Document:

EX-4.1

 Exhibit 4.1 

 
  

BANCO SANTANDER, S.A. 
 as
Issuer, 
 THE BANK OF NEW YORK MELLON, 

London Branch 
 as Trustee,
Calculation Agent and Principal Paying Agent 
 and 

THE BANK OF NEW YORK MELLON SA/NV, 

Luxembourg Branch 
 as
Senior Non Preferred Debt Securities Registrar 
  

 
 THIRD
SUPPLEMENTAL INDENTURE 
 dated as of September 14, 2021 

to 
 SENIOR NON PREFERRED DEBT
SECURITIES INDENTURE 
 dated as of May 28, 2020 
  

 
  

 THIRD SUPPLEMENTAL INDENTURE (“Third Supplemental Indenture”), dated as of
September 14, 2021, among BANCO SANTANDER, S.A., a sociedad anónima incorporated under the laws of The Kingdom of Spain (the “Company”), having its principal executive office located at Ciudad Grupo Santander, Avenida
de Cantabria s/n, 28660 Boadilla del Monte, Madrid, Spain, as Issuer, THE BANK OF NEW YORK MELLON, London Branch, a banking corporation duly organized and existing under the laws of the State of New York, as trustee (the “Trustee,”
which term includes any successor Trustee), calculation agent (the “Calculation Agent,” which term includes any Calculation Agent) and principal paying agent (the “Principal Paying Agent,” which term includes any successor
Principal Paying Agent), having its Corporate Trust Office at One Canada Square, London, E14 5AL, United Kingdom and THE BANK OF NEW YORK MELLON SA/NV, Luxembourg Branch, a société anonyme/naamloze vennootschap, incorporated
under the laws of Belgium, as senior non preferred debt securities registrar (the “Senior Non Preferred Debt Securities Registrar”), having its principal office at 2-4 Rue Eugène
Ruppert, L-2453 Luxembourg, Luxembourg. 
 WITNESSETH 

WHEREAS, the Company and the Trustee have executed and delivered a Senior Non Preferred Debt Securities Indenture dated as of May 28,
2020 (as heretofore supplemented and amended, the “Base Indenture” and, the Base Indenture, as supplemented and amended by this Third Supplemental Indenture, the “Senior Non Preferred Indenture”), to provide for the
issuance of the Company’s senior non preferred debt securities (the “Senior Non Preferred Debt Securities”), including the Senior Non Preferred Notes (as defined below). 

WHEREAS, Section 9.01(d) of the Base Indenture permits the Company and the Trustee to change or eliminate any provisions of the Base
Indenture without the consent of Holders, subject to certain conditions; 
 WHEREAS, Section 9.01(f) of the Base Indenture permits the
Company and the Trustee to enter into a supplemental indenture to establish the forms or terms of Senior Non Preferred Debt Securities of any series as permitted under Sections 2.01 and 3.01 of the Base Indenture without the consent of Holders; 

WHEREAS, there are no Outstanding Senior Non Preferred Debt Securities of any series created prior to the execution of this Third Supplemental
Indenture that are entitled to the benefit of the provisions set forth herein or that would be adversely affected by such provisions; 

WHEREAS, the Executive Committee of the Company has authorized the entry into this Third Supplemental Indenture and the establishment of the
Senior Non Preferred Notes (as defined below), as required by Section 9.01 of the Base Indenture; 
 WHEREAS, the parties hereto desire
to establish (i) a series of Senior Non Preferred Debt Securities to be known as the Series 114 1.722% Senior Non Preferred 

  
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Callable Fixed-to-Fixed Rate Notes due 2027 (the “Senior Non Preferred Notes”) pursuant to
Sections 2.01 and 3.01 of the Base Indenture. The Senior Non Preferred Notes may be issued from time to time, and any Senior Non Preferred Notes issued as part of the series created herein will constitute a single series of Senior Non Preferred Debt
Securities under the Senior Non Preferred Indenture and shall be included in the definition of “Senior Non Preferred Notes” where the context requires; 

WHEREAS, the Company has requested and hereby requests that the Trustee execute and deliver this Third Supplemental Indenture and the Company
has provided the Trustee with an Executive Committee Resolution authorizing the execution of this Third Supplemental Indenture; 
 WHEREAS,
all actions required by the Company to be taken in order to make this Third Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, have been taken and performed, and the execution and delivery of this Third
Supplemental Indenture has been duly authorized in all respects; and 
 WHEREAS, where indicated, this Third Supplemental Indenture shall
amend and supplement the Base Indenture; and to the extent that the terms of the Base Indenture are inconsistent with such provisions of this Third Supplemental Indenture, the terms of this Third Supplemental Indenture shall govern. 

NOW, THEREFORE, the Company and the Trustee mutually covenant and agree as follows: 

ARTICLE 1 
 DEFINITIONS 

Section 1.01. Definition of Terms. For all purposes of this Third Supplemental Indenture: 

(a)    a term defined anywhere in this Third Supplemental Indenture has the same meaning throughout; 

(b)    capitalized terms used herein but not otherwise defined shall have the meanings assigned to them in the Base
Indenture; 
 (c)    the singular includes the plural and vice versa; 

(d)    headings are for convenience of reference only and do not affect interpretation; and 

(e)    for the purposes of this Third Supplemental Indenture and the Base Indenture, the term “series” shall
mean a series of the Senior Non Preferred Debt Securities. 

  
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 ARTICLE 2 

FORM OF SENIOR NON PREFERRED NOTES 

Section 2.01. Terms of the Senior Non Preferred Notes. The following terms relating to the Senior Non Preferred Notes are hereby
established pursuant to Section 3.01 of the Base Indenture: 
 (a) The Senior Non Preferred Notes shall be designated as: the Series
114 1.722% Senior Non Preferred Callable Fixed-to-Fixed Rate Notes due 2027; 

(b) The price at which the Senior Non Preferred Notes shall be issued is 100.000% of the principal amount thereof; 

(c) The aggregate principal amount of the Senior Non Preferred Notes that may be authenticated and delivered under the Senior Non Preferred
Indenture shall not exceed $1,500,000,000, except as otherwise provided in the Senior Non Preferred Indenture, including Section 2.01(t) hereof; 

(d) Principal on the Senior Non Preferred Notes shall be payable on September 14, 2027 (the “Maturity Date”); 

(e) The Senior Non Preferred Notes shall be issued in global registered form on September 14, 2021. From (and including) the date of
issuance to (and excluding) September 14, 2026 (the “Reset Date”), interest on this Note will be payable at a fixed rate of 1.722% per annum. From (and including) the Reset Date to (but excluding) the Maturity Date (the
“Reset Period”), interest on the Senior Non Preferred Notes will be payable at a fixed rate equal to the applicable U.S. Treasury Rate (as defined herein) as of the second business day preceding the Reset Date (the “Reset
Determination Date”), plus 0.90% per annum. Interest will be payable semi-annually in arrears on March 14 and September 14 of each year (each, an “Interest Payment Date”), commencing March 14, 2022, up to and including the
Maturity Date or any date of earlier redemption; 
 Interest on the Senior Non Preferred Notes will be calculated on the basis of a 360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month. The Regular Record Dates for the Senior Non Preferred Notes will be
15 calendar days immediately preceding the relevant Interest Payment Date, whether or not a Business Day; 
 (f) No premium, upon redemption
or otherwise, shall be payable by the Company on the Senior Non Preferred Notes; 
 (g) Principal of and any interest on the Senior Non
Preferred Notes shall be paid to the Holder through The Bank of New York Mellon, as paying agent of the Company having offices in London, United Kingdom and the Borough of Manhattan, The City of New York; 

  
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 (h) The Senior Non Preferred Notes shall not be redeemable except as provided in Article 11
of the Senior Non Preferred Indenture; 
 (i) The Company shall have no obligation to redeem or purchase the Senior Non Preferred Notes
pursuant to any sinking fund or analogous provision; 
 (j) The Senior Non Preferred Notes shall be issued only in minimum denominations of
$200,000 and integral multiples of $200,000 in excess thereof; 
 (k) The principal amount of the Senior Non Preferred Notes shall be
payable upon the declaration of acceleration thereof pursuant to Section 5.02 of the Base Indenture; 
 (l) Additional Amounts in
respect of the Senior Non Preferred Notes shall be payable as set forth in the Senior Non Preferred Indenture; 
 (m) The Senior Non
Preferred Notes shall be denominated in, and payments thereon shall be made in, U.S. Dollars only; 
 (n) The payment of principal of or
interest, if any, on the Senior Non Preferred Notes shall be payable only in the coin or currency in which the Senior Non Preferred Notes are denominated; 

(o) The Senior Non Preferred Notes will be issued in the form of one or more global securities in registered form, without coupons attached,
and initially registered in the name of Cede & Co., as nominee of The Depository Trust Company, the Depositary; 
 (p) The Senior
Non Preferred Notes will not be initially issued in definitive form; 
 (q) The Events of Default on the Senior Non Preferred Notes are as
provided for in the Senior Non Preferred Indenture; 
 (r) The Company agrees with respect to the Senior Non Preferred Notes and each Holder
of the Senior Non Preferred Notes, by his or her acquisition of the Senior Non Preferred Notes will be deemed to have agreed to the ranking as described in Section 12.01 of the Senior Non Preferred Indenture. Each such Holder will be deemed to
have irrevocably waived his or her rights of priority which would otherwise be accorded to him or her under the laws of Spain, to the extent necessary to effectuate the ranking provisions of the Senior Non Preferred Notes. In addition, each Holder
of the Senior Non Preferred Notes by his or her acquisition of such Senior Non Preferred Notes authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking of such Senior
Non Preferred Notes as provided in the Senior Non Preferred Indenture, and appoints the Trustee as his or her attorney-in-fact for any and all such purposes; 

(s) The form of the Senior Non Preferred Notes to be issued on the date hereof shall be substantially in the form of Exhibit A hereto;

  
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 (t) The Company may issue additional Senior Non Preferred Notes (“Additional Senior
Non Preferred Notes”) after the date hereof having the same ranking and same interest rate, maturity date, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first Interest
Payment Date, as the Senior Non Preferred Notes; provided, however, that such Additional Senior Non Preferred Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding Senior Non Preferred Notes unless the
Additional Senior Non Preferred Notes are fungible with the Senior Non Preferred Notes for U.S. federal income tax purposes. Any such Additional Senior Non Preferred Notes, together with the Senior Non Preferred Notes, will constitute a single
series of securities under the Senior Non Preferred Indenture; 
 (u) The Company appoints The Bank of New York Mellon, London Branch, as
the initial Calculation Agent and Principal Paying Agent for the Senior Non Preferred Notes; 
 (v) The Company appoints The Bank of New
York Mellon SA/NV, Luxembourg Branch as the Senior Non Preferred Debt Securities Registrar for the Senior Non Preferred Notes pursuant to Section 3.05 of the Base Indenture; 

(w) If a TLAC/MREL Disqualification Event or a tax event that would entitle the Company to redeem the Senior Non Preferred Notes as set forth
in Section 11.08 of the Base Indenture occurs and is continuing, the Company may substitute all (but not some) of the Senior Non Preferred Notes or modify the terms of all (but not some) of the Senior Non Preferred Notes as provided for in
Section 8.04 of the Senior Non Preferred Indenture; 
 (x) Subject to applicable law, neither any Holder or beneficial owner of the
Senior Non Preferred Notes nor the Trustee acting on behalf of the Holders of the Senior Non Preferred Notes may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of
any amount owed to it by the Company in respect of, or arising under, or in connection with, the Senior Non Preferred Notes as provided for in Section 12.04 of the Senior Non Preferred Indenture; 

(y) Each Holder of the Senior Non Preferred Notes acknowledges, accepts, consents to and agrees to be bound by the effect of the exercise of
the Bail-in Power by the Relevant Resolution Authority as provided for in Article 13 of the Senior Non Preferred Indenture; and 

(z) The Bank of New York Mellon SA/NV, Luxembourg Branch, as the Senior Non Preferred Debt Securities Registrar for the Senior Non Preferred
Notes acknowledges, accepts, consents to and agrees to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority as provided for in Article 13 of the Senior Non Preferred
Indenture. 

  
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 ARTICLE 3 

ADDITIONAL TERMS APPLICABLE TO THE SENIOR NON PREFERRED NOTES 

Section 3.01.    Addition of Definitions. With respect to the Senior Non Preferred Notes only,
Section 1.01 of the Base Indenture is amended to include the following definitions (which shall be deemed to arise in Section 1.01 in their proper alphabetical order): 

“Additional Senior Non Preferred Notes” shall have the meaning provided in Section 2.01(t) hereof. 

“Comparable Treasury Issue” means, with respect to the Reset Period, the U.S. Treasury security or securities
selected by the Company (and notified to the Calculation Agent) with a maturity date on or about the last day of the Reset Period, and that would be utilized at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities denominated in U.S. dollars and having a maturity of one year. 
 “Comparable
Treasury Price” means, with respect to the Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for the Reset Date (calculated on the Reset Determination Date preceding the Reset Date), after excluding the
highest and lowest such Reference Treasury Dealer Quotations, or (ii) if fewer than five such Reference Treasury Dealer Quotations are received, the arithmetic average of all such quotations, or (iii) if fewer than two such Reference
Treasury Dealer Quotations are received, then such Reference Treasury Dealer Quotation as quoted in writing to the Company and the Calculation Agent by a Reference Treasury Dealer. 

“H.15” means the daily statistical release designated as such and published by the Board of Governors of the
United States Federal Reserve System under the caption “Treasury constant maturities,” or any successor or replacement publication as determined by the Company (and notified to the Calculation Agent) that establishes yield on actively
traded U.S. Treasury securities adjusted to constant maturity, and “most recent H.15” means, in respect of the Reset Period, the H.15 which includes a yield to maturity for U.S. Treasury securities with a maturity of one year published
closest in time but prior to the Reset Determination Date. 
 “Issue Date” means September 14, 2021, being
the date of the initial issue of the Senior Non Preferred Notes. 
 “Maturity Date” means September 14,
2027. 
 “Reference Treasury Dealer” each of up to five banks selected by the Company, or the affiliates of
such banks, which are (i) primary U.S. Treasury securities dealers, and their respective successors, or (ii) market makers in pricing corporate bond issues denominated in U.S. dollars. 

  
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 “Reference Treasury Dealer Quotations” means with respect
to each Reference Treasury Dealer and the Reset Date, the arithmetic average, as determined by the Calculation Agent, of the bid and offered prices for the applicable Comparable Treasury Issue, expressed in each case as a percentage of its principal
amount, at 11:00 a.m. (New York City time), on the Reset Determination Date. 
 “RD 1012/2015” means Royal
Decree 1012/2015, of 6 November developing Law 11/2015, as amended or superseded from time to time. 
 “U.S.
Treasury Rate” means, in relation to the Reset Date and the Reset Period commencing on the Reset Date, the rate per annum equal to: (1) the average of the yields on actively traded U.S. Treasury securities adjusted to constant
maturity, for one-year maturities, for the five business days immediately prior to the Reset Determination Date, published in the most recent H.15, for the maturity of one year; or (2) if such release (or
any successor release) is not published during the week immediately prior to the Reset Determination Date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the Reset Date. The U.S. Treasury Rate shall be determined by the Calculation Agent. 

If the U.S. Treasury Rate cannot be determined, for whatever reason, as described above, “U.S. Treasury Rate” means
the rate in percentage per annum as notified by the Calculation Agent to the Company equal to the yield on U.S. Treasury securities having a maturity of one year as set forth in the most recent H.15 at 5:00 p.m. (New York City time) on the Reset
Determination Date, as applicable, on which such rate was set forth in such release (or any successor release, as determined by the Company and notified to the Calculation Agent). 

Section. 3.02. [Reserved] 

Section 3.03.    Replacement of Definitions. With respect to the Senior Non Preferred Notes only,
Section 1.01 of the Base Indenture is amended to replace in their entirety the following definitions: 
 “Bail-in Power” means any power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the Kingdom of Spain, relating to (i) the
transposition of the BRRD, and in particular its article 59 (including but not limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), (ii) the SRM Regulation and (iii) the instruments, rules or standards created
thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced, 

  
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cancelled, suspended, modified, or converted into shares, other securities, or other obligations of such Regulated Entity (or affiliate of such Regulated Entity). 

“Qualifying Notes” means, with respect to each series of Senior Non Preferred Debt Securities, at any time,
any securities issued directly by the Company that have terms not otherwise materially less favorable to the Holders of the Senior Non Preferred Debt Securities of such series than the terms of the Senior Non Preferred Debt Securities of such
series, provided that such securities shall: 
 (i)    contain terms which comply with the then current
requirements for TLAC/MREL-Eligible Instruments as embodied in the Applicable Banking Regulations; 

(ii)    carry the same rate of interest as the Senior Non Preferred Debt Securities of such series prior to
the relevant substitution or variation pursuant to Section 8.04; 
 (iii)    have the same
denomination and aggregate outstanding principal amount as the Senior Non Preferred Debt Securities of such series prior to the relevant substitution or variation pursuant to Section 8.04; 

(iv)    have the same date of maturity and the same dates for payment of interest as the Senior Non
Preferred Debt Securities of such series prior to the relevant substitution or variation pursuant to Section 8.04; 

(v)    have at least the same ranking as the Senior Non Preferred Debt Securities of such series; 

(vi)    not, immediately following such substitution or variation, be subject to a TLAC/MREL
Disqualification Event and/or a tax event that would entitle the Company to redeem the Senior Non Preferred Debt Securities of such series as set forth under Section 11.08; and 

(vii)    be listed or admitted to trading on any stock exchange as selected by the Company, if the Senior
Non Preferred Debt Securities of such series were listed or admitted to trading on a stock exchange immediately prior to the relevant substitution or variation pursuant to Section 8.04. 

“Regulated Entity” means any entity to which BRRD, as implemented in the Kingdom of Spain (including but not
limited to, Law 11/2015, RD 1012/2015 and any other implementing regulations), or any other Spanish law relating to the Bail-in Power, applies, which includes, certain credit institutions, investment firms,
and certain of their parent or holding companies. 

  
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 “Regulator” means the European Central Bank, the Bank of
Spain, the Relevant Resolution Authority or such other or successor authority exercising primary bank supervisory authority or the role of primary bank resolution authority, in each case with respect to prudential matters in relation to the Company
and/or the Group. 
 “Relevant Resolution Authority” means the Spanish Fund for the Orderly Restructuring of
Banks, the Bank of Spain, the European Single Resolution Board, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other resolution power
from time to time. 
 “Spanish Insolvency Law” means the restated text of the Spanish Insolvency Law
(Ley Concursal) approved by the Royal Decree-Legislative 1/2020, of 5 May, as amended from time to time. 

“Supervisory Permission” means, in relation to any action, each supervisory permission (or, as appropriate,
waiver) from the Regulator as is required therefor under Applicable Banking Regulations. 

Section 3.04.    [Reserved]. 

Section 3.05. Payment. Notwithstanding Section 3.07 of the Base Indenture, payments of interest, if any, and any Additional
Amounts on the Senior Non Preferred Notes may be made by wire transfer of immediately available funds. 
 Section 3.06. Deletion of
Satisfaction and Discharge Provisions. With respect to the Senior Non Preferred Notes only, Article 4 of the Base Indenture is deleted in its entirety. 

Section 3.07. Replacement of Provisions with Respect to Events of Default. With respect to the Senior Non Preferred Notes only,
Section 5.01(ii) of the Base Indenture is hereby replaced with the following: 
 Winding up: any order is made by
any competent court or resolution passed for the winding up or liquidation of the Company (except in any such case for the purpose of reconstruction or amalgamation or a merger, spin-off or any other
structural modification (modificación estructural) which has been previously approved by the Holders of at least a majority of the outstanding principal amount of the Senior Non Preferred Debt Securities of that series or a merger
with, or spin-off or other structural modification into, another institution in this case even without being approved by Holders of the Senior Non Preferred Debt Securities of such series, provided that such
merger, spin-off or other structural modification is carried out in compliance with the requirements set forth in Section 8.01). 

  
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 Section 3.08.    Collection of Indebtedness and Suits for
Enforcement by the Trustee. With respect to the Senior Non Preferred Notes only, Section 5.03 of the Base Indenture is amended in part to add the following sentences at the end of the section: 

No remedy against the Company other than as referred to in this Article 5 shall be available to the Holders, whether for the
recovery of amounts owing to the Holders in respect of the Senior Non Preferred Debt Securities or under this Senior Non Preferred Debt Securities Indenture or in respect of any breach by the Company of any of its other obligations under or in
respect of the Senior Non Preferred Debt Securities or under this Senior Non Preferred Debt Securities Indenture, except that the Holders shall have such rights and powers as they are required to have under the Trust Indenture Act. 

Section 3.09. Replacement of Provisions with Respect to Substitution and Variation. With respect to the Senior Non Preferred Notes
only, the first paragraph of Section 8.04 of the Base Indenture is hereby replaced with the following: 

Substitution and Variation. If a TLAC/MREL Disqualification Event or a tax event that would entitle the Company to
redeem the Senior Non Preferred Debt Securities of any series as set forth in Section 11.08 occurs and is continuing, the Company may substitute all (but not some) of the Senior Non Preferred Debt Securities of any series or modify the terms of
all (but not some) of the Senior Non Preferred Debt Securities of such series, without any requirement for the consent or approval of the Holders of the Senior Non Preferred Debt Securities of such series, so that they are substituted for, or varied
to, become, or remain, Qualifying Notes, subject to having given not less than 15 nor more than 30 days’ notice to the Holders of such series in accordance with Section 1.06 and to the Trustee (which notice shall be irrevocable and shall
specify the date for substitution or, as applicable, variation), and subject to obtaining Supervisory Permission therefor, if and as required under Applicable Banking Regulations. 

