation and disposal of waste materials or process by-products, except such
noncompliances as are not likely to have a Material Adverse Effect.

 

		4.11	Investment Company Act; Other Regulations.

 

The Borrower is not
an “investment company”, or a company “controlled” by an “investment company”, within the meaning
of the Investment Company Act of 1940, as amended. The Borrower is not subject to regulation under any Requirement of Law (other
than Regulation X of the Board) that limits its ability to incur Indebtedness.

 

		4.12	Foreign Assets Control Regulations, Etc.; OFAC
Compliance.

 

Neither the execution
and delivery of this Credit Agreement or the other Credit Documents by Borrower nor the use of the proceeds of any Loan, will violate
the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department
(31 CFR, Subtitle B, Chapter V, as amended) of the Anti-Terrorism Order or any enabling legislation or Executive Order relating
to any of the same. Without limiting the generality of the foregoing, neither the Borrower nor any of their respective Subsidiaries
(a) is or will become a blocked person described in Section 1 of the Anti-Terrorism Order or (b) engages or will engage in any
dealings or transactions or be otherwise associated with any such blocked person.

 

None of the Borrower
or any Subsidiary thereof is listed on the Specially Designated Nationals and Blocked Persons List maintained by the Office of
Foreign Asset Control, Department of the Treasury (“OFAC”) pursuant to Executive Order No. 13224, 66 Fed. Reg.
49079 (Sept. 25, 2001), and/or any other list maintained pursuant to any of the rules and regulations of OFAC or pursuant to any
other applicable Executive Orders or otherwise subject to any sanction imposed pursuant to an OFAC implemented regulation.

 

    	20

    	 

    

 

SECTION
5

 

COVENANTS

 

So long as any of the
Commitment is in effect and, in any event, until payment in full and discharge of all Obligations to the Lender, including payment
of all principal and interest on the Loans, the Borrower shall comply, and shall cause each Subsidiary, to the extent applicable,
to comply, with the following covenants:

 

		5.1	Corporate Existence.

 

The Borrower shall,
and shall cause each of its Subsidiaries to do or cause to be done all things necessary to preserve, renew and keep in full force
and effect its legal existence and the rights, licenses, permits, privileges, franchises, patents, copyrights, trademarks and trade
names material to the conduct of its business; provided that the foregoing shall not prohibit any merger or consolidation
permitted under Section 5.5.

 

		5.2	Reports, Certificates and Other Information.

 

The Borrower shall
furnish to the Lender:

 

(A)          as
soon as available and in any event within one hundred and twenty (120) days after the end of each fiscal year of the Borrower,
the audited balance sheet of the Borrower as at the end of such fiscal year and the statements of income, cash flows and common
shareholders’ equity of the Borrower for such fiscal year, setting forth in each case in comparative form the corresponding
figures for the preceding fiscal year, all in reasonable detail and accompanied by a report or opinion (which shall not be qualified
by reason of any limitations imposed by the Borrower) of a registered independent public accounting firm of recognized national
standing selected by the Borrower, which shall be prepared in accordance with generally accepted auditing standards relating to
reporting, to the effect that such financial statements present fairly, in accordance with GAAP consistently applied (except for
changes in which such accountants concur), the financial condition of the Borrower as at the end of such fiscal year and its results
of operations and the cash flows for such fiscal year;

 

(B)          as
soon as available and in any event within ninety (90) days after the end of each quarterly period (other than the last quarterly
period) in each fiscal year of the Borrower, the condensed balance sheet of the Borrower as at the end of such quarterly period
and the condensed statements of income and cash flows of the Borrower for that part of the fiscal year ended with such quarterly
period, setting forth in each case in comparative form the corresponding figures for the corresponding period of the preceding
fiscal year, all in reasonable detail and certified by a principal financial officer of the Borrower subject to normal year-end
adjustments;

 

(C)          immediately
upon a senior officer in the Borrower’s finance department becoming aware of (i) the existence of a Default or an Event of
Default; and (ii) any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including,
without limitation, (a) any dispute, litigation, investigation, proceeding or suspension between the Borrower or any of its Subsidiaries
and any Governmental Authority; (b) the commencement of, or any material development in, any litigation or proceeding affecting
the Borrower or any of its Subsidiaries, including pursuant to any applicable environmental law; (c) any litigation, investigation
or proceeding affecting the Borrower in which the amount involved exceeds $500,000, or in which injunctive relief or similar relief
is sought, in the cases of subclauses (ii) (a) through (c) which could reasonably be expected to have a Material Adverse Effect;
and (iii) any development or event that has had or could reasonably be expected to have a Material Adverse Effect.

 

(D)          promptly
after the sending or filing thereof, copies of all reports which the Borrower may from time to time furnish its stockholders.

 

    	21

    	 

    

 

At any reasonable time and from time to
time, upon ten (10) Business Days’ prior written notice, the Borrower shall permit the Lender or any agents or representatives
thereof, to examine and make copies of and abstracts from the records and books of account of and visit the properties of the Borrower
and any of its Subsidiaries, and to discuss the affairs, finances and accounts of the Borrower and any of its Subsidiaries, in
each case to the extent regarding this Credit Agreement, (i) with any of the Borrower’s senior officers or any of the
Borrower’s officers within the Borrower’s finance department and (ii) with the Borrower’s registered independent
public accounting firm, in the presence of one or more officers of the Borrower if so requested by the Borrower (it being understood
that information obtained by the Lender pursuant to this Section shall be kept confidential except to the extent any such information
becomes public or is required to be disclosed by law or requested to be disclosed by any Governmental Authority); provided
that none of the Lender and the agents and representatives thereof shall be entitled to examine or make copies of or abstracts
from the records of the Borrower or any Subsidiary if the Borrower shall be advised by counsel, in good faith, that the examination,
copying or abstracting of such information or material could result in a waiver of any attorney-client privilege relating to such
information or material or otherwise compromise the Borrower’s or a Subsidiary’s position in any litigation, investigation
or other legal proceeding to which the Borrower or any Subsidiary is a party or is subject.

 

		5.3	Compliance Certificate.

 

The Borrower shall
supply a Compliance Certificate to the Lender with each set of its financial statements delivered pursuant to Section 5.2. Each
Compliance Certificate supplied by the Borrower shall be signed by the senior officer in the Borrower’s finance department.

