Document:

Exhibit 10.21

 

English Translation

 

 

VOTING PROXY AGREEMENT

 

 

AMONG

 

WANG YONGCHAO, SHI HAIYAN, LIANG DE, ZHENG FENG

 

GUANGZHOU YITONGTIANXIA SOFTWARE DEVELOPMENT CO., LTD.

 

AND

 

GUANGZHOU YINGZHENG INFORMATION TECHNOLOGY CO., LTD.

 

 

EXECUTED IN GUANGZHOU ON OCTOBER 28, 2009

 

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 VOTING PROXY AGREEMENT

 

THIS VOTING PROXY AGREEMENT (“this Agreement”) is made and entered into on October 28, 2009 by and among:

 

(1)   Wang Yongchao, a citizen of the People’s Republic of China (“China”), identity card no.:           ;

 

(2)   Shi Haiyan, a citizen of China, identity card no.:                 ;

 

(3)   Liang De, a citizen of China, identity card no.:                 ; and

 

(4)   Zheng Feng, a citizen of China, identity card no.:                 ;

 

The parties indicated in Item (1) through Item (4) above are collectively referred to as the “Principal”;

 

(5)   Guangzhou Yitongtianxia Software Development Co., Ltd. (“Guangzhou Yitong”), a wholly foreign owned enterprise duly organized and existing under the laws of China, with its registered address at No.1-6 (Self-numbered), 1501, No.233, Tianfu Road, Tianhe District, Guangzhou (the “Proxy”) ;

 

(6)   Guangzhou Yingzheng Information Technology Co., Ltd. (“Guangzhou Yingzheng”), a domestic company with limited liability duly organized and existing under the laws of China, with its registered address at 15/F, Hua Jian Tower, No.233, Tianfu Road, Tianhe District, Guangzhou.

 

The Principal, the Proxy and Guangzhou Yingzheng are hereinafter collectively referred to as “Parties”.

 

WHEREAS,

 

1.     Each Principal is the shareholder of Guangzhou Yingzheng and together hold 100% shares in the registered capital of Guangzhou Yingzheng, of which, Wang Yongchao holds 64% shares, and Shi Haiyan holds 12% shares, and Liang De holds 4% shares and Zheng Feng holds 20% shares.

 

2.     The Principal, the Proxy and/or Guangzhou Yingzheng have established the business relationship through the execution of the Exclusive Technology Services and Market Promotion Services Agreement, the Equity Pledge Agreement, the Individual Loan Agreement and the Option Agreement (collectively as “Reorganization Agreements”), and Guangzhou Yingzheng shall pay various amounts to the Proxy under the Reorganization Agreements; therefore, the routine business operations of Guangzhou Yingzheng will materially affect its ability to pay the amounts to the Proxy;

 

3.     As a consideration of the obligations of the Proxy under the Reorganization Agreement, each Principal hereby agrees to grant the Proxy an irrevocable Power of Attorney (“Power of Attorney”), so that the Proxy may vote with all voting shares owned by the Principal in Guangzhou Yingzheng (“Shares”) during the term of this Agreement;

 

4.     Guangzhou Yingzheng hereby acknowledges the rights and obligations of the Principal and 

 

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        the Proxy hereunder, and will provide assistance in enforcing the Power of Attorney mentioned herein.

 

NOW, THEREFORE, both parties hereby enter into the following agreements:

 

1. PROXY OF SHAREHOLDERS’ VOTING RIGHT AND OTHER RIGHTS

 

1.1  Subject to the terms and conditions of this Agreement, the Principal hereby severally and jointly appoints and authorizes the Proxy to exercise the voting right and management right, etc. as the shareholder of Guangzhou Yingzheng for and on behalf of the Principal, and the power and right of the Proxy under the said authorization include but not limited to:

 

(1)   To exercise the voting right as the shareholder of Guangzhou Yingzheng for and on behalf of the Principal;

 

(2)   To exercise the management right of Guangzhou Yingzheng for and on behalf of the Principal;

 

(3)   To exercise all other rights enjoyed by the shareholder under the articles of association of Guangzhou Yingzheng for and on behalf of the Principal.

