Document:

ex_363748.htm

Exhibit 10.2

 

 

COHU, INC.

CHANGE IN CONTROL AGREEMENT

 

 

THIS CHANGE IN CONTROL AGREEMENT (the “Agreement”) is made and entered into as of September 8, 2020, by and between Ian Lawee (“Executive”) and Cohu, Inc., a Delaware corporation (the “Company”).

 

WHEREAS, it is expected that the Company from time to time will consider the possibility of an acquisition by another company or other Change in Control, the Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) recognizes that such consideration as well as the possibility of a Qualifying Termination of Executive’s employment with the Company can be a distraction to Executive and can cause Executive to consider alternative employment opportunities; and the Committee has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat or occurrence of such an event;

 

WHEREAS, the Committee believes that it is in the best interests of the Company and its stockholders to provide Executive with an incentive to continue employment and to motivate Executive to maximize the value of the Company upon a Change in Control for the benefit of its stockholders;

 

WHEREAS, the Company and Executive are parties to a separate Severance Agreement, dated as of September 8, 2020 and as amended from time to time (the “Severance Agreement”); and

 

WHEREAS, certain capitalized terms used in this Agreement are defined in Section 3.7 below;

 

NOW, THEREFORE, in consideration of the mutual covenants, promises and obligations set forth herein, the parties agree as follows:

 

 

 

 

	
			1. 

				
			Term.

			

 

This Agreement shall have a term commencing as of September 8, 2020 (the “Effective Date”) and continuing until the third (3rd) anniversary thereof (the “Initial Term”). The Initial Term shall be automatically extended for successive two (2) year periods (each a “Renewal Term” and, together with the Initial Term and each such Renewal Term, the “Term”), unless either party has delivered written notice to the other party no later than six (6) months prior to the completion of the then effective Term that this Agreement will not be extended; provided, however, that if such written notice is delivered by the Company to Executive following the Company’s entry into a definitive agreement with respect to a transaction that, if consummated, would result in a Change in Control, then the then effective Term shall not expire sooner than twelve (12) months following the date of such definitive agreement. For the avoidance of doubt, neither the lapse of this Agreement by its terms nor non-renewal of this Agreement will by itself constitute termination of employment nor grounds for resignation for Good Reason. Notwithstanding anything herein to the contrary, if, during the then effective Term, Executive’s employment with the Company has terminated as a result of a Qualifying Termination or Executive has given written notice to the Company of an initial event that would constitute Good Reason, this Agreement shall not terminate until all payments and benefits, if any, have been provided to Executive in accordance with this Agreement.

 

	
			2. 

				
			At-Will Employment.

			

 

Executive acknowledges and agrees that nothing in this Agreement shall be construed to imply that Executive’s employment is guaranteed for any period of time. Unless stated in a written agreement authorized by the Committee or the Board and signed by an officer of the Company and Executive, Executive’s employment is at-will, and either the Company or Executive may terminate the employment relationship at any time with or without cause and with or without notice.

 

	
			3. 

				
			Termination of Employment.

			

 

3.1      Qualifying Termination. In the event of Executive’s Qualifying Termination, Executive shall be entitled to receive the Accrued Amounts. In addition, provided that Executive complies with the provisions of Section 6 and executes a full general release of all claims, known or unknown, that Executive may have against the Company, its affiliates and their respective officers and directors in a form provided by the Company (the “Release”) which becomes effective and irrevocable within sixty (60) days following the Termination Date (such 60-day period, the “Release Execution Period”), Executive shall be entitled to receive the following severance payments and benefits:

 

(a)    Base Salary Severance Benefit. An amount equal to 150% of Executive’s Base Salary (disregarding any reduction in Base Salary that would constitute Good Reason) shall be paid in cash in a single lump sum on the next regular payroll date following the later of the expiration of the Release Execution Period or the consummation of the Change in Control (but in no event later than the lapsing of the Short-Term Deferral Period).

 

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(b)    Bonus Severance Benefits.

 

	 	
			(i)

				
			Prorated Bonus. An amount equal to a prorated portion of Executive’s Target Bonus (disregarding any reduction in Target Bonus that would constitute Good Reason) for the fiscal year in which the Termination Date occurs (the “Prorated Bonus”) shall be paid in cash in a single lump sum on the next regular payroll date following the later of the expiration of the Release Execution Period or the consummation of the Change in Control (but in no event later than the lapsing of the Short-Term Deferral Period). Such prorated portion shall be determined by multiplying the foregoing Target Bonus by a fraction, the numerator of which is equal to the number of days between the start of such fiscal year and the Termination Date and the denominator of which is equal to 365. The actual annual incentive bonus for the fiscal year of Executive’s termination of employment shall be forfeited, and Executive shall not be entitled to any payment thereof, other than the severance benefit payment described in this Section 3.1(b)(i).

			

 

	 	
			(ii)

				
			Target Bonus. In addition to the Prorated Bonus, an amount equal to 150% of Executive’s Target Bonus (disregarding any reduction in Target Bonus that would constitute Good Reason) for the fiscal year in which the Termination Date occurs (or if greater, for the fiscal year in which the Change in Control occurs) shall be paid in cash in a single lump sum on the next regular payroll date following the later of the expiration of the Release Execution Period or the consummation of the Change in Control (but in no event later than the lapsing of the Short-Term Deferral Period).

			

 

(c)    Health Care Benefit. Payment by the Company of the premiums required to continue Executive’s group health care coverage for the same level of health coverage and benefits as in effect for Executive on the day immediately preceding the Termination Date for a period of eighteen (18) months following the Termination Date (the “Premium Payment Period”) under the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), provided that Executive elects to continue and remains eligible for these benefits under COBRA and does not become eligible for health coverage through another employer during this period. Notwithstanding the foregoing, if the Company determines, in its reasonable discretion, that either (i) the payment of the premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Internal Revenue Code of 1986, as amended (the “Code”) or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act) (the “Impermissible Payment”) or (ii) any portion of the Premium Payment Period would exceed the maximum healthcare continuation coverage period available to Executive under COBRA (the “Excess Payment”), then, in lieu of paying such premiums with respect to the Impermissible Payment or the Excess Payment, the Company, in its sole discretion, may elect to instead pay Executive on the first day of each month during the Premium Payment Period, a fully taxable cash payment (the “Special Separation Payment”) equal to the Impermissible Payment or the Excess Payment, as applicable, for that month, grossed-up to cover all applicable withholdings, so that the net benefit to Executive equals the monthly premiums,  for the remainder of the Premium Payment Period. The Special Separation Payment with respect to the Impermissible Payment (but not the Excess Payment) will cease should Executive elect to cease, or become ineligible for, continued health care coverage under COBRA.

 

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(d)    Equity Award Treatment. Notwithstanding the terms of the Equity Plan or applicable award agreements, one hundred percent (100%) of Executive’s then unvested awards relating to the Company’s common stock or equivalent equity awards as assumed, continued or substituted for by an Acquiror (as defined in Section 5), whether stock options, shares of restricted stock, restricted stock units, performance share units, or otherwise (collectively, the “Equity Awards”), outstanding as of the Termination Date will become vested in full and will otherwise remain subject to the terms and conditions of the applicable Equity Award agreement, including any delays in the settlement or payment of such awards that are set forth in the applicable Equity Award agreement and that are required under Section 409A of the Code. For the purposes of the preceding sentence, Equity Awards the vesting or earning of which is subject to the achievement of one or more performance goals shall be deemed earned and vested based upon the greater of (i) the portion of the Equity Award that would be earned and vested if all of the performance goals were achieved at the target level or (ii) the extent of the actual achievement of the performance goals as of Executive’s Termination Date, if reasonably determinable. In addition, the post-termination exercise period for any outstanding stock option and/or stock appreciation right shall be extended so as to terminate on the first to occur of (i) the date twelve (12) months after Executive’s Termination Date, or (ii) the stock option and/or stock appreciation rights’ original term expiration (e.g., the award’s original ten (10) year expiration date). The foregoing provisions are hereby deemed to be a part of each agreement evidencing an Equity Award to which Executive is a party and to supersede any contrary provision in any such agreement unless such agreement specifically refers to and disclaims this Section 3.1(d) of this Agreement.

 

3.2      Non-Qualifying Termination. In the event of Executive’s Non-Qualifying Termination, Executive shall be entitled to receive only the Accrued Amounts. However, in the event that Executive’s employment terminates due to Executive’s death, and subject to execution by Executive’s personal representative on behalf of Executive’s estate of a Release which becomes effective and irrevocable during the Release Execution Period, the Company shall pay to the Executive’s estate a Prorated Bonus for the year in which the Executive dies in a single lump sum as soon as reasonably practicable following the later of the expiration of the Release Execution Period or the consummation of the Change in Control (but in no event later than the lapsing of the Short-Term Deferral Period).

 

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3.3      Notice of Termination. Any termination of Executive’s employment hereunder by the Company or by Executive during the Term (other than termination on account of Executive’s death) shall be communicated by written notice of termination (“Notice of Termination”) to the other party hereto in accordance with Section 11.7. The Notice of Termination shall specify:

 

(a)    the facts and circumstances claimed to provide a basis for termination of Executive’s employment; and

 

(b)    the applicable Termination Date.