Section 3.10. Replacement of Provisions with Respect to Election to Redeem; Notice to Trustee. With respect to the Senior Non
Preferred Notes only, Section 11.02 of the Base Indenture is hereby replaced with the following: 
 Election to
Redeem; Notice to Trustee. The election of the Company to redeem any Senior Non Preferred Debt Securities shall be evidenced by a Board Resolution. The Company shall, at least 15 days prior, but not nor more than 30 days prior to the Redemption
Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Senior Non Preferred Debt Securities of such series to be redeemed and, if applicable,
the tenor of the Senior Non Preferred Debt Securities to be redeemed. In the case of any redemption of Senior Non Preferred Debt Securities of any series prior to the expiration of any provision restricting such redemption provided in the terms of
such Senior Non Preferred Debt Securities or elsewhere in this Senior Non 

  
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Preferred Debt Securities Indenture, the Company shall furnish the Trustee with respect to such Senior Non Preferred Debt Securities with an Officer’s Certificate evidencing compliance with
or waiver of such provision. 
 Section 3.11. Deletion of Provisions with Respect to Selection by the Trustee of Senior Non
Preferred Debt Securities to Be Redeemed. With respect to the Senior Non Preferred Notes only, the first paragraph of Section 11.03 of the Base Indenture is deleted in its entirety. 

Section 3.12. Replacement of Provisions with Respect to Notice of Redemption. With respect to the Senior Non Preferred Notes only,
the first paragraph of Section 11.04 of the Base Indenture is hereby replaced with the following: 
 Notice of
Redemption. Notice of redemption shall be given not less than 10 days prior to the Redemption Date to each Holder of Senior Non Preferred Debt Securities to be redeemed in the manner and to the extent provided in Section 1.06. 

Section 3.13. Replacement of Provisions with Respect to Optional Redemption Due to Changes in Tax Treatment. With respect
to the Senior Non Preferred Notes only, Section 11.08 of the Base Indenture is hereby replaced with the following: 

Optional Redemption Due to Changes in Tax Treatment. If (i) as a result of any change in, or amendment to,
the laws or regulations of Spain or of any political subdivision thereof or any authority or agency therein or thereof having power to tax or in the interpretation or administration of any such laws or regulations which becomes effective on or after
the date of issue of the first issued Senior Non Preferred Debt Securities of such series, the Company shall determine that (a) the Company would be required to pay Additional Amounts pursuant to Section 10.04 or (b) the Company would
not be entitled to claim a deduction in computing tax liabilities in Spain in respect of any interest to be paid on the next interest payment date on such series of Senior Non Preferred Debt Securities or the value of such deduction to the Company
would be materially reduced or (c) the applicable tax treatment of the Senior Non Preferred Debt Securities of such series changes in a material way that was not reasonably foreseeable at the issue date and (ii) such circumstances are
evidenced by the delivery by the Company to the Trustee of a copy of the Supervisory Permission for the redemption, if and as required, the Company may, at its option and having given no less than 15 nor more than 30 days’ notice to the Holders
of the Senior Non Preferred Debt Securities of such series in accordance with Section 11.04 (which notice shall be irrevocable) and a concurrent copy thereof to the Trustee, redeem in whole, but not in part, the Outstanding Senior Non Preferred
Debt Securities of such series (in accordance with the requirements of Applicable Banking Regulations in force at the relevant time) at their early tax redemption amount (the “Early Redemption Amount (Tax)”) (which shall be their
principal amount), together with any accrued interest thereon to (but excluding) the date fixed for 

  
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redemption; provided, however, that (i) in the case of (i)(a) above, no such notice of redemption may be given earlier than 90 days prior to the earliest date on which the Company would be
obliged to pay such Additional Amounts were a payment in respect of the Senior Non Preferred Debt Securities of such series then due and (ii) redemption due to changes in tax treatment pursuant to this Section 11.08 may only take place in
accordance with Applicable Banking Regulations in force at the relevant time and subject to the Company obtaining Supervisory Permission therefor, if and as required. 

Section 3.14. Replacement of Provisions with Respect to Optional Redemption For TLAC/MREL Disqualification Event. With respect to
the Senior Non Preferred Notes only, Section 11.09 of the Base Indenture is hereby replaced with the following: 

Optional Redemption For TLAC/MREL Disqualification Event. If, in relation to the Senior Non Preferred Debt
Securities of any series, a TLAC/MREL Disqualification Event has occurred and is continuing, then the Company may, at its option and having given not less than 15 nor more than 30 days’ notice to the Holders of the Senior Non Preferred Debt
Securities of such series in accordance with Section 11.04 above (which notice shall be irrevocable and shall specify the date for redemption) and a concurrent copy thereof to the Trustee, elect to redeem in whole but not in part the
Outstanding Senior Non Preferred Debt Securities of such series at their principal amount, together with any accrued and unpaid interest thereon to (but excluding) the date fixed for redemption (“Early Redemption Amount (TLAC/MREL
Disqualification Event)”). 
 Redemption for a TLAC/MREL Disqualification Event is subject to the Company obtaining
Supervisory Permission if and as required under Applicable Banking Regulations and may only take place in accordance with Applicable Banking Regulations in force at the relevant time. 

Section 3.15. Optional Early Redemption (Call). With respect to the Senior Non Preferred Notes only, Section 11.10 of the
Base Indenture is hereby replaced with the following: 
 Optional Early Redemption (Call). The Senior Non Preferred
Debt Securities may be redeemed at the Company’s option, in whole but not in part, on the Reset Date, in accordance with the requirements of Applicable Banking Regulations in force at the relevant time and subject to the Company obtaining
Supervisory Permission therefor, if and as required, at a redemption price equal to 100% of the principal amount of the Senior Non Preferred Notes, plus accrued and unpaid interest thereon to, but excluding, the redemption date. 

  
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 Section 3.16. Replacement of Provisions with Respect to Ranking of Senior Non
Preferred Debt Securities. With respect to the Senior Non Preferred Notes only, Section 12.01 of the Base Indenture is hereby replaced with the following: 

Ranking of Senior Non Preferred Debt Securities. The Company, for itself, its successors and assigns, covenants and
agrees, and each Holder of the Senior Non Preferred Debt Securities of any series by his acceptance thereof, likewise covenants and agrees, that the payment obligations of the Company under the Senior Non Preferred Debt Securities of such series on
account of principal constitute direct, unconditional, unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of the Company and, in accordance with Additional Provision 14.2o of Law
11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the Company, such payment obligations in respect of principal rank (i) pari passu among
themselves and with any Senior Non Preferred Liabilities, (ii) junior to the Senior Higher Priority Liabilities (and, accordingly, upon the insolvency of the Company, the claims in respect of principal under the Senior Non Preferred Debt
Securities will be met after payment in full of the Senior Higher Priority Liabilities) and (iii) senior to any present and future subordinated obligations (créditos subordinados) of the Company in accordance with Article 281
of the Spanish Insolvency Law. 
 Claims of Holders of Senior Non Preferred Debt Securities of any series in respect of
interest accrued but unpaid as of the commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the provisions of
Article 281.1.3o of the Spanish Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of the Company. 

The provisions of this Article 12 shall apply only to rights or claims payable under any Senior Non Preferred Debt Securities
of any series and nothing herein shall affect or prejudice the payment of the costs, charges, expenses, liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 hereof, or the rights and
remedies of the Trustee in respect thereof. 
 Section 3.17. Replacement of Provisions with Respect to Waiver of Right of Set-off. With respect to the Senior Non Preferred Notes only, Section 12.04 of the Base Indenture is hereby replaced with the following: 

Waiver of Right of Set-off. Subject to applicable law, neither any Holder or
beneficial owner of the Senior Non Preferred Debt Securities of any series nor the Trustee acting on behalf of the Holders of the Senior Non Preferred Debt Securities of such series may exercise, claim or plead any right of set-off, netting, compensation or retention in respect of any amount owed to it by the Company in respect of, or arising under, or in connection with, the Senior Non Preferred Debt Securities of such series or this
Senior Non Preferred Debt Securities Indenture and each Holder and beneficial owner of the Senior Non Preferred Debt Securities of such series, by virtue of its holding of any Senior 

  
 13 

 
Non Preferred Debt Securities of such series or any interest therein, and the Trustee acting on behalf of the Holders of the Senior Non Preferred Debt Securities of such series, shall be deemed
to have waived all such rights of set-off, netting, compensation or retention. If, notwithstanding the above, any amounts due and payable to any Holder or beneficial owner of a Senior Non Preferred Debt
Security of any series or any interest therein by the Company in respect of, or arising under, the Senior Non Preferred Debt Securities of such series are discharged by set-off, such Holder or beneficial owner
shall, subject to applicable law, immediately pay an amount equal to the amount of such discharge to the Company (or, if the event of any voluntary or involuntary liquidation of the Company shall have occurred, the liquidator or administrator of the
Company, as the case may be) and, until such time as payment is made, shall hold an amount equal to such amount in trust (where possible) or otherwise for the Company (or the liquidator or administrator of the Company, as the case may be) and,
accordingly, any such discharge shall be deemed not to have taken place. 
 Section 3.18. Replacement of Provisions with Respect to
Agreement and Acknowledgement with Respect to the Exercise of the Bail-in Power. With respect to the Senior Non Preferred Notes only, Section 13.01(a)(i) of the Base Indenture is hereby replaced with
the following: 
  

	 	(i)	 to be bound by effect of the exercise of the Bail-in Power by the
Relevant Resolution Authority, which may include and result in any of the following, or some combination thereof: 

  

	 	–	 the reduction of all, or a portion, of the Amounts Due on a permanent basis; 

 

	 	–	 the conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 instruments, other securities
or other obligations of the Company or another person (and the issue to the Holder of such Common Equity Tier 1 instruments, securities or obligations), including by means of an amendment, modification or variation of the terms of the Senior Non
Preferred Debt Securities, in which case the Holder agrees to accept in lieu of its rights under such Senior Non Preferred Debt Securities any such Common Equity Tier 1 instruments, other securities or other obligations of the Company or another
person; 

  

	 	–	 the cancellation of the Senior Non Preferred Debt Securities or Amounts Due; 

 

	 	–	 the amendment or alteration of the maturity of the Senior Non Preferred Debt Securities or amendment of the
interest payable on the Senior Non Preferred Debt Securities, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and 

  
 14 

 ARTICLE 4 

MISCELLANEOUS 
 Section 4.01.
Effect Of Supplemental Indenture. Upon the execution and delivery of this Third Supplemental Indenture by each of the Company and the Trustee, the Base Indenture shall be supplemented in accordance herewith, and this Third Supplemental
Indenture shall form a part of the Base Indenture for all purposes in respect of the Senior Non Preferred Notes or otherwise as applicable. 

Section 4.02. Confirmation Of Indenture. The Senior Non Preferred Indenture with respect to the Senior Non Preferred Notes or
otherwise as applicable, is in all respects ratified and confirmed, and the Base Indenture, this Third Supplemental Indenture and all indentures supplemental thereto shall, in respect of the Senior Non Preferred Notes or otherwise as applicable, be
read, taken and construed as one and the same instrument. This Third Supplemental Indenture constitutes an integral part of the Senior Non Preferred Indenture and, where applicable, with respect to the Senior Non Preferred Notes. In the event of a
conflict between the terms and conditions of the Base Indenture and the terms and conditions of this Third Supplemental Indenture, the terms and conditions of this Third Supplemental Indenture shall prevail where applicable. 

Section 4.03. Concerning The Trustee. The Trustee does not make any representations as to the validity, sufficiency or adequacy of
this Third Supplemental Indenture or the Senior Non Preferred Notes. The recitals and statements herein and in the Senior Non Preferred Notes are deemed to be those of the Company and not the Trustee. In entering into this Third Supplemental
Indenture, the Trustee shall be entitled to the benefit of every provision of the Base Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee. 

Section 4.04. Governing Law. The Senior Non Preferred Indenture and the Senior Non Preferred Notes shall be governed by and
construed in accordance with the laws of the State of New York (without giving effect to the choice of law provisions), except for Section 12.01 of the Senior Non Preferred Indenture, Section 2.01(r) of this Third Supplemental Indenture
and the status provisions of the Senior Non Preferred Notes, which shall be governed by and construed in accordance with the laws of the Kingdom of Spain, and except that the authorization and execution by the Company of the Senior Non Preferred
Indenture and the Senior Non Preferred Notes shall be governed by (in addition to the laws of the State of New York relevant to execution) the respective jurisdictions of organization of the Company and the Trustee, as the case may be. 

Section 4.05. Separability. In case any provision contained in this Third Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
 15 

 Section 4.06. Counterparts. This Third Supplemental Indenture may be executed in
any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Third Supplemental Indenture and of
signature pages by facsimile, email or other electronic format (i.e., “pdf”, “tif” or “jpg”) transmission and other electronically imaged signatures (including, without limitation, DocuSign and AdobeSign) shall
constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto and may be used in lieu of the original Third Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile or electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. This Third Supplemental Indenture and any indenture supplemental hereto and any other document, certificate
or opinion delivered in connection with this Third Supplemental Indenture, such supplemental indenture or the issuance and delivery of the Senior Non Preferred Debt Securities may be signed by or on behalf of the Company and the Trustee by manual,
facsimile or pdf or other electronically imaged signature (including, without limitation, DocuSign and AdobeSign). 
 Section 4.07.
Electronic Means. The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Third Supplemental Indenture and related financing
documents and delivered using e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another
method or system specified by the Trustee as available for use in connection with its services hereunder (collectively, the “Electronic Means”); provided, however, that the Company shall provide to the Trustee an incumbency
certificate listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company
whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of
such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport
to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions
to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee
shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written
instruction. The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of
interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more

  
 16 

 
secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of
Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security
procedures. 
 Section 4.08. Recognition of Bail-In. Notwithstanding and to the
exclusion of any other term of this Third Supplemental Indenture or any other agreements, arrangements, or understanding between the Senior Non Preferred Debt Securities Registrar and the Company or any Holder, the Company and each Holder
acknowledges and accepts that a BRRD Liability arising under this Third Supplemental Indenture may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts,
and agrees to be bound by: 
 (a) the effect of the exercise of Bail-in Powers by the Relevant
Resolution Authority in relation to any BRRD Liability of the Senior Non Preferred Debt Securities Registrar to the Company or to any Holder under this Third Supplemental Indenture, that (without limitation) may include and result in any of the
following, or some combination thereof: 
 (i) the reduction of all, or a portion, of the BRRD Liability or outstanding
amounts due thereon; 
 (ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or
other obligations of the Senior Non Preferred Debt Securities Registrar or another person, and the issue to or conferral on the Company or on any Holder of such shares, securities or obligations; 

(iii) the cancellation of the BRRD Liability; 

(iv) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are
due, including by suspending payment for a temporary period; 
 (b) the variation of the terms of this Third Supplemental Indenture, as
deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority in respect of the Senior Non Preferred Debt Securities Registrar.

 Solely as used in this Section 4.08: 

“Bail-in Legislation” means in relation to a member state of the European Economic Area
which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time. 

  
 17 

 “Bail-in Powers” means any Write-down and
Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in Legislation. 

“BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms or such other directive as may amend or come into effect in place thereof (including BRRD II), as amended or replaced from time to time and including any other relevant implementing regulatory provisions. 

“BRRD II” means Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 amending Directive
2014/59/EU as regards the loss-absorbing and recapitalization capacity of credit institutions and investment firms and Directive 98/26/EC. 

“BRRD Liability” means a liability in respect of which the relevant Write-down and Conversion Powers in the applicable Bail-in Legislation may be exercised. 
 “EU Bail-in
Legislation Schedule” means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/pages.aspx?p=499. 

“Relevant Resolution Authority” means the resolution authority with the ability to exercise any
Bail-in Powers in relation to the Senior Non Preferred Debt Securities Registrar. 
 [Signature Pages
Follow] 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed as
of the date first written above. 
  

			
	BANCO SANTANDER, S.A., as Issuer
		
	By:	 	 /s/ Jose Antonio Soler

	Name:	 	Jose Antonio Soler
	Title:	 	Authorized Signatory

 [Signature Page to Third Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON, London Branch, as Trustee
		
	By:	 	 /s/ Thomas S. Bolton

	Name:	 	Thomas S. Bolton
	Title:	 	Vice President

 [Signature Page to Third Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON SA/NV, Luxembourg Branch, as Registrar
		
	By:	 	 /s/ Thomas S. Bolton

	Name:	 	Thomas S. Bolton
	Title:	 	Vice President

 [Signature Page to Third Supplemental Indenture] 

 EXHIBIT A 

FORM OF GLOBAL NOTE 
 THIS NOTE IS A
GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY AS THE DEPOSITARY (AS DEFINED IN THE SENIOR NON PREFERRED INDENTURE GOVERNING THIS NOTE), OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS
NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE BASE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 3.05 OF THE BASE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.09 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE
PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SENIOR NON PREFERRED NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE RANKING OF THIS NOTE IS SET FORTH IN
SECTION 12.01 OF THE SENIOR NON PREFERRED INDENTURE, AND SECTION 2.01(r) OF THE THIRD SUPPLEMENTAL INDENTURE, AND THIS NOTE IS ISSUED SUBJECT TO THE PROVISIONS OF SUCH SECTIONS 12.01 AND 2.01(r), RESPECTIVELY, AND THE HOLDER OF THIS NOTE, BY
ACCEPTING THE SAME, AGREES TO AND SHALL BE BOUND BY SUCH PROVISIONS. THE PROVISIONS OF SECTION 12.01 OF THE SENIOR NON PREFERRED INDENTURE, SECTION 2.01(r) OF THE THIRD SUPPLEMENTAL INDENTURE AND THE TERMS OF THIS PARAGRAPH ARE GOVERNED BY, AND
SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE KINGDOM OF SPAIN. 

 CUSIP No. 05964H AN5 

ISIN No. US05964HAN52 
 SERIES 114
1.722% SENIOR NON PREFERRED CALLABLE FIXED-TO-FIXED RATE 

NOTES DUE 2027 
 Issued by 

BANCO SANTANDER, S.A. 
  

			
	No.	  	$

 BANCO SANTANDER, S.A., a sociedad anónima, incorporated under the laws of the Kingdom of Spain (herein called
the “Company”, which term includes any successor person under the Senior Non Preferred Indenture (as defined on the reverse hereof)), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal
sum of $             (             dollars) on September 14, 2027 or on such earlier date as the principal hereof may become due
in accordance with the terms hereof and to pay interest thereon semi-annually in arrears on March 14 and September 14 of each year, commencing on March 14, 2022, and ending on September 14, 2027 (each, an “Interest Payment Date”). Interest
so payable on any Interest Payment Date shall be paid to the Holder in whose name this Note is registered on the 15th calendar day immediately preceding the relevant Interest Payment Date, whether or not such day is a Business Day, as defined in the
Senior Non Preferred Indenture (each a “Regular Record Date”). 
 From (and including) the date of issuance to (and excluding)
September 14, 2026 (the “Reset Date”), interest on this Note will be payable at a fixed rate of 1.722% per annum. From (and including) the Reset Date to (but excluding) the Maturity Date (the “Reset Period”), interest on the
Senior Preferred Notes will be payable at a fixed rate equal to the applicable U.S. Treasury Rate as of the second business day preceding the Reset Date (the “Reset Determination Date”), plus 0.90% per annum. 

Payments of interest on this Note shall be computed on the basis of a 360-day year divided into twelve
months of 30 days each and, in the case of an incomplete month, the actual number of days elapsed in such month. 
 Payment of the principal
amount of and any interest on, this Note will be made by wire transfer of immediately available funds in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Such
payment shall be made to the Holder including through a Paying Agent of the Company for collection by the Holder. If the date for payment of the principal amount hereof or interest thereon is not a Business Day, then (subject as provided in the
Senior Non Preferred Indenture) such payment shall be made on the next succeeding Business Day with the same force and effect as if made on such date for payment, provided that no interest shall accrue on such payment for the period from and after
such payment date. 

  
 A-2 

 The Senior Non Preferred Notes are issuable in minimum denominations of $200,000 and
integral multiples of $200,000 in excess thereof. 
 For information purposes only, without any substantive effect whatsoever and solely in
order to comply with Article 413(d) of the Spanish Companies Law (Ley de Sociedades de Capital), approved by Royal Decree 1/2010, of July 2, to the extent applicable, it is hereby noted that the initial aggregate principal amount of the
Senior Non Preferred Notes, i.e., US$1,500,000,000, was equivalent to approximately €1,264,755,480.61, at the European Central Bank reference exchange rate as of September 7, 2021 of US $1.186 per €1.00. Amounts due on the Notes shall not
under any circumstances whatsoever be payable in any currency other than U.S. Dollars. 
 Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner of such Note for the purpose of receiving payment of principal and interest, if
any, on and any Additional Amounts with respect to such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to
the contrary. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been
executed by or on behalf of the Trustee referred to on the reverse hereof by manual, PDF or other electronically imaged signature (including, without limitation, DocuSign and AdobeSign), this Note shall not be entitled to any benefit under the
Senior Non Preferred Indenture or be valid or obligatory for any purpose. 
 Notwithstanding any other term of this Note or any other
agreements, arrangements, or understandings between the Company and any Holder of the Senior Non Preferred Notes, by its acquisition of this Note, each Holder (which includes each holder of a beneficial interest in this Note) acknowledges, accepts,
consents to and agrees: (i) to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority, which may include and result in any of the following, or some combination
thereof: the reduction of all, or a portion, of the Amounts Due on a permanent basis; the conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 instruments, other securities or other obligations of the Company or another
person (and the issue to the Holder of such Common Equity Tier 1 instruments, securities or obligations), including by means of an amendment, modification or variation of the terms of the Senior Non Preferred Notes, in which case the Holder agrees
to accept in lieu of its rights under this Note, any such Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person; the cancellation of this Note or Amounts Due; the amendment or alteration of the
maturity of this Note or amendment of the interest payable on this Note, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii) that the terms of this Note are subject to, and may be
varied, if necessary, to give effect to, the exercise of the Bail-in Power by the Relevant Resolution Authority. 