 

1.2  In order that the Proxy can effectively exercise and carry out the power and right granted to the Proxy under Article 1.1, the Principal hereby undertakes and agrees that, if any law, regulation or government authority requires the Principal to issue a special Power of Attorney or similar document or go through the relevant formalities (such as notarization of the Power of Attorney) in respect of certain specific matter authorized hereunder, the Principal shall immediately issue the Power of Attorney according to such requirement.

 

1.3  The Principal hereby undertakes and confirms that the Principal shall appoint the nominees of the Proxy to act as the legal representative or director or any other officer of Guangzhou Yingzheng.

 

1.4  The Principal hereby agrees and confirms that the Proxy may delegate its officers to exercise the power and right granted under Article 1.1 above by giving a written notice to the Principal; and that upon receipt of the aforesaid written notice and when necessary, the Principal shall issue a Power of Attorney to such officers designated by the Proxy and grant the same power and right to such officers according to the requirement indicated in the written notice issued by the Proxy. However, the Proxy may revoke the authorization of power and right to such officers by giving a written notice to the Principal. Upon receipt of such a written notice from the Proxy, the Principal shall immediately revoke the authorization to such officers according to the requirement indicated by the Proxy in the written notice.

 

2. REPRESENTATIONS AND WARRANTIES

 

Guangzhou Yingzheng and the Principal hereby severally and jointly represent and warrant to the Proxy that:

 

(1)   The Principal is the sole, true and lawful registered and beneficial owner of the Shares, and there are no restrictions on the voting right or disposal right of such Shares; the Shares are 

 

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        not subject to any voting trust or any other agreement or arrangement regarding the voting of such Shares, or any encumbrance or any other restriction of transfer, unless it is otherwise stipulated herein;

 

(2)   The Principal has all powers and capacities to execute this Agreement and perform its obligations and liabilities hereunder;

 

(3)   All obligations and liabilities of the Principal hereunder are lawful, valid, binding and enforceable according to the terms and conditions of this Agreement;

 

(4)   All actions, conditions and matters (including all necessary consents, approvals and authorizations, if so required by the laws) necessary to:

 

(i)    Cause the Principal to duly execute this Agreement, exercise its rights hereunder and perform and comply with its obligations and liabilities hereunder;

 

(ii)   Ensure the obligations and liabilities of the Principal hereunder are lawful, valid and binding; and

 

(iii)  Cause this Agreement to become the evidence admissible in any relevant jurisdiction,

 

have been duly taken, satisfied or done (as the case may be) to the extent practical and permitted by the laws, and all such consents, approvals and authorizations are still in full effect and force;

 

(5)   Execution of this Agreement, exercise of its rights hereunder, performance and compliance with its obligations and liabilities hereunder by the Principal will not violate or conflict with, or exceed any power or limitation granted or imposed by:

 

(i)    Any law, regulation, rule or decree, or any judgment, order or award, or any consent, approval or authorization with must be complied with by the Principal; or

 

(ii)   The provisions of any agreement or document to which the Principal is a party or by which the Principal or any of its assets is bound;

 

(6)   All approvals and authorizations to be obtained by the Principal from any government or any other authority (is so required by the laws) or from the Proxy necessary for execution, performance and perfection of this Agreement have been duly obtained and they are still in full effect and force.

 

3. WAIVER AND SEVERABILITY

 

Failure or delay to exercise any right, power or remedy hereunder by the Proxy will not affect such right, power or remedy, or constitute a waiver of such right, power or remedy; and any single or partial exercise of such right, power or remedy will not preclude the further exercise of such right, power or remedy, or exercise of any other right, power or remedy. If any provision of this Agreement at any time becomes unlawful, invalid or unenforceable at any aspect under any law of any jurisdiction, the lawfulness, validity and enforceability of such provision under the laws of any other jurisdiction and the lawfulness, validity and enforceability of any other provision of this Agreement will not be affected or prejudiced.