 

		5.4	Liens.

 

The Borrower shall
not create or suffer to exist, or permit any of its Subsidiaries to create or suffer to exist, any Lien upon any of its properties,
whether now owned or hereafter acquired, other than:

 

(i)            Liens
for taxes or other governmental charges, (A) which are either not yet delinquent or the amount, applicability or validity
of which are being contested in good faith by the Borrower or any Subsidiary by appropriate means or (B) which do not in the
aggregate materially impair the value or use of their respective properties and assets in the conduct of their respective businesses;

 

    	22

    	 

    

 

(ii)          Liens
incurred or deposits made in the ordinary course of business in connection with worker’s compensation, unemployment insurance,
social security and other similar laws and which do not in the aggregate materially impair the value or use of their respective
properties and assets in the conduct of their respective businesses; and

 

(iii)          Liens
arising and continuing in the ordinary course of business (but not related to Indebtedness) which are incidental to the businesses
of the Borrower and its Subsidiaries (including, without limitation, carriers’, lessors’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s and other like Liens) and which do not in the aggregate materially impair the value or use
of their respective properties and assets in the conduct of their respective businesses.

 

		5.5	Mergers and Consolidations.

 

The Borrower shall
not, and shall not permit any of its Material Subsidiaries to, directly or indirectly, merge or consolidate with any Person, except
that, if after giving effect thereto no Default or Event of Default would exist, this Section 5.5 shall not apply to (a) any merger
or consolidation of the Borrower with any one or more Persons (including any Subsidiary), so long as the successor entity (if other
than the Borrower) (i) is a Person organized and duly existing under the law of any state of the United States and (ii) assumes,
in form reasonably satisfactory to the Lender, all of the obligations of the Borrower under this Credit Agreement, (b) any merger
or consolidation of a Material Subsidiary with another Subsidiary, provided that the continuing Person shall be a Material Subsidiary,
and (c) any merger or consolidation of a Material Subsidiary with another Person if after giving effect thereto the survivor is
no longer a Material Subsidiary and the assets of such Material Subsidiary could have been Disposed of pursuant to the provisions
of Section 5.16 if such transaction were treated as a Disposition of the assets of such Material Subsidiary. In the event of any
merger or consolidation of or by the Borrower in which the Borrower is not the surviving entity, the surviving entity of such merger
or consolidation shall deliver to the Lender all information reasonably necessary to comply with the identification requirements
of the Act (as defined in Section 7.12).

 

		5.6	Payment of Obligations and Taxes.

 

The Borrower shall,
and shall cause each Subsidiary to pay, discharge or otherwise satisfy at or before maturity or before they become delinquent,
as the case may be, all of its obligations (including, without limitation, obligations with respect to material taxes) of whatever
nature, except that neither the Borrower nor any Subsidiary shall be required to pay, discharge or otherwise satisfy any such obligation
or taxes (i) whose amount, applicability or validity is being contested in good faith by appropriate proceedings and for which
the Borrower or such Subsidiary has provided adequate reserves in accordance with GAAP or (ii) where failure to pay, discharge
or otherwise satisfy such obligation could not, in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

    	23

    	 

    

 

		5.7	Insurance.

 

The Borrower shall,
and shall cause each Subsidiary to, maintain insurance, which may include self-insurance, in such amounts and covering such risks
as is consistent with sound business practice; provided that the Borrower and each Subsidiary may self-insure the risks
of damage to its Properties and other losses resulting from named and other windstorms and related causes without establishing
any reserve relating to such retained risks.

 

		5.8	Compliance with Laws.

 

The Borrower shall,
and shall cause each of its Subsidiaries to, comply in all material respects with the requirements of all federal, state and local
laws, rules, regulations, ordinances and orders (including, without limitation, environmental laws) applicable to or pertaining
to their Properties or business operations except where the necessity of compliance therewith is contested in good faith by appropriate
proceedings or where the failure to comply is not likely to either (i) have a Material Adverse Effect or (ii) result in a Lien
upon any of their Property.

 

		5.9	Maintenance of Properties, Etc.

 

The Borrower shall,
and shall cause each of its Subsidiaries to, maintain and preserve all of their Properties that are used or useful in the conduct
of its business in good working order and condition, ordinary wear and tear expected, to the extent that failure to maintain any
of such Property would be reasonably likely to have a Material Adverse Effect.

 

		5.10	Change in the Nature of Business.

 

The Borrower shall
not, and shall not permit any of its Material Subsidiaries to, engage, in any material respect, in a business other than the manufacturing
and provision of such products and services as the Borrower and its Material Subsidiaries currently manufacture and provide or
products and services that are similar to the services and products currently provided and activities related and complementary
to any of the foregoing.

 

		5.11	Ownership of Subsidiaries.

 

The Borrower shall
at all times, directly or indirectly own, beneficially and of record, except as permitted by Section 5.5, 100% of each class of
issued and outstanding common stock of each Material Subsidiary, except for those which are not wholly owned by the Borrower as
of the Closing Date.

 

		5.12	Transactions with Affiliates.

 

The Borrower will not,
nor will it cause or permit any of its Subsidiaries to, enter into any transaction of any kind with any Affiliate of the Borrower
of (i) any shares, interests, participations or other equivalent of Capital Stock (if any such Subsidiary is a corporation), (ii)
any equivalent ownership interests (if any such Subsidiary is other than a corporation) and (iii) any warrants, rights or options
to purchase any of the foregoing) in other than arm’s-length transactions with Affiliates that are otherwise permitted hereunder;
provided, that the Borrower and its Subsidiaries may enter into transactions that are not on an arm’s-length basis
with such Affiliates so long as the fair market value of any such transaction does not exceed $100,000 at any time.