 

3.4      Resignation of All Other Positions. The termination of Executive’s employment for any reason will be deemed to constitute, without further required action by Executive, voluntary resignation by Executive, effective on the Termination Date, from all positions that Executive holds as an officer or member of the board of directors (or a committee thereof) of the Company or any of its affiliates. At the Board’s request, Executive will execute any documents reasonably necessary to reflect such resignation.

 

3.5      Mitigation. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement and, except as provided in Section 3.1(c) (providing for health care continuation benefits under COBRA), any amounts payable pursuant to this Section 3 shall not be reduced by compensation Executive earns on account of employment with another employer.

 

3.6      Section 280G.

 

(a)    If any payments and other benefits provided for in this Agreement or otherwise (collectively, the “Payments”) would, either separately or in the aggregate, constitute “parachute payments” within the meaning of Section 280G of the Code and, but for this Section 3.6, would be subject to the excise tax imposed by Section 4999 of the Code, then the Payments will be payable to Executive either in full or in such lesser amounts as would result, after taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, in Executive’s receipt on an after-tax basis of the greatest amount of Payments. If a reduction in Payments is required pursuant to this Section 3.6, Payments shall be reduced in the following order: (i) reduction or elimination of cash severance benefits that are subject to Section 409A of the Code; (ii) reduction or elimination of cash severance benefits that are not subject to Section 409A of the Code; (iii) cancellation or reduction of accelerated vesting of equity awards that are not stock options or stock appreciation rights; (iv) cancellation or reduction of accelerated vesting of stock options and stock appreciation rights; and (v) reduction or elimination of other Payments. Any reduction of cash severance benefits or other cash Payments shall be made in reverse chronological order such that the cash payment owed on the latest date following the occurrence of the event triggering such excise tax will be the first cash payment to be reduced. Any reduction of accelerated vesting of equity award compensation shall be made in the reverse order of the date of grant so that the accelerated vesting of the most recently granted equity award will be reduced first. In no event shall Executive have any discretion with respect to the ordering of payment or benefits reductions. Executive will be solely responsible for the payment of all personal tax liability incurred as a result of the payments and benefits received under this Agreement, and Executive will not be reimbursed by the Company for any such tax liability.

 

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(b)    All calculations and determinations under this Section 3.6 shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding on the Company and Executive for all purposes. For purposes of making the calculations and determinations required by this Section 3.6, the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Company and Executive shall furnish the Tax Counsel with such information and documents as the Tax Counsel may reasonably request in order to make its determinations under this Section 3.6. The Company shall bear all costs the Tax Counsel may reasonably incur in connection with its services hereunder. The Company will have no liability to Executive for the determinations of the Tax Counsel.

 

3.7      Definitions of Certain Terms. Certain capitalized terms not otherwise defined by this Agreement shall have the following meanings:

 

(a)    “Accrued Amounts” mean, collectively:

 

	 	
			(i)

				
			any accrued but unpaid Base Salary prorated to the Termination Date and accrued but unused vacation, both of which shall be paid on the Termination Date in accordance with the Company’s customary payroll procedures;

			

 

	 	
			(ii)

				
			reimbursement of unreimbursed business expenses properly incurred by Executive, which shall be subject to, and paid in accordance with, the Company’s expense reimbursement policy; and

			

 

	 	
			(iii)

				
			such employee benefits (including equity compensation), if any, to which Executive may be entitled under the Company’s employee benefit plans as of the Termination Date.

			

 

(b)    “Base Salary” means Executive’s annual base salary at the rate in effect immediately prior to the Termination Date (disregarding any reduction in Base Salary that would constitute Good Reason).

 

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(c)    “Cause” means:

 

	 	
			(i)

				
			Executive’s willful and continued failure to perform the duties and responsibilities of his/her position (other than as a result of Executive’s illness or injury) after there has been delivered to Executive a written demand for performance from the Chief Executive Officer which describes the basis for the Chief Executive Officer’s belief that Executive has not substantially performed his/her duties and provides Executive with thirty (30) days to take corrective action;

			

 

	 	
			(ii)

				
			Any material act of personal dishonesty taken by Executive in connection with his/her responsibilities as an employee of the Company with the intention that such action may result in the substantial personal enrichment of Executive;

			

 

	 	
			(iii)

				
			Executive’s conviction of, or plea of nolo contendere to, a felony that the Board reasonably believes has had or will have a material detrimental effect on the Company’s reputation or business;

			

 

	 	
			(iv)

				
			A willful breach of any fiduciary duty owed to the Company by Executive that the Board reasonably believes has had, or will have, a material detrimental effect on the Company’s reputation or business;

			

 

	 	
			(v)

				
			Executive being found liable in any Securities and Exchange Commission or other civil or criminal securities law action (regardless of whether or not Executive admits or denies liability), which the Board determines, in its reasonable discretion, has had, or will have, a material detrimental effect on the Company’s reputation or business;

			

 

	 	
			(vi)

				
			Executive entering any cease and desist order with respect to any action which would bar Executive from service as an executive officer or member of a board of directors of any publicly-traded company (regardless of whether or not Executive admits or denies liability);

			

 

	 	
			(vii)

				
			Executive (A) obstructing or impeding; (B) endeavoring to obstruct or impede, or (C) failing to materially cooperate with, any investigation authorized by the Board or any governmental or self-regulatory entity. However, Executive’s failure to waive attorney-client privilege relating to communications with Executive’s own attorney in connection with any such investigation will not constitute “Cause”;

			

 

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			(viii)

				
			Executive’s disqualification or bar by any governmental or self-regulatory authority from serving in the capacity in which Executive is then employed by the Company, if (A) the disqualification or bar continues for more than thirty (30) days, and (B) during the initial thirty (30) day period (“Initial Bar Period”) the Company uses its commercially reasonable efforts to cause the disqualification or bar to be lifted. During the Initial Bar Period, the Board may have Executive serve in his/her then-current capacity with the Company to whatever extent legally permissible or Executive will be placed on paid administrative leave, at the discretion of the Board. If the bar is not lifted within or immediately following the Initial Bar Period, Executive’s employment shall terminate for Cause;

			

 

	 	
			(ix)

				
			any material failure by Executive to comply with the Company’s written policies or rules, as they may be in effect from time to time during the Term, if such failure has caused, or will cause, material reputational or financial harm to the Company; or

			

 

	 	
			(x)

				
			Executive’s material breach of this Agreement or the Company’s Confidentiality and Inventions Agreement.

			

 

For purposes of this provision, no act or failure to act on the part of Executive shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad faith or without reasonable belief that Executive’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company.

 

(d)    “Change in Control” means the occurrence of any of the following after the Effective Date:

 

	 	
			(i)

				
			Any one person, or more than one person acting as a group (a “Person”) acquires ownership of the Company’s securities that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the Company’s then outstanding stock. The term “Person” shall include any natural person, corporation, partnership, trust, or association, or any group or combination thereof, whose ownership of the Company’s securities would be required to be reported under Regulation 13(D) under the Securities Exchange Act of 1934, as amended, or any similar successor regulation or rule. For purposes of this clause (i), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control;

			

 

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			(ii)

				
			A change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced, excepting the replacement of members who retire due to age limitations as specified in the Company’s Corporate Governance Guidelines, during any six (6) month period by members of the Board whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election; or

			

 

	 	
			(iii)

				
			The closing of any transaction involving a change in ownership of a substantial portion of the Company’s assets, which occurs on the date that any Person acquires (or has acquired during any twelve (12) month period ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

			

 

Notwithstanding the foregoing, the term “Change in Control” shall not include a consolidation, merger, or other reorganization if upon consummation of such transaction all of the outstanding voting stock of the Company is owned, directly or indirectly, by a holding company, and the holders of the Company’s common stock immediately prior to the transaction have substantially the same proportionate ownership and voting control of such holding company immediately after such transaction.

 

Notwithstanding the foregoing, a Change in Control shall not occur unless such transaction constitutes a change in the ownership of the Company, a change in effective control of the Company, or a change in the ownership of a substantial portion of the Company’s assets under Section 409A of the Code.

 

For purposes of this provision, Persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

 

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(e)    “Change in Control Period” means the period beginning on the date sixty (60) days preceding the date of an event constituting a Change in Control and ending on the second anniversary of the date of the event constituting such Change in Control.

 

(f)    “Equity Plan” means the Company’s 2005 Equity Incentive Plan or any successor plan.

 

(g)    “Good Reason” means the occurrence of any of the following, in each case during the Term without Executive’s written consent:

 

	 	
			(i)

				
			a material reduction in Executive’s Base Salary, other than a general reduction in Base Salary that affects all similarly situated executives in substantially the same proportions;

			

 

	 	
			(ii)

				
			a material reduction in Executive’s Target Bonus opportunity;

			

 

	 	
			(iii)

				
			any material breach by the Company of any material provision of this Agreement;

			

 

	 	
			(iv)

				
			the Company’s failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law;

			

 

	 	
			(v)

				
			a material change in the geographic location at which Executive must perform his/her services; provided that in no instance will the relocation of Executive to a facility or a location that increases Executive’s commute by fifty (50) miles or less be deemed material for purposes of this Agreement.