 

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4. PERIOD OF PROXY

 

This Agreement shall be executed and become effective on the date indicated first above. The period of the power and right granted to the Proxy hereunder shall be same as the period of the Reorganization Agreements.

 

5. GOVERNING LAW

 

This Agreement shall be governed by and construed in accordance with the applicable laws of China.

 

6. DISPUTE RESOLUTION

 

6.1 Arbitration

 

Any controversy, dispute or claim (“Dispute”) arising out of or in connection with this Agreement shall be first resolved by both parties through good-faith negotiation. If negotiations have failed to resolve such dispute, any Party may submit the dispute to China International Economic and Trade Arbitration Commission South China Sub-commission for arbitration in accordance with its arbitration rules then in effect. The arbitration shall be performed in Shenzhen, and the arbitration proceedings shall be in Chinese language. One arbitrator shall be appointed. The award shall be final and binding upon both parties.

 

6.2 Enforcement of Award

 

The winning party may enforce the award at any competent court or judicial authority, and all parties subject to the award shall agree to be bound by the award and take actions according to the award.

 

7. TERMINATION

 

7.1  Except as otherwise provided for herein, during the term of this Agreement, Guangzhou Yingzheng or any Principal shall not terminate this Agreement or the Power of Attorney prior to the expiration of this Agreement; otherwise, it shall pay the liquidated damages of RMB 20 million to the Proxy. The Proxy may at any time terminate this Agreement and the Power of Attorney by sending a thirty-day written notice to the Principal and Guangzhou Yingzheng.

 

7.2  Termination of this Agreement and the Power of Attorney will not release Guangzhou Yingzheng or any Principal from any liability incurred from any breach of this Agreement prior to termination.

 

8. MISCELLANEOUS

 

8.1  Assignment

 

Without the prior written consent of the Proxy, no Principal may transfer or assign all or any right, interest or obligation hereunder. The Proxy may assign any or all rights, interests or obligations hereunder or any other voting agreement. Any such assignment shall include all rights and obligations of the Proxy hereunder, as if the assignee is an original party to this Agreement or any other voting agreement. Upon request of the Proxy, the Principal shall 

 

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execute all agreements and other documents required for the completion of such assignment.

 

8.2  Amendment

 

Any amendment or change to this Agreement may only be made with the written consent of the Proxy. Any amendment and/or supplement to this Agreement duly executed by both parties shall be deemed as an integral part of this Agreement, and shall have the same legal force as this Agreement.

 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

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This Page contains no text and is a signature page to the Voting Proxy Agreement

 

 

	
Wang   Yongchao
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature:
    	
/s/   Wang Yongchao
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Shi   Haiyan
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature:
    	
/s/   Shi Haiyan
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Liang   De
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature:
    	
/s/   Liang De
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Zheng   Feng
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature:
    	
/s/   Zheng Feng
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Guangzhou Yitongtianxia Software Development Co., Ltd.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature:
    	
/s/   Wang Yongchao (affixed with company seal)
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Printed   Name of Signatory: Wang Yongchao
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:   Legal Representative
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Guangzhou Yingzheng Information Technology Co., Ltd.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature:
    	
/s/   Wang Yongchao (affixed with company seal)
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Printed   Name of Signatory: Wang Yongchao
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:   Legal Representative
    	
 
    	
 
    

 

7China Biologic Products, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

Employment Agreement

This Employment Agreement (“Agreement”), dated as of August 31 , 2012, is entered into between China Biologic Products, Inc., a company established in the United States with its principal office located at 18th Floor, Jialong
Int’l Tower, 19 Chaoyang Park Road, Beijing 100125, PRC (“Company”), and Yang Ming (the “Executive”). 

WHEREAS, the Company desires to engage the Executive as, and the Executive agrees to serve as, Chief Financial Officer of the Company, upon the terms and conditions contained herein. 