 

    	24

    	 

    

 

		5.13	Foreign Assets Control Regulations.

 

The Borrower shall
not use the proceeds of any Loan in any manner that will violate the Trading with the Enemy Act, as amended, or any of the foreign
assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or the Anti-Terrorism
Order of any enabling legislation or Executive Order relating to any of the same. Without limiting the foregoing, the Borrower
will not permit itself or any of its Subsidiaries to (a) become a blocked person described in Section 1 of the Anti-Terrorism Order
or (b) knowingly engage in any dealings or transactions or be otherwise associated with any person who is known by the Borrower
or who (after such inquiry as may be required by Applicable Law) should be known by the Borrower to be a blocked person. (2) Each
member or other direct or indirect principal of Borrower shall be at all times during the term of the Loans an entity or person
which (a) is (as whose principals shall be) a reputable entity or person of good character and in good standing as reasonably determined
by the Lender, (b) is creditworthy and not adverse to the Lender in any pending litigation or arbitration in which the Lender is
also a party, (c) is not a Prohibited Person, and (d) is in good standing in its state or country or organization.

 

		5.14	Inspection of Property; Books and Records; Discussions.

 

The Borrower shall
and shall cause each of its Material Subsidiaries to (a) keep proper books of records and account in which full, true and correct
(in all material respects when taken as a whole) entries in conformity with GAAP and all Requirements of Law shall be made of all
dealings and transactions in relation to its business and activities and (b) from time to time, but not to exceed once in any twelve
month period, during normal business hours and on reasonable prior notice, permit representatives of any Lender to visit and inspect
any of its properties (subject to such physical security requirements as the Borrower or the applicable Material Subsidiary may
require) and examine and make abstracts from any of its books and records (except to the extent that such access is restricted
by law or by a bona fide non-disclosure agreement not entered into for the purpose of evading the requirements of this Section
5.15) and to discuss the business, operations, properties and financial and other condition of the Borrower and the Material Subsidiaries
with officers and employees of the Borrower and the Material Subsidiaries and with their independent certified public accountants;
provided, however, that during the occurrence and continuance of an Event of Default, the Borrower shall and shall cause each of
its Material Subsidiaries to permit representatives of any Lender to engage in the activities permitted in clause (b), above at
any reasonable time and as often as may reasonably be desired.

 

		5.15	Disposition of Property.

 

The Borrower shall
not, directly or indirectly, Dispose of, in one transaction or a series of transactions, all or substantially all of its business
or property, whether now owned or hereafter acquired. For the avoidance of doubt, it is understood and agreed that this Section
5.16 shall not relieve the Borrower from complying with Section 5.12.

 

    	25

    	 

    

 

		5.16	Clauses Restricting Subsidiary Distributions.

 

The Borrower shall
not, and shall not permit any of its Material Subsidiaries to, directly or indirectly, enter into or suffer to exist or become
effective (including by way of amendment, supplement or other modification of an agreement existing on the Closing Date) any consensual
encumbrance or restriction on the ability of any Material Subsidiary of the Borrower to make payments, directly or indirectly,
to its shareholders by way of dividends, repayment of loans or intercompany charges, or other returns on investments that is more
restrictive than any such encumbrance or restriction applicable to such Material Subsidiary on the Closing Date; provided that
this Section 5.17 shall not apply to (a) limitations or restrictions imposed by law or in regulatory proceedings or (b) financial
covenants contained in any agreement or indenture requiring compliance with financial tests or ratios, so long as such financial
covenants could not reasonably be expected to impair the Borrower’s ability to repay the Obligations as and when due.

 

SECTION
6

 

EVENTS OF DEFAULT

 

		6.1	Events of Default.

 

Each of the following
occurrences shall constitute an “Event of Default” under this Credit Agreement:

 

(A)         any
representation or warranty made or deemed made by the Borrower herein or in any other Credit Document or that is contained in any
certificate, document or financial or other statement furnished by it at any time under or in connection with this Credit Agreement
or any such other Credit Document shall prove to have been inaccurate in any material respect on or as of the date made or deemed
made;

 

(B)           the
Borrower shall fail to pay

 

(i)          any
principal of any Loan as and when the same shall become due and payable in accordance with the terms hereof, or

 

(ii)          any
interest on any Loan, any Facility Fee, any costs and expenses or other Obligation as and when the same shall become due and payable
in accordance with the terms hereof, and such failure shall continue unremedied for more than three (3) days;

 

(C)           the
Borrower shall fail to pay when due, whether by acceleration or otherwise, one or more evidences of Indebtedness (other than the
Loans hereunder) having an aggregate unpaid balance of more than $100,000, and such failure shall continue for more than the period
of grace, if any, applicable thereto and shall not have been waived;

 

    	26

    	 

    

 

(D)          (i)
the Borrower shall fail to perform or observe any term, covenant or agreement contained in Sections 5.1, 5.4, 5.5, 5.10, and 5.12
of this Credit Agreement on its part to be performed or observed or (ii) the Borrower shall fail to perform or observe any other
term, covenant or agreement contained in this Credit Agreement or any other Credit Document on its part to be performed or observed,
and such failure shall continue unremedied for a period of thirty (30) days after (I) the Borrower shall have received notice
of such failure from the Lender or (II) a senior officer in the finance department of the Borrower shall have knowledge of
such failure, which ever shall first occur;

 

(E)           the
Borrower or any Material Subsidiary shall (i) apply for or consent to the appointment of a receiver, custodian, trustee or
liquidator of the Borrower or such Subsidiary or any of their respective properties or assets, (ii) generally fail or admit
in writing its inability to pay its debts as they become due, (iii) make a general assignment for the benefit of creditors,
(iv) commence a voluntary case under the Bankruptcy Code (as now or hereafter in effect), (v) file a petition seeking
to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up or composition or readjustment
of debts, (vi) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against
the Borrower or such Material Subsidiary in an involuntary case under the Bankruptcy Code or (vii) take any corporate action
for the purpose of effecting any of the foregoing;

 

(F)           a
proceeding or case shall be commenced, without the application or consent of the Borrower or any Material Subsidiary, in any court
of competent jurisdiction seeking (i) its liquidation, reorganization, dissolution or winding-up or the composition or readjustment
of its debts, (ii) the appointment of a trustee, receiver, custodian or liquidator of the Borrower or such Material Subsidiary
or of all or any substantial part of its assets or (iii) similar relief in respect of the Borrower or such Material Subsidiary
under any law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debts, and such proceeding
or case shall continue undismissed, or an order, judgment or decree approving or ordering any of the foregoing shall be entered
and continue unstayed and in effect, for a period of sixty (60) days;