			

 

Before Executive may resign for Good Reason, (A) Executive must provide the Company with written notice within ninety (90) days of the initial event that Executive believes constitutes “Good Reason” specifically identifying the facts and circumstances claimed to constitute the grounds for Executive’s resignation for Good Reason and the proposed termination date (which will be the date thirty (30) days after the giving of written notice hereunder by Executive to the Company), and (B) the Company must have an opportunity within thirty (30) days following delivery of such notice to cure the Good Reason condition, provided that the Company may waive such cure period by giving written notice to Executive that it does not intend to cure such condition. The failure by Executive to include in the notice any fact or circumstance that contributes to a showing of Good Reason will not waive any right of Executive under the Agreement or preclude Executive from asserting such fact or circumstance in enforcing Executive’s rights under the Agreement. Notwithstanding the foregoing, if Executive is determined to have a disability, and if Company offers Executive the opportunity to remain employed in a different capacity that accommodates Executive’s disability, with different duties and compensation structure in lieu of termination, such change in responsibilities and compensation shall not constitute Good Reason.

 

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(h)    “Non-Qualifying Termination” means any termination of Executive’s employment with the Company which is not a Qualifying Termination.

 

(i)    “Notice Period” means a period of thirty (30) days commencing on the date of delivery of a Notice of Termination.

 

(j)    “Qualifying Termination” means the occurrence during a Change in Control Period of either (i) termination by the Company of Executive’s employment with the Company for any reason other than Cause or (ii) Executive’s resignation from employment with the Company for Good Reason; provided, however that a Qualifying Termination shall not include any termination of Executive’s employment which is (x) on account of Executive’s death or disability, or (y) a result of Executive’s voluntary termination of employment which is not a resignation for Good Reason.

 

(k)    “Severance Benefit Period” means a period of eighteen (18) months following the Termination Date.

 

(l)    “Short-Term Deferral Period” means a period determined in accordance with Treasury Regulation Section 1.409A-1(b)(4) beginning on the Termination Date with respect to a Qualifying Termination of Executive and ending on the 15th day of the third month following the later of (i) the last day of the calendar year or (ii) the last day of the Company’s taxable year in which, in either case, the Termination Date occurs.

 

(m)    “Target Bonus” means the target amount of Executive’s annual incentive bonus, assuming achievement of all Company performance goals and individual performance goals at their target levels in accordance with the Company’s annual bonus plan and as established by the Committee.

 

(n)    “Termination Date” means:

 

	 	
			(i)

				
			if the Company terminates Executive’s employment without Cause, the date specified in the Notice of Termination, which shall be the day immediately following completion of the Notice Period commencing on the date on which the Notice of Termination is delivered to Executive; provided that the Company shall have the option to relieve Executive of all job duties, positions and responsibilities for all or any part of the Notice Period and provide Executive with payment of Executive’s then current Base Salary in lieu of any portion of the Notice Period for which Executive is so relieved of duty, which amount shall be paid in a lump sum on Executive’s Termination Date, and, in such case, for all purposes of this Agreement, Executive’s Termination Date shall be the date on which such Notice of Termination is delivered; and

			

 

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			(ii)

				
			if Executive terminates his/her employment with or without Good Reason, the date specified in Executive’s Notice of Termination, which shall be the day immediately following completion of the Notice Period commencing on the date on which the Notice of Termination is delivered to the Company; provided that the Company may waive all or any part of the Notice Period by giving written notice of such waiver to Executive and paying Executive’s then current Base Salary in lieu of the portion of the Notice Period waived, which amount shall be paid in a lump sum on Executive’s Termination Date, and, in such case, for all purposes of this Agreement, Executive’s Termination Date shall be the date determined by the Company.

			

 

Notwithstanding anything contained herein to the contrary, the Termination Date shall not occur until the date on which Executive incurs a “separation from service” within the meaning of Section 409A of the Code.

 

	
			4. 

				
			Exclusive Remedy.

			

 

In the event of a Change of Control, the provisions of Section 3 of this Agreement are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive may otherwise be entitled in the event of Executive’s Qualifying Termination. In such circumstances, Executive shall be entitled to no benefits, compensation or other payments or rights upon termination of employment other than those benefits expressly set forth in Section 3.1, and such benefits shall be in lieu of any other benefits under the Severance Agreement, if applicable.

 

	
			5. 

				
			Certain Treatment of Equity Awards Upon a Change in Control.

			

 

Notwithstanding the terms of the Equity Plan or applicable award agreements, in the event of a Change in Control in which either (a) the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the “Acquiror”), does not assume or continue the Company’s rights and obligations under a then-outstanding Equity Award or substitute for such Equity Award a substantially equivalent share-based compensation award with respect to the Acquiror’s capital stock or (b) the Acquiror is not a publicly held corporation as defined in Section 162(m)(2) of the Code (regardless of whether or not Acquiror is willing to assume, continue or substitute for the Equity Awards) then, in either case, the vesting, exercisability and settlement (as applicable) of such Equity Award shall be accelerated in full effective immediately prior to, but conditioned upon, the consummation of the Change in Control. For the purposes of the preceding sentence, Equity Awards the vesting or earning of which is subject to the achievement of one or more performance goals shall be deemed earned and vested based upon the greater of (i) the portion of the Equity Award that would be earned and vested if all of the performance goals were achieved at the target level or (ii) the extent of the actual achievement of the performance goals as of immediately prior to the Change in Control, if reasonably determinable.

 

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			6. 

				
			Conditions to Receipt of Severance Benefits.

			

 

In addition to Executive’s Release becoming effective and irrevocable no later than the expiration of the Release Execution Period, Executive’s entitlement to the severance payments and benefits set forth in Section 3.1 shall be subject to Executive’s compliance with all of the following:

 

6.1      Confidentiality and Proprietary Rights. Executive is party to a certain Confidentiality and Inventions Agreement dated March 16, 2019. Executive shall continue to abide by his/her obligations under the Confidentiality and Inventions Agreement, which is attached as Exhibit A hereto and incorporated herein by reference.

 

6.2      Non-Solicitation of Employees. Executive agrees that during the Severance Benefit Period, Executive will not, either directly or indirectly, separately or in association with others, interfere with, impair, disrupt or damage Company’s business by soliciting, encouraging or recruiting any of Company’s employees or causing others to solicit or encourage any of Company’s employees to discontinue their employment with Company.

 

6.3      Non-Disparagement. Executive agrees and covenants that Executive will not at any time during the Severance Benefit Period make, publish or communicate to any person or entity or in any public forum any defamatory or disparaging remarks, comments or statements concerning the Company or its businesses, or any of its employees, officers, and existing and prospective customers, suppliers, investors and other associated third parties.

 

This Section 6.3 does not, in any way, restrict or impede Executive from exercising protected rights to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation or order. Executive shall promptly provide written notice of any such order to the chief legal officer of the Company.

 

6.4      Remedies. In the event of a breach or threatened breach by Executive of the covenants contained in this Section 6, Executive hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief.

 

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6.5      Survival of Provisions. The provisions of this Section 6 shall survive the termination or expiration of Executive’s employment with the Company and shall be fully enforceable thereafter. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 6 excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that state.

 

	
			7. 

				
			Recoupment.

			

 

Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation, or any other compensation, paid to Executive pursuant to this Agreement or any other agreement or arrangement with the Company which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and recoupment as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement). Executive specifically authorizes the Company to withhold from his/her future wages or amounts otherwise payable under this Agreement any amounts that may become due under this provision. This Section 7 shall survive the termination of this Agreement for a period equal to the greater of (a) three (3) years and (b) such longer period required by the applicable law, government regulation, order or stock exchange listing requirement.

 

	
			8. 

				
			Successors.

			

 

8.1      Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets (a “Successor”) shall assume the Company’s obligations under this Agreement and agree expressly to perform the Company’s obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any Successor which executes and delivers the assumption agreement described in this Section 8.1 or which becomes bound by the terms of this Agreement by operation of law.

 

8.2      Executive’s Successors. The terms of this Agreement and all rights of Executive hereunder shall inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

 

14

 

 

	
			9. 

				
			Arbitration.

			

 

The Company and Executive each agree that any and all disputes arising out of the terms of this Agreement, Executive’s employment by the Company, Executive’s service as an officer or director of the Company, or Executive’s compensation and benefits, their interpretation and any of the matters herein released, will be subject to binding arbitration. In the event of a dispute, the parties (or their legal representatives) will promptly confer to select a single arbitrator mutually acceptable to both parties. If the parties cannot agree on an arbitrator, then the moving party may file a demand for arbitration with the American Arbitration Association (“AAA”) in San Diego County, California, who will be selected and appointed consistent with the AAA-Employment Dispute Resolution Rules, except that such arbitrator must have the qualifications set forth in this paragraph. Any arbitration will be conducted in a manner consistent with AAA National Rules for the Resolution of Employment Disputes, supplemented by the California Rules of Civil Procedure. The parties further agree that the prevailing party in any arbitration will be entitled to injunctive relief in any court of competent jurisdiction to enforce the arbitration award. The parties hereby agree to waive their right to have any dispute between them resolved in a court of law by a judge or jury. This paragraph will not prevent either party from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the parties and the subject matter of their dispute relating to Executive’s obligations under Section 6 of this Agreement and the Company’s form of Confidentiality and Inventions Agreement.