NOW THEREFORE, for good and valuable consideration, the sufficiency of which is hereby acknowledged by the parties, the parties hereby agree as follows: 

	
1. 	EFFECTIVENESS OF AGREEMENT AND EFFECTIVE DATE  
    

This Agreement will become effective as of the date hereof.  For the purpose of this Agreement, the term “Effective Date” means August 31, 2012. 

	
2. 	EMPLOYMENT AND DUTIES  

2.1 General.  The Executive will perform such duties and services for the Company as may be designated from time to time by the Board of Directors (the “Board”) of the Company or Chief Executive Officer (the
“CEO”) of the Company.

(a) The Executive agrees to serve the Company faithfully and to the best of his ability under the direction of the Board and the Chief Executive Officer of the Company and to carry out the functions typically performed by a Chief Financial Officer,
including but not limited to responsibility for (i) all financial management and accounting for the Company, (ii) compliance with local GAAP principles (and in a form that can be converted into US GAAP) and all applicable regulatory authorities, and
(iii) supervising the Company’s compliance with its SEC reporting obligations, its internal controls and other corporate governance obligations, the Sarbanes-Oxley Act and other applicable securities laws.

(b) The Executive and the Company further agree that (i) the Executive is also serving as the Chief Financial Officer of Shandong Taibang Biological Products Co., Ltd. (“Shandong Taibang”), the Company’s primary operating
subsidiary, pursuant to an Employment Agreement dated as of August 31, 2012, (ii) a substantial portion of the CFO’s time and attention will be devoted to the business and affairs of Shandong Taibang and the Company’s other subsidiary
companies (collectively the “Subsidiaries”), (iii) such time and attention to the business and affairs of the Subsidiaries is for the benefit of the Company and in furtherance of the Executive’s duties and responsibilities to
the Company under this Agreement and applicable law, and (iv) the CFO will not be required to allocate any fixed minimum amount of time to any one entity during any one time period, although is expected and required to devote substantially all of
his time and attention during normal business hours to the affairs of the Company and/or the Subsidiaries.

2.2 Term of Employment.  The Executive’s employment under this Agreement will commence as of the date hereof and will terminate on the first year of the Effective Date; provided, however, that the term of the Executive’s employment
will be automatically extended without further action of either party for additional one (1) year periods unless written notice of either party’s intention not to extend has been given to the other party hereto at least thirty (30) days prior
to the expiration of the then effective term (the initial term and any extensions thereof, the “Term of Employment”).  Notwithstanding the foregoing, the Executive’s employment may be terminated during the Term of Employment as
provided in Section 5 below. 

2.3 Reimbursement of Expenses.  Unless otherwise agreed to by the Executive and the Company, the Company will reimburse the Executive for reasonable travel and other business expenses incurred by him to fulfill his duties hereunder upon
presentation by the Executive of an itemized account of such expenditures, in accordance with Company practices consistently applied. 

	
3. 	COMPENSATION

3.1 Base Salary.  From the Effective Date, the Executive will be entitled to receive a base salary (“Base Salary”) at a rate of RMB1,242,756 per annum, payable in accordance with the Company’s payroll practices and
applicable law. If the rate of Base Salary per annum paid to Executive is increased during the Term of Employment, such increased rate will thereafter constitute the Base Salary for all purposes of this Agreement. Base Salary will not be decreased
during the Term of Employment without the mutual consent of Executive and the Company. 

3.2 Annual Review. The Executive’s Base Salary will be reviewed by the Board and the CEO, based upon the Executive’s performance not less than annually. 

3.3 Bonus Compensation. In addition to his Base Salary, the Executive would be eligible to receive additional bonus compensation as may be awarded to the Executive from time to time by the Board in the sole and absolute discretion of the
Board. 

