Document:

China Security & Surveillance Technology, Inc.: Exhibit 10.2 - Filed
   by newsfilecorp.com

Exhibit 10.2

Conformed version 

LETTER OF UNDERTAKING 

	To: 	CHINA DEVELOPMENT BANK
      CORPORATION 
	  	HONG KONG BRANCH 
	  	  
	  	Suite 3307-15, 33/F., 
	  	One International Finance Centre, 
	  	No. 1 Harbour View Street, Central, Hong
      Kong 
	  	  
	  	(as Facility Agent of the Finance
      Parties referred to in the Loan Agreement) 

1 March 2011 

Dear Sirs, 

Re: USD 200 million Term Loan Facility for China Security
& Surveillance Technology, Inc. (the “Borrower”) 

	1. 	
      We refer to a term loan facility agreement dated 1 March
      2011 (the “Loan Agreement”) executed between the Borrower as
      borrower and China Development Bank Corporation Hong Kong Branch as
      original lender, arranger and facility agent (the “Facility
      Agent”). Save as otherwise provided herein, terms and expressions
      defined in or construed for the purposes of the Loan Agreement shall have
      the same meanings when used herein.

	 	 
	2. 	
      The Borrower and Mr. Tu Guo Shen (涂国身) (“Mr.
      Tu”) represent and confirm that they have used their best endeavors to
      obtain and effect each of the authorisations, approvals, registrations and
      filings set out in the Schedule (the “Relevant Approvals”) in
      accordance with the applicable laws or regulations in the PRC and
      acknowledge that as of the date of this Letter of Undertaking the Relevant
      Approvals have yet to be obtained and effected by the Borrower and/or Mr.
      Tu.

	 	 
	3. 	
      Without prejudice to any of their obligations and
      liabilities under the Finance Documents, the Borrower and Mr. Tu jointly
      and severally undertake, upon the Shenzhen office or any other relevant
      office of the State Administration of Foreign Exchange of the PRC
      commencing the general acceptance of applications for authorisations,
      approvals, registrations and filings of a nature similar to that of any of
      the Relevant Approvals (the “Commencement of Acceptance”), to
      forthwith obtain and effect such Relevant Approvals in accordance with the
      applicable laws and regulations in the PRC as soon as reasonably
      practicable but in any event within one hundred and eighty (180) days
      after the Commencement of Acceptance.

	 	 
	4. 	
      Upon demand by the Facility Agent, the Borrower and Mr.
      Tu shall jointly and severally indemnify each Finance Party against any
      cost, loss or liability incurred by each Finance Party as a result of the
      failure to obtain and effect the Relevant Approvals in accordance with the
      applicable laws and regulations in the PRC before or after the
      Commencement of Acceptance.

	
5. 		
Each Finance Party hereby reserves all rights, remedies and recourse in respect of the obligations and liabilities of the Obligors under the Finance Documents.

	
	 	 
	
6. 		
This Letter of Undertaking shall be designated a “Finance Document” for the purpose of the definition of “Finance Document” in the Loan Agreement.

	
	 	 
	
7. 		
This Letter of Undertaking may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and shall be effective and binding on each party as and when executed by such
party. This Letter of Undertaking shall take effect as a deed notwithstanding that the Facility Agent executes it under hand.

	
	 	 
	
8. 		
This Letter of Undertaking shall be governed by, and construed in accordance with, Hong Kong law. Clause 33 of the Loan Agreement shall apply mutatis mutandis to this Letter of Undertaking.

	

	
Executed as a deed
		
 
	
	
SIGNED, SEALED and DELIVERED
		
)
	
	
by TU GUO SHEN (holder of PRC
		
)
	
	
passport No.G28948045)
		
)
	
	
 
		
)
	
	
in the presence of:
		
)
	
	
 
		
 
	
	
 
		
 
	
	
.............................................
		
 
	
	
Name of Witness:
		
 
	
	
Occupation:
		
 
	
	
Address:
		
 
	

 

[Execution pages for the Letter of Undertaking] 

	The Common Seal of 	) 
	CHINA SECURITY & 	) 
	SURVEILLANCE 	) 
	TECHNOLOGY, INC. 	) 
	is hereto affixed and attested by 	) 
	TU GUO SHEN 	) 
	  	) 
	in the presence of: 	) 
	  	  
	  	  
	............................................. 	  
	Name of Witness: 	  
	Occupation: 	  
	Address: 	  

 

[Execution pages for the Letter of Undertaking] 

Signed for and on behalf of: 

CHINA DEVELOPMENT BANK CORPORATION HONG KONG BRANCH 

.../s/ CHINA DEVELOPMENT BANK CORPORATION HONG KONG BRANCH...