 

	
			10. 

				
			Section 409A.

			

 

10.1     General Compliance. The Company intends that all payments and benefits provided under this Agreement will be exempt from, or comply with, the requirements of Section 409A of the Code (“Section 409A”) so that none of the payments and benefits will be subject to the additional tax imposed by Section 409A, and this Agreement shall be construed and administered in accordance with such intent. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service described in Treasury Regulation Section 1.409A-1(b)(9)(iii) or as a short-term deferral described in Treasury Regulation Section 1.409A-1(b)(4) shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A. The Company reserves the right to amend this Agreement as it considers necessary or advisable, in its sole discretion and without the consent of Executive or any other individual, to comply with any provision required to avoid the imposition of the additional tax imposed under Section 409A or to otherwise avoid income recognition under Section 409A prior to the actual payment of any benefits or imposition of any additional tax. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive on account of non-compliance with Section 409A.

 

15

 

 

10.2     Specified Employees. Notwithstanding any other provision of this Agreement, if any payment or benefit provided to Executive in connection with Executive’s termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and Executive is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Termination Date (the “Specified Employee Delay”) or, if earlier, on Executive’s death. The aggregate of any payments that would otherwise have been paid during the Specified Employee Delay shall be paid to Executive in a lump sum on completion of the Specified Employee Delay and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule.

 

10.3     Reimbursements. To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance with the following:

 

(a)    the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

 

(b)    any reimbursement of an eligible expense shall be paid to Executive on or before the last day of the calendar year following the calendar year in which the expense was incurred; and

 

(c)    any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

 

	
			11. 

				
			General Provisions.

			

 

11.1     Modification and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing by Executive and the Compensation Committee of the Board of Directors of the Company. No waiver by either of the parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.

 

16

 

 

11.2     Unfunded Obligation. Any amounts payable to Executive pursuant to this Agreement are unfunded obligations. The Company shall not be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any account shall not create or constitute a trust or fiduciary relationship between the Board or the Company and Executive, or otherwise create any vested or beneficial interest in Executive or Executive’s creditors in any assets of the Company.

 

11.3     Attorneys’ Fees. Each party will bear its own attorneys’ fees in any dispute unless a statutory section at issue, if any, authorizes the award of attorneys’ fees to the prevailing party.

 

11.4     Severability. In the event any provision of this Agreement is found to be unenforceable by an arbitrator or court of competent jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall receive the benefit contemplated herein to the fullest extent permitted by law. If a deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby.

 

11.5     Interpretation; Construction. The headings set forth in this Agreement are for convenience only and shall not be used in interpreting this Agreement. This Agreement has been drafted by legal counsel representing the Company, but Executive has participated in the negotiation of its terms. Furthermore, Executive acknowledges that Executive has had an opportunity to review and revise the Agreement and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

 

11.6     Governing Law: Jurisdiction and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of the State of California without regard to its conflicts of law principles. Other than as required pursuant to Section 9, any action or proceeding by either of the parties to enforce this Agreement shall be brought only in a state or federal court located in the State of California, County of San Diego. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties pursuant to this Agreement that is not subject to arbitration pursuant to Section 9, the parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

 

11.7     Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated: (a) by personal delivery when delivered personally; (b) by overnight courier upon written verification of receipt; (c) by telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission; or (d) by certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to the address as either party may specify in writing.

 

17

 

 

11.8     Withholding. The Company shall have the right to withhold from any amount payable hereunder any Federal, state and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

 

11.9     Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

 

	
			12. 

				
			Entire Agreement.

			

 

This Agreement supersedes the Change in Control Agreement dated April 29, 2019 (the “Prior Agreement”), and such Prior Agreement is null and void. Unless specifically provided herein, this Agreement contains all of the understandings and representations between Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter, and such benefits shall be in lieu of any other benefits under the Severance Agreement, if applicable. The parties mutually agree that the Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of the Agreement.

 

18

 

 

	
			13. 

				
			Acknowledgment of Full Understanding.

			

 

EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE/SHE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE/SHE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HIS/HER CHOICE BEFORE SIGNING THIS AGREEMENT.

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

19

 

 

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

 

	 	EXECUTIVE
	 
	Dated: September 8, 2020	By:	 
	 	Name:	Ian Lawee
	 	Address:	12367 Crosthwaite Circle
	 	 	Poway, CA 92064
	 	 	 
	 	 
	 	COMPANY
	 	 	 
	 	Cohu, Inc.
	 	 	 
	Dated: September 8, 2020	By:	 
	 	Name:	Luis Müller
	 	Title:	CEO
	 	 	 
	 	Address:	12367 Crosthwaite Circle
	 	 	Poway, CA 92064

 

20

 

 

EXHIBIT A

 

COHU, INC.

 

CONFIDENTIALITY AND INVENTIONS AGREEMENT

 

21Exhibit 4.1

 

FINAL VERSION

 

 

STOCK PURCHASE AGREEMENT

 

BY AND AMONG

 

GLOBAL CORD BLOOD CORPORATION,

 

CELLENKOS, INC.

 

AND

 

GOLDEN MEDITECH (BVI) COMPANY LIMITED

 

April 29, 2022

 

  

 

    

     

    

 

TABLE
OF CONTENTS

  

		Page
	 	 
	Article 1 Sale and Purchase of Common Stock and assignment of warrant 	1
	 	 	 	 
	 	1.1	Sale and Purchase of Common Stock	1
	 	1.2	Assignment of Warrant	1
	 	 	 	 
	Article 2 PURCHASE PRICE; treatment of company optionS 	2
	 	 	 	 
	 	2.1	Purchase Price	2
	 	2.2	Closing Payments and Issuances	2
	 	2.3	Treatment of Company Options	2
	 	 	 	 
	Article 3 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 	3
	 	 	 	 
	Article 4 REPRESENTATIONS AND WARRANTIES OF SELLER 	3
	 	 	 	 
	Article 5 REPRESENTATIONS AND WARRANTIES OF Buyer 	3
	 	 	 	 
	Article 6 CERTAIN COVENANTS 	4
	 	 	 	 
	 	6.1	Certain Actions to Close Transactions	4
	 	6.2	Pre-Closing Conduct of Business by Seller	4
	 	6.3	Pre-Closing Conduct of Business by the Company	4
	 	6.4	Further Assurances	7
	 	6.5	Confidentiality and Publicity	7
	 	6.6	Certain Tax Matters	8
	 	6.7	Releases	8
	 	6.8	No Shop	9
	 	6.9	Certain Actions by Buyer	9
	 	 	 	 
	Article 7 CLOSING; CLOSING DELIVERIES; TERMINATION 	10
	 	 	 	 
	 	7.1	Closing	10
	 	7.2	Closing Deliveries by Seller	10
	 	7.3	Closing Deliveries by Buyer	10
	 	7.4	Termination of Agreement	10
	 	7.5	Effect of Termination	11
	 	 	 	 
	Article 8 CONDITIONS TO OBLIGATIONS TO CLOSE 	12
	 	 	 	 
	 	8.1	Conditions to Obligation of Buyer to Close	12
	 	8.2	Conditions to Obligation of Seller to Close	13
	 	 	 	 
	Article 9 NON-SURVIVAL 	14
	 	 	 	 
	 	9.1	Non-Survival	14

 

    i

     

    

 

	Article 10 CERTAIN GENERAL TERMS AND OTHER AGREEMENTS 	14
	 	 	 	 
	 	10.1	Notices	14
	 	10.2	Expenses	15
	 	10.3	Interpretation; Construction	15
	 	10.4	Parties in Interest; Third-Party Beneficiaries	16
	 	10.5	Governing Law, Jurisdiction, Venue	16
	 	10.6	Entire Agreement; Amendment; Waiver	16
	 	10.7	Assignment; Binding Effect	17
	 	10.8	Severability; Blue-Pencil	17
	 	10.9	Counterparts	17
	 	10.10	Specific Performance	17
	 	 	 	 
	Article 11 CERTAIN DEFINITIONS 	18
	 	 	 	 
	SCHEDULE 1 Particulars 	Schedule 1
	 	 	 	 
	SCHEDULE 2 REPRESENTATIONS AND WARRANTIES OF COMPANY 	Schedule 2
	 	 	 	 
	SCHEDULE 3 REPRESENTATIONS AND WARRANTIES OF SELLER 	Schedule 3
	 	 	 	 
	SCHEDULE 4 REPRESENTATIONS AND WARRANTIES OF Buyer 	Schedule 4
	 	 	 	 
	SCHEDULE 5 REGISTRATION RIGHTS 	Schedule 5

 

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STOCK PURCHASE AGREEMENT

 

THIS
STOCK PURCHASE AGREEMENT (this “Agreement”) is entered into and effective as of April 29, 2022 by and among Global
Cord Blood Corporation, a Cayman Islands exempted company (“Buyer”), Cellenkos, Inc., a Delaware corporation
(the “Company”), and Golden Meditech (BVI) Company Limited (“Seller”).