3.4 Additional Compensation.

3.4.1 Initial Stock Option and Restricted Stock. Subject to approval by the Board of
Directors (or an appropriate Committee appointed by such Board of Directors), on or before August 31, 2012, Executive will be granted (i) 25,000 shares of restricted stock vesting annually over a 48-month period in four equal portions, with the
initial vesting date being the one year anniversary of the grant date, subject to Executive’s continued employment through each vesting date (the “Initial Restricted Stock”), and (ii) an option to purchase 50,000 shares of the
Company’s common stock, exercisable at the fair market value as of the date of the grant and vesting annually over a 48-month period in four equal portions, with the initial vesting date being the one year anniversary of the grant date, subject
to Executive’s continued employment through each vesting date (the “Initial Stock Option”, and together with the Initial Restricted Stock the “CFO Initial Grant”), pursuant to the Company’s 2008 Equity
Incentive Plan (the “Plan”). The CFO Initial Grant will be evidenced by a Restricted Stock Agreement and a Stock Option Agreement as contemplated by the Plan, all of
which will govern the Initial Stock Option and the Initial Restricted Stock, as the case may be, notwithstanding any other provision of this Agreement.

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3.4.2 The Company may, in its sole discretion, award the Executive additional equity-based compensation in each of the third quarters of 2013, 2014 and 2015.  The Executive further will be eligible to participate in any employment compensation plan
established by the Company under the same terms as other Company executives and approved by the Board of Directors. 

	
4. 	EMPLOYEE BENEFITS

4.1 Leave. The Executive will be entitled to accrue 15 working days paid annual leave each calendar year (which will not be carried over in the event that they are not used by the Executive). All annual leave days will be taken at times
mutually agreed by the Executive and the Company and will be subject to the business needs of the Company. If, however, in any calendar year during the Term of Employment, the Executive is unable to take any annual leave due to the business needs of
the Company, the Company, in its discretion, shall either pay the Executive the equivalent of 15 working days, or permit the Executive to carry such leave over into the following calendar year. 

4.2 Other Programs.  The Executive will, during his employment under this Agreement, be included to the extent eligible thereunder in all employee benefit plans, programs or arrangements (including, without limitation, any plans, programs or
arrangements providing for retirement benefits, incentive compensation, profit sharing, bonuses, disability benefits, health and life insurance, or vacation and paid holiday) which may be established by the Company for, or made available to, its
executives generally. 

	
5. 	TERMINATION OF EMPLOYMENT

5.1 Termination Events. 

5.1.1 By the Company. The Company may terminate the Executive’s employment
immediately with Cause, without Cause upon thirty (30) days notice to the Executive, or upon the Executive’s death or Permanent Disability (as hereinafter defined). 

5.1.2 By the Executive. The Executive may terminate his employment at any time for any reason upon thirty (30) days written notice to the Company. 

5.2 Termination by Company With Cause.  If the Executive’s employment is terminated by the Company with Cause, the Company shall pay to the Executive all compensation to which the Executive is entitled through the date of termination,
and thereafter, all of the Company’s obligations under this Agreement shall cease. 

5.3 Termination by Company Without Cause. Except in situations where the
Executive’s employment is terminated under Section 5.2 or Section 5.4, by death
or by Permanent Disability, in the event that the Company terminates Executive’s
employment at any time without Cause, the Executive shall be entitled to receive
an amount equal to twelve (12) months of the
Executive’s then current Base Salary paid in twelve (12) equal monthly installments, subject to Sections 5.7 and 5.8. 

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5.4 Change of Control. In the event of a Change of Control, the Company shall (i) assign this Agreement and all rights and obligations under it to any business entity that succeeds to all or substantially all of the Company’s business
through that merger or combination or sale of assets, or (ii) on at least thirty (30) days’ prior written notice to the Executive, terminate this Agreement upon the effective date of such Change of Control. In the event that the Company
terminates Executive’s employment pursuant to this Section 5.4, the Executive shall be entitled to receive, upon termination an amount equal to eighteen (18) months of the Executive’s then current Base Salary paid in eighteen (18) equal
monthly installments, subject to Sections 5.7 and 5.8. 