  
 A-3 

 “Amounts Due” means the principal amount of, premium, if any, together with any
accrued but unpaid interest, and Additional Amounts, if any, due on the Senior Non Preferred Notes. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of the Bail-in Power by the Relevant Resolution Authority. 

“Bail-in Power” means any power existing from time to time under, and exercised in
compliance with, any laws, regulations, rules or requirements in effect in the Kingdom of Spain, relating to (i) the transposition of the BRRD, and in particular its article 59 (including but not limited to, Law 11/2015, RD 1012/2015 and any
other implementing regulations), (ii) the SRM Regulation and (iii) the instruments, rules or standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated Entity) can be reduced,
cancelled, suspended, modified, or converted into shares, other securities, or other obligations of such Regulated Entity (or affiliate of such Regulated Entity). 

“BRRD” means Directive 2014/59/EU of 15 May establishing the framework for the recovery and resolution of credit institutions
and investment firms or such other directive as may amend or come into effect in place thereof (including the BRRD II), as implemented into law by Law 11/2015 and RD 1012/2015, as amended or replaced from time to time and including any other
relevant implementing regulatory provisions. 
 “BRRD II” means Directive (EU) 2019/879 of the European Parliament and of the
Council of 20 May 2019 amending Directive 2014/59/EU as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC. 

“Law 11/2015” means Law 11/2015 of 18 June, on recovery and resolution of credit institutions and investment firms (Ley
11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de servicios de inversión) as amended or replaced from time to time. 

“RD 1012/2015” means Royal Decree 1012/2015, of 6 November developing Law 11/2015, as amended or superseded from time to time.

 “Regulated Entity” means any entity to which BRRD, as implemented in the Kingdom of Spain (including but not limited to, Law
11/2015, RD 1012/2015 and any other implementing regulations), or any other Spanish law relating to the Bail-in Power, applies, which includes, certain credit institutions, investment firms, and certain of
their parent or holding companies. 
 “Relevant Resolution Authority” means the Spanish Fund for the Orderly Restructuring of
Banks, the Bank of Spain, the European Single Resolution Board, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other resolution power
from time to time. 
 “SRM Regulation” means Regulation (EU) No. 806/2014 of the European Parliament and of the Council of
15 July 2014, establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation
(EU) No. 1093/2010, as amended or replaced from time to time (including by the SRM Regulation II). 

  
 A-4 

 “SRM Regulation II” means Regulation (EU) 2019/877 of the European Parliament and
of the Council of 20 May 2019 amending Regulation (EU) No 806/2014 as regards the loss-absorbing and recapitalization capacity of credit institutions and investment firms. 

The public deed of issuance (escritura de emisión) related to the Senior Non Preferred Notes represented hereby was executed on
September 10, 2021 before Mr. Miguel Ruiz-Gallardón García de la Rasilla with the number 7,139 of his records. 

  
 A-5 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated:     
  

			
	BANCO SANTANDER, S.A., as Issuer

 
			
		
	By:	 	  

	Name:
	Title:

 [Global Note Signature Page] 

  
 A-6 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Senior Non Preferred Debt Securities of the series designated herein referred to in the within-mentioned Senior Non
Preferred Debt Securities Indenture. 
 Dated: 
  

			
	THE BANK OF NEW YORK MELLON,
	London Branch, as Trustee

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 [Global Note Signature Page] 

  
 A-7 

 [REVERSE OF SECURITY] 

This Note is one of a duly authorized issue of securities of the Company of the series designated Series 114 1.722% Senior Non Preferred
Callable Fixed-to-Fixed Rate Notes due 2027 (herein called the “Senior Non Preferred Notes”) issued and to be issued in one or more series under a Senior Non
Preferred Debt Securities Indenture, dated as of May 28, 2020, as heretofore supplemented and amended (herein called the “Base Indenture”), between the Company, as issuer, and The Bank of New York Mellon, London Branch, as trustee
(herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), as amended and supplemented by the Third Supplemental Indenture, dated as of September 14, 2021, among the Company, The Bank of New York
Mellon, London Branch, as Trustee, Calculation Agent and Principal Paying Agent and The Bank of New York Mellon SA/NV, Luxembourg Branch, as Senior Non Preferred Debt Securities Registrar (the “Third Supplemental Indenture”, and, the Base
Indenture, as amended and supplemented by the Third Supplemental Indenture, the “Senior Non Preferred Indenture”) to which Senior Non Preferred Indenture and all indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitations of rights, duties and immunities thereunder of the Company and the Trustee and the Holders of the Senior Non Preferred Notes and of the terms upon which the Senior Non Preferred Notes are, and are to be,
authenticated and delivered. Capitalized terms used herein are used as defined in the Senior Non Preferred Indenture unless otherwise indicated. The terms of the Senior Non Preferred Notes include those stated in the Senior Non Preferred
Indenture. The Senior Non Preferred Notes are subject to all such terms, and Holders are referred to the Senior Non Preferred Indenture for a statement of all such terms. To the extent permitted by applicable law, in the event of any
inconsistency between the terms of this Senior Non Preferred Note and the terms of the Senior Non Preferred Indenture, the terms of the Senior Non Preferred Indenture will control. 

This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,500,000,000; provided,
that the Company may, from time to time, without the consent of the Holders of the Senior Non Preferred Notes, issue additional Senior Non Preferred Debt Securities under the Senior Non Preferred Indenture, having the same ranking and same interest
rate, maturity, redemption terms and other terms, except for the price to the public, original interest accrual date, issue date and first interest payment date, as the Senior Non Preferred Notes; provided, however, that such additional
Senior Non Preferred Notes will not have the same CUSIP, ISIN or other identifying number as the outstanding Senior Non Preferred Notes unless the additional Senior Non Preferred Notes are fungible with the Senior Non Preferred Notes for U.S.
federal income tax purposes. Any such additional Senior Non Preferred Notes, together with the Senior Non Preferred Notes, will constitute a single series of Senior Non Preferred Notes under the Senior Non Preferred Indenture and shall be included
in the definition of “Senior Non Preferred Debt Securities” in the Base Indenture where the context requires. 
 The payment
obligations of the Company under the Senior Non Preferred Notes on account of principal constitute direct, unconditional, unsubordinated and unsecured senior non preferred obligations (créditos ordinarios no preferentes) of the Company
and, in accordance with Additional Provision 14.2o of Law 11/2015, but subject to any other ranking that may apply as a result of any mandatory provision of law (or otherwise), upon the insolvency of the Company, such payment obligations in
respect of principal rank (i) pari passu among themselves 

  
 A-8 

 
and with any Senior Non Preferred Liabilities (as defined below), (ii) junior to the Senior Higher Priority Liabilities (as defined below) (and, accordingly, upon the insolvency of the Company,
the claims in respect of the Senior Non Preferred Notes will be met after payment in full of the Senior Higher Priority Liabilities) and (iii) senior to any present and future subordinated obligations (créditos subordinados) of
the Company in accordance with Article 281 of the Spanish Insolvency Law (as defined below). 
 Claims of Holders of Senior Non Preferred
Notes in respect of interest accrued but unpaid as of the commencement of any insolvency procedure in respect of the Company shall constitute subordinated claims (créditos subordinados) against the Company ranking in accordance with the
provisions of Article 281.1.3o of the Spanish Insolvency Law and no further interest shall accrue from the date of the declaration of insolvency of the Company. 

The obligations of the Company under the Senior Non Preferred Notes are subject to the Bail-in
Power. 
 “Law 11/2015” means Law 11/2015 of 18 June, on recovery and resolution of credit institutions and investment
firms (Ley 11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de servicios de inversión) as amended or replaced from time to time. 

“Senior Higher Priority Liabilities” means the unsubordinated and unsecured obligations (créditos ordinarios) of the
Company (which will include, among others, the senior preferred debt securities), other than the Senior Non Preferred Liabilities. 

“Senior Non Preferred Liabilities” means any unsubordinated and unsecured senior non preferred obligations (créditos
ordinarios no preferentes) of the Company under Additional Provision 14.2o of Law 11/2015 (including any Senior Non Preferred Notes) and any other obligations which, by law and/or by their terms, and to the extent permitted by Spanish law,
rank pari passu with the Senior Non Preferred Liabilities. 
 “Spanish Insolvency Law” means the restated text of the
Spanish Insolvency Law (Ley Concursal) approved by the Royal Decree-Legislative 1/2020, of 5 May, as amended from time to time. 
 The
provisions of Section 12.01 of the Senior Non Preferred Indenture, and Section 2.01(r) of the Third Supplemental Indenture shall apply only to rights or claims payable with respect to the Senior Non Preferred Notes and nothing herein shall
affect or prejudice the payment of the costs, charges, expenses, liabilities, indemnity or remuneration of the Trustee, the first lien rights of the Trustee under Section 6.08 of the Base Indenture, or the rights and remedies of the Trustee in
respect thereof. 
 The Company agrees with respect to the Senior Non Preferred Notes and each Holder of the Senior Non Preferred Notes, by
his or her acquisition of the Senior Non Preferred Notes will be deemed to have agreed to the ranking as described herein. Each such Holder will be deemed to have irrevocably waived his or her rights of priority which would otherwise be accorded to
him or her under the laws of Spain, to the extent necessary to effectuate the ranking provisions of the Senior Non Preferred Notes. In addition, each Holder of the Senior Non Preferred Notes by his or her acquisition of such Senior Non Preferred
Notes authorizes and directs the Trustee on his or her behalf to take such action as may be necessary or appropriate to effectuate the ranking 

  
 A-9 

 
of such Senior Non Preferred Notes as provided in the Senior Non Preferred Indenture, and as summarized herein and appoints the Trustee as his or her attorney-in-fact for any and all such purposes. 
 Notwithstanding any other term of this Note or
any other agreements, arrangements, or understandings between the Company and any Holder of the Senior Non Preferred Notes, by its acquisition of this Note, each Holder (which includes each holder of a beneficial interest in this Note) acknowledges,
accepts, consents to and agrees: (i) to be bound by the effect of the exercise of the Bail-in Power by the Relevant Resolution Authority, which may include and result in any of the following, or some
combination thereof: the reduction of all, or a portion, of the Amounts Due on a permanent basis; the conversion of all, or a portion, of the Amounts Due into Common Equity Tier 1 instruments, other securities or other obligations of the Company or
another person (and the issue to the Holder of such Common Equity Tier 1 instruments, securities or obligations), including by means of an amendment, modification or variation of the terms of the Senior Non Preferred Notes, in which case the Holder
agrees to accept in lieu of its rights under this Note, any such Common Equity Tier 1 instruments, other securities or other obligations of the Company or another person; the cancellation of this Note or Amounts Due; the amendment or alteration of
the maturity of this Note or amendment of the interest payable on this Note, or the date on which the interest becomes payable, including by suspending payment for a temporary period; and (ii) that the terms of this Note are subject to, and may
be varied, if necessary, to give effect to, the exercise of the Bail-in Power by the Relevant Resolution Authority: 

“Amounts Due” means the principal amount of, premium, if any, together with any accrued but unpaid interest, and Additional Amounts,
if any, due on the Senior Non Preferred Notes. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of the Bail-in Power by the
Relevant Resolution Authority. 
 “Bail-in Power” means any power existing from time to
time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the Kingdom of Spain, relating to (i) the transposition of the BRRD, and in particular its article 59 (including but not limited to, Law
11/2015, RD 1012/2015 and any other implementing regulations), (ii) the SRM Regulation and (iii) the instruments, rules or standards created thereunder, pursuant to which any obligation of a Regulated Entity (or an affiliate of such Regulated
Entity) can be reduced, cancelled, suspended, modified, or converted into shares, other securities, or other obligations of such Regulated Entity (or affiliate of such Regulated Entity). 

“BRRD” means Directive 2014/59/EU of 15 May establishing the framework for the recovery and resolution of credit institutions
and investment firms or such other directive as may amend or come into effect in place thereof (including the BRRD II), as implemented into law by Law 11/2015 and RD 1012/2015, as amended or replaced from time to time and including any other
relevant implementing regulatory provisions. 
 “BRRD II” means Directive (EU) 2019/879 of the European Parliament and of the
Council of 20 May 2019 amending Directive 2014/59/EU as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC. 

  
 A-10 

 “Law 11/2015” means Law 11/2015 of 18 June, on recovery and resolution of
credit institutions and investment firms (Ley 11/2015, de 18 de junio, de recuperación y resolución de entidades de crédito y empresas de servicios de inversión) as amended or replaced from time to time.

 “RD 1012/2015” means Royal Decree 1012/2015, of 6 November developing Law 11/2015, as amended or superseded from time to
time. 
 “Regulated Entity” means any entity to which BRRD, as implemented in the Kingdom of Spain (including but not limited to,
Law 11/2015, RD 1012/2015 and any other implementing regulations), or any other Spanish law relating to the Bail-in Power, applies, which includes, certain credit institutions, investment firms, and certain of
their parent or holding companies. 
 “Relevant Resolution Authority” means the Spanish Fund for the Orderly Restructuring of
Banks, the Bank of Spain, the European Single Resolution Board, as the case may be, according to Law 11/2015, and any other entity with the authority to exercise the Bail-in Power or any other resolution power
from time to time. 
 “SRM Regulation” means Regulation (EU) No. 806/2014 of the European Parliament and of the Council of
15 July 2014, establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of the Single Resolution Mechanism and the Single Resolution Fund and amending Regulation
(EU) No. 1093/2010, as amended or replaced from time to time (including by the SRM Regulation II). 
 “SRM Regulation II”
means Regulation (EU) 2019/877 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 806/2014 as regards the loss-absorbing and recapitalization capacity of credit institutions and investment firms. 

The exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the Senior Non
Preferred Notes shall not constitute an event of default and the terms and conditions of the Senior Non Preferred Notes shall continue to apply in relation to the residual principal amount of, or outstanding amount payable with respect to, the
Senior Non Preferred Notes subject to any modification of the amount of distributions payable to reflect the reduction of the principal amount, and any further modification of the terms that the Relevant Resolution Authority may decide in accordance
with applicable laws and regulations relating to the resolution of credit institutions, investment firms and/or Company entities incorporated in the relevant member state. 

No repayment or payment of Amounts Due, if any, on the Senior Non Preferred Notes, will become due and payable or be paid after the exercise
of any Bail-in Power by the Relevant Resolution Authority if and to the extent such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. 

By its acquisition of this Note, each Holder of this Note, (which, for the purposes of this clause, includes each Holder of a beneficial
interest in this Note), to the extent permitted by the Trust Indenture Act, will waive any and all claims, in law and/or in equity, against the Trustee for, agree not to initiate a suit against the Trustee in respect of, and agree that the Trustee
will not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to this
Note. 

  
 A-11 

 Additionally, by its acquisition of this Note, each Holder of this Note acknowledges and
agrees that, upon the exercise of the Bail-in Power by the Relevant Resolution Authority: 
 (i) the
Trustee will not be required to take any further directions from the Holders of the Senior Non Preferred Notes with respect to any portion of the Senior Non Preferred Notes that are written-down, converted to equity and/or cancelled under the Senior
Non Preferred Indenture, which authorizes Holders of a majority in aggregate outstanding principal amount of the outstanding Senior Non Preferred Notes to direct certain actions relating to the Senior Non Preferred Notes; and 

(ii) the Senior Non Preferred Indenture will not impose any duties upon the Trustee whatsoever with respect to the exercise of the Bail-in Power by the Relevant Resolution Authority; 
 provided, however, that notwithstanding the
exercise of the Bail-in Power by the Relevant Resolution Authority, so long as the Senior Non Preferred Notes remain outstanding, there will at all times be a Trustee for the Senior Non Preferred Notes in
accordance with the Senior Non Preferred Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor Trustee will continue to be governed by the Base Indenture, including to the extent no additional supplemental
indenture or amendment is agreed upon in the event the Senior Non Preferred Notes remain outstanding following the completion of the exercise of the Bail-in Power. 

By its acquisition of this Note, each Holder of this Note acknowledges and agrees that neither a cancellation or deemed cancellation of the
principal or interest (in each case, in whole or in part), nor the exercise of the Bail-in Power by the Relevant Resolution Authority with respect to the Senior Non Preferred Notes will give rise to a default
for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act. 

By purchasing this Note, each Holder (including each beneficial owner) of this Note shall be deemed to have authorized, directed and requested
DTC and any direct participant in DTC or other intermediary through which it holds this Note to take any and all necessary action, if required, to implement the exercise of the Bail-in Power with respect to
the Senior Non Preferred Notes as it may be imposed, without any further action or direction on the part of such Holder. 
 Each Holder of
this Note also acknowledges and agrees that the foregoing description of the Bail-in Power and its exercise is exhaustive on the matters described herein to the exclusion of any other agreements, arrangements
or understandings relating to the application of any Bail-in Power to the Senior Non Preferred Notes. 

Each Holder of this Note that acquires such Senior Non Preferred Notes in the secondary market (including each beneficial owner) shall be
deemed to acknowledge, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders of the Senior Non Preferred Notes that acquire the Senior Non Preferred Notes upon their initial issuance, including,
without limitation, with respect to the acknowledgment and agreement to be bound by and consent to the terms of the Senior Non Preferred Notes, including in relation to the
Bail-in-Power. 

  
 A-12 

 Additional terms of the Senior Non Preferred Notes, including but not limited to events of
default, remedies, payment of additional amounts in respect of withholding tax, substitution and variation of the Senior Non Preferred Notes upon certain regulatory events, and amendment are set forth in the Senior Non Preferred Indenture. 

The Senior Non Preferred Indenture and the Senior Non Preferred Notes shall be governed by and construed in accordance with the laws of the
State of New York (without giving effect to the choice of law provisions), except for Section 12.01 of the Senior Non Preferred Indenture, Section 2.01(r) of the Third Supplemental Indenture and the status of the Senior Non Preferred
Notes, which shall be governed by and construed in accordance with the laws of The Kingdom of Spain, and except that the authorization and execution by the Company of the Senior Non Preferred Indenture and the Senior Non Preferred Notes shall be
governed by (in addition to the laws of the State of New York relevant to execution) the respective jurisdictions of organization of the Company and the Trustee, as the case may be. 

The Senior Non Preferred Notes and this Note have been issued in the State of New York. 

  
 A-13Exhibit 4.1

 

STOCK PURCHASE AGREEMENT

 

AMONG

 

BIMI International
medical Inc., as parent,

 

Chongqing
Guanzan Technology Co., Ltd., AS BUYER,

 

Chongqing
zhuoda pharmaceutical co., ltd., AS THE COMPANy,

 

AND

 

XIAOLIN
LIU, xusen he and dong zhang, AS SELLERS,

 

DATED

 

September [ ], 2021

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	1.	DEFINITIONS	1
	 	 	 	 
	2.	SALE AND TRANSFER OF SHARES; CLOSING	7
	 	2.1	Shares	7
	 	2.2	Purchase Price	7
	 	2.3	Payment of Consideration	8
	 	2.4	Closing	8
	 	2.5	Closing Obligations	8
	 	2.6	Payment of Post-Closing Consideration	9
	 	 	 	 
	3.	REPRESENTATIONS AND WARRANTIES OF SELLERS	11
	 	3.1	Title to the Shares	11
	 	3.2	Authority	11
	 	3.3	Consents Required	11
	 	 	 	 
	4.	REPRESENTATIONS AND WARRANTIES OF THE ACQUIRED COMPANIES AND SELLERS	13
	 	4.1	Organization and Good Standing	13
	 	4.2	Authority; No Conflict	13
	 	4.3	Capitalization	14
	 	4.4	Financial Statements	14
	 	4.5	Books and Records	15
	 	4.6	Title to Properties; Encumbrances	15
	 	4.7	Condition and Sufficiency of Assets	15
	 	4.8	Accounts Receivable	16
	 	4.9	Inventory	16
	 	4.10	No Undisclosed Liabilities	16
	 	4.11	Taxes	16
	 	4.12	No Material Adverse Change	17
	 	4.13	Employee Benefits	17
	 	4.14	Compliance With Legal Requirements; Governmental Authorizations	17
	 	4.15	Legal Proceedings; Orders	18
	 	4.16	Absence of Certain Changes and Events	18
	 	4.17	Contracts; No Defaults	19
	 	4.18	Insurance	20
	 	4.19	Environmental Matters	20
	 	4.20	Employees	21
	 	4.21	Labor Relations; Compliance	22
	 	4.22	Intellectual Property	22
	 	4.23	Healthcare Regulatory Matters	23
	 	4.24	Certain Payments	23
	 	4.25	Disclosure	23
	 	4.26	Relationships With Related Persons	23
	 	4.27	Brokers or Finders	23
	 	 	 	 
	5.	REPRESENTATIONS AND WARRANTIES OF BUYER	24
	 	5.1	Organization and Good Standing	24
	 	5.2	Authority; No Conflict	24
	 	5.3	Certain Proceedings	24
	 	5.4	Brokers or Finders	24

 

    i

     

    

 

	6.	REPRESENTATIONS AND WARRANTIES OF PARENT	24
	 	6.1	Stock Exchange Listing	24
	 	6.2	SEC Filings	24
	 	 	 	 
	7.	COVENANTS OF SELLERS	24
	 	7.1	Access and Investigation	24
	 	7.2	Operation of the Businesses of each Acquired Company	25
	 	7.3	Negative Covenant	25
	 	7.4	Required Approvals	25
	 	7.5	Notification	25
	 	7.6	Payment of Indebtedness by Related Persons	25
	 	7.7	No Negotiation	26
	 	7.8	Proprietary Information	26
	 	7.9	Public Announcements	26
	 	7.10	Stockholder Covenant	26
	 	7.11	Best Efforts	26
	 	7.12	Release	26
	 	7.13	Confidentiality	26
	 	 	 	 
	8.	Tax MAtters	27
	 	8.1	Responsibility for Filing Tax Returns	27
	 	8.2	Cooperation on Tax Matters	27
	 	8.3	Sales and Transfer Taxes	28
	 	 	 	 
	9.	CONDITIONS PRECEDENT TO BUYER’S OBLIGATION TO CLOSE	28
	 	9.1	Accuracy of Representations	28
	 	9.2	Sellers’ Performance	28
	 	9.3	Authorization	28
	 	9.4	Consents and Approvals	28
	 	9.5	Government Consents, Authorizations, Etc	28
	 	9.6	Additional Documents	28
	 	9.7	No Proceedings	29
	 	9.8	No Claim Regarding Stock Ownership or Sale Proceeds	29
	 	9.9	No Prohibition	29
	 	9.10	Absence of Material Adverse Change	29
	 	 	 	 
	10.	CONDITIONS PRECEDENT TO SELLERS’ OBLIGATION TO CLOSE	29
	 	10.1	Accuracy of Representations	29
	 	10.2	Buyer’s Performance	29
	 	10.3	No Injunction	29
	 	 	 	 
	11.	TERMINATION	30
	 	11.1	Termination Events	30
	 	11.2	Effect of Termination	30
	 	 	 	 
	12.	INDEMNIFICATION; REMEDIES	30
	 	12.1	Survival; Right to Indemnification Not Affected By Knowledge	30
	 	12.2	Indemnification and Payment of Damages by Sellers	30
	 	12.3	Indemnification and Payment of Damages by Sellers Environmental Matters	31
	 	12.4	Indemnification and Payment of Damages by Buyer	32
	 	12.5	Right of Set-Off	32
	 	12.6	Procedure for Indemnification Third Party Claims	32
	 	12.7	Procedure For Indemnification for Other Claims	33

 

    ii

     

    

 

	13.	GENERAL PROVISIONS	33
	 	13.1	Expenses	33
	 	13.2	Public Announcements	33
	 	13.3	Confidentiality	33
	 	13.4	Notices	33
	 	13.5	Further Assurances	34
	 	13.6	Waiver	34
	 	13.7	Entire Agreement and Modification	35
	 	13.8	Assignments, Successors, and Third-Party Rights	35
	 	13.9	Severability	35
	 	13.10	Section Headings, Construction	35
	 	13.11	Time of Essence	36
	 	13.12	Governing Law; Waiver of Jury Trial; Jurisdiction	36
	 	13.13	Counterparts; Facsimile and Electronic Signatures	37
	 	13.14	Representation by Counsel	37

 

    iii

     

    

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT
(this “Agreement”) is made as of [ ], 2021 by and among BIMI International
Medical Inc., a company organized under the laws of the state of Delaware, the U.S.A. (“Parent”), Chongqing
Guanzan Technology Co., Ltd., a company organized under the laws of the PRC (“Buyer”), CHONGQING ZHUODA PHARMACEUTICAL
CO., LTD., a company organized under the laws of the PRC (the “Company”), XIAOLIN LIU, a Chinese citizen residing in the PRC
(“Liu”), XUSEN HE, a Chinese citizen residing in the
PRC (“He”) and DONG ZHANG, a Chinese citizen residing in the PRC (“Zhang”), Liu, He and Zhang may be referred
to herein individually as a “Seller” and collectively as the “Sellers.”