 

(G)          any
final judgment, final consent decree or final order for the payment of money (or for the performance of any remedial action or
other services that would result in the expenditure of funds by the Borrower or any of its Subsidiaries) shall be rendered against
the Borrower or any of its Subsidiaries by any federal, state or local court or administrative agency and the same shall fail to
be discharged, stayed or bonded for a period of sixty (60) days after such final judgment, final consent decree or final order
for the payment of money (or, in the case of performance obligations, shall fail to be performed in the manner and at the times
required in such final judgment, final consent decree or final order or shall fail to otherwise be discharged, stayed or bonded,
in any such case, for a period of sixty (60) days after the performance of such obligations is required); provided that
no occurrence described in this subsection (G) shall constitute an Event of Default unless the aggregate outstanding liability
of the Borrower and its Subsidiaries which has resulted from all such occurrences shall exceed $500,000 (or its equivalent in any
other currency); or

 

(H)          a
Change of Control shall have occurred.

 

    	27

    	 

    

 

		6.2	Rights and Remedies.

 

In the case of an Event
of Default described in subsection (E) or (F) of Section 6.1 relating to the Borrower or a Material Subsidiary, the Commitment
of the Lender shall be immediately terminated and the Loans, including all interest thereon, and all other Obligations shall be
immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived
by the Borrower. In the case of any other Event of Default, and in any such event (other than an event described in subsection
(E) or subsection (F) of Section 6.1 relating to the Borrower or a Material Subsidiary), the Lender may, by notice to the Borrower
(i) terminate forthwith the Commitment of the Lender and/or (ii) declare the Loans, including all interest thereon, and all other
Obligations to be forthwith due and payable, whereupon the Loans and all such other Obligations shall become and be forthwith due
and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the
Borrower. In case of any Event of Default, the Lender shall have the right to (A) make a drawing under any and all Letters of Credit
and apply the proceeds of such drawings toward the discharge of the Obligations and/or (B) exercise any rights or remedies available
to the Lender under the Credit Documents or at law or equity. For the avoidance of doubt, notwithstanding anything to the contrary
in the Credit Documents, the Lender shall have the right to make a drawing under any Letter of Credit and apply the proceeds of
such drawing toward the discharge of the Obligations relating to any borrowing under this Credit Agreement.

  

SECTION
7

 

MISCELLANEOUS

 

		7.1	Notices.

 

Except as otherwise
expressly provided herein, all notices and other communications shall have been duly given and shall be effective (i) when
delivered, (ii) when transmitted via confirmed telecopy (or other confirmed facsimile device) to the number set out below
(provided, however, that notices regarding Defaults and Events of Default or amounts owing under Sections 2.4, 2.5, or 2.6 may
not be given by telecopy), (iii) the Business Day following the day on which the same has been delivered prepaid to a reputable
national overnight air courier service for next day delivery, or (iv) the third Business Day following the day on which the
same is sent by certified or registered mail, postage prepaid, return-receipt requested, in each case to the respective parties
at the address set forth below:

 

if to the Borrower:

 

CHINA
BIOLOGIC PRODUCTS, INC.

Address:               18th
Floor, Jialong International Building

19 Chaoyang Park
Road

Chaoyang District,
Beijing 100125

People’s
Republic of China

Telephone:           (+86) 10-6598
3111

Fax:                       (+86) 10-6598
3222

 

if to the Lender

 

CHINA MERCHANTS BANK
CO., LTD., NEW YORK BRANCH

Address:              535 Madison
Avenue, 18th Floor

New York, New
York 10022

Telephone:           +1 212
593 2679

Fax:                      +1 212 753
1319

 

provided that any notice,
request or demand to or upon the Lender shall not be effective until received.

 

    	28

    	 

    

 

Unless and until the
Lender is notified in writing by the Borrower to the contrary, the Borrower hereby authorizes the Lender to rely on any notices
in respect of the making, extension or continuation of the Loans given by any Responsible Officer or any designee of a Responsible
Officer of which the Lender is notified in writing. Notices by the Borrower in respect of the making, extension, or continuation
of the Loans may be given telephonically, and the Borrower agrees that the Lender may rely on any such notices made by any person
or persons which the Lender in good faith believes to be acting on behalf of the Borrower. The Borrower agrees to deliver promptly
to the Lender a written confirmation of any telephonic notice, if such confirmation is requested by the Lender. Notices and other
communications to the Lender hereunder may be delivered or furnished by electronic communications pursuant to procedures approved
by the Lender; provided that the foregoing shall not apply to notices pursuant to Section 2 unless otherwise agreed by the Lender.
The Lender or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices
or communications.

 

Information required
to be delivered pursuant to Sections 5.2 shall be deemed to have been delivered on the date on which the Borrower provides notice
to the Lender that such information has been posted on the SEC website on the Internet at sec.gov/edaux/searches.htm, on the Borrower’s
IntraLinks site at intralinks.com or at another website identified in such notice and accessible by the Lender without charge.

 

		7.2	Benefit of Agreement.

 

(a)          Generally.
This Credit Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns
of the parties hereto; provided that the Borrower may not assign and transfer any of its interests without prior written
consent of the Lender; provided further that the rights of the Lender to transfer, assign or grant participations
in its rights and/or obligations hereunder shall be limited as set forth in this Section 7.2, provided, however,
that nothing herein shall prevent or prohibit the Lender from (i) pledging or assigning its Loan hereunder to a Federal Reserve
Bank in support of borrowings made by the Lender from such Federal Reserve Bank, or (ii) granting assignments or participations
in the Lender’s Loan and/or Commitments hereunder to its parent company and/or to any of its Affiliate.