Name: 

Title: 

 

[Execution pages for the Letter of Undertaking] 

SCHEDULE 

Relevant Approvals 

Approval, registration and/or filing procedures with the Shenzhen office or any other relevant office of the State Administration of Foreign Exchange in respect of: 

	
(1) 		
the incorporation, the previous changes to the registered capital, share assignment, equity swap, merger, split up, long term equity or debt investment, offshore guarantee or other material changes to the equity of Whitehorse
Technology Limited, if applicable;

	
	 	 
	
(2) 		
the incorporation, the previous changes to the registered capital, share assignment, equity swap, merger, split up, long term equity or debt investment, offshore guarantee or other material changes to the equity of the Borrower,
if applicable; and

	
	 	 
	
(3) 		
the incorporation, the previous changes to the registered capital, share assignment, equity swap, merger, split up, long term equity or debt investment, offshore guarantee or other material changes to the equity of the China
Safetech Holdings Limited, if applicable.China Biologic Products, Inc.: Exhibit 10.1 - Filed by
   newsfilecorp.com

Exhibit 10.1

CHINA BIOLOGIC PRODUCTS, INC.

DIRECTOR AGREEMENT 

THIS AGREEMENT (The “Agreement”) is made as of the 27th day of February 2011 and is by and between China Biologic Products, Inc., a Delaware corporation (hereinafter referred to as the “Company”), and
Bing Li (hereinafter referred to as the “Director”). 

BACKGROUND

The Board of Directors of the Company desires to appoint the Director to fill an existing vacancy and to have the Director perform the duties of a director and the Director desires to be so appointed for such position and to perform the duties
required of such position in accordance with the terms and conditions of this Agreement. 

AGREEMENT

In consideration for the above recited promises and the mutual promises contained herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and the Director hereby agree as follows: 

1. DUTIES.  The Company requires that the Director be available to perform the duties of a director customarily related to this function as may be determined and assigned by the Board of Directors of the Company and as may be required
by the Company’s constituent instruments, including its certificate or articles of incorporation, bylaws and its corporate governance and board committee charters, each as amended or modified from time to time, and by applicable law, including
by the Delaware General Corporation Law (the “DGCL”).  The Director agrees to devote as much time as is necessary to perform completely the duties as the Director of the Company, including duties as a member of the Compensation
Committee, Nominating Committee, Audit Committee and such other committees as the Director may hereafter be appointed to. The Director will perform such duties described herein in accordance with the general fiduciary duty of directors arising under
the DGCL. 

2. TERM.  The term of this Agreement shall commence as of the date of the Director’s appointment by the Board of Directors of the Company and shall continue until the Director’s removal or resignation. 

 3. COMPENSATION.  For all services to be rendered by the Director in any capacity hereunder, the Company agrees to pay the Director a fee of HK$50,000 per month. Such fee may be adjusted from time to time as agreed by the parties.
Subject to approval by the Board of Directors (or an appropriate Committee appointed by such Board of Directors), the Director may also be granted an option (the “Option”) to purchase 20,000 shares of the Company’s common stock
(the “Shares”) under the Company’s 2008 Equity Incentive Plan (the “Plan”).  The per share exercise price of the Option will be the fair market value of the Company’s common stock as of the grant date. The
fair market value shall be deemed to be the closing price of the Company’s common stock on the business day prior to the grant date. The Option will vest over a 12-month period, with one-half, or 10,000, vesting in full and exercisable
on August 27, 2011 and the remaining 10,000 to vest on February 27, 2012. The Option will be evidenced by a Stock Option Agreement as contemplated by the Plan, in the form attached hereto as Exhibit B, both of which will govern the Option,
notwithstanding any other provision of this Agreement.

4. EXPENSES. In addition to the compensation provided in paragraph 3 hereof, the Company will reimburse the Director for pre-approved reasonable business related expenses incurred in good faith in the performance of the Director’s
duties for the Company.  Such payments shall be made by the Company upon submission by the Director of a signed statement itemizing the expenses incurred.  Such statement shall be accompanied by sufficient documentary matter to support the
expenditures. 