 

RECITALS

 

Whereas,
immediately prior to the Closing, Sellers are the record and beneficial owners of all the equity interests of the Company (the “Shares”).

 

WHEREAS, Buyer desires to
purchase and acquire from Sellers, and Sellers desire to sell and transfer to Buyer, all the Shares for the consideration and on the terms
set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual representations, warranties, covenants and agreements contained herein and for other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, and upon the terms and subject to the conditions hereinafter set forth, the parties
hereto, intending to be legally bound, hereby agree as follows:

 

AGREEMENT

 

The parties, intending to
be legally bound, agree as follows:

 

		1.	DEFINITIONS.

 

For purposes of this Agreement,
the following terms have the meanings specified or referred to in this Section 1:

 

“2022 Actual Profit”
as defined in Section 2.6(a).

 

“2022 Financial Statements”
as defined in Section 2.6(a).

 

“2022 Profit Statement”
as defined in Section 2.6(a).

 

“2022 Profit Statement Delivery Date”
as defined in Section 2.6(a).

 

“2022 Profit Target”
as defined in Section 2.6(a).

 

“2023 Actual Profit”
as defined in Section 2.6(b).

 

“2023 Financial Statements”
as defined in Section 2.6(b).

 

“2023 Profit Statement”
as defined in Section 2.6(b).

 

“2023 Statement Delivery Date”
as defined in Section 2.6(b).

 

“2023 Profit Target”
as defined in Section 2.6(b).

 

     

     

    

 

“Acquired Companies”
the Company and all Subsidiaries of the Company, collectively.

 

“Affiliate” with respect
to any party, a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with, such party.

 

“Applicable Contract”
any Contract (a) under which any Acquired Company has or may acquire any rights, (b) under which any Acquired Company has or
may become subject to any obligation or liability, or (c) by which any Acquired Company or any of the assets owned or used by it
is or may become bound.

 

“Benefit Plan” as defined
in Section 4.13.

 

“Best Efforts” the efforts
that a prudent Person desirous of achieving a result would use in similar circumstances to ensure that such result is achieved as expeditiously
as possible.

 

“Breach” a “Breach”
of a representation, warranty, covenant, obligation, or other provision of this Agreement or any instrument delivered pursuant to this
Agreement will be deemed to have occurred if there is or has been (a) any inaccuracy in or breach of, or any failure to perform or
comply with, such representation, warranty, covenant, obligation, or other provision, or (b) any claim (by any Person) or other
occurrence or circumstance that is or was inconsistent with such representation, warranty, covenant, obligation, or other provision, and
the term “Breach” means any such inaccuracy, breach, failure, claim, occurrence, or circumstance.

 

“Buyer” as defined in
the first paragraph of this Agreement.

 

“Closing” as defined
in Section 2.4.

 

“Closing Date” as defined
in Section 2.4.

 

“Confidential Information”
means all non-public, confidential or proprietary information of the Acquired Companies, including the Intellectual Property Assets.

 

“Consent” any approval,
consent, ratification, waiver, or other authorization (including any Governmental Authorization).

 

“Contemplated Transactions”
means the purchase of the Shares by Buyer and the other transactions contemplated by this Agreement.

 

“Contract” any agreement,
contract, obligation, promise, or undertaking (whether written or oral and whether express or implied) that is legally binding.

 

“Damages” as defined
in Section 11.2.

 

“Distribution Compliance Period”
as defined in Section 4.27(c).

 

“Encumbrance” any charge,
claim, community property interest, condition, equitable interest, lien, option, pledge, security interest, right of first refusal, or
restriction of any kind, including any restriction on use, voting, transfer, receipt of income, or exercise of any other attribute of
ownership.

 

“Environment” soil,
land surface or subsurface strata, surface waters (including navigable waters, ocean waters, streams, ponds, drainage basins, and wetlands),
groundwaters, drinking water supply, stream sediments, ambient air (including indoor air), plant and animal life, and any other environmental
medium or natural resource.

 

    2

     

    

 

“Environmental, Health, and Safety
Liabilities” any cost, damages, expense, liability, obligation, or other responsibility arising from or under Environmental
Law or Occupational Safety and Health Law and consisting of or relating to:

 

(a) any
environmental, health, or safety matters or conditions (including on- site or off-site contamination, occupational safety and health,
and regulation of chemical substances or products);

 

(b) fines,
penalties, judgments, awards, settlements, legal or administrative proceedings, damages, losses, claims, demands and response, investigative,
remedial, or inspection costs and expenses arising under Environmental Law or Occupational Safety and Health Law;

 

(c) financial
responsibility under Environmental Law or Occupational Safety and Health Law for cleanup costs or corrective action, including any investigation,
cleanup, removal, containment, or other remediation or response actions (“Cleanup”) required by applicable Environmental
Law or Occupational Safety and Health Law (whether or not such Cleanup has been required or requested by any Governmental Body or any
other Person) and for any natural resource damages; or

 

(d) any
other compliance, corrective, investigative, or remedial measures required under Environmental Law or Occupational Safety and Health Law.

 

“Environmental Law”
any Legal Requirement that requires or relates to:

 

(a) advising
appropriate authorities, employees, and the public of intended or actual releases of pollutants or hazardous substances or materials,
violations of discharge limits, or other prohibitions and of the commencements of activities, such as resource extraction or construction,
that could have significant impact on the Environment;

 

(e) preventing
or reducing to acceptable levels the release of pollutants or hazardous substances or materials into the Environment;

 

(f) reducing
the quantities, preventing the release, or minimizing the hazardous characteristics of wastes that are generated;

 

(g) assuring
that products are designed, formulated, packaged, and used so that they do not present unreasonable risks to human health or the Environment
when used or disposed of;

 

(h) protecting
resources, species, or ecological amenities;

 

(i) reducing
to acceptable levels the risks inherent in the transportation of hazardous substances, pollutants, oil, or other potentially harmful substances;

 

(j) cleaning
up pollutants that have been released, preventing the threat of release, or paying the costs of such clean up or prevention; or

 

(k) making
responsible parties pay private parties, or groups of them, for damages done to their health or the Environment, or permitting self-appointed
representatives of the public interest to recover for injuries done to public assets.

 

“Facilities” any real
property, leaseholds, or other interests currently or formerly owned or operated by any Acquired Company and any buildings, plants, structures,
or equipment (including motor vehicles, tank cars, and rolling stock) currently or formerly owned or operated by any Acquired Company.

 

“Final 2022 Profit Statement”
as defined in Section 2.6(a).

 

    3

     

    

 

“Final 2023 Profit Statement”
as defined in Section 2.6(b).

 

“Governmental Authorization”
any approval, consent, license, permit, waiver, or other authorization issued, granted, given, or otherwise made available by or under
the authority of any Governmental Body or pursuant to any Legal Requirement.

 

“Governmental Body”
any:

 

(a) nation,
state, county, city, town, village, district, or other jurisdiction of any nature;

 

(b) federal,
state, local, municipal, foreign, or other government;

 

(c) governmental
or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or entity and any court
or other tribunal);

 

(d) multi-national
organization or body; or

 

(e) body
exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or
power of any nature.

 

“Hazardous Activity”
the distribution, generation, handling, importing, management, manufacturing, processing, production, refinement, Release, storage, transfer,
transportation, treatment, or use (including any withdrawal or other use of groundwater) of Hazardous Materials in, on, under, about,
or from the Facilities or any part thereof into the Environment, and any other act, business, operation, or thing that increases the danger,
or risk of danger, or poses an unreasonable risk of harm to persons or property on or off the Facilities, or that may affect the value
of the Facilities or the Acquired Companies.

 

“Hazardous Materials”
any waste or other substance that is listed, defined, designated, or classified as, or otherwise determined to be, hazardous, radioactive,
or toxic or a pollutant or a contaminant under or pursuant to any Environmental Law, including any admixture or solution thereof, and
specifically including petroleum and all derivatives thereof or synthetic substitutes therefor and asbestos or asbestos-containing materials.

 

“Intellectual Property Assets”
as defined in Section 4.22.

 

“Knowledge” an individual
will be deemed to have “Knowledge” of a particular fact or other matter if:

 

(a) such
individual is actually aware of such fact or other matter; or

 

(b) a
prudent individual could be expected to discover or otherwise become aware of such fact or other matter in the course of conducting a
reasonably comprehensive investigation concerning the existence of such fact or other matter.

 

A Person (other than an individual) will
be deemed to have “Knowledge” of a particular fact or other matter if any individual who is a key employee or is serving,
or who has at any time served, as a director, officer, partner, executor, or trustee of such Person (or in any similar capacity) has,
or at any time had, Knowledge of such fact or other matter.

 

“Latest Balance Sheet”
as defined in Section 4.4.

 

“Legal Requirement”
any federal, state, local, municipal, foreign, international, multinational, or other administrative order, constitution, law, ordinance,
principle of common law, regulation, statute, or treaty.

 

“NASDAQ” the NASDAQ
Stock Market or any of its successor entities.

 

    4

     

    

 

“Net Profit” with respect
to any period, the Revenue less the aggregate amount of the costs of goods sold, operating expenses, interests expenses, depreciation,
amortization, taxes and any other expenses of all the Acquired Companies during such period, calculated in accordance with generally accepted
accounting principles in the U.S.A.

 

“Occupational Safety and Health Law”
any Legal Requirement designed to provide safe and healthful working conditions and to reduce occupational safety and health hazards,
and any program, whether governmental or private (including those promulgated or sponsored by industry associations and insurance companies),
designed to provide safe and healthful working conditions.

 

“Order” any award, decision,
injunction, judgment, order, ruling, subpoena, or verdict entered, issued, made, or rendered by any court, administrative agency, or other
Governmental Body or by any arbitrator.

 

“Ordinary Course of Business”
an action taken by a Person will be deemed to have been taken in the “Ordinary Course of Business” only if:

 

(a) such
action is consistent with the past practices of such Person and is taken in the ordinary course of the normal day-to-day operations of
such Person;

 

(b) such
action is not required to be authorized by the board of directors of such Person (or by any Person or group of Persons exercising similar
authority) and is not required to be specifically authorized by the parent company (if any) of such Person; and

 

(c) such
action is similar in nature and magnitude to actions customarily taken, without any authorization by the board of directors (or by any
Person or group of Persons exercising similar authority), in the ordinary course of the normal day-to-day operations of other Persons
that are in the same line of business as such Person.

 

“Organizational Documents”
(a) the articles or certificate of incorporation and the bylaws of a corporation; (b) the partnership agreement and any statement
of partnership of a general partnership; (c) the limited partnership agreement and the certificate of limited partnership of a limited
partnership; (d) any charter or similar document adopted or filed in connection with the creation, formation, or organization of
a Person; and (e) any amendment to any of the foregoing.

 

“Parent Shares” newly-issued
shares of common stock, par value $0.001, of Parent.

 

“Person” any individual,
corporation (including any non-profit corporation), general or limited partnership, limited liability company, joint venture, estate,
trust, association, organization, labor union, or other entity or Governmental Body.

 

“PRC” the People’s
Republic of China (excluding, the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan).

 

“Proceeding” any action,
arbitration, audit, hearing, investigation, litigation, or suit (whether civil, criminal, administrative, investigative, or informal) commenced,
brought, conducted, or heard by or before, or otherwise involving, any Governmental Body or arbitrator.

 

“Related Person” with
respect to a particular individual:

 

(a) each
other member of such individual’s Family;

 

    5

     

    

 

(b) any
Person that is directly or indirectly controlled by such individual or one or more members of such individual’s Family;

 

(c) any
Person in which such individual or members of such individual’s Family hold (individually or in the aggregate) a Material Interest;
and

 

(d) any
Person with respect to which such individual or one or more members of such individual’s Family serves as a director, officer, partner,
executor, or trustee (or in a similar capacity).

 

With respect to a specified
Person other than an individual:

 

(a) any
Person that directly or indirectly controls, is directly or indirectly controlled by, or is directly or indirectly under common control
with such specified Person;

 

(b) any
Person that holds a Material Interest in such specified Person;

 

(c) each
Person that serves as a director, officer, partner, executor, or trustee of such specified Person (or in a similar capacity);

 

(d) any
Person in which such specified Person holds a Material Interest;

 

(e) any
Person with respect to which such specified Person serves as a general partner or a trustee (or in a similar capacity); and

 

(f) any
Related Person of any individual described in clause (b) or (c).

 

For purposes of this definition,
(a) the “Family” of an individual includes (i) the individual, (ii) the individual’s spouse and
former spouses, (iii) any other natural person who is related to the individual or the individual’s spouse within the second
degree, and (iv) any other natural person who resides with such individual, and (b) “Material Interest” means
direct or indirect beneficial ownership (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) of voting securities
or other voting interests representing at least 5% of the outstanding voting power of a Person or equity securities or other equity interests
representing at least 5% of the outstanding equity securities or equity interests in a Person.

 

“Release” any spilling,
leaking, emitting, discharging, depositing, escaping, leaching, dumping, or other releasing into the Environment, whether intentional
or unintentional.

 

“Representative” with
respect to a particular Person, any director, officer, employee, agent, consultant, advisor, or other representative of such Person, including
legal counsel, accountants, and financial advisors.

 

“Revenue” with respect
to any period, the aggregate payments received during such period (and not refunded during such period) by all the Acquired Companies
from customers and the aggregate payments owed during such period by customers to all the Acquired Companies for products sold and services
provided and not yet received during such period, calculated in accordance with generally accepted accounting principles in the U.S.A.

 

“Second Payment” as
defined in Section 2.6 (a).

 

“Second Payment Date”
as defined in Section 2.6 (a).

 

“Securities Act” the
Securities Act of 1933 or any successor law, and regulations and rules issued pursuant to that Act or any successor law.

 

    6

     

    

 

“Sellers” as defined
in the first paragraph of this Agreement.

 

“Shares” as defined
in the Recitals of this Agreement.

 

“Subsidiary” with respect
to any Person (the “Owner”), any corporation or other Person of which securities or other interests having the power
to elect a majority of that corporation’s or other Person’s board of directors or similar governing body, or otherwise having
the power to direct the business and policies of that corporation or other Person (other than securities or other interests having such
power only upon the happening of a contingency that has not occurred) are held by the Owner or one or more of its Subsidiaries; when
used without reference to a particular Person, “Subsidiary” means a Subsidiary of the Company.

 

“Tax” any tax (including
any income tax, capital gains tax, value-added tax, sales tax, property tax, gift tax, or estate tax), levy, assessment, tariff, duty
(including any customs duty), deficiency, or other fee, and any related charge or amount (including any fine, penalty, interest, or addition
to tax), imposed, assessed, or collected by or under the authority of any Governmental Body or payable pursuant to any tax-sharing agreement
or any other Contract relating to the sharing or payment of any such tax, levy, assessment, tariff, duty, deficiency, or fee.

 

“Tax Return” any return
(including any information return), report, statement, schedule, notice, form, or other document or information filed with or submitted
to, or required to be filed with or submitted to, any Governmental Body in connection with the determination, assessment, collection,
or payment of any Tax or in connection with the administration, implementation, or enforcement of or compliance with any Legal Requirement
relating to any Tax.

 

“Third Party Auditor”
as defined in Section 2.6(a).

 

“Third Party Beneficiaries”
Ye Zhang and Bo Wang, both Chinese citizens residing in the PRC.

 

“Third Payment” as defined
in Section 2.6(b).

 

“Third Payment Date”
as defined in Section 2.6 (b).

 

“Threat of Release”
a substantial likelihood of a Release that may require action in order to prevent or mitigate damage to the Environment that may result
from such Release.

 

“Threatened” a claim,
Proceeding, dispute, action, or other matter will be deemed to have been “Threatened” if any demand or statement has been
made (orally or in writing) or any notice has been given (orally or in writing), or if any other event has occurred or any other
circumstances exist, that would lead a prudent Person to conclude that such a claim, Proceeding, dispute, action, or other matter is likely
to be asserted, commenced, taken, or otherwise pursued in the future.

 

“U.S.A.” the United
States of America.

 

		2.	SALE AND TRANSFER OF SHARES; CLOSING.

 

2.1 Shares. Upon the
terms and subject to the conditions of this Agreement, at the Closing, Sellers shall sell, convey, assign, transfer and deliver to Buyer,
and Buyer shall purchase, acquire and accept from Sellers, all right, title and interest in and to the Shares, free and clear of all
Encumbrance.

 

2.2 Purchase Price.
The aggregate purchase price (the “Purchase Price”) for the Shares is RMB 75,000,000, payable in the forms and
methods as set forth in Section 2.3 and Section 2.6. The Purchase Price shall be subject to post-Closing adjustment in
accordance with Section 2.6.

 

    7

     

    

 

2.3 Payment of Consideration.
The Purchase Price, subject to post-Closing adjustment, shall be paid as follows:

 

(a) Upon
the terms and subject to the conditions of this Agreement, in consideration of the aforesaid sale, conveyance, assignment, transfer and
delivery of the Shares, 2,200,000 Parent Shares (the “Closing Stock Payment”), the value of which the parties hereto
agree to be RMB 43,560,000 or US$6,600,000, shall be issued to Sellers or their designees at the Closing.

 

(b) Upon
the terms and subject to the conditions of this Agreement, on the Second Payment Date (as defined below), 800,000 Parent Shares, the value
of which the parties hereto agree to be RMB 15,840,000 or US$2,400,000 (the “Second Payment”) shall be issued to Sellers
or their designees. The Second Payment shall be adjusted pursuant to Section 2.6 (a)(v).

 

(c) Upon
the terms and subject to the conditions of this Agreement, on the Third Payment Date (as defined below), 800,000 Parent Shares, the value
of which the parties hereto agree to be RMB 15,840,000 or US$2,400,000 (the “Third Payment”) shall be issued to Sellers
or their designees. The Third Payment shall be adjusted pursuant to Section 2.6 (b)(v).

 

2.4 Closing.
The purchase and sale (the “Closing”) provided for in this Agreement will take place at such place and on such date
as Buyer and Sellers shall mutually agree (the “Closing Date”), which is no later than two business days after the
date that all closing conditions set forth in Sections 9 and 10 have been satisfied or waived. The Closing may also be
consummated by facsimile, electronically and by other means satisfactory to Buyer, Sellers and their respective counsel. The Closing
shall be deemed to occur as of midnight on the Closing Date.

 

2.5 Closing Obligations.
At the Closing:

 

(a) Sellers
will deliver to Buyer

 

(i) certificates
representing all of the Shares, free and clear of all Encumbrances, duly endorsed in blank or with a fully executed stock power attached,
or duly executed instrument of share transfer with respect to the Shares, all in proper form for transfer and in form and substance satisfactory
to Buyer;

 

(ii) evidence
that the official records of all Governmental Bodies of the PRC with appropriate jurisdiction have been updated to reflect Buyer owns,
beneficially and on the record, all of the Shares; and

 

(iii) all
other agreements, documents, instruments or certificates required to be delivered by Sellers pursuant to Section 9.6, at or prior
to the Closing; and

 

(b) Buyer
will cause the Closing Stock Payment issued to Sellers and the Third Party Beneficiaries per the schedule set forth on Schedule 2.5
and deliver to Sellers and all other agreements, documents, instruments or certificates required to be delivered by Buyer pursuant to
Section 10.1, at or prior to the Closing.