 

    	29

    	 

    

 

(b)           Assignments.
(i) The Lender may, upon obtaining the consent of the Borrower, assign all of its rights and obligations hereunder pursuant to
an Assignment and Acceptance to another bank or financial institution; provided that (A) no such consent shall be unreasonably
withheld or delayed and (B) no such consent shall be required with respect to any assignment by the Lender to its Affiliate and
no such consent shall be required from the Borrower after the occurrence and during the continuation of any Event of Default. Any
assignment hereunder shall be effective upon execution by all necessary parties of the applicable Assignment and Acceptance. The
assigning Lender will give prompt notice to the Borrower of any such assignment. Upon the effectiveness of any such assignment
(and after notice to the Borrower as provided herein), the assignee shall become a “Lender” for all purposes of this
Credit Agreement and the other Credit Documents and, to the extent of such assignment, the assigning Lender shall be relieved of
its obligations hereunder to the extent of the Loans and Commitment components being assigned.

 

(ii)          Subject to acceptance
and recording thereof pursuant to paragraph (a)(iii) below, from and after the effective date specified in each Assignment and
Assumption the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption,
have the rights and obligations of a Lender under this Credit Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from its obligations under this Credit Agreement (and,
in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Credit
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.5, 2.7,
2.8 and 7.4 in respect of the period that it was a Lender). Any assignment or transfer by the Lender of rights or obligations under
this Credit Agreement that does not comply with this Section 7.2 shall be treated for purposes of this Credit Agreement as a sale
by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section.

 

(iii)         The Borrower
shall maintain a register at one of its offices (the “Register”) on which it will record the Commitments from time
to time of each of the Lender and each repayment in respect of the principal amount and stated interest of such Commitments of
each Lender. Failure to make any such recordation, or any error in such recordation shall not affect the Borrower’s obligations
under this Credit Agreement. The entries in the Register shall be conclusive absent manifest error, and the Borrower and the Lender
shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Credit Agreement. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register
as provided in this paragraph.

 

(c)          Participations.
(i) The Lender may sell, transfer, grant or assign participations in all or any part of its interests and obligations hereunder
to one or more banks or other entities (each a “Participant”); provided that (i) the selling Lender
shall remain the “Lender” for all purposes under this Credit Agreement (the selling Lender’s obligations under
the Credit Documents remaining unchanged) and the Participant shall not constitute a Lender hereunder, (ii) no such Participant
shall have, or be granted, rights to approve any amendment or waiver relating to this Credit Agreement or the other Credit Documents
except to the extent any such amendment or waiver would (A) reduce the principal of or rate of interest on or fees in respect
of any Loan in which the Participant is participating, or (B) postpone the date fixed for any payment of principal (including
extension of the Maturity Date or the date of any mandatory prepayment), interest or fees in which the Participant is participating
and (iii) sub-participations by the Participant (except to an affiliate, parent company or affiliate of a parent company
of the Participant) shall be prohibited. In the case of any such participation, except as contemplated in clause (ii) of the proviso
of the first sentence of this Section, the Participant shall not have any rights under this Credit Agreement or the other Credit
Documents (the Participant’s rights against the selling Lender in respect of such participation to be those set forth in
the participation agreement with the Lender creating such participation) and all amounts payable by the Borrower hereunder shall
be determined as if such Lender had not sold such participation.

 

    	30

    	 

    

 

(ii)          
Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register
on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest acquired pursuant to this Section 7.2(c) (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the
identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters
of credit or its other obligations under any Credit Document) to any Person except to the extent that such disclosure is
necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section
5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of
such participation for all purposes of this Credit Agreement notwithstanding any notice to the contrary.

 

(d)           Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Credit Agreement
to secure obligations to a Federal Reserve Bank.

 

(e)          
The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes in
the form attached as Exhibit B hereto.

 

		7.3	No Waiver; Remedies Cumulative.

 

No failure or delay
on the part of the Lender in exercising any right, power or privilege hereunder or under any other Credit Document and no course
of dealing between or among the parties hereto shall operate as a waiver thereof; nor shall any single or partial exercise of any
right, power or privilege hereunder or under any other Credit Document preclude any other or further exercise thereof or the exercise
of any other right, power or privilege hereunder or thereunder. The rights and remedies provided herein are cumulative and not
exclusive of any rights or remedies which the Lender would otherwise have. No notice to or demand on any party hereto in any case
shall entitle any such party to any other or further notice or demand in similar or other circumstances or constitute a waiver
of the rights of the Lender to take any other or further action in any circumstances without notice or demand.

 

    	31

    	 

    

 

		7.4	Payment of Expenses and Taxes.

 

The Borrower agrees
(a) to pay or reimburse the Lender for all its reasonable out-of-pocket costs and expenses incurred in connection with the development,
preparation and execution of, and any amendment, supplement or modification to, this Credit Agreement and the other Credit Documents
and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions
contemplated hereby and thereby, including the reasonable fees and disbursements of counsel to the Lender and filing and recording
fees and expenses; provided, however, the Borrower shall only be liable for the fees and expenses of one counsel for the Lender,
from time to time, in connection with the preparation, execution, delivery and administration of this Credit Agreement and the
other Credit Documents, with statements with respect to the foregoing to be submitted to the Borrower prior to the Closing Date
(in the case of amounts to be paid on the Closing Date) and from time to time thereafter on a quarterly basis or such other periodic
basis as the Lender shall deem appropriate, (b) to pay or reimburse the Lender for all its reasonable costs and expenses incurred
in connection with the enforcement or preservation of any rights under this Credit Agreement, the other Credit Documents and any
such other documents, including the reasonable fees and disbursements of counsel (including the allocated fees and expenses of
in-house counsel) to the Lender, (c) to pay, indemnify, and hold the Lender harmless from, any and all recording and filing fees
and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other taxes, if any, that
may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration
of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or
in respect of, this Credit Agreement, the other Credit Documents and any such other documents other than any net income taxes and
franchise taxes (imposed in lieu of net income taxes) imposed on the Lender as a result of the jurisdiction of the Governmental
Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection
arising solely from the Lender having executed, delivered or performed its obligations or received a payment under, or enforced,
this Credit Agreement or any other Credit Document), and (d) to pay, indemnify, and hold the Lender and its officers, directors,
employees, affiliates, agents and controlling persons (each, an “Indemnitee”) harmless from and against any
and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Credit
Agreement, the other Credit Documents and any such other documents, including any of the foregoing relating to the use of proceeds
of any Loan or the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of the
Borrower or any of its Subsidiaries or any of their properties and the reasonable fees and expenses of legal counsel in connection
with claims, actions or proceedings by any Indemnitee against the Borrower under any Credit Document (all the foregoing in this
clause (d), collectively, the “Indemnified Liabilities”), provided, that the Borrower shall have no obligation
hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities have resulted from
the gross negligence or willful misconduct of such Indemnitee. Without limiting the foregoing, and to the extent permitted by applicable
law, the Borrower agrees not to assert and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries
to waive, all rights for contribution or any other rights of recovery that arise as a result of such Indemnitee’s status
as a Lender, or an officer, director, employee, affiliate, agent or controlling person thereof, with respect to all claims, demands,
penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental
Laws, that any of them might have by statute or otherwise against any Indemnitee, except to the extent that such claims, demands,
penalties, fines, liabilities, settlements, damages, costs and expenses have resulted from the gross negligence or willful misconduct
of such Indemnitee. All amounts due under this Section 7.4 shall be payable not later than ten (10) days after written demand therefor,
and such demand shall set forth in reasonable detail the basis for and calculation of any such amounts claimed as owing by the
Borrower. Statements payable by the Borrower pursuant to this Section 7.4 shall be submitted to the Borrower at the address of
the Borrower set forth in Section 7.1, or to such other Person or address as may be hereafter designated by the Borrower in a written
notice to the Lender. The agreements in this Section 7.4 shall survive repayment of the Loan and all other amounts payable hereunder
and the termination of this Credit Agreement.