For the purpose of this Agreement, “Change of Control” means the occurrence of any of the following events: 

(a) The consummation of the sale or disposition by the Company of all or substantially all of the Company's assets; or  

(b) The consummation of a merger or consolidation of the Company with any other entity, unless the voting securities of the Company immediately prior to the merger or consolidation remain outstanding or are converted into voting securities of the
surviving entity or parent so that they continue to represent at least fifty percent (50%) of the total voting power represented by the voting securities of the surviving entity (or parent) outstanding immediately after such merger or consolidation.

5.5 Voluntary Resignation.  If the Executive terminates his employment voluntarily, then the Executive shall not be entitled to receive payment of any severance benefits. The Company further shall have the option, in its sole discretion, to
make the Executive’s termination effective at any time prior to the end of notice period required under Section 5.1.2 as long as the Company provides Executive with all compensation to which he would be entitled for continuing employment
through the last day of the notice period. Thereafter, all obligations of the Company under this Agreement shall cease. 

5.6 Cause.  Termination for “Cause” means termination of the Executive’s employment by the Company because of: 

(i) any act or omission that constitutes a breach by the Executive of any of his obligations under this Agreement or any Company policy or procedure and failure to cure such breach after notice of, and a reasonable opportunity to cure, such breach;

(ii) the continued willful failure or refusal of the Executive to substantially perform the duties reasonably required of him as an employee of the Company; 

(iii) an alleged act (with credible substantiated evidence) of moral turpitude, dishonesty, fraud or violation of law (whether or not connected to the Company or its Affiliates (as defined in Section 8.1)) by, or criminal conviction of, the
Executive which in the
determination of the Board (in its sole discretion) would render his continued employment by the Company damaging or detrimental to the Company or its Affiliates in any way; or 

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(iv) any misappropriation of Company property by the Executive.

5.7 Release of Claims.  The receipt of any severance payments pursuant to Sections 5.3 or 5.4 of this Agreement is subject to the Executive signing and not revoking a separation agreement and release of claims in a form reasonably acceptable
to the Company (the “Release”), which must become effective and irrevocable no later than the 60th day following the date of  Executive’s termination of employment (the “Release Deadline”), and if
not, the Executive will forfeit any right to severance payments or benefits under this Agreement. In addition, no severance payments or benefits will be paid or provided until the Release actually becomes effective. To the extent that any severance
payments or benefits constitute Deferred Payments (as defined below), severance payments shall commence on the 61st day following Executive’s termination of employment, subject to Section 5.8. 

5.8 Section 409A. The Company intends that all severance payments made under this Agreement comply with, or be exempt from, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and any guidance promulgated
thereunder (“Section 409A”) so that none of the payments or benefits will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to so comply or be exempt.
Specifically, the severance benefits are intended to be exempt from the requirements of Section 409A under the separation pay plan exception set forth under Section 409A. If, at the time of the Executive’s separation from service, the Executive
is a “specified employee” within the meaning of Section 409A and the severance benefits payable under this Agreement, when considered together with any other severance payments or separation benefits, are considered deferred compensation
under Section 409A (together, the “Deferred Payments”), payment of such Deferred Payments will be delayed to the extent necessary to avoid the imposition of the additional tax imposed under Section 409A, which generally means that
Executive will begin to receive payments on the date 6 months and 1 day following the Executive’s separation from service.  The Company and the Executive agree to work together in good faith to consider amendments to this Agreement and to take
such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to you under Section 409A. In no event will the Company reimburse the Executive for any
taxes that may be imposed on Executive as a result of Section 409A.

	
6. 	DEATH OR DISABILITY

In the event of termination of employment by reason of non-work-related death or Permanent Disability, the Executive (or his estate, as applicable) will be entitled to the Base Salary and benefits determined under Sections 3 and 4 through the
date of termination. In the event of termination of employment by reason of work related death or Permanent Disability, the Executive (or his estate, as applicable) will be entitled to the greater of (i) Base Salary and benefits determined under
Sections 3 and 4 through the date of termination, or (ii) the minimum compensation permitted by applicable law.  Other benefits will be determined in accordance with the benefit plans maintained by the Company, and the Company will have no further
obligation hereunder.  For purposes of this
Agreement, “Permanent Disability” means a physical or mental disability or infirmity of the Executive that prevents the normal performance of substantially all his duties as an employee of the Company, which disability or infirmity
exists for any continuous period of 180 days. 