 

    8

     

    

 

2.6 Payment
of Post-Closing Consideration.

 

(a) The
Second Payment.

 

(i) 2022
Profit Statement

 

Within fifteen (15)
Business Days after the completion of the financial statements for the calendar year of 2022 for the Company (the “2022 Financial
Statements”), Buyer shall provide to Sellers a statement of Buyer’s good faith calculations of Net Profit for the calendar
year of 2022, to be derived from the 2022 Financial Statements (the “2022 Profit Statement”). Buyer shall provide to
Sellers materials as reasonably required to support such 2022 Profit Statement.

 

(ii) Objection
Period

 

Within fifteen (15)
days following delivery of the 2022 Profit Statement, Sellers shall notify Buyer in writing if they have any objections to the 2022 Profit
Statement. The notice of objection must state in reasonable detail the basis of each objection and the approximate amounts in dispute.
Sellers shall be deemed to have accepted the 2022 Profit Statement delivered to them if Sellers do not notify Buyer of any objection within
such period of fifteen (15) days.

 

(iii) Settlement
of Dispute

 

If Sellers dispute the
2022 Profit Statement in accordance with Section 2.6(a)(ii), then Buyer and Sellers will work expeditiously and in good faith in
an attempt to resolve such dispute within a further period of fifteen (15) days after the date of the notification of such dispute, failing
which the dispute may be submitted by Buyer for final determination to one (1) reputable accounting firm jointly chosen by Buyer and Sellers
(with which neither Party or their respective Affiliates, have any relationship) (the “Third Party Auditor”). Buyer
and Sellers shall use commercially reasonable efforts to cause the Third Party Auditor to complete its work within forty-five (45) days
of their engagement. The Third Party Auditor shall allow each of Buyer and Sellers to present their respective positions regarding the
2022 Profit Statement, and each of Buyer and Sellers shall have the right to present additional documents, materials and other information,
and make an oral presentation to the Third Party Auditor regarding the dispute. The Third Party Auditor may not assign a value to any
item greater than the greatest value for such item claimed by Buyer or Sellers, as the case may be, or less than the least value for such
item claimed by Buyer or Sellers, as the case may be.

 

(iv) Final
Determination

 

Promptly following the
time periods referred in Section 2.6(a)(ii) during which no notice of objection was given or any dispute was resolved in accordance
with Section 2.6(a)(iii), as the case may be, Buyer shall deliver to Sellers a final version of the 2022 Profit Statement (the
“Final 2022 Profit Statement”) (the date of such delivery, the “2022 Profit Statement Delivery Date”).
The Final 2022 Profit Statement shall be final and binding upon the parties upon delivery thereof and shall not be subject to appeal,
absent manifest error.

 

    9

     

    

 

(v) Adjustment
to the Second Payment

 

(A) If
the value of Net Profit as shown in the Final 2022 Statement (the “2022 Actual Profit”) equals or exceeds RMB 5,000,000
(the “2022 Profit Target”), the Second Payment shall be 800,000 Parent Shares.

 

(B) If
the value of the 2022 Actual Profit is less than the 2022 Profit Target, the Second Payment shall be the result of 800,000 Parent Shares
× (2022 Actual Profit /2022 Profit Target).

 

(vi) Payment
of the Second Payment.

 

The Second Payment, as adjusted pursuant
to Section 2.6(a)(v), shall be issued to Sellers and the Third Party Beneficiaries within five (5) days of the 2022 Profit Statement
Delivery Date (the “Second Payment Date”) per a schedule provided by Sellers, unless otherwise agreed upon by the parties.

 

(b) The
Third Payment.

 

(i) 2023
Profit Statement

 

Within fifteen (15) Business Days after
the completion of the financial statements for the calendar year of 2023 for each of the Acquired Companies (collectively, the “2023
Financial Statements”), Buyer shall provide to Sellers a statement of Buyer’s good faith calculations of Net Profit for
the calendar year of 2023, to be derived from the 2023 Financial Statements (the “2023 Profit Statement”). Buyer shall
provide to Sellers materials as reasonably required to support such 2023 Profit Statement.

 

(ii) Objection
Period

 

Within fifteen (15) days following delivery
of the 2023 Profit Statement, Sellers shall notify Buyer in writing if they have any objections to the 2023 Profit Statement. The notice
of objection must state in reasonable detail the basis of each objection and the approximate amounts in dispute. Sellers shall be deemed
to have accepted the 2023 Profit Statement delivered to them if Sellers do not notify Buyer of any objection within such period of fifteen
(15) days.

 

(iii) Settlement
of Dispute

 

If Sellers dispute the 2023 Profit Statement
in accordance with Section 2.6(b)(ii), then Buyer and Sellers will work expeditiously and in good faith in an attempt to resolve
such dispute within a further period of fifteen (15) days after the date of the notification of such dispute, failing which the dispute
may be submitted by Buyer for final determination to the Third Party Auditor. Buyer and Sellers shall use commercially reasonable efforts
to cause the Third Party Auditor to complete its work within forty-five (45) days of their engagement. The Third Party Auditor shall allow
each of Buyer and Sellers to present their respective positions regarding the 2023 Profit Statement, and each of Buyer and Sellers shall
have the right to present additional documents, materials and other information, and make an oral presentation to the Third Party Auditor
regarding the dispute. The Third Party Auditor may not assign a value to any item greater than the greatest value for such item claimed
by Buyer or Sellers, as the case may be, or less than the least value for such item claimed by Buyer or Sellers, as the case may be.

 

    10

     

    

 

(iv) Final
Determination

 

Promptly following the time periods referred
in Section 2.6 (b)(ii) during which no notice of objection was given or any dispute was resolved in accordance with Section
2.6(b)(iii), as the case may be, Buyer shall deliver to Sellers a final version of the 2023 Profit Statement (the “Final
2023 Profit Statement”) (the date of such delivery, the “2023 Profit Statement Delivery Date”). The Final
2023 Profit Statement shall be final and binding upon the parties upon delivery thereof and shall not be subject to appeal, absent manifest
error.

 

(v) Adjustment
to the Third Payment

 

(A) If
the value of Net Profit as shown in the Final 2023 Profit Statement (the “2023 Actual Profit”) equals or exceeds RMB
5,500,000 (the “2023 Profit Target”), the Third Payment shall be 800,000 Parent Shares.

 

(B) If
the value of the 2023 Actual Profit is less than the 2023 Profit Target, the Third Payment shall be the result of 800,000 Parent Shares
× (2023 Actual Profit /2023 Profit Target).

 

(vi) Payment
of the Third Payment.

 

The Third Payment, as
adjusted pursuant to Section 2.6(b)(v), shall be issued to Sellers and the Third Party Beneficiaries within five (5) days of the
2023 Profit Statement Delivery Date (the “Third Payment Date”) per a schedule provided by Sellers, unless otherwise
agreed upon by the parties.

 

		3.	REPRESENTATIONS AND WARRANTIES OF SELLERS.

 

Sellers jointly and severally
represent and warrant to Buyer as of the date hereof and as of the Closing Date as follows

 

3.1 Title to the Shares.
Sellers are the lawful owners, of record and beneficially of the Shares and have good and marketable title to the Shares, free and
clear of all Encumbrances whatsoever. Schedule 3.1 sets out the name of each current holder of the Shares and the ownership percentage
of that holder. Except for this Agreement, there are no agreements or understandings between either Seller and any other Person with
respect to the acquisition, disposition or voting of or any other matters pertaining to the Shares and no restriction on the voting rights
and other incidents of record or beneficial ownership pertaining thereto. There are no Proceedings or Orders pending or, to the Knowledge
of each Seller, threatened by or against either Seller relating to the Shares.

 

3.2 Authority.
Each Seller has all requisite power and authority to execute, deliver and perform such Seller’s obligations under this Agreement
and to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by each Seller,
and constitutes a valid and binding obligation of such Seller, enforceable against such Seller in accordance with its terms.

 

3.3 Consents Required.
No consent, permit, approval, Order or authorization of or by, registration, declaration or filing with, or notification to any Governmental
Body is required by or with respect to each Seller in connection with the execution and delivery of this Agreement and consummation by
such Seller of the transactions contemplated hereby.

 

    11

     

    

 

3.4 Investment
Representations. Each Seller represents that he/she is not a U.S. person, and further represents and warrants to Buyer as
follows:

 

(a) At
the time of (a) the offer of Parent Shares by the Buyer and (b) the acceptance of the offer by such Seller, of the Parent Shares, Seller
was outside the United States.

 

(b) Seller
is acquiring the Parent Shares for Seller’s own account, for investment and not for distribution or resale to others and is not
purchasing the Parent Shares for the account or benefit of any U.S. person, or with a view towards distribution to any U.S. person, in
violation of the registration requirements of the Securities Act.

 

(c) Seller
will make all subsequent offers and sales of the Parent Shares either (x) outside of the United States in compliance with Regulation S;
(y) pursuant to a registration under the Securities Act; or (z) pursuant to an available exemption from registration under the Securities
Act. Specifically, such person or entity will not resell the Parent Shares to any U.S. person or within the United States prior to the
expiration of a period commencing on the Closing Date and ending on the date that is one year thereafter (the “Distribution Compliance
Period”), except pursuant to registration under the Securities Act or an exemption from registration under the Securities Act.

 

(d) Seller
has no present intention to sell the Parent Shares in the United States or to a U.S. person at any predetermined time, has made no predetermined
arrangements to sell the Parent Shares and is not acting as a Distributor of such securities.

 

(e) Seller,
its Affiliates nor any Person acting on behalf of such person or entity, has entered into, has the intention of entering into, or will
enter into any put option, short position or other similar instrument or position in the U.S. with respect to the Parent Shares at any
time after the Closing Date through the Distribution Compliance Period.

 

(f) Seller
consents to the placement of a legend on any certificate or other document evidencing the Parent Shares substantially in the form set
forth in Section 6.14 of this Agreement.

 

(g)
Seller is not acquiring the Parent Shares in a transaction (or an element of a series of transactions) that is part of any plan or scheme
to evade the registration provisions of the Securities Act.

 

(h) Seller
has sufficient knowledge and experience in finance, securities, investments and other business matters to be able to protect such person’s
or entity’s interests in connection with the transactions contemplated by this Agreement.

 

(i) Seller
has consulted, to the extent that it has deemed necessary, with its tax, legal, accounting and financial advisors concerning its investment
in the Parent Shares.

 

(j) Seller
understands the various risks of an investment in the Parent Shares and can afford to bear such risks for an indefinite period of time,
including, without limitation, the risk of losing its entire investment in the Parent Shares.

 

(k) Seller
has had access to Buyer’s publicly filed reports with the SEC and has been furnished during the course of the transactions contemplated
by this Agreement with all other public information regarding the Buyer that such person or entity has requested and all such public information
is sufficient for such person or entity to evaluate the risks of investing in the Parent Shares.

 

    12

     

    

 

(l) Seller
has been afforded the opportunity to ask questions of and receive answers concerning Buyer and the terms and conditions of the issuance
of the Parent Shares.

 

(m) Seller
is not relying on any representations and warranties concerning Buyer made by the Buyer or any officer, employee or agent of Buyer, other
than those contained in this Agreement.

 

(n) Seller
will not sell or otherwise transfer the Parent Shares unless either (A) the transfer of such securities is registered under the Securities
Act or (B) an exemption from registration of such securities is available.

 

(o) Seller
represents that the address furnished on its signature page to this Agreement is the principal residence of Seller.

 

(p) Seller
understands and acknowledges that the Parent Shares have not been recommended by any federal or state securities commission or regulatory
authority, that the foregoing authorities have not confirmed the accuracy or determined the adequacy of any information concerning the
Buyer that has been supplied to such person or entity and that any representation to the contrary is a criminal offense.

 

(q) Seller
is an Accredited Investor as that term is defined in Regulation D of the Securities Exchange Act, and is able to protect its interests
in connection with the acquisition of the Parent Shares and can bear the economic risk of investment in such securities without producing
a material adverse change in respect of Seller’s financial condition. Seller has such knowledge and experience in financial or business
matters that Seller is capable of evaluating the merits and risks of the investment in the Parent Shares

 

		4.	REPRESENTATIONS AND WARRANTIES OF THE ACQUIRED
COMPANIES AND SELLERS

 

The Acquired Companies and
Sellers jointly and severally represent and warrant to Buyer as of the date hereof and as of the Closing Date as follows:

 

4.1 Organization
and Good Standing.

 

(a) Each
Acquired Company is duly organized, validly existing, and in good standing under the laws of its jurisdiction of formation, with full
corporate power and authority to conduct its business as it is now being conducted, to own or use the properties and assets that it purports
to own or use, and to perform all of its obligations in the Ordinary Course of Business and under its contracts. Each Acquired Company
is duly qualified to do business as a foreign company and is in good standing under the laws of each country, territory or other jurisdiction
in which either the ownership or use of the properties owned or used by it, or the nature of the activities conducted by it, requires
such qualification.

 

(b) Sellers
have delivered to Buyer copies of the Organizational Documents of each Acquired Company, as currently in effect.

 

4.2 Authority;
No Conflict.

 

(a) This
Agreement constitutes the legal, valid, and binding obligation of each Acquired Company, enforceable against each Acquired Company in
accordance with its terms. Sellers and the Acquired Companies have the absolute and unrestricted right, power, authority, and capacity
to execute and deliver this Agreement and the other documents required to be delivered hereunder and to perform their obligations under
this Agreement.

 

    13

     

    

 

(b) Neither
the execution and delivery of this Agreement nor the consummation or performance of any of the Contemplated Transactions will, directly
or indirectly (with or without notice or lapse of time):

 

(i) contravene,
conflict with, or result in a violation of (A) any provision of the Organizational Documents of any Acquired Company, or (B) any
resolution adopted by the board of directors or the stockholders of any Acquired Company;

 

(ii) contravene,
conflict with, or result in a violation of, or give any Governmental Body or other Person the right to challenge any of the Contemplated
Transactions or to exercise any remedy or obtain any relief under, any Legal Requirement or any Order to which any Acquired Company or
Seller, or any of the assets owned or used by any Acquired Company, may be subject;

 

(iii) contravene,
conflict with, or result in a violation of any of the terms or requirements of, or give any Governmental Body the right to revoke, withdraw,
suspend, cancel, terminate, or modify, any Governmental Authorization that is held by any Acquired Company or that otherwise relates to
the business of, or any of the assets owned or used by, any Acquired Company;

 

(iv) cause
Buyer or any Acquired Company to become subject to, or to become liable for the payment of, any Tax;

 

(v) cause
any of the assets owned by any Acquired Company to be reassessed or revalued by any taxing authority or other Governmental Body;

 

(vi) contravene,
conflict with, or result in a violation or breach of any provision of, or give any Person the right to declare a default or exercise any
remedy under, or to accelerate the maturity or performance of, or to cancel, terminate, or modify, any Applicable Contract; or

 

(vii) result
in the imposition or creation of any Encumbrance upon or with respect to any of the assets owned or used by any Acquired Company.

 

None of the Sellers and the
Acquired Companies is or will be required to give any notice to or obtain any consent from any Person in connection with the execution
and delivery of this Agreement or the consummation or performance of any of the Contemplated Transactions.

 

4.3 Capitalization.
Sellers are and will be on the Closing Date the record and beneficial owner and holder of the Shares, free and clear of all Encumbrances.
No legend or other reference to any purported Encumbrance appears upon any certificate representing equity securities of any Acquired
Company. All the outstanding equity securities of each Acquired Company have been duly authorized and validly issued and are fully paid
and nonassessable. There are no Contracts relating to the issuance, sale, or transfer of any equity securities or other securities of
any Acquired Company. None of the outstanding equity securities or other securities of any Acquired Company was issued in violation of
the Securities Act or any other Legal Requirement. None of the Acquired Companies owns, or has any Contract to acquire, any equity securities
or other securities of any Person (other than the Acquired Company) or any direct or indirect equity or ownership interest in any
other business.

 

4.4 Financial Statements.
Sellers have delivered to Buyer the unaudited consolidated balance sheets of each Acquired Company as at June 30, 2021 (the “Latest
Balance Sheet”) and December 31, 2020, and the related consolidated statements of income, changes in stockholders’ equity,
and cash flow for each of the fiscal years then ended, including the notes thereto. Such financial statements and notes fairly present
the financial condition and the results of operations, changes in stockholders’ equity, and cash flow of each Acquired Company
as at the respective dates of and for the periods referred to in such financial statements. The financial statements referred to in this
Section 4.4 reflect the consistent application of such accounting principles throughout the periods involved.

 

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4.5 Books and Records.
The books of account, minute books, stock record books, and other records of each Acquired Company, all of which have been made available
to Buyer, are complete and correct. The minute books of each Acquired Company contain accurate and complete records of all meetings held,
and corporate action taken by, the stockholders, the Boards of Directors, and committees of the Boards of Directors of each Acquired
Company, and no meeting of any such stockholders, Board of Directors, or committee has been held for which minutes have not been prepared
and are not contained in such minute books. At the Closing, all those books and records will be in the possession of each Acquired Company.

 

4.6 Title to Properties;
Encumbrances. Sellers have delivered or made available to Buyer copies of the deeds and
other instruments (as recorded) by which each Acquired Company acquired all real property, leaseholds, or other interests owned by it,
and copies of all title insurance policies, opinions, abstracts, and surveys in the possession of Sellers or each Acquired Company and
relating to such property or interests. Each Acquired Company owns (with good and marketable title in the case of real property, subject
only to the matters permitted by the following sentence) all the properties and assets (whether real, personal, or mixed and whether
tangible or intangible) that they purport to own located in the facilities owned or operated by such Acquired Company or reflected
as owned in the books and records of such Acquired Company, including all of the properties and assets reflected in the Latest Balance
Sheet (except for personal property sold since the date of the Latest Balance Sheet, as the case may be, in the Ordinary Course of Business),
and all of the properties and assets purchased or otherwise acquired by each Acquired Company since the date of the Latest Balance Sheet
(except for personal property acquired and sold since the date of the Balance Sheet in the Ordinary Course of Business and consistent
with past practice). All material properties and assets reflected in the Latest Balance Sheet are free and clear of all Encumbrances
and are not, in the case of real property, subject to any rights of way, building use restrictions, exceptions, variances, reservations,
or limitations of any nature except, with respect to all such properties and assets, (a) mortgages or security interests shown on
the Latest Balance Sheet as securing specified liabilities or obligations, with respect to which no default (or event that, with notice
or lapse of time or both, would constitute a default) exists, (b) mortgages or security interests incurred in connection with
the purchase of property or assets after the date of the Latest Balance Sheet (such mortgages and security interests being limited to
the property or assets so acquired), with respect to which no default (or event that, with notice or lapse of time or both, would constitute
a default) exists, (c) liens for current taxes not yet due, and (d) with respect to real property, (i) minor imperfections
of title, if any, none of which is substantial in amount, materially detracts from the value or impairs the use of the property subject
thereto, or impairs the operations of each Acquired Company, and (ii) zoning laws and other land use restrictions that do not impair
the present or anticipated use of the property subject thereto. All buildings, plants, and structures owned by each Acquired Company
lie wholly within the boundaries of the real property owned by each Acquired Company and do not encroach upon the property of, or otherwise
conflict with the property rights of, any other Person.

 

4.7 Condition and Sufficiency
of Assets. The buildings, plants, structures, and equipment of each Acquired Company are
structurally sound, are in good operating condition and repair, and are adequate for the uses to which they are being put, and none of
such buildings, plants, structures, or equipment is in need of maintenance or repairs except for ordinary, routine maintenance and repairs
that are not material in nature or cost. The building, plants, structures, and equipment of each Acquired Company are sufficient for
the continued conduct of each Acquired Company’s businesses after the Closing in substantially the same manner as conducted prior
to the Closing.

 

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4.8 Accounts Receivable.
All accounts receivable of each Acquired Company that are reflected on the Latest Balance Sheet or on the accounting records of each
Acquired Company as of the Closing Date (collectively, the “Accounts Receivable”) represent or will represent valid
obligations arising from sales actually made or services actually performed in the Ordinary Course of Business. Unless paid prior to
the Closing Date, the Accounts Receivable are or will be as of the Closing Date current and collectible net of the respective reserves
shown on the Latest Balance Sheet or on the accounting records of each Acquired Company as of the Closing Date (which reserves are adequate
and calculated consistent with past practice and, in the case of the reserve as of the Closing Date, will not represent a greater percentage
of the Accounts Receivable as of the Closing Date than the reserve reflected in the Latest Balance Sheet represented of the Accounts
Receivable reflected therein and will not represent a material adverse change in the composition of such Accounts Receivable in terms
of aging). Subject to such reserves, each of the Accounts Receivable either has been or will be collected in full, without any set-off,
within ninety days after the day on which it first becomes due and payable. There is no contest, claim, or right of set-off, other than
returns in the Ordinary Course of Business, under any Contract with any obligor of an Accounts Receivable relating to the amount or validity
of such Accounts Receivable.

 

4.9 Inventory.
All inventory of each Acquired Company, whether or not reflected in the Latest Balance Sheet, consists of a quality and quantity usable
and salable in the Ordinary Course of Business, except for obsolete items and items of below-standard quality, all of which have been
written off or written down to net realizable value in the Latest Balance Sheet or on the accounting records of each Acquired Company
as of the Closing Date, as the case may be. The quantities of each item of inventory (whether raw materials, work-in-process, or finished
goods) are not excessive, but are reasonable in the present circumstances of each Acquired Company.

 

4.10 No Undisclosed Liabilities.
None of the Acquired Companies has any liabilities or obligations of any nature (whether known or unknown and whether absolute, accrued,
contingent, or otherwise) except for liabilities or obligations reflected or reserved against in the Latest Balance Sheet and current
liabilities incurred in the Ordinary Course of Business since the respective dates thereof.