 

    	32

    	 

    

 

		7.5	Amendments, Waivers and Consents.

 

Neither this Credit
Agreement nor any other Credit Document nor any of the terms hereof or thereof may be amended, changed, waived, discharged or terminated
unless such amendment, change, waiver, discharge or termination is in writing signed by the Lender and the Borrower. Any such waiver
and any such amendment, supplement or modification shall be binding upon the Borrower and the Lender and all future holders of
the Loans. In the case of any waiver, the Borrower and the Lender shall be restored to their former position and rights hereunder
and under the other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing;
but no such waiver, except to the extent expressly provided therein, shall extend to any subsequent or other Default or Event of
Default, or impair any right consequent thereon.

 

		7.6	Adjustments; Set-off.

 

If (i) an Event of
Default has occurred and is continuing and (ii) the Lender has declared the Loans to be immediately due and payable pursuant to
Section 6.2, or the Loans have become immediately due and payable without notice as otherwise provided herein, then the Lender
or any of its Affiliates, is hereby authorized by the Borrower at any time and from time to time, to the extent permitted by applicable
law, without notice to the Borrower (any such notice being expressly waived by the Borrower), to set off and apply all deposits
(general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by the Lender
or any of its Affiliates, to or for the account of the Borrower against any obligations of the Borrower to the Lender now or hereafter
existing under this Credit Agreement, regardless of whether any such deposit or other obligation is then due and payable or is
in the same currency or is booked or otherwise payable at the same office as the obligation against which it is set off and regardless
of whether the Lender shall have made any demand for payment under this Credit Agreement. The Lender agrees promptly to notify
the Borrower after any such set-off and application made by the Lender or any of its Affiliates; provided that any failure to give
such notice shall not affect the validity of such setoff and application. The rights of the Lender under this subsection are in
addition to any other rights and remedies which it may have. For the avoidance of doubt, nothing in this Section shall impair the
right of the Lender to exercise any right of set-off or counterclaim it may have and to apply the amount subject to such exercise
to the payment of indebtedness of the Borrower other than its indebtedness in respect of the Loans.

 

    	33

    	 

    

 

		7.7	Counterparts.

 

This Credit Agreement
may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which
shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Credit Agreement
by facsimile or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Credit
Agreement.

 

		7.8	Headings.

 

The headings of the
sections and subsections hereof are provided for convenience only and shall not in any way affect the meaning or construction of
any provision of this Credit Agreement.

 

		7.9	Survival of Indemnification.

 

All indemnities set
forth herein, including, without limitation, in Sections 2.5, 2.7, 2.8 2.11 and 7.4 shall survive the execution and delivery of
this Credit Agreement, and the making of the Loans, the repayment of the Loans and other obligations and the termination of the
Commitments hereunder; provided, however, that payment of any such amounts shall be subject to the limitations, if
any, regarding requirements for notice set out in such Sections.

 

		7.10	Governing Law; Submission to Jurisdiction, Venue,
Waiver of Jury Trial.

 

(a)          THIS AGREEMENT
AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE
WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES). ANY LEGAL ACTION
OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK
OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY
EXECUTION AND DELIVERY OF THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT, EACH OF HOLDINGS AND THE BORROWER HEREBY IRREVOCABLY ACCEPTS
FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. THE
BORROWER HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER THE BORROWER, AND AGREES
NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY
OF THE AFOREMENTIONED COURTS, THAT SUCH COURTS LACK PERSONAL JURISDICTION OVER HOLDINGS OR THE BORROWER. THE BORROWER FURTHER IRREVOCABLY
CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES
THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO HOLDINGS OR THE BORROWER AT ITS ADDRESS SET FORTH OPPOSITE ITS SIGNATURE
BELOW, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH OF HOLDINGS AND THE BORROWER HEREBY IRREVOCABLY WAIVES
ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING
COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN
SHALL AFFECT THE RIGHT OF THE LENDER OR THE HOLDER OF ANY NOTE TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE
LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST HOLDINGS OR THE BORROWER IN ANY OTHER JURISDICTION.

 

    	34

    	 

    

 

(b)       
   THE BORROWER HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT
DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD
OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.

 

(c)          
EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY.