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7. 	CONFIDENTIALITY

7.1 Confidentiality. The Executive covenants and agrees with the Company that he will not at any time during the Term of Employment and thereafter, except in performance of his obligations to the Company hereunder or with the prior written
consent of the Company, directly or indirectly, disclose any secret or confidential information that he may learn or has learned by reason of his association with the Company or any of its subsidiaries and Affiliates. The term “confidential
information” includes information not previously made generally available to the public or to the trade by the Company’s management, with respect to the Company’s or any of its subsidiaries’ or Affiliates’ products,
facilities, applications and methods, trade secrets and other intellectual property, systems, procedures, manuals, confidential reports, product price lists, customer lists, technical information, financial information (including the revenues, costs
or profits associated with any of the Company’s products), business plans, prospects or opportunities, but will exclude any information which is or becomes generally available to the public or is generally known in the industry or industries in
which the Company operates other than as a result of disclosure by the Executive in violation of his agreements under Section 7.1.  The Executive will be released of his obligations under this Section 7.1 to the extent the Executive is
required to disclose under any applicable laws, regulations or directives of any government agency, tribunal or authority having jurisdiction in the matter or under subpoena or other process of law provided that the Executive provides the Company
with prompt written notice of such requirement. For the purposes of this Agreement, “Affiliate” means, with respect to any person or entity, any other person or entity that is directly or indirectly through one or more
intermediaries, controlled by, controlling or under common control with such person or entity. 

7.2 Acknowledgment of Company Assets. The Executive acknowledges that the Company, at the Company’s expense, has acquired, created and maintains, and will continue to acquire, create and maintain, significant goodwill with its current
and prospective customers, vendors and employees, and that such goodwill is valuable property of the Company. The Executive further acknowledges that to the extent such goodwill will be generated through the Executive’s efforts, such efforts
will be funded by the Company and the Executive will be fairly compensated for such efforts. The Executive acknowledges that all goodwill developed by the Executive relative to the Company’s customers, vendors and employees will be the sole and
exclusive property of the Company and will not be personal to the Executive. 

7.3 Exclusive Property. The Executive confirms that all confidential information is and will remain the exclusive property of the Company.  All business records, papers and documents kept or made by Executive relating to the business of the
Company will be and remain the property of the Company, except for such papers customarily deemed to be the personal copies of the Executive.  Upon termination of the Executive’s employment with the Company for any reason, the Executive will
promptly deliver to the Company all of the following that are in the Executive’s possession or under his control: (i) all computers, telecommunication devices and other tangible property of the Company and its Affiliates, and (ii) all documents
and other materials, in
whatever form, which include confidential information or which otherwise relate in whole or in part to the present or prospective business of the Company or its Affiliates, including but not limited to, drawings, graphs, charts, specifications,
notes, reports, memoranda, and computer disks and tapes, and all copies thereof. 

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7.4 Communication to Third Parties.  The Executive agrees that Company will have the right to communicate the terms of this Section 7 to any third parties, including but not limited to, any prospective employer of the Executive. The
Company waives any right to assert any claim for damages against Company or any officer, employee or agent of Company arising from such disclosure of the terms of this Section 7. 

7.5 Independent Obligations. The provisions of this Section 7 will be independent of any other provision of this Agreement.  The existence of any claim or cause of action by the Executive against the Company, whether predicated on this
Agreement or otherwise, will not constitute a defense of the enforcement of this Section 7 by the Company. 

7.6 Non-Exclusivity. The Company’s rights and the Executive’s obligations set forth in this Section 7 are in addition to, and not in lieu of, all rights and obligations provided by applicable statutory or common law. 