 

Recitals

 

A.            Seller
owns as of the date hereof a number of Common Stock as described in Schedule ‎1.

 

B.            Seller
intends to sell to Buyer, and Buyer intends to purchase from Seller, all of the Common Stock owned by Seller as of the Closing Date (the
 “Sale Stock”).

 

C.            Seller
intends to assign to Buyer all of its rights and obligations under the Stock Purchase Warrant dated as of September 15, 2016 issued
by the Company to Golden Meditech Holdings Limited (as amended by an amendment to stock purchase warrant entered into by and between
Golden Meditech Holdings Limited and the Company dated as of March 2,
2020 and novated by Golden Meditech Holdings Limited to Seller by a stock and warrant transfer agreement and amendment entered into by
and among Golden Meditech Holdings Limited, Seller and the Company dated
as of October 21, 2020, the “Warrant”).

 

D.            Contemporaneously
with the Parties’ execution and delivery of this Agreement, Seller has executed and delivered to Buyer that certain Lock-up Letter
(the “Lock-up Letter”).

 

E.            On
or about the date hereof, certain other shareholders of the Company are entering into certain other share purchase agreements with Buyer
and/or Cellenkos Holdings L.P. in relation to the sale and purchase of Common Stock owned by such other shareholders (the “Other
SPAs”).

 

Agreement

 

In consideration of the foregoing and the representations,
warranties, covenants and agreements in this Agreement, each Party hereby agrees as follows:

 

Article 1

 

Sale
and Purchase of Common Stock and assignment of warrant

 

1.1            Sale
and Purchase of Common Stock. Upon and subject to the terms herein, at Closing, Seller will
sell, assign and transfer to Buyer, and Buyer will purchase from Seller, all of the Sale Stock, free and clear of all Encumbrances (other
than restrictions imposed by securities laws applicable to securities generally).

 

1.2            Assignment
of Warrant. As of the date hereof, Seller has the right to subscribe for and purchase from
the Company up to 1,344,151 duly authorized, validly issued, fully paid and nonassessable shares of Class A Common Stock pursuant
to the terms of the Warrant. Upon and subject to the terms herein, at Closing, Seller will assign to Buyer all of its rights and obligations
under the Warrant, free and clear of all Encumbrances (the “Warrant Assignment”).

 

    1

     

    

  

Article 2

 

PURCHASE
PRICE; treatment of company optionS

 

2.1            Purchase
Price. Upon and subject to the terms herein, Buyer will issue to Seller the Closing Equity
Consideration pursuant to Section ‎2.2
as consideration for the Sale Stock and the Warrant Assignment.

 

2.2            Closing
Payments and Issuances . Upon and subject
to the terms herein, at Closing, Buyer will issue and deliver to Seller, in Seller’s name, in book entry, the Closing Equity Consideration
set forth in Schedule ‎1 attached hereto, free and clear
of all Encumbrances (other than those arising under securities laws and pursuant to the Lock-up Letter).

 

2.3            Treatment
of Company Options.

 

(a)            At
Closing, by virtue of the transactions contemplated herein and without any action on the part of the holder of a Company Option:

 

		(i)	each
                                            unvested Company Option that is outstanding as of the Closing Date shall accelerate and vest
                                            in full;

 

		(ii)	after
                                            giving effect to Section ‎2.3‎(a)‎(i) above,
                                            each Company Option that is outstanding and unexercised as of the Closing Date, shall be
                                            assumed by Buyer and automatically converted into an option to acquire Buyer Ordinary Shares
                                            (each, an “Assumed Option”) under the Replacement Option Plan equal to
                                            the product of (A) the number of shares of Class B Common Stock that were subject
                                            to the corresponding Company Option immediately prior to Closing, multiplied by 8.1456 (subject
                                            to prorated adjustment in case of any declaration or payment of a dividend on outstanding
                                            Buyer Ordinary Shares in Buyer Ordinary Shares or distribution to all holders of outstanding
                                            Buyer Ordinary Shares in Buyer Ordinary Shares, or a split or subdivision of all outstanding
                                            Buyer Ordinary Shares or a reverse stock split or combination of all outstanding Buyer Ordinary
                                            Shares into a smaller number of Buyer Ordinary Shares, in each case prior to the Closing
                                            (“Prorated Adjustment”)), with an exercise price per Buyer Ordinary Share
                                            subject to the Assumed Option equal to the exercise price per share of Class B Common
                                            Stock for which the corresponding Company Option was exercisable immediately prior to Closing
                                            divided by 8.1456 (subject to Prorated Adjustment), and rounded up to the nearest whole cent.
                                            As of immediately prior to Closing, each Company Option shall be automatically terminated
                                            and cancelled and shall no longer be outstanding, and each holder of such Company Option
                                            shall cease to have any rights with respect thereto, except the right to receive the Assumed
                                            Option contemplated by this Section ‎2.3;

 

		(iii)	the
                                            exchange of Company Options for corresponding Assumed Options is intended to satisfy the
                                            requirements of Treasury Regulations Section 1.424-1 and of Treasury Regulations Section 1.409A-1(b)(5)(v)(D),
                                            in each case, to the extent applicable;

 

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		(iv)	each
                                            Assumed Option shall be subject to the terms and conditions as to exercisability and forfeiture
                                            as the corresponding Company Option as in effect on the date of this Agreement, as amended
                                            or superseded by the applicable lock-up letter delivered by the holder of such Company Option
                                            to Buyer on or prior to Closing; and

 

		(v)	prior to the Closing, the Company shall take all necessary or
                                                                                                                                              appropriate actions to authorize and implement the transactions set forth in this Section ‎2.3
                                                                                                                                              relating to the treatment of the Company Options.

 

Article 3

 

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

Except
as disclosed in the Company Disclosure Letter, the Company hereby represents and warrants to Buyer that each of the representations and
warranties set forth in Schedule ‎2 is true and correct as of the date of this Agreement and as of the Closing
Date (except for any such representation and warranty that is expressly stated to be as of a specific date, in which case as of such
specific date).

 

Article 4

 

REPRESENTATIONS
AND WARRANTIES OF SELLER

 

Seller
hereby represents and warrants to Buyer that each of the representations and warranties set forth in Schedule
 ‎3 is true and correct as of the date of this Agreement and as of the Closing Date (except for any such
representation and warranty that is expressly stated to be as of a specific date, in which case as of such specific date).

 

Article 5

 

REPRESENTATIONS
AND WARRANTIES OF Buyer

 

Buyer
hereby represents and warrants to Seller that each of the representations and warranties set forth in Schedule
 ‎4 is true and correct as of the date of this Agreement and as of the Closing Date (except for any such
representation and warranty that is expressly stated to be as of a specific date, in which case as of such specific date).

 

    3

     

    

 

Article 6

 

CERTAIN
COVENANTS

  

6.1            Certain
Actions to Close Transactions. Subject
to the terms of this Agreement, each Party will use its reasonable best efforts to fulfill, and to cause to be satisfied, the
conditions in ‎Article 8 (but
with no obligation to waive any such condition) and to consummate and effect the transactions contemplated herein, including to
cooperate with and assist each other in all reasonable respects in connection with the foregoing.

 

6.2            Pre-Closing
Conduct of Business by Seller. Prior to the Closing, Seller will not sell, assign, transfer,
or grant any rights with respect to the Sale Stock or the Warrant, except pursuant to the Transaction Documents.

 

6.3            Pre-Closing
Conduct of Business by the Company.

 

(a)            Prior
to the Closing, the Company will use its commercially reasonable efforts to (i) conduct its businesses in the Ordinary Course of
Business, (ii) preserve the present business operations, organization and goodwill of the Company, (iii) keep available the
services of its officers and key employees, and (iv) maintain existing relationships with material suppliers, customers, distributors,
marketers, and others having material business relationships with it, and will not, except with the prior written consent of Buyer (which
consent shall not be unreasonably withheld, conditioned or delayed):

 

		(i)	(A) issue
                                            any Common Stock or other security of the Company or right (including any option, warrant,
                                            put or call) to any such Common Stock or other security of the Company (other than in connection
                                            with any exercise of warrants convertible into Common Stock existing as of the date hereof),
                                            (B) declare, set aside or pay any dividend on, or make any other distribution in respect
                                            of, any of its equity interests or other securities, (C) split, combine or reclassify
                                            any of its equity interests or issue or authorize the issuance of any other security in respect
                                            of, in lieu of or in substitution for any of its equity interests or other securities or
                                            make any other change to its capital structure (other than in connection with any exercise
                                            of warrants convertible into Common Stock existing as of the date hereof) or (D) purchase,
                                            redeem or otherwise acquire any Common Stock or any other security of the Company or any
                                            right, warrant or option to acquire any such equity interest or other security;

 