 

		7.11	Confidentiality.

 

The Lender agrees to
keep confidential all information provided to it by or on behalf of the Borrower pursuant to or in connection with this Credit
Agreement and to use such information solely in connection with evaluating, administering, structuring and/or approving the credit
facility contemplated hereby; provided that nothing herein shall prevent the Lender from disclosing any such information (a) to
the Lender or any affiliate thereof, solely for the purpose of evaluating, administering, structuring and/or approving the credit
facility contemplated hereby, (b) subject to an agreement to comply with the provisions of this Section, to any actual or prospective
Transferee or any direct or indirect counterparty (or any professional advisor to such counterparty) to any Swap Agreement with
respect to this Credit Agreement, the Loans or the Commitments, or to any credit insurance provider in connection with insuring
and/or approving the credit facility contemplated hereby, (c) to its employees, directors, agents, attorneys, accountants and other
professional advisors or those of any of its affiliates, solely for the purpose of evaluating, administering, structuring and/or
approving the credit facility contemplated hereby, (d) upon the request or demand of any Governmental Authority having regulatory
or oversight jurisdiction over the Lender, (e) in response to any order of any court or other Governmental Authority or as may
otherwise be required pursuant to any Requirement of Law; provided that it agrees to use commercially reasonable efforts (to the
extent practicable or legally permissible) to notify the Borrower reasonably in advance thereof to permit the Borrower the opportunity
to contest such disclosure, (f) if requested or required to do so in connection with any litigation or similar proceeding; provided
that it agrees to use commercially reasonable efforts (to the extent practicable or legally permissible) to notify the Borrower
reasonably in advance thereof to permit the Borrower the opportunity to contest such disclosure, (g) that has been publicly disclosed
other than as a result of a breach of this Section 7.11, (h) to the National Association of Insurance Commissioners or any similar
organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio
in connection with ratings issued with respect to such Lender, (i) in connection with the exercise of any remedy hereunder or under
any other Credit Document.

 

    	35

    	 

    

 

		7.12	USA Patriot Act Notice.

 

The Lender hereby notifies
the Borrower that pursuant to the requirements of the USA Patriot Act (Title III
of Pub. L. 107-56 (signed into law on November 26, 2001)) (the “Act”), it is required to obtain, verify and
record information that identifies the Borrower, which information includes the name and address of the Borrower and other information
that will allow the Lender to identify the Borrower in accordance with the Act.

 

		7.13	Severability.

 

Any provision of this
Credit Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

		7.14	Entirety.

 

This Credit Agreement
and the other Credit Documents represent the entire agreement of the Borrower and the Lender with respect to the subject matter
hereof and thereof, and there are no promises, undertakings, representations or warranties by the Lender relative to the subject
matter hereof not expressly set forth or referred to herein or in the other Credit Documents.

 

		7.15	Survival of Representations and Warranties.

 

All representations
and warranties made by the Borrower herein shall survive the execution of this Credit Agreement and the making of the Loans hereunder.

 

		7.16	Fiduciary Relationship.

 

The Borrower, on behalf
of itself and its Subsidiaries, agrees that in connection with all aspects of the transactions contemplated hereby and any communications
in connection therewith, the Borrower, its Subsidiaries and their Affiliates, on the one hand, and the Lender and its Affiliates,
on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the
part of the Lender or its Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or
communications.

 

    	36

    	 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Remainder of Page Intentionally Left
Blank and Signature Page Follows]

 

    	37

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused a counterpart of this Credit Agreement to be duly executed and delivered as of the date first
above written.

 

 

 

	 	
        china
biologic products, inc.
	 
	 	as the Borrower	 
	 	 	 
	 	 	 
	 	by	/s/ Ming Yang	 
	 	 	Name: Ming Yang	 
	 	 	Title: CFO	 

 

	NEWYORK 8929746	Signature Page to Credit Agreement 	 

 

    	 

    	 

    

 

	 	CHINA MERCHANTS BANK CO., LTD., NEW YORK BRANCH

as the Lender	 
	 	 	 
	 	 	 
	 	by	 
	 	 	/s/	 
	 	 	Name:	 
	 	 	Title:	 
	 	
         
	 
	 	 	 
	 	by	 
	 	 	/s/	 
	 	 	Name:	 
	 	 	Title:	 

 

	NEWYORK 8929746	Signature Page to Credit Agreement 	 

 

    	 

    	 

    

 

EXHIBIT A

 

FORM OF NOTICE OF BORROWING

 

China Merchants Bank Co., Ltd., New York
Branch,

535 Madison Avenue, 18th Floor

New York, New York 10022

Attn: Kevin Ding

 

Ladies and Gentlemen:

 

The undersigned, CHINA
BIOLOGIC PRODUCTS, INC. (the “Borrower”), refers to the Credit Agreement dated as of August 8, 2013 (as
amended, restated or otherwise modified from time to time, the “Credit Agreement”), between the Borrower, China
Merchants Bank Co., Ltd., New York Branch, as the Lender. Capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned to such terms in the Credit Agreement. The Borrower hereby gives notice that it requests a Loan borrowing
pursuant to the provisions of Section 2.1(b) of the Credit Agreement and in connection herewith sets forth below the terms on which
such borrowing is requested to be made:

 

		(A)	Borrowing Date

	 		(which shall be a Business
Day)		 

 

		(B)	The proposed borrowing is a Term Loan.

 

		(C)	Principal Amount of

	 		Borrowing		 

 

	 	(D)	Interest rate basis	3 months LIBOR.	 

 

	 	(E)	Letter of Credit Number		 

  

		(F)	Wire Instructions:

 

		(i)	Borrower Name:

 

		(ii)	Account Number:

 

		(iii)	Borrower’s Bank:

 

		(iv)	Intermediary Bank (if applicable):

 

In accordance with
the requirements of Section 3.1, the Borrower hereby reaffirms the representations and warranties set forth in the Credit Agreement
as provided in such Section, and confirms that the condition referenced in such Section is satisfied as of the date hereof.

 

    	 

    	 

    

 

The undersigned hereby
certifies that the following statements are true on the date hereof, and will be true on the Borrowing Date:

 

(A)  the
representations and warranties contained in the Credit Agreement and in the other Credit Documents are and will be true and correct
in all material respects, before and after giving effect to the borrowing being requested hereunder and to the application of the
proceeds thereof, as though made on such date, unless stated to relate to a specific earlier date, in which case such representations
and warranties shall be true and correct in all material respects as of such earlier date;

 

(B)  no
Default or Event of Default has occurred and is continuing, or would result from such borrowing being requested hereunder or from
the application of the proceeds thereof; and

 

(C)  the
condition set forth in Section 3.2 of the Credit Agreement will be met on the date of the Borrowing Date and immediately
after giving effect thereto.