5. CONFIDENTIALITY. The Company and the Director each acknowledge that, in order for the intents and purposes of this Agreement to be accomplished, the Director shall necessarily be obtaining access to certain confidential information
concerning the Company and its affairs, including, but not limited to business methods, information systems, financial data and strategic plans which are unique assets of the Company (“Confidential Information”).  The Director
covenants not to, either directly or indirectly, in any manner, utilize or disclose to any person, firm, corporation, association or other entity any Confidential Information. 

6. NON-COMPETE.  During the term of this Agreement (the “Restricted Period”), the Director shall not, directly or indirectly, (i) in any manner whatsoever engage in any capacity with any business competitive with the
Company’s current lines of business or any business then engaged in by the Company, any of its subsidiaries or any of its affiliates (the “Company's Business”) for the Director’s own benefit or for the benefit of any
person or entity other than the Company or any subsidiary or affiliate; or (ii) have any interest as owner, sole proprietor, shareholder, partner, lender, director, officer, manager, employee, consultant, agent or otherwise in any business
competitive with the Company's Business; provided, however, that the Director may hold, directly or indirectly, solely as an investment, not more than two percent (2%) of the outstanding securities of any person or entity which are
listed on any national securities exchange or regularly traded in the over-the-counter market notwithstanding the fact that such person or entity is engaged in a business competitive with the Company's Business. In addition, during the Restricted
Period, the Director shall not develop any property for use in the Company’s Business on behalf of any person or entity other than the Company, its subsidiaries and affiliates. 

7. TERMINATION.  With or without cause, the Company and the Director may each terminate this Agreement at any time upon ten (10) days written notice, and the Company shall be obligated to pay to the Director the compensation and expenses due
up to the date of the termination. Nothing contained herein or omitted herefrom shall prevent the shareholder(s) of the Company from removing the Director with immediate effect at any time for any reason. 

8. INDEMNIFICATION.  The Company shall indemnify, defend and hold harmless the Director, to the full extent allowed by the law of the State of Delaware, and as provided by, or granted pursuant to, any charter provision, bylaw provision,
agreement (including, without limitation, the Indemnification Agreement executed herewith), vote of stockholders or disinterested directors or otherwise, both as to action in the Director’s official
capacity and as to action in another capacity while holding such office. The Company and the Director are executing the Indemnification Agreement in the form attached hereto as Exhibit A. 

2

9. EFFECT OF WAIVER.  The waiver by either party of the breach of any provision of this Agreement shall not operate as or be construed as a waiver of any subsequent breach thereof. 

 10. NOTICE. Any and all notices referred to herein shall be sufficient if furnished in writing at the addresses specified on the signature page hereto or, if to the Company, to the Company’s address as specified in filings made
by the Company with the U.S. Securities and Exchange Commission and if by fax to +86538 6203895. 

11. GOVERNING LAW. This Agreement shall be interpreted in accordance with, and the rights of the parties hereto shall be determined by, the laws of the State of Delaware without reference to that state’s conflicts of laws
principles. 

12. ASSIGNMENT. The rights and benefits of the Company under this Agreement shall be transferable, and all the covenants and agreements hereunder shall inure to the benefit of, and be enforceable by or against, its successors and
assigns. The duties and obligations of the Director under this Agreement are personal and therefore the Director may not assign any right or duty under this Agreement without the prior written consent of the Company. 

13. MISCELLANEOUS.  If any provision of this Agreement shall be declared invalid or illegal, for any reason whatsoever, then, notwithstanding such invalidity or illegality, the remaining terms and provisions of the this Agreement shall
remain in full force and effect in the same manner as if the invalid or illegal provision had not been contained herein. 

14. ARTICLE HEADINGS. The article headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

15. COUNTERPARTS.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one instrument.  Facsimile execution and delivery of this Agreement is legal, valid and binding for
all purposes. 

 16. ENTIRE AGREEMENT. Except as provided elsewhere herein, this Agreement sets forth the entire agreement of the parties with respect to its subject matter and supersedes all prior agreements, promises, covenants, arrangements,
communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party to this Agreement with respect to such subject matter. 

[Signature Page Follows]

3

IN WITNESS WHEREOF, the parties hereto have caused this Director Agreement to be duly executed and signed as of the day and year first above written. 

CHINA BIOLOGIC PRODUCTS, INC.

By: _____________________________

Name: Chao Ming Zhao 

Title: Chief Executive Officer

DIRECTOR

_____________________________

Name: Bing Li

Address:  

c/o Warburg Pincus & Co.

450 Lexington Avenue

New York, NY 10017-3147

EXHIBIT A

Form of Indemnification Agreement

(See Attached)

 

 

EXHIBIT B

Form of Option Agreement

(See Attached)

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