		(ii)	(A) make
                                            any sale, lease to any other Person, license to any other Person or other disposition of
                                            any asset (other than (x) sale, lease or license or other disposition with respect to
                                            assets with a value of less than $1,000,000 in the aggregate, or (y) otherwise in its
                                            Ordinary Course of Business), (B) make any capital expenditure or purchase or otherwise
                                            acquire any asset (other than purchases of inventory in its Ordinary Course of Business and
                                            capital expenditures that do not exceed $1,000,000 (individually or in the aggregate)), license
                                            any material intangible asset from any other Person (other than non-exclusive licenses in
                                            its Ordinary Course of Business), lease any real property from any other Person or lease
                                            any tangible personal property from any other Person (other than leases of tangible personal
                                            property in its Ordinary Course of Business under which the payments do not exceed $1,000,000
                                            (individually or in the aggregate) annually), (C) acquire by merging with, or by purchasing
                                            a substantial portion of the stock or assets of, or by any other manner, any business or
                                            any Person or division thereof, or (D) adopt a plan of liquidation, dissolution, merger,
                                            consolidation, statutory share exchange, restructuring, recapitalization or reorganization;

 

    4

     

    

  

		(iii)	grant
                                            or have come into existence any Encumbrance on any material asset of the Company, other than
                                            any Permitted Encumbrance;

 

		(iv)	(A) become
                                            a guarantor with respect to any obligation of any other Person, (B) assume or otherwise
                                            become obligated for any obligation of any other Person for borrowed money, or (C) agree
                                            to maintain the financial condition of any other Person;

 

		(v)	(A) incur
                                            any Indebtedness for borrowed money, (B) make any loan, advance or capital contribution
                                            to, or investment in the equity or debt securities of, any other Person or (C) make
                                            or pledge to make any charitable or other capital contribution;

 

		(vi)	(A) enter
                                            into any Contract that if entered prior to the date hereof would be a Major Contract, or
                                            amend or terminate any Major Contract in any respect that is material and adverse to the
                                            Company, or (B) waive, release or assign any material right or claim under any Contract,
                                            other than, in each case of (A) and (B), any termination or renewal in accordance with
                                            the terms of any existing Major Contract that occurs automatically without any action by
                                            the Company, as may be reasonably necessary to comply with the terms of this Agreement, or
                                            as a result of the transactions contemplated by this Agreement and the Other SPAs (whether
                                            individually or in the aggregate);

 

		(vii)	(A) fail
                                            to prepare and file all material Tax Returns with respect to the Company that are required
                                            to be filed before Closing or timely pay any Taxes when due and payable, (B) file any
                                            amended Tax Return, (C) make, change or revoke any material election with respect to
                                            Taxes, (D) settle or compromise any material Tax Liability, (E) enter into any
                                            Tax sharing, closing or similar agreement (other than any customary commercial contract entered
                                            into the Ordinary Course of Business, the principal purpose of which does not relate to Taxes), (F) surrender any right
to claim a material refund of Taxes, (G) waive any statute of limitations regarding any Tax, (H) agree to any extension of
time regarding the assessment of any Tax deficiency, (I) request any Tax ruling or (J) incur any material Liability for Taxes
outside the Ordinary Course of Business;

 

		(viii)	(A) adopt
                                            or change (or make a request to any Tax authority to change) any accounting method or principle
                                            used by the Company in any material respect, except as required under GAAP or the Code or
                                            (B) change any annual accounting period;

 

    5

     

    

  

		(ix)	except
                                            for changes in its Ordinary Course of Business that, in the aggregate, do not result in a
                                            material increase of benefits or compensation expense to the Company relative to the level
                                            in effect before such changes and except as required by Applicable Law, (A) adopt, enter
                                            into, amend or terminate any Company Plan, (B) enter into or amend any employment arrangement
                                            or relationship with any new or existing employee that has the legal effect of any relationship
                                            other than at-will employment, (C) increase any compensation (base or variable opportunity)
                                            or benefits of any director, manager, officer, employee or independent contractor or pay
                                            any benefit to any director, officer, employee or independent contractor, other than as required
                                            pursuant to the terms and conditions of an existing Company Plan, as in effect on the date
                                            hereof, (D) grant any equity award to any director, officer, employee or independent
                                            contractor under any Company Plan (including the removal of any existing restriction in any
                                            Company Plan or award made thereunder), (E) enter into or materially amend any collective
                                            bargaining agreement or (F) take any action to segregate any asset for, or in any other
                                            way secure, the payment of any compensation or benefit to any employee;

 

		(x)	amend
                                            or change, or authorize any amendment or change to, any of its Organizational Documents;

 

		(xi)	except
                                            in its Ordinary Course of Business, (A) pay, discharge, settle or satisfy any material
                                            claim, obligation or other Liability or (B) otherwise waive, release, grant, assign,
                                            transfer, license or permit to lapse any material right; or

 

		(xii)	enter
                                            into any Contract to do any of the foregoing actions set forth in this Section ‎6.3(a).

 

(b)            Notwithstanding
anything herein to the contrary, nothing herein shall prevent the Company from taking any action (i) set forth in Section ‎6.3
of the Company Disclosure Letter or as expressly required or expressly permitted hereby or by the other Transaction Documents,
(ii) as required by Applicable Law, (iii) as required to perform any legally binding obligations undertaken bona fide
pursuant to any Contract entered into prior to the date of this Agreement, or (iv) reasonably undertaken by the Company in
response to a material change in market conditions or a material change in the performance of the business of the Company, which
change is reasonably attributable to the impact of the escalation of COVID-19 or the outbreak of any other pandemic or material
public health event or any material political event or social disturbance; provided, that in case of the foregoing (iv), the
Company shall inform Buyer in writing prior to taking any such action.

 

    6

     

    

 

6.4            Further
Assurances. If any further action is necessary
or reasonably desirable to carry out any purpose of this Agreement, then each Party will use commercially reasonable efforts to take
such further action (including the execution and delivery of further documents) as any other Party reasonably requests to carry out such
purpose. The foregoing will be at the expense of such requesting Party, except to the extent this Agreement otherwise allocates such
expense or obligation to the other Party.

   

6.5            Confidentiality
and Publicity.

 

(a)            Confidentiality
Agreement. Subject to the other terms of this Section ‎6.5, the Confidentiality Agreement between Buyer and the
Company, dated July 12, 2021 will remain in full force and effect pursuant to its terms up to Closing, and at Closing shall automatically
terminate (and from and after Closing shall be of no further force or effect).

 

(b)            Publicity.
Except as may be required to comply with Applicable Law, the rules of any stock exchange and the filing of periodic reports
with the SEC or any other Governmental Authority, each Party will not, and each Party will cause each of its Affiliates not to, make
any public release or announcement regarding this Agreement or any of the transactions contemplated herein without the prior written
consent of the other Parties (such consent not to be unreasonably withheld). Notwithstanding anything in this Agreement to
the contrary, any Party may make any public release or announcement and make such filings as required by Applicable Law,
rules of any stock exchange and the filing of periodic reports filed with the SEC or any other Governmental Authority; provided
that such Party will (i) use reasonable efforts to advise the other Parties of such disclosure in advance of such disclosure to
the extent it is reasonably practicable and (ii) consult with the other Parties with respect to the content of such
disclosure.

 

(c)            Confidential
Information of the Company; Confidential Communications. At all times after Closing, Seller will, and will cause its Affiliates to,
keep confidential, not disclose and not use any confidential information of the Company that is known to Seller and its Affiliates as
of the Closing, other than as reasonably required for the proper performance of post-Closing employment duties with Buyer Group Companies
or in connection with a dispute between the Parties (but in such a dispute only to the extent reasonably necessary for Seller to conduct
such dispute).

 

(d)            Certain
Permitted Disclosures. Notwithstanding the foregoing, nothing in this Section ‎6.5 prohibits any of the following:

 

		(i)	a
                                            Party or any of its Affiliates disclosing any information to the extent required under Applicable
                                            Law; provided, however, that if a Party or any of such Party’s Affiliates
                                            is so required to disclose any information that otherwise would be prohibited in the absence
                                            of this Section ‎6.5(d)(i),
                                            then (A) such Party first will provide to Buyer (with respect to Seller) or Seller (with
                                            respect to Buyer) prompt written notice thereof and cooperate (and cause such Affiliate to
                                            cooperate) with such other Party, to the extent such other Party reasonably and promptly
                                            requests, so that such other Party may seek a protective order or other appropriate remedy
                                            or waive compliance with the terms of this Agreement (subject, in each case, to legal requirements
                                            to the contrary) and (B) if such protective order or other remedy is not obtained, or
                                            if Buyer (with respect to its information) or Seller (with respect to its information) waives
                                            compliance with the terms of this Agreement, then such Party will (and will cause such Affiliate,
                                            as applicable, to) disclose only the portion of such information that is required to be so
                                            disclosed, and such Party will (and will cause such Affiliate, as applicable, to) use its
                                            commercially reasonable efforts, at the expense of such Party, to obtain reasonable assurance
                                            that confidential treatment will be given to such information; or

 

    7

     

    

   

		(ii)	a
                                            Party or any of its Affiliates making a statement or disclosure to (A) such Party’s
                                            (or any of its Affiliate’s) legal, accounting or financial advisers to the extent reasonably
                                            necessary for any such adviser to perform its legal, accounting or financial services, respectively,
                                            for such Party or such an Affiliate, including in connection with a dispute between the Parties
                                            (or such Affiliate), or (B) any lender or investor or prospective lender or investor
                                            of such Party (or such Affiliate) to the extent reasonably required as part of such lending
                                            or investing relationship; provided, however, that such Party will cause each
                                            Person to whom such statement or disclosure is made under this Section ‎6.5(d)(ii) to
                                            keep confidential and not disclose to any other Person any information in such statement
                                            or disclosure and will be responsible for any breach of confidentiality by such Person unless
                                            such Person has entered into a confidentiality agreement directly with the other Parties
                                            other than the disclosing Party.