	
8. 	INDEMNIFICATION

8.1 Indemnification of the Executive.  The Company agrees to indemnify Executive (and his heirs, executors, and administrators), and to advance expenses related to this indemnification, to the fullest extent permitted under applicable law and
regulations, against any and all expenses and liabilities that Executive reasonably incurs in connection with or arising out of any action, suit, or proceeding in which he may be involved by reason of his service as an Executive of the Company or
any of its subsidiaries or Affiliates (whether or not he continues to be an Executive at the time of incurring any such expenses or liabilities). Covered expenses and liabilities include, but are not limited to, judgments, court costs, and
attorneys’ fees and the costs of reasonable settlements, subject to Board approval, if the action is brought against Executive in his capacity as an Executive of the Company or any of its subsidiaries or Affiliates. Indemnification for expenses
will not extend to matters related to Executive’s termination for Cause. Notwithstanding anything in this Section 8.1 to the contrary, the Company will not be required to provide indemnification prohibited by applicable law or
regulation.  The obligations of this Section 8.1 will survive the term of this Agreement by a period of six (6) years.

8.2 Indemnification of the Company.

The Executive will indemnify and keep the Company fully indemnified at all times from and against all claims, suits, proceedings, fines, punishment, loss, damage, costs and liabilities whatsoever incurred or sustained by the Company in connection
with or arising out of or as a consequence of any breach by the Executive of the confidentiality obligations set forth above. 

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	9. 	 FOREIGN CORRUPT PRACTICES ACT
    

The Company and the Executive each represent and warrant that it is aware of and familiar with the provisions of the Foreign Corrupt Practices Act of 1977, as amended by the Omnibus Trade and Competitiveness Act of 1988 (“FCPA”),
and the rules and regulations thereunder, and its purpose. Each party agrees that it will take no action and make no payment in violation of, or which might cause the Company or the Executive to be in violation of, the FCPA, including, but not
limited to, the making of unlawful payments to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds. 

	10. 	 MISCELLANEOUS 

10.1 Severability.  The parties intend this Agreement to be enforced as written.
However, (i) if any portion or provision of this Agreement is to any extent be declared illegal or unenforceable by a duly authorized court having jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in
circumstances other than those as to which it is so declared illegal or unenforceable, will not be affected thereby, and each portion and provision of this Agreement will be valid and enforceable to the fullest extent permitted by law and (ii) if
any provision, or part thereof, is held to be unenforceable because of the duration of such provision, the geographic area covered thereby, or other aspect of the scope of such provision, the court making such determination will have the power to
reduce the duration, geographic area of such provision, or other aspect of the scope of such provision, and/or to delete specific words and phrases (“blue-penciling”), and in its reduced or blue-penciled form, such provision will
then be enforceable and will be enforced. 

10.2 Assignment. The rights and obligations of this Agreement will bind and inure to the benefit of any successor of the Company by reorganization, merger or consolidation, or any assignee of all or substantially all of the Company’s
business and properties. Neither this Agreement nor any rights hereunder will be assignable or otherwise subject to hypothecation by the Executive. 

10.3 Entire Agreement.  This Agreement represents the entire agreement of the Company and the Executive and will supersede any and all previous contracts, arrangements or understandings. 

10.4 Governing Law.  This Agreement will be construed and interpreted in accordance with and governed by the law of the State of Delaware, USA, without regard to the choice-of-law provisions thereof that might direct the application of the
law of another jurisdiction.

10.5 Dispute Resolution.  Any legal action or proceeding with respect to this Agreement shall be brought in the courts of Delaware, or the United States District Court for the District of Delaware.  By execution and delivery of this
Agreement, each of the parties hereto accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts. 

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Executive and the authorized representative of China Biologic Products, Inc., execute and enter into this Agreement as of the date first written above. 

EXECUTIVE

/s/ Ming Yang                                                               

Mr. Ming Yang 

CHINA BIOLOGIC PRODUCTS, INC.

By: /s/ David (Xiaoying) Gao                                    
 

Name: David (Xiaoying) Gao 

Title: Chairman & Chief Executive Officer

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