 

4.11 Taxes.

 

(a) Each
Acquired Company has filed or caused to be filed on a timely basis through the date hereof all Tax Returns that are or were required to
be filed by or with respect to any of them, either separately or as a member of a group of corporations, pursuant to applicable Legal
Requirements. Sellers have delivered or made available to Buyer copies of all such Tax Returns filed for its three most recent completed
Tax years. Each Acquired Company has paid, or made provision for the payment of, all Taxes that have or may have become due pursuant to
those Tax Returns or otherwise, or pursuant to any assessment received by Sellers or each Acquired Company.

 

(b) The
charges, accruals, and reserves with respect to Taxes on the respective books of each Acquired Company are adequate and are at least equal
to each Acquired Company’s liability for Taxes. There exists no proposed tax assessment against any Acquired Company except as disclosed
in the Latest Balance Sheet.

 

(c) All
Taxes that the Company is or was required by Legal Requirements to withhold or collect have been duly withheld or collected and, to the
extent required, have been paid to the proper Governmental Body or other Person.

 

(d) All
Tax Returns filed by (or that include on a consolidated basis) each Acquired Company are true, correct, and complete. There is no
tax sharing agreement that will require any payment by each Acquired Company after the date of this Agreement.

 

(e) None
of the Acquired Companies has received any notice that any of its Tax Returns has been examined by any Governmental Body within the past
6 years.

 

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4.12 No Material Adverse
Change. Since the date of the Latest Balance Sheet, there has not been any material adverse
change in the business, operations, properties, prospects, assets, or condition of each Acquired Company, and no event has occurred or
circumstance exists that may result in such a material adverse change.

 

4.13 Employee Benefits.
Sellers have delivered to Buyer a complete list of employee benefit plans (the “Benefit Plan”) of each Acquired
Company. With respect to each Benefit Plan, each Acquired Company has heretofore made available to Buyer correct and complete copies
of each of the following documents: (a) the Benefit Plan and all related documents (including all amendments thereto), (b) the summary
plan description prepared for each such Benefit Plan (including all amendments thereto) and (c) all Contracts with third-party
administrators, actuaries, investment managers, consultants or other independent contractors related to each such Benefit Plan. Each
Benefit Plan has been administered and operated in material compliance with its terms, and the requirements of all applicable Legal Requirements.

 

4.14 Compliance
With Legal Requirements; Governmental Authorizations.

 

(a) Each
of the Acquired Companies has been and is in full compliance with each Legal Requirement that is or was applicable to it or to the conduct
or operation of its business or the ownership or use of any of its assets;

 

(b) No
event has occurred or circumstance exists that (with or without notice or lapse of time) (A) may constitute or result in a violation
by any Acquired Company of, or a failure on the part of any Acquired Company to comply with, any Legal Requirement, or (B) may give
rise to any obligation on the part of any Acquired Company to undertake, or to bear all or any portion of the cost of, any remedial action
of any nature; and

 

(c) None
of the Acquired Companies has received, any notice or other communication (whether oral or written) from any Governmental Body or
any other Person regarding (A) any actual, alleged, possible, or potential violation of, or failure to comply with, any Legal Requirement,
or (B) any actual, alleged, possible, or potential obligation on the part of any Acquired Company to undertake, or to bear all or
any portion of the cost of, any remedial action of any nature.

 

(d) Each
Governmental Authorization held or required to be held by each Acquired Company or that otherwise relates to the business of, or to any
of the assets owned or used by, each Acquired Company is valid and in full force and effect.

 

(e) Each
Acquired Company has been and is in full compliance with all of the terms and requirements of each Governmental Authorization held or
required to be held by it or that otherwise relates to the business of, or to any of the assets owned or used by, it;

 

(f) No
event has occurred or circumstance exists that may (with or without notice or lapse of time) (A) constitute or result directly
or indirectly in a violation of or a failure to comply with any term or requirement of any Governmental Authorization held or required
to be held by any Acquired Company or that otherwise relates to the business of, or to any of the assets owned or used by, it, or (B) result
directly or indirectly in the revocation, withdrawal, suspension, cancellation, or termination of, or any modification to, any Governmental
Authorization held or required to be held by any Acquired Company or that otherwise relates to the business of, or to any of the assets
owned or used by, it;

 

(g) None
of the Acquired Companies has received, any notice or other communication (whether oral or written) from any Governmental Body or
any other Person regarding (A) any actual, alleged, possible, or potential violation of or failure to comply with any term or requirement
of any Governmental Authorization, or (B) any actual, proposed, possible, or potential revocation, withdrawal, suspension, cancellation,
termination of, or modification to any Governmental Authorization; and

 

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(h) All
applications required to have been filed for the renewal of the Governmental Authorizations referred to above have been duly filed on
a timely basis with the appropriate Governmental Bodies, and all other filings required to have been made with respect to such Governmental
Authorizations have been duly made on a timely basis with the appropriate Governmental Bodies.

 

Each Acquired Company has
been granted all of the Governmental Authorizations necessary to permit such Acquired Company to lawfully conduct and operate their businesses
in the manner they currently conduct and operate such businesses and to permit such Acquired Company to own and use their assets in the
manner in which they currently own and use such assets.

 

4.15 Legal
Proceedings; Orders.

 

(a) There
is no pending Proceeding that has been commenced by or against any Acquired Company or that otherwise relates to or may affect the business
of, or any of the assets owned or used by, any Acquired Company; or that challenges, or that may have the effect of preventing, delaying,
making illegal, or otherwise interfering with, any of the Contemplated Transactions. To the Knowledge of each Seller and each Acquired
Company, (1) no such Proceeding has been Threatened, and (2) no event has occurred or circumstance exists that may give rise
to or serve as a basis for the commencement of any such Proceeding.

 

(b) There
is no Order to which any Acquired Company, or any of the assets owned or used by any Acquired Company, is subject. Neither Seller is subject
to any Order that relates to the business of, or any of the assets owned or used by, any Acquired Company. To the Knowledge of each Seller
and each Acquired Company, no officer, director, agent, or employee of any Acquired Company is subject to any Order that prohibits such
officer, director, agent, or employee from engaging in or continuing any conduct, activity, or practice relating to the business of such
Acquired Company.

 

(c) Each
Acquired Company is, in full compliance with of the terms and requirements of each Order to which it, or any of the assets owned or used
by it, is or has been subject. No event has occurred or circumstance exists that may constitute or result in (with or without notice or
lapse of time) a violation of or failure to comply with any term or requirement of any Order to which any Acquired Company, or any
of the assets owned or used by any Acquired Company, is subject. None of the Acquired Companies has received, any notice or other communication
(whether oral or written) from any Governmental Body or any other Person regarding any actual, alleged, possible, or potential violation
of, or failure to comply with, any term or requirement of any Order to which any Acquired Company, or any of the assets owned or used
by any Acquired Company, is or has been subject.

 

4.16 Absence of Certain
Changes and Events. Since the date of the Latest Balance Sheet, each Acquired Company
has conducted their businesses only in the Ordinary Course of Business and there has not been any:

 

(a) change
in any Acquired Company’s authorized or issued capital stock; grant of any stock option or right to purchase shares of capital stock
of any Acquired Company; issuance of any security convertible into such capital stock; grant of any registration rights; purchase, redemption,
retirement, or other acquisition by any Acquired Company of any shares of any such capital stock; or declaration or payment of any dividend
or other distribution or payment in respect of shares of capital stock;

 

(b) amendment
to the Organizational Documents of any Acquired Company;

 

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(c) payment
or increase by any Acquired Company of any bonuses, salaries, or other compensation to any stockholder, director, officer, or (except
in the Ordinary Course of Business) employee or entry into any employment, severance, or similar Contract with any director, officer,
or employee;

 

(d) adoption
of, or increase in the payments to or benefits under, any profit sharing, bonus, deferred compensation, savings, insurance, pension, retirement,
or other employee benefit plan for or with any employees of any Acquired Company;

 

(e) damage
to or destruction or loss of any asset or property of any Acquired Company, whether or not covered by insurance, materially and adversely
affecting the properties, assets, business, financial condition, or prospects of any Acquired Company, taken as a whole;

 

(f) entry
into, termination of, or receipt of notice of termination of (i) any license, distributorship, dealer, sales representative, joint
venture, credit, or similar agreement, or (ii) any Contract or transaction involving a total remaining commitment by or to any Acquired
Company of at least $10,000.00;

 

(g) sale
(other than sales of inventory in the Ordinary Course of Business), lease, or other disposition of any asset or property of any Acquired
Company or mortgage, pledge, or imposition of any lien or other Encumbrance on any material asset or property of any Acquired Company,
including the sale, lease, or other disposition of any of the Intellectual Property Assets;

 

(h) cancellation
or waiver of any claims or rights with a value to any Acquired Company in excess of $10,000.00;

 

(i) material
change in the accounting methods used by any Acquired Company; or

 

(j) agreement,
whether oral or written, by any Acquired Company to do any of the foregoing.

 

4.17 Contracts; No Defaults.
Sellers have delivered to Buyer copies, including all schedules, exhibits and amendments, of all Contracts to which any Acquired
Company is a party or to which the business of any Acquired Company is subject involving either (a) obligations (contingent or otherwise) of,
or the possibility of payments to, any Acquired Company in excess of $10,000.00, (b) actual or purported restrictions on the ability
of any Acquired Company to compete in any line of business or with any Person or in any geographic area during any period of time, or
(c) actual or purported restrictions on the prices any Acquired Company may charge for its products or services. Each Material Contract
is valid and binding on each Applicable Acquired Company in accordance with its terms and is in full force and effect. None of the Acquired
Companies is in material breach or violation of any Material Contract and no event has occurred which, with the giving of notice or the
passage of time, would result in a default or violation thereunder. To each Seller’s and each Applicable Acquired Company’s
Knowledge, no other party to any Material Contract is in material breach or violation of that Contract and no event has occurred which,
with the giving of notice or the passage of time, would result in a default or violation thereunder. Sellers and each Applicable Acquired
Company have no reason to believe that there is a reasonable likelihood that any party to any Material Contract will be unable to or
will choose to not comply with the terms of any Material Contract. None of the Acquired Companies has received from any party to a Material
Contract any notice of any intention to terminate any Material Contract. All Contracts of each Applicable Acquired Company relating to
the sale, design, manufacture, or provision of products or services by each Applicable Acquired Company have been entered into in the
Ordinary Course of Business and have been entered into without the commission of any act alone or in concert with any other Person, or
any consideration having been paid or promised, that is or would be in violation of any Legal Requirement.

 

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4.18 Insurance.

 

(a) Sellers
have delivered to Buyer: true and complete copies of all policies of insurance to which each Acquired Company is a party or under which
such Acquired Company, or any director of such Acquired Company, is or has been covered at any time within the years preceding the date
of this Agreement; insurance; and true and complete copies of all pending applications for policies of any statement by the auditor of
such Acquired Company’s financial statements with regard to the adequacy of such entity’s coverage or of the reserves for
claims.

 

(b) All
policies to which each Acquired Company is a party or that provide coverage to such Acquired Company, or any director or officer of such
Acquired Company: (A) are valid, outstanding, and enforceable; (B) are issued by an insurer that is financially sound and reputable;
(C) taken together, provide adequate insurance coverage for the assets and the operations of such Acquired Company for all risks
to which such Acquired Company is normally exposed; (D) are sufficient for compliance with all Legal Requirements and Contracts to
which such Acquired Company is a party or by which any of them is bound; (E) will continue in full force and effect following the
consummation of the Contemplated Transactions; and (F) do not provide for any retrospective premium adjustment or other experienced-based
liability on the part of such Acquired Company.

 

(c) Neither
Seller nor any Acquired Company has received (A) any refusal of coverage or any notice that a defense will be afforded with reservation
of rights, or (B) any notice of cancellation or any other indication that any insurance policy is no longer in full force or effect
or will not be renewed or that the issuer of any policy is not willing or able to perform its obligations thereunder.

 

(d) Each
Acquired Company has paid all premiums due, and have otherwise performed all their respective obligations, under each policy to which
such Acquired Company is a party or that provides coverage to such Acquired Company or director thereof.

 

(e) Each
Acquired Company has given notice to the insurer of all claims that may be insured thereby.

 

4.19 Environmental
Matters.

 

(a) Each
Acquired Company is, and at all times has been, in full compliance with, and has not been and is not in violation of or liable under,
any Environmental Law. Neither Sellers nor any Acquired Company has any basis to expect, nor has any of them or any other Person for whose
conduct they are or may be held to be responsible received, any actual or Threatened order, notice, or other communication from (i) any
Governmental Body or private citizen acting in the public interest, or (ii) the current or prior owner or operator of any Facilities,
of any actual or potential violation or failure to comply with any Environmental Law, or of any actual or Threatened obligation to undertake
or bear the cost of any Environmental, Health, and Safety Liabilities with respect to any of the Facilities or any other properties or
assets (whether real, personal, or mixed) in which either Seller or any Acquired Company has had an interest, or with respect to
any property or Facility at or to which Hazardous Materials were generated, manufactured, refined, transferred, imported, used, or processed
by either Seller, any Acquired Company, or any other Person for whose conduct they are or may be held responsible, or from which Hazardous
Materials have been transported, treated, stored, handled, transferred, disposed, recycled, or received.

 

(b) There
are no pending or Threatened claims, Encumbrances, or other restrictions of any nature, resulting from any Environmental, Health, and
Safety Liabilities or arising under or pursuant to any Environmental Law, with respect to or affecting any of the Facilities or any other
properties and assets (whether real, personal, or mixed) in which either Seller or any Acquired Company has or had an interest.

 

(c) Neither
Sellers nor any Acquired Company has any basis to expect, nor has any of them or any other Person for whose conduct they are or may be
held responsible, received, any citation, directive, inquiry, notice, Order, summons, warning, or other communication that relates to
Hazardous Activity, Hazardous Materials, or any alleged, actual, or potential violation or failure to comply with any Environmental Law,
or of any alleged, actual, or potential obligation to undertake or bear the cost of any Environmental, Health, and Safety Liabilities
with respect to any of the Facilities or any other properties or assets (whether real, personal, or mixed) in which either Seller
or any Acquired Company had an interest, or with respect to any property or facility to which Hazardous Materials generated, manufactured,
refined, transferred, imported, used, or processed by either Seller, any Acquired Company, or any other Person for whose conduct they
are or may be held responsible, have been transported, treated, stored, handled, transferred, disposed, recycled, or received.

 

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(d) Neither
Sellers nor any Acquired Company, or any other Person for whose conduct they are or may be held responsible, has any Environmental, Health,
and Safety Liabilities with respect to the Facilities or , to the Knowledge of each Seller and Acquired Company, with respect to any other
properties and assets (whether real, personal, or mixed) in which either Seller or any Acquired Company (or any predecessor), has
or had an interest, or at any property geologically or hydrologically adjoining the Facilities or any such other property or assets.

 

(e) There
are no Hazardous Materials present on or in the Environment at the Facilities or at any geologically or hydrologically adjoining property,
including any Hazardous Materials contained in barrels, above or underground storage tanks, landfills, land deposits, dumps, equipment
(whether moveable or fixed) or other containers, either temporary or permanent, and deposited or located in land, water, sumps, or
any other part of the Facilities or such adjoining property, or incorporated into any structure therein or thereon. No Seller, any Acquired
Company, any other Person for whose conduct they are or may be held responsible, or any other Person, has permitted or conducted, or is
aware of, any Hazardous Activity conducted with respect to the Facilities or any other properties or assets (whether real, personal, or
mixed) in which either Seller or any Acquired Company has or had an interest.

 

(f) There
has been no Release or, to the Knowledge of each Seller and Acquired Company, Threat of Release, of any Hazardous Materials at or from
the Facilities or at any other locations where any Hazardous Materials were generated, manufactured, refined, transferred, produced, imported,
used, or processed from or by the Facilities, or from or by any other properties and assets (whether real, personal, or mixed) in
which either Seller or any Acquired Company has or had an interest, or any geologically or hydrologically adjoining property, whether
by either Seller, any Acquired Company, or any other Person.

 

(g) Sellers
have delivered to Buyer true and complete copies and results of any reports, studies, analyses, tests, or monitoring possessed or initiated
by Sellers or any Acquired Company pertaining to Hazardous Materials or Hazardous Activities in, on, or under the Facilities, or concerning
compliance by Sellers, each Acquired Company, or any other Person for whose conduct they are or may be held responsible, with Environmental
Laws.

 

4.20 Employees.

 

(a) Sellers
have provided to Buyer a complete and accurate list of the following information for each employee, officer or director of each Acquired
Company, including each employee on leave of absence or layoff status: employer; name; job title; current compensation paid or payable
and any change in compensation since January 1, 2018; vacation accrued; and service credited for purposes of vesting and eligibility to
participate under each Acquired Company’s pension, retirement, profit-sharing, thrift-savings, deferred compensation, stock bonus,
stock option, cash bonus, employee stock ownership (including investment credit or payroll stock ownership), severance pay, insurance,
medical, welfare, or vacation plan or any other employee benefit plan).

 

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(b) No
employee or director of any Acquired Company is a party to, or is otherwise bound by, any agreement or arrangement, including any confidentiality,
noncompetition, or proprietary rights agreement, between such employee or director and any other Person (the “Proprietary Rights
Agreement”) that in any way adversely affects or will affect (i) the performance of his duties as an employee or director
of any Acquired Company, or (ii) the ability of any Acquired Company to conduct its business, including any Proprietary Rights Agreement
with Sellers or any Acquired Company by any such employee or director. To each Seller’s Knowledge, no director, officer, or other
key employee of any Acquired Company intends to terminate his employment with such Acquired Company.

 

4.21 Labor Relations;
Compliance. None of the Acquired Companies is a party to any collective bargaining or other labor Contract. There is not presently
pending or existing, and there is not Threatened, (a) any strike, slowdown, picketing, work stoppage, or employee grievance process,
(b) any Proceeding against or affecting any Acquired Company relating to the alleged violation of any Legal Requirement pertaining
to labor relations or employment matters, including any charge or complaint filed by an employee or union with any relevant Governmental
Body, organizational activity, or other labor or employment dispute against or affecting any Acquired Company or its premises, or (c) any
application for certification of a collective bargaining agent. No event has occurred or circumstance exists that could provide the basis
for any work stoppage or other labor dispute. There is no lockout of any employees by any Acquired Company, and no such action is contemplated
by any Acquired Company. Each Acquired Company has complied in all respects with all Legal Requirements relating to employment, equal
employment opportunity, nondiscrimination, immigration, wages, hours, benefits, collective bargaining, the payment of social security
and similar taxes, occupational safety and health, and plant closing. None of the Acquired Companies is liable for the payment of any
compensation, damages, taxes, fines, penalties, or other amounts, however designated, for failure to comply with any of the foregoing
Legal Requirements.

 

4.22 Intellectual
Property.

 

(a) Intellectual
Property Assets. The term “Intellectual Property Assets” includes: (i) fictional business names, trading names,
registered and unregistered trademarks, service marks, and applications; (ii) all patents, patent applications, and inventions and
discoveries that may be patentable; (iii) all copyrights in both published works and unpublished works; (iv) all rights in mask
works; and (v) all know-how, trade secrets, confidential information, customer lists, software, technical information, data, process
technology, plans, drawings, and blue prints; owned, used, or licensed by any Acquired Company as licensee or licensor.

 

(b) Agreements.
Sellers have provided to Buyer copies of all Contracts relating to the Intellectual Property Assets to which each Acquired Company is
a party or by which each Acquired Company is bound, except for any license implied by the sale of a product and perpetual, paid-up licenses
for commonly available software programs with a value of less than $10,000.00 under which each Acquired Company is the licensee. There
are no outstanding and no Threatened disputes or disagreements with respect to any such agreement.

 

(c) Necessary
for the Business. The Intellectual Property Assets are all those necessary for the operation of each Acquired Company’s businesses
as they are currently conducted. Each Acquired Company is the owner of all right, title, and interest in and to each of the Intellectual
Property Assets, free and clear of all liens, security interests, charges, encumbrances, equities, and other adverse claims, and has the
right to use without payment to a third party all of the Intellectual Property Assets. All former and current employees of each Acquired
Company have executed written Contracts with such Acquired Company that assign to such Acquired Company all rights to any inventions,
improvements, discoveries, or information relating to the business of such Acquired Company. No employee of any Acquired Company has entered
into any Contract that restricts or limits in any way the scope or type of work in which the employee may be engaged or requires the employee
to transfer, assign, or disclose information concerning his work to anyone other than such Acquired Company.

 

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4.23 Healthcare
Regulatory Matters.

 

Each Acquired Company, is,
and since January 1, 2016 has been, in compliance with all Legal Requirement of any Governmental Entity to which it is subject with respect
to health care regulatory matters.

 

4.24 Certain
Payments.

 

Neither any Acquired Company
or director, officer, agent, or employee of such Acquired Company, or to each Seller’s or each Acquired Company’s Knowledge
any other Person associated with or acting for or on behalf of such Acquired Company, has directly or indirectly (a) made any contribution,
gift, bribe, rebate, payoff, influence payment, kickback, or other payment to any Person, private or public, regardless of form, whether
in money, property, or services (i) to obtain favorable treatment in securing business, (ii) to pay for favorable treatment
for business secured, (iii) to obtain special concessions or for special concessions already obtained, for or in respect of such
Acquired Company or any Affiliate of such Acquired Company, or (iv) in violation of any Legal Requirement, (b) established or
maintained any fund or asset that has not been recorded in the books and records of such Acquired Company

 

4.25 Disclosure.

 

(a) No
representation or warranty of Sellers or Acquired Companies in this Agreement omits to state a material fact necessary to make the statements
herein or therein, in light of the circumstances in which they were made, not misleading.