 

6.6            Certain
Tax Matters.

 

(a)            Tax-Sharing
Agreements. The Company will terminate all Tax-sharing agreements and similar arrangements (other than any customary commercial contract
entered into in the Ordinary Course of Business, the principal purpose of which does not relate to Taxes), formal or informal, express
or implied, with respect to the Company before or as of the Closing Date and Buyer will have no Liability thereunder for any and all
amounts due in respect of periods prior to the Closing.

 

(b)            Cooperation.
The Parties will, and will each cause their Affiliates to, provide to the other such cooperation and information, as and to the extent
reasonably requested by the other, in connection with the filing of Tax Returns, determining Liability for Taxes, any audit or other
proceeding with respect to Taxes and the exercise of their rights and obligations under this Section ‎6.6. The Party
requesting such cooperation will pay the reasonable out-of-pocket expenses of the other Party.

 

6.7            Releases.
Effective upon Closing, Seller, on behalf of it and its Affiliates, and Seller’s and each such Affiliate’s successors
and assigns, hereby irrevocably and unconditionally waives, releases and forever discharges the Company and its directors,
governors, managers, officers, employees, owners, successors and assigns from any and all rights, claims, debts, causes of action,
Proceedings, obligations, Losses and other Liabilities of any nature or kind, whether direct or indirect, known or unknown, matured
or contingent, accrued or unaccrued, liquidated or unliquidated or due or to become due, including for direct, indirect,
compensatory, special, incidental or punitive damages, equitable relief or otherwise, and whether arising in Applicable Law, in
equity or otherwise, based upon facts, circumstances, acts or omissions existing or occurring at or prior to Closing; provided, however,
that the foregoing release in this Section ‎6.7
does not release any of the following items: (a) accrued but unpaid compensation for employment services for the current pay
period, or reimbursement of employment-related expenses pursuant to the Company’s policies; (b) vested non-cash benefits
under the express terms of any Company Plan; or (c) claims of Seller against Buyer for any breach by Buyer of this
Agreement.

 

    8

     

    

  

6.8            No
Shop.

 

(a)            Subject
to Section ‎6.8(b), from the date hereof until the Closing Date,

 

		(i)	Seller
                                            will not, and Seller will cause each Affiliate and other representative or agent of Seller
                                            not to, directly or indirectly, solicit, initiate, seek or encourage any inquiry, proposal
                                            or offer from, furnish any information to or participate in any discussion or negotiation
                                            with any Person (other than Buyer or any Person on Buyer’s behalf) regarding any acquisition
                                            of the Company’s equity interests held by Seller. Seller will, and will cause each
                                            Affiliate and other representative or agent of Seller to immediately terminate all such discussions
                                            or negotiations that may be in progress on the date hereof; and

 

		(ii)	the
                                            Company will not, and the Company will cause each representative or agent of the Company
                                            not to, directly or indirectly, solicit, initiate, seek or encourage any inquiry, proposal
                                            or offer from, furnish any information to or participate in any discussion or negotiation
                                            with any Person (other than Buyer or any Person on Buyer’s behalf) regarding any acquisition
                                            of the Company’s equity interests, assets or business, in whole or in part (by purchase,
                                            merger, tender offer, statutory share exchange, joint venture or otherwise). The Company
                                            will, and will cause each representative or agent of the Company to immediately terminate
                                            all such discussions or negotiations that may be in progress on the date hereof.

 

(b)            Notwithstanding
Section ‎6.8(a), Seller, the Company and their respective Affiliates, representatives and agents shall be permitted
to solicit inquiries from, furnish information to, and participate in discussion or negotiation with, any other shareholder of the Company
or such shareholder’s Affiliates, in each case in connection with the transactions contemplated hereby or by the other Transaction
Documents or as may be required under the Existing Stockholder Agreement, the Organizational Documents of the Company or Applicable Laws.

 

6.9            Certain
Actions by Buyer.

 

(a)            Effective
as of the Closing Date, Buyer shall assume the Company 2016 Stock Option Plan (the “Replacement Option Plan”) and
the Assumed Options shall remain subject to such Replacement Option Plan, as amended to replace the shares of Class B Common Stock
with Buyer Ordinary Shares. As soon as practicable after the Closing Date, Buyer shall file an effective registration statement on Form S-8
with respect to the Buyer Ordinary Shares issuable under the Replacement Option Plan.

  

(b)            Buyer
agrees that, from and after the Closing, Seller (and its permitted assignees) shall be entitled to the rights as set forth in Schedule
 ‎5 hereto.

 

    9

     

    

 

Article 7

 

CLOSING;
CLOSING DELIVERIES; TERMINATION

 

7.1            Closing. Subject
to any earlier termination hereof, closing of the transactions contemplated herein (“Closing”) will take place
remotely via electronic exchange of required Closing documentation on or before the tenth Business Day after the satisfaction or
waiver of all conditions to the obligations of the Parties to consummate such transactions (other than conditions that by their
nature are to be satisfied at Closing, but subject to the satisfaction or waiver of such conditions at Closing) or such other date
or time as Buyer and Seller mutually determine (the actual date Closing occurs being the “Closing Date”). All
actions to be taken and all documents to be executed or delivered at Closing will be deemed to have been taken, executed and
delivered simultaneously, and no action will be deemed taken and no document will be deemed executed or delivered until all have
been taken, delivered and executed, except in each case to the extent otherwise stated in this Agreement or any such other
document.

 

7.2            Closing
Deliveries by Seller. At Closing, Seller
will deliver, or cause to be delivered, to Buyer (or as Buyer or this Agreement otherwise directs), the following:

 

(a)            assignment
of the Sale Stock, dated the Closing Date and executed by Seller in a form suitable for transferring the Sale Stock to Buyer in the records
of the Company, together with the stock certificate(s) representing such Sale Stock (if any);

 

(b)            a
certified true copy of the duly executed resolutions of the board of directors of Seller and the Company authorizing Seller’s and
the Company’s (as applicable) entry into and delivery of, and performance of its obligations under, the Transaction Documents to
which Seller or the Company (as applicable) is a party; and

 

(c)            a
duly and properly executed IRS Form W-8 from Seller, together with any required notice to the IRS, in form and substance reasonably
satisfactory to Buyer.

 

7.3            Closing
Deliveries by Buyer. At Closing, Buyer will
deliver, or cause to be delivered, a copy of the register of members of Buyer duly certified by an authorized director or officer of
Buyer, dated as of the Closing Date, evidencing that the Closing Equity Consideration has been issued pursuant to Section ‎2.2.

 

7.4            Termination
of Agreement. This Agreement may be terminated
before Closing as follows:

 

(a)            by
mutual written consent of Buyer and Seller;

 

(b)            by
either Buyer or Seller, if Closing has not occurred on or before the sixtieth (60th) day after the date of this Agreement (the “Outside
Date”);

 

    10

     

    

 

(c)            by
Buyer, if there has been a breach by Seller or the Company of any representation, warranty, covenant or agreement set forth in this Agreement,
which breach would result in any condition in Section ‎8.1 not being satisfied and such breach is not curable prior
to the Outside Date, or if curable prior to the Outside Date, has not been cured within the earlier of (i) fifteen days after the
receipt of notice thereof by Buyer to Seller, and (ii) three (3) Business Days before the Outside Date; or

 

(d)            by
Seller, if there has been a breach by Buyer of any representation, warranty, covenant or agreement set forth in this Agreement, which
breach would result in any condition in Section ‎8.2 not being satisfied and such breach is not curable prior to the
Outside Date, or if curable prior to the Outside Date, has not been cured within the earlier of (i) fifteen days after the receipt
of notice thereof by Seller to Buyer, and (ii) three (3) Business Days before the Outside Date.

 

A
termination of this Agreement under any of the preceding Sections ‎7.4(b) through ‎7.4(d) will
be effective one Business Day after the Party seeking termination gives to the other Party written notice of such termination.
Notwithstanding any term in this Section ‎7.4,
neither Buyer nor Seller will have the right to terminate this Agreement (except by mutual written consent pursuant to Section ‎7.4(a))
if the failure for the Closing to occur on or prior to the Outside Date or the failure to satisfy any condition to Closing or
consummate the transactions contemplated herein resulted in any material respect from the breach by Buyer (if Buyer is the Party
seeking to terminate this Agreement) or by Seller or the Company (if Seller is the Party seeking to terminate this Agreement) of any
of its representations, warranties, covenants or agreements herein.