 

 

 

	 	 Very truly yours,	 
	 	 	 
	 	CHINA BIOLOGIC PRODUCTS, INC.	 
	 	 	 
	 	by	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT B

 

FORM OF PROMISSORY NOTE

 

 

	$30,000,000	New York, New York
	 	August 8, 2013

 

FOR VALUE RECEIVED, CHINA
BIOLOGIC PRODUCTS, INC., a Delaware corporation (the “Borrower”), hereby promises to pay to CHINA
MERCHANTS BANK CO., LTD, NEW YORK BRANCH or its registered assigns (the “Lender”), in lawful money of the
United States of America in immediately available funds, at the Payment Office (as defined in the Agreement referred to below)
initially located at 535 Madison Avenue, 18th Floor, New York, NY on the Maturity Date (as defined in the Credit Agreement)
the principal sum of THIRTY MILLION DOLLARS ($30,000,000) or, if less, the unpaid principal amount of the Loans (as defined in
the Agreement) made by the Lender pursuant to the Agreement, payable at such times and in such amounts as are specified in the
Credit Agreement.

 

The Borrower also promises
to pay interest on the unpaid principal amount of each Loan made by the Lender in like money at said office from the date hereof
until paid at the rates and at the times provided in Section 2.1 of the Credit Agreement.

 

This Note is one of the
Notes referred to in the Credit Agreement, dated as of August 8, 2013, among the Borrower and China Merchants Bank Co., Ltd., New
York Branch, as the Lender (as amended, restated, modified and/or supplemented from time to time, the “Credit Agreement”)
and is entitled to the benefits thereof and of the other Credit Documents (as defined in the Agreement). As provided in the Credit
Agreement, this Note is subject to voluntary prepayment and mandatory repayment prior to the Maturity Date, in whole or in part.

 

In case an Event of Default
(as defined in the Agreement) shall occur and be continuing, the principal of and accrued interest on this Note may be declared
to be due and payable in the manner and with the effect provided in the Agreement.

 

The Borrower hereby waives
presentment, demand, protest or notice of any kind in connection with this Note.

 

THIS NOTE SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

  

	 	CHINA BIOLOGIC PRODUCTS, INC.

	 
	 	 	 	 
	 	 	 	 
		By:

	  
	 
	 	 	Name:	 
	 	 	Title:	 

   

    	 

    	 

    

 

EXHIBIT C

 

FORM OF ASSIGNMENT AND ASSUMPTION

 

 

This Assignment and
Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between CHINA MERCHANTS BANK CO., LTD., NEW YORK BRANCH (the “Assignor”) and [NAME OF
ASSIGNEE] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given
to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of
which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby
agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective
Date contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement
and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified
below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below and (ii)
to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor
(in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement,
any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on
or related to any of the foregoing, including contract claims, tort claims, statutory claims and all other claims at law or in
equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and
assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).
Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,
without representation or warranty by the Assignor.

 

	1.	Assignor:	China Merchants Bank Co., Ltd., New York Branch
	 	 	 
	2.	Assignee:	[NAME OF ASSIGNEE]
	 	 	 
	3.	Borrower(s):	China Biologic Products, Inc.
	 	 	 
	4.	Credit Agreement:	CREDIT AGREEMENT dated as of [●] (as the same may be amended, restated or otherwise modified from time to time) between China Biologic Products, Inc. as the Borrower and China Merchants bank Co., Ltd. as the Lender.

 

    	 

    	 

    

 

	6.	 Assigned Interest:	 

 

 

 

			

	Facility Assigned	Aggregate Amount of Commitment/Loans for all Lenders	Amount of Commitment/Loans Assigned	Percentage Assigned of Commitment/Loans
	Term Commitment/ Loan	N/A	N/A	N/A

 

 

Effective Date: _____________ ___, 20__

 

 

The terms set forth in this Assignment and
Assumption are hereby agreed to:

 

 

	 	ASSIGNOR	 
	 	 	 	 
	 	CHINA MERCHANTS BANK CO., LTD., NEW YORK BRANCH	 
	 	 	 	 
	 	 	 	 
	 	By:	N/A	 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	By:	N/A	 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	ASSIGNEE	 
	 	 	 	 
	 	[NAME OF ASSIGNEE]	 
	 	 	 	 
	 	 	 	 
	 	By:	N/A 	 
	 	Title:	 	 

  

    	 

    	 

    

 

ANNEX 1

 

 

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1.   Representations
and Warranties.

 

1.1 Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby;
and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with
the Credit Agreement or any other Credit Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the Credit Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries
or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower,
any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Credit Document.

 

1.2. Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under
the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied
by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound
by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations
of a Lender thereunder, and (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered pursuant to Section 5.2 thereof, as applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned
Interest on the basis of which it has made such analysis and decision independently and without reliance on the Lender; and (b)
agrees that (i) it will, independently and without reliance on the Assignor, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents,
and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required
to be performed by it as a Lender.

 

2.   Payments.
From and after the Effective Date, the Borrower shall make all payments in respect of the Assigned Interest (including payments
of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date
and to the Assignee for amounts which have accrued from and after the Effective Date.

 

3.  General Provisions.
This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption
by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.
This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

  

    	 

    	 

    

 

EXHIBIT D

 

FORM OF COMPLIANCE CERTIFICATE

 

To: China Merchants Bank Co., Ltd.,
New York Branch (the “Lender”)

 

From:China Biologic Products, Inc.
(the “Borrower”)

 

Dated: [●]

 

 

 

Dear Sirs

 

US$30,000,000 Credit Agreement

dated [●] (as the same may be amended, restated or otherwise modified from time to time) (the “Agreement”)
between the Borrower and the Lender

 

		1.	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have
the same meaning in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

 

		2.	We confirm that (i) no Default or Event of Default has occurred or is continuing; and (ii) there
shall not have occurred, nor otherwise exist, an event or condition which has a Material Adverse Effect on the Borrower.

 

 

 

	 	CHINA BIOLOGIC PRODUCTS, INC.

	 
	 	as the Borrower 	 
	 	 	 	 
	 	 	 	 
		by	N/A	 
	 	 	Name:	 
	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}]]