 

(b) There
is no fact known to Sellers or Acquired Companies that has specific application to Sellers or any Acquired Company (other than general
economic or industry conditions) and that materially adversely affects or, as far as Sellers can reasonably foresee, materially threatens,
the assets, business, prospects, financial condition, or results of operations of any Acquired Company (on a consolidated basis) that
has not been set forth in this Agreement.

 

4.26 Relationships With
Related Persons. Neither Seller, Acquired Company or any Related Person of each Seller or of either Acquired Company has, or since
the first day of the next to last completed fiscal year of any Acquired Company has had, any interest in any property (whether real,
personal, or mixed and whether tangible or intangible), used in or pertaining to any Acquired Company’s business. Neither Seller,
Acquired Company or any Related Person of each Seller or of any Acquired Company is, or since the first day of the next to last completed
fiscal year of any Acquired Company has owned (of record or as a beneficial owner) an equity interest or any other financial or
profit interest in, a Person that has (i) had business dealings or a material financial interest in any transaction with any Acquired
Company other than business dealings or transactions conducted in the Ordinary Course of Business with any Acquired Company at substantially
prevailing market prices and on substantially prevailing market terms, or (ii) engaged in competition with any Acquired Company
with respect to any line of the products or services of any Acquired Company (a “Competing Business”) in any market
presently served by any Acquired Company except for less than one percent of the outstanding capital stock of any Competing Business
that is publicly traded on any recognized exchange or in the over-the-counter market. Neither Seller or any Related Person of each Seller
or of any Acquired Company is a party to any Contract with, or has any claim or right against, any Acquired Company.

 

4.27 Brokers or Finders.
Sellers and their agents have incurred no obligation or liability, contingent or otherwise, for brokerage or finders’ fees or agents’
commissions or other similar payment in connection with this Agreement.

 

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		5.	REPRESENTATIONS AND WARRANTIES OF BUYER.

 

Buyer represents and warrants
to Sellers as of the date hereof and as of the Closing Date as follows:

 

5.1 Organization and Good
Standing. Buyer is a corporation organized, validly existing, and in good standing under the laws of PRC.

 

5.2 Authority;
No Conflict.

 

(a) This
Agreement constitutes the legal, valid, and binding obligation of Buyer, enforceable against Buyer in accordance with its terms. Buyer
has the absolute and unrestricted right, power, and authority to execute and deliver this Agreement and to perform its obligations under
this Agreement.

 

(b) Neither
the execution and delivery of this Agreement by Buyer nor the consummation or performance of any of the Contemplated Transactions by Buyer
will give any Person the right to prevent, delay, or otherwise interfere with any of the Contemplated Transactions pursuant to: (i) any
provision of Buyer’s Organizational Documents; (ii) any resolution adopted by the board of directors or the stockholders of
Buyer; (iii) any Legal Requirement or Order to which Buyer may be subject or bound.

 

(c) No
consent, permit, approval, Order or authorization of or by, registration, declaration or filing with, or notification to any Governmental
Body is required by or with respect to Buyer in connection with the execution and delivery of this Agreement and consummation by Buyer
of the transactions contemplated hereby, except for such filings as may be required to be made to NASDAQ.

 

5.3 Certain Proceedings.
There is no pending Proceeding that has been commenced against Buyer and that challenges, or may have the effect of preventing, delaying,
making illegal, or otherwise interfering with, any of the Contemplated Transactions. To Buyer’s Knowledge, no such Proceeding has
been Threatened.

 

5.4 Brokers or Finders.
Buyer and its officers and agents have incurred no obligation or liability, contingent or otherwise, for brokerage or finders’
fees or agents’ commissions or other similar payment in connection with this Agreement.

 

		6.	REPRESENTATIONS AND WARRANTIES OF PARENT

 

Parent represents and warrants
to Sellers as follows:

 

6.1 Stock Exchange Listing.
The Parent Shares, upon the issuance thereof to Sellers under this Agreement, will be duly authorized for listing on NASDAQ, subject
to all necessary regulatory approvals. Parent is not in default in any material respect of any of the listing or other requirements of
NASDAQ.

 

6.2 SEC Filings. Parent
has filed with or furnished to, as applicable, the SEC all registration statements, prospectuses, reports, schedules, forms, statements
and other documents (including exhibits and all other information incorporated by reference) required to be filed or furnished by it
with the SEC since January 1, 2019, not necessarily on a timely basis.

 

		7.	COVENANTS OF SELLERS

 

7.1 Access and Investigation.
Between the date of this Agreement and the Closing Date, Sellers will, and will cause each Acquired Company and its Representatives to,
(a) afford Buyer and its Representatives (collectively, “Buyer’s Advisors”) full and free access to each
Acquired Company’s personnel, properties (including subsurface testing), contracts, books and records, and other documents and
data, (b) furnish Buyer and Buyer’s Advisors with copies of all such contracts, books and records, and other existing documents
and data as Buyer may reasonably request, and (c) furnish Buyer and Buyer’s Advisors with such additional financial, operating,
and other data and information as Buyer may reasonably request.

 

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7.2 Operation of the Businesses
of each Acquired Company. Between the date of this Agreement and the Closing Date, Sellers will, and will cause each Acquired Company
to:

 

(a) conduct
the business of each Acquired Company only in the Ordinary Course of Business;

 

(b) not
enter into (i) any transaction other than in the Ordinary Course of Business, (ii) any transaction which is not at arms-length
with unaffiliated third Persons or (iii) any transaction with any Affiliate;

 

(c) use
their Best Efforts to preserve intact the current business organization of each Acquired Company, keep available the services of the current
officers, employees, and agents of each Acquired Company, and maintain the relations and good will with suppliers, customers, landlords,
creditors, employees, agents, and others having business relationships with each Acquired Company;

 

(d) confer
with Buyer concerning operational matters of a material nature; and

 

(e) otherwise
report periodically to Buyer concerning the status of the business, operations, and finances of each Acquired Company.

 

7.3 Negative Covenant.
Except as otherwise expressly permitted by this Agreement, between the date of this Agreement and the Closing Date, Sellers will not,
and will cause each Acquired Company not to, without the prior consent of Buyer, take any affirmative action, or fail to take any reasonable
action within their or its control, as a result of which any of the changes or events listed in Section 4.16 is likely to occur.

 

7.4 Required Approvals.
As promptly as practicable after the date of this Agreement, Sellers will, and will cause each Acquired Company to, obtain any consents
and approvals of, or effect the notification of or filing with, each Person, whether private or governmental, whose consent or approval
is required in order to permit the consummation of the Contemplated Transactions, to obtain any consent that may be required from a party
to an agreement with each Acquired Company that may give such party a right to cancel such agreement as a result of the Contemplated
Transactions. Between the date of this Agreement and the Closing Date, Sellers will, and will cause each Acquired Company to, cooperate
with Buyer with respect to all consents, approvals or filings that Buyer elects to make or obtain or is required by Legal Requirements
to make or obtain in connection with the Contemplated Transactions.

 

7.5 Notification.
Between the date of this Agreement and the Closing Date, Sellers will promptly notify Buyer in writing if Sellers or any Acquired Company
becomes aware of any fact or condition that causes or constitutes a Breach of any of Sellers’ or Acquired Companies’ representations
and warranties as of the date of this Agreement, or if Sellers or each Acquired Company becomes aware of the occurrence after the date
of this Agreement of any fact or condition that would (except as expressly contemplated by this Agreement) cause or constitute a
Breach of any such representation or warranty had such representation or warranty been made as of the time of occurrence or discovery
of such fact or condition.

 

7.6 Payment of Indebtedness
by Related Persons. Except as expressly provided in this Agreement, Sellers will cause all indebtedness owed to any Acquired Company
by Sellers or any Related Person of Sellers to be paid in full prior to Closing.

 

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7.7 No Negotiation.
Until such time, if any, as this Agreement is terminated pursuant to Section 11, Sellers will not, and will cause each Acquired
Company and each of their Representatives not to, directly or indirectly solicit, initiate, or encourage any inquiries or proposals from,
discuss or negotiate with, provide any non-public information to, or consider the merits of any unsolicited inquiries or proposals from,
any Person (other than Buyer) relating to any transaction involving the sale of the business or assets (other than in the Ordinary
Course of Business) of any Acquired Company, or any of the capital stock of any Acquired Company, or any merger, consolidation,
business combination, or similar transaction involving any Acquired Company.

 

7.8 Proprietary Information.
All confidential or proprietary information or work product relating to each Acquired Company or business of each Acquired Company that
is known to Sellers as of the Closing Date shall be the sole property of Buyer and each Acquired Company. Sellers shall not use or disclose
such information or work product except for the benefit of Buyer or each Acquired Company and their respective successors and assigns,
and Sellers shall take reasonable steps to protect such information and work product from misuse, loss, theft or accidental disclosure.

 

7.9 Public Announcements.
Sellers shall not issue any such press release or make any such public statement without the prior consent of Buyer, except as may be
required by applicable law.

 

7.10 Stockholder Covenant.
Sellers shall not (i) sell, transfer, assign, tender, create an Encumbrance upon or otherwise dispose of, or enter into any contract,
option or other arrangement with respect to the sale, transfer, assignment, tender, Encumbrance or other disposition of any of the Shares
or (ii) grant any proxies with respect to any of the Shares, deposit any of the Shares into a voting trust or enter into a voting
or option agreement with respect to any of the Shares.

 

7.11 Best Efforts.
Between the date of this Agreement and the Closing Date, Sellers will use his Best Efforts to cause the conditions in Section 9
to be satisfied.

 

7.12 Release. After
the Closing Date, (a) none of Buyer, any Related Party of Buyer nor any Acquired Company will have any debt, obligation or liability
to either Seller, and (b) each Seller on behalf of itself and all of its Related Parties, hereby unconditionally releases and discharges
Buyer, all of Buyer’s Related Parties and each Acquired Company from any and all claims, debts, obligations and liabilities, whether
known or unknown, contingent or non-contingent, at law or in equity, in each case arising from or in connection with such Seller’s
ownership of the Applicable Acquired Company or resulting from such Seller or any of its Related Parties having been a director, officer
or employee of such Acquired Company; provided, however, that nothing in this Section 7.12 shall terminate or release
Buyer’s obligations to Sellers under this Agreement.

 

7.13 Confidentiality.
From and after the Closing Date, Sellers will, and will cause each of its Related Parties to (a) protect and safeguard the confidentiality
of all of the Confidential Information with at least the same degree of care as a reasonably prudent person would exercise to protect
its own Confidential Information, (b) not use Confidential Information, or permit it to be accessed or used, for any purpose, and
(c) not disclose any Confidential Information to any Person except as required by applicable law or legal process. Sellers hereby
assume full responsibility and liability for the compliance of all of Sellers’ Related Parties with the terms of this Section
7.13. Prior to making any disclosure of any Confidential Information required by applicable law or legal process, a Seller shall
provide Buyer with (i) if and to the extent legally permitted, prompt written notice of such requirement so that Buyer may seek
a protective order or other remedy; and (ii) reasonable assistance in opposing such disclosure or seeking a protective order or
other remedy.

 

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1.2 Securities
Laws; Restrictions on Transfers. Sellers acknowledge and understand that until such time as the same is no longer required under the
requirements of the Securities Act or applicable state securities laws, the certificates representing the Parent Shares, and all certificates
representing any securities issued in exchange thereof or in substitution therefor, will bear the following legend:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS.  THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF BIMI
international Medical inc. (THE “CORPORATION”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY: (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES
ACT (“REGULATION S”), (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES ACT OR (2) RULE 144 UNDER
THE U.S. SECURITIES ACT, IF AVAILABLE, OR (D) PURSUANT TO ANOTHER EXEMPTION OR EXCLUSION FROM REGISTRATION UNDER THE U.S. SECURITIES
ACT, AND IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS, AFTER, IN THE CASE OF TRANSFERS PURSUANT TO CLAUSE (C)(2)
OR (D) (OR IF REQUIRED BY THE CORPORATION, OR ITS TRANSFER AGENT, CLAUSE (B)) ABOVE, THE HOLDER HAS PROVIDED TO THE CORPORATION A LEGAL
OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE CORPORATION, TO THE EFFECT THAT THE SALE OF
SUCH SECURITIES IS NOT REQUIRED TO BE REGISTERED UNDER THE U.S. SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS.”

 

		8.	Tax MAtters

 

8.1 Responsibility
for Filing Tax Returns.

 

(a) Sellers
shall prepare, or cause to be prepared, in a timely manner, all income Tax Returns of each Acquired Company that are due after the Closing
with respect to any taxable period ending prior to or ending on and including the Closing Date; provided, however, that
any such Tax Return shall be prepared by treating items on that Tax Return in a manner consistent with the prior Tax Returns of each Acquired
Company. Sellers shall deliver to Buyer draft copies of each such Tax Return prior to the date for filing that Tax Return. Sellers shall
make all changes in each such Tax Return reasonably requested by Buyer. Buyer shall cause each such Tax Return to be appropriately signed
and filed, and Sellers shall pay to each Acquired Company any Taxes due from such Acquired Company on that Tax Return.

 

(b) Buyer
shall after the Closing prepare and file, or cause to be prepared and filed, Tax Returns of each Acquired Company for any period beginning
prior to the Closing Date and ending after the Closing Date (a “Straddle Period”). Any such Tax Return shall be prepared
by treating items on that Tax Return in a manner consistent with the prior Tax Returns of each Acquired Company. Buyer shall deliver to
Sellers draft copies of each such Tax Return at least thirty (30) days prior to the date for filing that Tax Return. Buyer shall
make all changes in each such Tax Return reasonably requested by Sellers. Sellers shall pay to each Acquired Company the Taxes due for
the period prior to and including the Closing Date from such Acquired Company on that Tax Return.

 

8.2 Cooperation on Tax
Matters. Commencing on the Closing Date, Buyer, on the one hand, and Sellers, on the other hand, shall cooperate fully, as and to
the extent reasonably requested by the other party, in connection with the filing and execution of Tax Returns and any audit, litigation
or other proceeding with respect to Taxes, in each case, in respect of any period ending prior to or on the Closing Date or any Straddle
Period.

 

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8.3 Sales and Transfer
Taxes. All sales, transfer and other Taxes (including all stock transfer Taxes, if any) incurred in connection with this Agreement
and the transactions contemplated hereby will be borne by Sellers, and Sellers shall, at Sellers’ own expense, file all necessary
Tax Returns and other documentation with respect to all such sales and transfer Taxes.

 

		9.	CONDITIONS PRECEDENT TO BUYER’S OBLIGATION TO CLOSE.

 

Buyer’s obligation to
purchase the Shares and to take the other actions required to be taken by Buyer at the Closing is subject to the satisfaction, at or prior
to the Closing, of each of the following conditions (any of which may be waived by Buyer, in whole or in part):

 

9.1 Accuracy
of Representations.

 

(a) All
of Sellers’ representations and warranties in this Agreement (considered collectively), and each of those representations and warranties
(considered individually)(without giving effect to any qualification contained therein as to materiality, including the phrases “material”,
“in all material respects” and “material adverse change”), must have been accurate in all material respects as
of the date of this Agreement, and must be accurate in all material respects as of the Closing Date as if made on the Closing Date.

 

(b) Each
of Sellers’ representations and warranties in Sections 3, 4.3, 4.4, 4.12, and 4.24 must
have been accurate in all respects as of the date of this Agreement, and must be accurate in all respects as of the Closing Date as if
made on the Closing Date.

 

9.2 Sellers’ Performance.
All of the covenants and obligations that Sellers are required to perform or to comply with pursuant to this Agreement at or prior to
the Closing (considered collectively), and each of these covenants and obligations (considered individually), must have been duly performed
and complied with in all material respects.

 

9.3 Authorization.
All action necessary to authorize the execution, delivery and performance of this Agreement by Sellers and the consummation of the transactions
contemplated hereby, shall have been duly and validly taken by each of them, and Sellers shall have full power and authority or capacity
to enter into this Agreement and to consummate the transactions contemplated hereby on the terms provided herein.

 

9.4 Consents and Approvals.
Buyer shall have received duly executed copies of all consents and approvals required for or in connection with the execution and delivery
by Sellers of this Agreement, for the consummation of the transactions contemplated hereby, and the continued conduct of the business
of each Acquired Company as previously conducted, each in form and substance satisfactory to Buyer.

 

9.5 Government Consents,
Authorizations, Etc. All consents, authorizations, orders and approvals of, filings or registrations with and the expiration of all
waiting periods imposed by, any third Person, including any Governmental Body, which are required for or in connection with the execution
and delivery by the parties of this Agreement and the consummation by the parties of the transactions contemplated hereby and in order
to permit or enable each Acquired Company to conduct its business after the Closing in substantially the same manner as previously conducted
shall have been obtained or made, in form and substance reasonably satisfactory to Buyer, and shall be in full force and effect.

 

9.6 Additional Documents.
Each of the following documents must have been delivered to Buyer:

 

(a) such
documents as Buyer may reasonably request for the purpose of (i) evidencing the accuracy of any of Seller’s representations
and warranties, (ii) evidencing the performance by Sellers of, or the compliance by Sellers with, any covenant or obligation required
to be performed or complied with by Sellers, (iii) evidencing the satisfaction of any condition referred to in this Section 9,
or (iv) otherwise facilitating the consummation or performance of any of the Contemplated Transactions.

 

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9.7 No Proceedings.
Since the date of this Agreement, there must not have been commenced or Threatened against Buyer, or against any Person affiliated with
Buyer, any Proceeding (a) involving any challenge to, or seeking damages or other relief in connection with, any of the Contemplated
Transactions, or (b) that may have the effect of preventing, delaying, making illegal, or otherwise interfering with any of the
Contemplated Transactions.

 

9.8 No Claim Regarding
Stock Ownership or Sale Proceeds. There must not have been made or Threatened by any Person any claim asserting that such Person
(a) is the holder or the beneficial owner of, or has the right to acquire or to obtain beneficial ownership of, any stock of, or
any other voting, equity, or ownership interest in any Acquired Company, or (b) is entitled to all or any portion of the Purchase
Price payable for the Shares.

 

9.9 No Prohibition.
Neither the consummation nor the performance of any of the Contemplated Transactions will, directly or indirectly (with or without notice
or lapse of time), materially contravene, or conflict with, or result in a material violation of, or cause Buyer or any Person affiliated
with Buyer to suffer any material adverse consequence under, (a) any applicable Legal Requirement or Order, or (b) any Legal
Requirement or Order that has been published, introduced, or otherwise proposed by or before any Governmental Body.

 

9.10 Absence of Material
Adverse Change. Since the date of this Agreement, in the reasonable judgment of Buyer, there shall have been no material adverse
change in the assets, financial condition, operating results, customer, supplier or employee relations or liabilities of any Acquired
Company including any material casualty loss or damage to the assets of any Acquired Company, whether or not covered by insurance.

 

		10.	CONDITIONS PRECEDENT TO SELLERS’ OBLIGATION TO CLOSE.

 

Sellers’ obligation
to sell the Shares and to take the other actions required to be taken by Sellers at the Closing is subject to the satisfaction, at or
prior to the Closing, of each of the following conditions (any of which may be waived by Sellers, in whole or in part):

 

10.1 Accuracy of Representations.
All of Buyer’s representations and warranties in this Agreement (considered collectively), and each of these representations and
warranties (considered individually), must have been accurate in all material respects as of the date of this Agreement and must be accurate
in all material respects as of the Closing Date as if made on the Closing Date.

 

10.2 Buyer’s Performance.
All the covenants and obligations that Buyer is required to perform or to comply with pursuant to this Agreement at or prior to the Closing
(considered collectively), and each of these covenants and obligations (considered individually), must have been performed and complied
with in all material respects.

 

10.3 No Injunction.
There must not be in effect any Legal Requirement or any injunction or other Order that (a) prohibits the sale of the Shares by
Sellers to Buyer, and (b) has been adopted or issued, or has otherwise become effective, since the date of this Agreement.

 

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		11.	TERMINATION.

 

11.1 Termination Events.
This Agreement may, by notice given prior to or at the Closing, be terminated:

 

(a) by
either Buyer or Sellers if a material Breach of any provision of this Agreement has been committed by the other party and such Breach
has not been waived;

 

(b) (i)
by Buyer if any of the conditions in Section 9 has not been satisfied as of the Closing Date or if satisfaction of such a condition
is or becomes impossible (other than through the failure of Buyer to comply with its obligations under this Agreement) and Buyer
has not waived such condition on or before the Closing Date; or (ii) by Sellers, if any of the conditions in Section 10 has not
been satisfied of the Closing Date or if satisfaction of such a condition is or becomes impossible (other than through the failure of
Sellers to comply with his obligations under this Agreement) and Sellers have not waived such condition on or before the Closing
Date;

 

(c) by
mutual consent of Buyer and Sellers; or

 

(d) either
by Buyer or by all Sellers if the Closing has not occurred (other than through the failure of any party seeking to terminate this Agreement
to comply fully with its obligations under this Agreement) on or before December 31, 2021 or such later date as the parties may agree
upon.

 

11.2 Effect of Termination.
Each party’s right of termination under Section 11.1 is in addition to any other rights it may have under this Agreement
or otherwise, and the exercise of a right of termination will not be an election of remedies. If this Agreement is terminated pursuant
to Section 11.1, all further obligations of the parties under this Agreement will terminate, except that the obligations in Sections
13.1 and 13.3 will survive; provided, however, that if this Agreement is terminated by a party because of the
Breach of the Agreement by the other party or because one or more of the conditions to the terminating party’s obligations under
this Agreement is not satisfied as a result of the other party’s failure to comply with its obligations under this Agreement, the
terminating party’s right to pursue all legal remedies will survive such termination unimpaired.

 

		12.	INDEMNIFICATION; REMEDIES.

 

12.1 Survival; Right to
Indemnification Not Affected By Knowledge. All representations, warranties, covenants, and obligations in this Agreement and any
other certificate or document delivered pursuant to this Agreement will survive the Closing. The right to indemnification, payment of
Damages or other remedy based on such representations, warranties, covenants, and obligations will not be affected by any investigation
conducted with respect to, or any Knowledge acquired (or capable of being acquired) at any time, whether before or after the execution
and delivery of this Agreement or the Closing Date, with respect to the accuracy or inaccuracy of or compliance with, any such representation,
warranty, covenant, or obligation. The waiver of any condition based on the accuracy of any representation or warranty, or on the performance
of or compliance with any covenant or obligation, will not affect the right to indemnification, payment of Damages, or other remedy based
on such representations, warranties, covenants, and obligations.

 

12.2 Indemnification and
Payment of Damages by Sellers. Sellers will, jointly and severely, indemnify and hold harmless Buyer, each Acquired Company, and
their respective Representatives, stockholders, controlling persons, and affiliates (collectively, the “Indemnified Persons”)
for, and will pay to the Indemnified Persons the amount of, any loss, liability, claim, damage (including incidental and consequential
damages), expense (including costs of investigation and defense and reasonable attorneys’ fees) or diminution of value, whether
or not involving a third-party claim (collectively, “Damages”), arising, directly or indirectly, from or in connection
with:

 

(a) any
Breach of any representation or warranty made by Sellers or the Acquired Companies in this Agreement or any other certificate or document
delivered by Sellers or the Acquired Companies pursuant to this Agreement;

 

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(b) any
Breach by Sellers of any covenant or obligation of Sellers in this Agreement;

 

(c) any
Taxes owed by any Acquired Company relating to any period prior to the Closing Date; and

 

(d) any
claim by any Person for brokerage or finder’s fees or commissions or similar payments based upon any agreement or understanding
alleged to have been made by any such Person with Sellers or any Acquired Company (or any Person acting on their behalf) in connection
with any of the Contemplated Transactions.

 

The remedies provided in this
Section 12.2 will not be exclusive of or limit any other remedies that may be available to Buyer or the other Indemnified Persons.

 

12.3 Indemnification and
Payment of Damages by Sellers Environmental Matters. In addition to the provisions of Section 12.2, Sellers, jointly and severally,
will indemnify and hold harmless Buyer, each Acquired Company, and the other Indemnified Persons for, and will pay to Buyer, each Acquired
Company, and the other Indemnified Persons the amount of, any Damages (including costs of cleanup, containment, or other remediation)
arising, directly or indirectly, from or in connection with:

 

(a) any
Environmental, Health, and Safety Liabilities arising out of or relating to: (i) (A) the ownership, operation, or condition
at any time on or prior to the Closing Date of the Facilities or any other properties and assets (whether real, personal, or mixed and
whether tangible or intangible) in which Sellers or any Acquired Company has or had an interest, or (B) any Hazardous Materials
or other contaminants that were present on the Facilities or such other properties and assets at any time on or prior to the Closing Date;
or (ii) (A) any Hazardous Materials or other contaminants, wherever located, that were, or were allegedly, generated, transported,
stored, treated, Released, or otherwise handled by Sellers or any Acquired Company or by any other Person for whose conduct they are or
may be held responsible at any time on or prior to the Closing Date, or (B) any Hazardous Activities that were, or were allegedly,
conducted by Sellers or any Acquired Company or by any other Person for whose conduct they are or may be held responsible; or

 

(b) any
bodily injury (including illness, disability, and death, and regardless of when any such bodily injury occurred, was incurred, or manifested
itself), personal injury, property damage (including trespass, nuisance, wrongful eviction, and deprivation of the use of real property),
or other damage of or to any Person, including any employee or former employee of Sellers or any Acquired Company or any other Person
for whose conduct they are or may be held responsible, in any way arising from or allegedly arising from any Hazardous Activity conducted
or allegedly conducted with respect to the Facilities or the operation of any Acquired Company prior to the Closing Date, or from Hazardous
Material that was (i) present or suspected to be present on or before the Closing Date on or at the Facilities (or present or suspected
to be present on any other property, if such Hazardous Material emanated or allegedly emanated from any of the Facilities and was present
or suspected to be present on any of the Facilities on or prior to the Closing Date) or (ii) Released or allegedly Released
by Sellers or any Acquired Company or any other Person for whose conduct they are or may be held responsible, at any time on or prior
to the Closing Date.

 

Buyer will be entitled to
control any Cleanup, any related Proceeding, and, except as provided in the following sentence, any other Proceeding with respect to which
indemnity may be sought under this Section 12.3. The procedure described in Section 12.6 will apply to any claim solely
for monetary damages relating to a matter covered by this Section 12.3.

 

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12.4 Indemnification and
Payment of Damages by Buyer. Buyer will indemnify and hold harmless Sellers, and will pay to Sellers the amount of any Damages arising,
directly or indirectly, from or in connection with (a) any Breach of any representation or warranty made by Buyer in this Agreement
or in any certificate delivered by Buyer pursuant to this Agreement, (b) any Breach by Buyer of any covenant or obligation of Buyer
in this Agreement, or (c) any claim by any Person for brokerage or finder’s fees or commissions or similar payments based
upon any agreement or understanding alleged to have been made by such Person with Buyer (or any Person acting on its behalf) in
connection with any of the Contemplated Transactions.

 

12.5 Right of Set-Off.
Upon notice to Sellers specifying in reasonable detail the basis for such set-off, Buyer may set off any amount to which it may be entitled
under this Section 12 against amounts otherwise payable by it under this Agreement. Neither the exercise of nor the failure to
exercise such right of set-off will constitute an election of remedies or limit Buyer in any manner in the enforcement of any other remedies
that may be available to it.

 

12.6 Procedure
for Indemnification Third Party Claims.

 

(a) Promptly
after receipt by an indemnified party under Section 12.2, 12.3, or 12.4 of notice of the commencement of any Proceeding
against it, such indemnified party will, if a claim is to be made against an indemnifying party under such Section, give notice to the
indemnifying party of the commencement of such claim, but the failure to notify the indemnifying party will not relieve the indemnifying
party of any liability that it may have to any indemnified party, except to the extent that the indemnifying party demonstrates that the
defense of such action is prejudiced by the indemnifying party’s failure to give such notice.

 

(b) If
any Proceeding referred to in Section 12.6(a) is brought against an indemnified party and it gives notice to the indemnifying party
of the commencement of such Proceeding, the indemnifying party will, unless the claim involves Taxes, be entitled to participate in such
Proceeding and, to the extent that it wishes (unless (i) the indemnifying party is also a party to such Proceeding and the indemnified
party determines in good faith that joint representation would be inappropriate, or (ii) the indemnifying party fails to provide
reasonable assurance to the indemnified party of its financial capacity to defend such Proceeding and provide indemnification with respect
to such Proceeding), to assume the defense of such Proceeding with counsel satisfactory to the indemnified party and, after notice from
the indemnifying party to the indemnified party of its election to assume the defense of such Proceeding, the indemnifying party will
not, as long as it diligently conducts such defense, be liable to the indemnified party under this Section 12 for any fees of other
counsel or any other expenses with respect to the defense of such Proceeding, in each case subsequently incurred by the indemnified party
in connection with the defense of such Proceeding, other than reasonable costs of investigation. If the indemnifying party assumes the
defense of a Proceeding, (i) it will be conclusively established for purposes of this Agreement that the claims made in that Proceeding
are within the scope of and subject to indemnification; (ii) no compromise or settlement of such claims may be effected by the indemnifying
party without the indemnified party’s consent unless (A) there is no finding or admission of any violation of Legal Requirements
or any violation of the rights of any Person and no effect on any other claims that may be made against the indemnified party, and (B) the
sole relief provided is monetary damages that are paid in full by the indemnifying party; and (iii) the indemnified party will have
no liability with respect to any compromise or settlement of such claims effected without its consent. If notice is given to an indemnifying
party of the commencement of any Proceeding and the indemnifying party does not, within ten days after the indemnified party’s notice
is given, give notice to the indemnified party of its election to assume the defense of such Proceeding, the indemnifying party will be
bound by any determination made in such Proceeding or any compromise or settlement effected by the indemnified party.

 

(c) Notwithstanding
the foregoing, if an indemnified party determines in good faith that there is a reasonable probability that a Proceeding may adversely
affect it or its affiliates other than as a result of monetary damages for which it would be entitled to indemnification under this Agreement,
the indemnified party may, by notice to the indemnifying party, assume the exclusive right to defend, compromise, or settle such Proceeding,
but the indemnifying party will not be bound by any determination of a Proceeding so defended or any compromise or settlement effected
without its consent (which may not be unreasonably withheld).

 

    32

     

    

 

(d) Sellers
hereby consent to the non-exclusive jurisdiction of any court in which a Proceeding is brought against any Indemnified Person for purposes
of any claim that an Indemnified Person may have under this Agreement with respect to such Proceeding or the matters alleged therein,
and agree that process may be served on Sellers with respect to such a claim anywhere in the world.

 

12.7 Procedure For Indemnification
for Other Claims. A claim for indemnification for any matter not involving a third-party claim may be asserted by notice to the party
from whom indemnification is sought.

 

		13.	GENERAL PROVISIONS.

 

13.1 Expenses. Except
as otherwise expressly provided in this Agreement, each party to this Agreement will bear its respective expenses incurred in connection
with the preparation, execution, and performance of this Agreement and the Contemplated Transactions, including all fees and expenses
of agents, representatives, counsel, and accountants. In the event of termination of this Agreement, the obligation of each party to
pay its own expenses will be subject to any rights of such party arising from a breach of this Agreement by another party.

 

13.2 Public Announcements.
Any public announcement or similar publicity with respect to this Agreement or the Contemplated Transactions will be issued at such time
and in such manner as Buyer determines. Sellers and Buyer will consult with each other concerning the means by which any Acquired Company’s
employees, customers, and suppliers and others having dealings with any Acquired Company will be informed of the Contemplated Transactions,
and Buyer will have the right to be present for any such communication.

 

13.3 Confidentiality.
If the Contemplated Transactions are not consummated, each party will return or destroy as much of written information obtained in confidence
from another party or any Acquired Company in connection with this Agreement or the Contemplated Transactions as the other party may
reasonably request. Whether or not the Closing takes place, Sellers waive, and will upon Buyer’s request cause any Acquired Company
to waive, any cause of action, right, or claim arising out of the access of Buyer or its representatives to any trade secrets or other
confidential information of any Acquired Company except for the intentional competitive misuse by Buyer of such trade secrets or confidential
information.

 

13.4 Notices. All
notices, amendments, waivers, or other communications under this Agreement shall be in writing and shall be deemed to be sufficient if
delivered personally, sent electronically, sent by nationally-recognized overnight or second day delivery courier or mailed by registered
or certified mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at such other address for
a party as shall be specified by like notice):

 

If to any Acquired Company prior to Closing or Seller, to:

 

	Name:	CHONGQING ZHUODA PHARMACEUTICAL CO., LTD.
	Address:	No. 175-2, 2nd Floor, Guoruitianjie, No. 11-13 Beibin Avenue, Third Section, Wanzhou District, Chongqing, PRC
	Attention:	Mr. Dong Zhang
	Telephone:	(0086)19115595533
	Email:	09818065@qq.com

 

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	with a copy to:	 
	 	 
	Name:	Kingmoon & Kingyang Jiulongpo Law Firm
	Address:	No. 26, Yangjiaping Zhengjie, Yulong Tower, Fl. 34, Jiulongpo District, Chongqing City, PRC
	Attention:	Mr. Yang, Tao
	Telephone:	(0086)13512342782
	Email:	378132751@qq.com
	 	 
	If to any Acquired Company following the Closing or Buyer, to:
	 	 
	Name:	CHONGQING GUANZAN TECHNOLOGY CO., LTD
	Address:	12th floor, Block A, Shenjisuofeite business Building, No.137
	 	Keyuan 2nd Road, Jiulongpo District, Chongqing City, PRC
	Attention:	Mr. XiaoPing Wang
	Telephone:	(0086)13883563188
	Facsimile:	(0086)23-68690934
	Email:	7910595@qq.com
	 	 
	with a copy to:	 
	 	 
	Name:	Carter Ledyard & Milburn LLP
	Address:	2 Wall Street New York, New York, USA, 10005-2072
	Attention:	Pang Zhang-Whitaker, Esq.
	Telephone:	+1 212 238 8844
	Facsimile:	+1 212 732 3232
	Email:	zhang@clm.com

 

All such notices and other communications shall
be deemed to have been delivered and received (i) in the case of personal delivery or delivery electronically, on the date of that
delivery if delivered during business hours on a Business Day or, if not delivered during business hours on a Business Day, the first
Business Day thereafter, (ii) in the case of delivery by nationally-recognized overnight or second day delivery courier, on the Business
Day delivered, and (iii) in the case of mailing, on the sixth Business Day following that mailing. A copy of any notice or other
communication sent electronically shall also be sent on the same day by registered or certified mail (return receipt requested) or
by nationally recognized overnight or second day delivery courier.

 

13.5 Further Assurances.
The parties agree (a) to furnish upon request to each other such further information, (b) to execute and deliver to each other
such other documents, and (c) to do such other acts and things, all as the other party may reasonably request for the purpose of
carrying out the intent of this Agreement and the documents referred to in this Agreement.

 

13.6 Waiver. The rights
and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by any party in exercising
any right, power, or privilege under this Agreement or the documents referred to in this Agreement will operate as a waiver of such right,
power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any other or further exercise
of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent permitted by applicable
law, (a) no claim or right arising out of this Agreement or the documents referred to in this Agreement can be discharged by one
party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other party; (b) no
waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (c) no notice
to or demand on one party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice
or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.

 

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13.7 Entire Agreement
and Modification. This Agreement supersedes all prior agreements between the parties with respect to its subject matter and constitutes
(along with the documents referred to in this Agreement) a complete and exclusive statement of the terms of the agreement between
the parties with respect to its subject matter. This Agreement may not be amended except by a written agreement executed by the party
to be charged with the amendment.

 

13.8 Assignments, Successors,
and Third-Party Rights.

 

(a) None
of the parties may assign any of its rights under this Agreement without the prior consent of the other parties, except that Buyer may
assign any of its rights under this Agreement to any Affiliate of Buyer. Subject to the preceding sentence, this Agreement will apply
to, be binding in all respects upon, and inure to the benefit of the successors and permitted assigns of the parties. This Agreement and
all of its provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and their successors and
assigns.

 

(b) Notwithstanding
any provision herein to the contrary, the parties to this Agreement agree that each Third Party Beneficiary shall receive the benefit
of the provisions of this Agreement as an intended third party beneficiary of this Agreement to the extent of such provisions with respect
to the Closing Stock Payment, the Second Payment and the Third Payment (collectively, the “Third Party Beneficiary Provisions”)
and shall have the right to enforce the Third Party Beneficiary Provisions. No other persons or parties are intended as beneficiaries
of this Agreement and none shall have rights to enforce or benefit from the provisions of this Agreement.

 

13.9 Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this
Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree
will remain in full force and effect to the extent not held invalid or unenforceable.

 

13.10 Section
Headings, Construction.

 

(a) All
words used in this Agreement will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly
provided, the word “including” does not limit the preceding words or terms. The words “herein”, “hereof”,
“hereunder”, “hereby”, “hereto”, “hereinafter”, and other words of similar import refer
to this Agreement as a whole, including any schedules and exhibits, as the same may from time to time be amended, modified, supplemented
or restated, and not to any particular article, section, subsection, paragraph, subparagraph or clause contained in this Agreement. All
references to articles, sections, subsections, clauses, paragraphs, schedules and exhibits mean such provisions of this Agreement and
the schedules and exhibits attached to this Agreement, except where otherwise stated. The title of and the article, section and paragraph
headings in this Agreement are for convenience of reference only and shall not govern or affect the interpretation of any of the terms
or provisions of this Agreement.

 

(b) Where
specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify,
limit or restrict in any manner the construction of the general statement to which it relates. The language used in this Agreement has
been chosen by the parties to express their mutual intent, each party has been represented by legal counsel with respect to, and has had
substantial input in, the drafting of this Agreement, and no rule of strict construction shall be applied against any party. Unless expressly
provided otherwise, the measure of a period of one month or year for purposes of this Agreement shall be that date of the following month
or year corresponding to the starting date, provided that if no corresponding date exists, the measure shall be that date of the following
month or year corresponding to the next day following the starting date. For example, one month following February 18 is March 18, and
one month following March 31 is May 1.

 

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(c) References
to “dollars” or “$” mean United States Dollars. References to “RMB” mean Chinese Renminbi.

 

(d) Each
and every reference to share prices, numbers of shares and any other numbers in this Agreement that relate to the Parent Shares shall
be automatically adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions that
occur with respect to the Parent Shares after the date of this Agreement.

 

13.11 Time of Essence.
With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence.

 

13.12 Governing
Law; Waiver of Jury Trial; Jurisdiction.

 

(a) All
questions concerning the construction, interpretation and validity of this Agreement shall be governed by and construed and enforced in
accordance with the domestic laws of the State of New York, without giving effect to any choice or conflict of law provision or rule (whether
in the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the
State of New York. In furtherance of the foregoing, the internal law of the State of New York shall control the interpretation and construction
of this Agreement, even if under the State of New York’s choice of law or conflict of law analysis, the substantive law of some
other jurisdiction would ordinarily or necessarily apply.

 

(b) BECAUSE
DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT
PERSON AND THE PARTIES WISH APPLICABLE LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED
BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM, EACH PARTY
HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BASED UPON OR ARISING OUT OF THIS AGREEMENT OR
THE RELATED DOCUMENTS OR ANY DEALINGS BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER
IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS
AGREEMENT OR THE RELATED DOCUMENTS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED
THIS WAIVER WITH ITS RESPECTIVE LEGAL COUNSEL, AND KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH
SUCH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

(c) EACH
PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS FOR HIMSELF OR ITSELF AND HIS OR ITS PROPERTY, TO THE JURISDICTION OF ANY NEW YORK
STATE COURT OR FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN NEW YORK COUNTY IN THE STATE OF NEW YORK, AND, EFFECTIVE AS OF
THE CLOSING, TO THE JURISDICTION OF ANY OTHER COURT IN ANY OTHER JURISDICTION IN WHICH AN ACTION IS BROUGHT AGAINST A PARTY TO THIS AGREEMENT
BY A THIRD PARTY ASSERTING A CLAIM AGAINST WHICH THE DEFENDANT IS ENTITLED UNDER THIS AGREEMENT TO BE INDEMNIFIED, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE RELATED DOCUMENTS OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. EACH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY
SUCH NEW YORK STATE OR FEDERAL COURT. EACH PARTY AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND
MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

    36

     

    

 

(d) EACH
PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT SUCH PARTY MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION THAT SUCH
PARTY MAY HAVE OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE RELATED DOCUMENTS IN ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK COUNTY IN THE STATE OF NEW YORK OR SUCH OTHER COURT
AS IS PROVIDED FOR IN THE PRECEDING PARAGRAPH. EACH PARTY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

13.13 Counterparts; Facsimile
and Electronic Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same instrument. Facsimile and electronic counterpart signatures to this Agreement
shall be acceptable and binding.

 

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

 

[Signature Pages Follow]

 

    37

     

    

 

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

 

	BUYER:	 
	 	 
	Chongqing Guanzan Technology
    Co., Ltd.	 
	 	 
	By: 	/s/ Xiaoping Wang	 
	Name:	Xiaoping Wang	 
	Title:	CEO	 
	 	 
	PARENT:	 
	 	 
	BIMI INTERNATIONAL MEDICAL INC.	 
	 	 
	By: 	/s/ Tiewei Song	 
	Name:	Tiewei Song	 
	Title:  	CEO	 
	 	 
	SELLERS:	 
	 	 
	XIAOLIN LIU	 
	 	 
	By:	/s/ Xiaolin Liu	 
	Name:  	Xiaolin Liu	 
	Address: 14-2, Unit 1, No. 110 Qing Yang Gong, Wanzhou District, Chongqing, PRC	 
	 	 
	XUSEN HE	 
	 	 
	By:	/s/ Xusen He	 
	Name:  	Xusen He	 
	Address: 27-5, Tower B, Xin Shui An, Fengshou Community, Beibin Road, Wanzhou District,
    Chongqing, PRC	 
	 	 
	DONG ZHANG	 
	 	 
	By:	/s/ Dong Zhang	 
	Name:	Dong Zhang	 
	Address: 27-5, Tower B, Xin Shui An, Fengshou Community, Beibin Road, Wanzhou District,
    Chongqing, PRC	 

 

     

     

    

 

	COMPANY:	 
	 	 
	Chongqing zhuoda pharmaceutical co., ltd.	 
	 	 
	By:	/s/Xiaolin Liu	 
	Name:  	Xiaolin Liu	 
	Title:	Chairman of the Board	 
	 	 
	Third party beneficiaries:	 
	 	 
	Ye Zhang	 
	Only as to the Third Party Beneficiary Provisions	 
	 	 
	By:	/s/ Ye Zhang	 
	Name:  	Ye Zhang	 
	Address:  No. 1 Gao Wang Road, Re Gao Le City, Building No. 15, Wang Hua District,
    Fu Shun City, Liaoning Province, PRC	 
	 	 
	Bo Wang	 
	Only as to the Third Party Beneficiary Provisions	 
	 	 
	By:	/s/ Bo Wang	 
	Name:	Bo Wang	 
	Address:  No. 1 Gao Wang Road, Re Gao Le City, Building No. 15, Wang Hua District,
    Fu Shun City, Liaoning Province, PRC	 

 

     

     

    

 

Schedule 2.5 Closing Stock Payment

 

The Closing Stock Payment Shall be issued as follows:

	 
Name
of Recipient 
	 	Number of Parent Shares	 
	Xiaolin Liu	 	 	400,000	 
	Ye Zhang	 	 	1,000,000	 
	Bo Wang	 	 	800,000	 

 

     

     

    

 

Schedule 3.1 Ownership Interests

 

	Name of Seller	 	Ownership Percentage in the Company	 
	Xiaolin Liu	 	 	55	%
	Xusen He	 	 	25	%
	Dong Zhang	 	 	20	%

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