 

7.5            Effect
of Termination. If this Agreement is
terminated pursuant to Section ‎7.4,
then this Agreement will be of no further force or effect, except for the terms of Section ‎6.5 (entitled,
 “Confidentiality and Publicity”), Section ‎10.2 (entitled,
 “Expenses”), Section ‎10.5 (entitled,
 “Governing Law, Jurisdiction, Venue”), and this Section ‎7.5.
Upon any termination pursuant to Section ‎7.4,
no Party will have any further obligation or other Liability hereunder, except pursuant to a Section listed in the immediately
preceding sentence, or for any Party’s pre-termination fraud, intentional misrepresentation, criminal violation, or
intentional breach. Notwithstanding any provision herein or in any other Transaction Document to the contrary, (a) the right to
terminate this Agreement pursuant to Section ‎7.4 and,
prior to the termination of this Agreement, the right to seek specific performance of this Agreement pursuant to the terms of
 ‎Section ‎10.10 shall
be the sole and exclusive remedy of Buyer against Seller, the Company and their respective former, current or future
representatives, stockholders or Affiliates arising out of this Agreement and the other Transaction Documents and the transactions
contemplated hereby or thereby, and neither Seller nor the Company or any of their respective former, current or future
representatives, stockholders or Affiliates shall have any further Liability relating to, arising out of or with respect to
this Agreement, any Transaction Document or any transaction contemplated hereunder or thereunder, and (b) the right to
terminate this Agreement pursuant to Section ‎7.4,
and prior to the termination of this Agreement, the right to seek specific performance of this Agreement pursuant to the terms of
 ‎ Section ‎10.10 shall
be the sole and exclusive remedy of Seller and the Company against Buyer and any of its former, current or future representatives,
stockholders or Affiliates arising out of this Agreement and the other Transaction Documents and the transactions contemplated
hereby or thereby, and neither Buyer nor any of its former, current or future representatives, stockholders or Affiliates shall have
any further Liability relating to, arising out of or with respect to this Agreement, any Transaction Document or any transaction
contemplated hereunder or thereunder, in each case of (a) and (b), except for Liability for any Party’s pre-termination
fraud, intentional misrepresentation, criminal violation, or intentional breach.

 

    11

     

    

  

Article 8

 

CONDITIONS
TO OBLIGATIONS TO CLOSE

 

8.1            Conditions
to Obligation of Buyer to Close. The obligation
of Buyer to effect the Closing is subject to the satisfaction at or before Closing of all of the following conditions, any one or more
of which may be waived by Buyer, in Buyer’s sole discretion:

 

(a)            Accuracy
of Representations and Warranties. Each representation and warranty of the Company and Seller in Schedule ‎2 and Schedule
 ‎3 will have been true and correct in all respects as of the date of this Agreement and will be true and correct in all respects
as of the Closing Date as if made on the Closing Date (or, in each case, if any such representation and warranty is expressly stated
to have been made as of a specific date, then, for such representation and warranty, as of such specific date), except where the failure
to be so true and correct has not had or would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect in respect of the Company or Seller; provided, however, that each representation and warranty of the Company in
Sections ‎1, ‎2 and ‎3 of Schedule ‎2 and of Seller in Sections ‎1,
‎2 and ‎3 of Schedule ‎3 will have been true and correct in all respects as of the date of this
Agreement and will be true and correct in all but de minimis respects as of the Closing Date as if made on the Closing Date. Solely for
purposes of this Section ‎8.1(a), any representation or warranty of the Company or Seller in Schedule ‎2
and Schedule ‎3 (other than representations and warranties of the Company in Sections ‎1, ‎2 and
‎3 of Schedule ‎2 and of Seller in Sections ‎1, ‎2 and ‎3 of Schedule
 ‎3) that is qualified by any Materiality Qualifier will be read as if each such Materiality Qualifier were not present.

 

(b)            Observance
and Performance. The Company and Seller will have performed and complied with, in all material respects, all covenants and agreements
required by this Agreement to be performed and complied with by the Company or Seller on or before the Closing Date.

 

(c)            Officer’s
Certificates. Seller will have delivered to Buyer a certificate duly executed by an authorized officer of Seller, and the Company
will have delivered to Buyer a certificate duly executed by an authorized officer of the Company, each dated the Closing Date and certifying
as to the items concerning Seller or the Company, respectively and as applicable, as set forth in Sections ‎8.1(a) and
‎8.1(b) in a form reasonably satisfactory to Buyer.

 

(d)            Waivers.
(i) Any rights of first refusal or co-sale rights or transfer restrictions in connection with the acquisition of the Sale Stock
from Seller, including under the Existing Stockholder Agreement, shall have been waived and not modified or revoked; and (ii) the
board of directors of the Company will have irrevocably resolved in writing that the proposed transactions contemplated hereunder and
under the Other SPAs shall not constitute a “Liquidation Event” for the purposes of the Warrant.

 

    12

     

    

 

 

(e)             Employment
Agreements. Neither Simrit Parmar nor Jackie Leong will have repudiated his or her employment agreement with Buyer and/or the Company,
and Tara Sadeghi shall not have terminated her employment with the Company (other than due to death or disability).

 

(f)             Assignment
of Domain Names. Simrit Parmar will have assigned the domain names cellenkosinc.com and cellenkostherapeutics.com to the Company.

 

(g)            No
Legal Actions. There will not be any Applicable Law or Order that restrains, prohibits, enjoins or otherwise inhibits (whether temporarily,
preliminarily or permanently) consummation of any transaction contemplated herein that has been enacted, issued, promulgated or entered
into after the date hereof.

 

(h)            No
Material Adverse Effect with Respect to the Company. Since the date hereof, there shall not have occurred any event or condition
that has had a Material Adverse Effect with respect to the Company and is continuing.

 

8.2            Conditions
to Obligation of Seller to Close. The obligation
of Seller to effect the Closing is subject to the satisfaction at or before Closing of all of the following conditions, any one or more
of which may be waived by Seller, in Seller’s sole discretion:

 

(a)            Accuracy
of Representations and Warranties. Each representation and warranty of Buyer in Schedule ‎4 will have been true and
correct in all respects as of the date of this Agreement and will be true and correct in all respects as of the Closing Date as if made
on the Closing Date (or, in each case, if any such representation and warranty is expressly stated to have been made as of a specific
date, then, for such representation and warranty, as of such specific date), except where the failure to be so true and correct has not
had or would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect in respect of Buyer; provided,
however, that each representation and warranty of Buyer in Sections ‎1, ‎3, ‎4 and ‎6
of Schedule ‎4 will have been true and correct in all respects as of the date of this Agreement and will be true and
correct in all but de minimis respects as of the Closing Date as if made on the Closing Date. Solely for purposes of this Section ‎8.2(a),
any representation or warranty of Buyer in Schedule ‎4 (other than representations and warranties of Buyer in Sections
‎1, ‎3, ‎4 and ‎6 of Schedule ‎4) that is qualified by any Materiality
Qualifier will be read as if each such Materiality Qualifier were not present.

 

(b)            Observance
and Performance. Buyer will have performed and complied with, in all material respects, all covenants and agreements required by
this Agreement to be performed and complied with by Buyer on or before the Closing Date.

 

(c)            Officer’s
Certificate. Buyer will have delivered to Seller a certificate duly executed by an authorized officer of Buyer and an authorized
officer of Buyer, dated the Closing Date, certifying the items in Sections ‎8.2(a) and ‎8.2(b) in
a form reasonably satisfactory to Seller.

 

(d)            No
Legal Actions. There will not be any Applicable Law or Order that restrains, prohibits, enjoins or otherwise inhibits (whether temporarily,
preliminarily or permanently) consummation of any transaction contemplated herein that has been enacted, issued, promulgated or entered
into after the date hereof.

 

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(e)            No
Material Adverse Effect with Respect to Buyer. Since the date hereof, there shall not have occurred any event or condition that has
had a Material Adverse Effect with respect to Buyer and is continuing.

 

Article 9

 

NON-SURVIVAL

 

9.1            Non-Survival.

 

(a)            Representations
and Warranties. None of the representations or warranties in this Agreement or in any certificate or instrument delivered pursuant
to this Agreement shall survive the Closing. Notwithstanding the foregoing, nothing in this Agreement shall limit any Liability or recourse
after the Closing against any Party for fraud or willful misrepresentation by such Party in connection with the making of the representations
and warranties by such Party as contained in Schedule ‎2 (in the case of the Company), Schedule ‎3 (in the
case of Seller), or Schedule ‎4 (in the case of Buyer).

 

(b)            Covenants
and Agreements. None of the covenants and agreements contained herein or in any certificate or instrument delivered pursuant to this
Agreement that are required to be performed or complied with prior to the Closing shall survive the Closing. Covenants and agreements
contained herein or in any certificate or instrument delivered pursuant to this Agreement that are required to be performed or complied
with by any Party after the Closing shall survive until all Liability relating thereto being barred by all applicable statutes of limitations,
subject to any applicable limitation stated herein. Notwithstanding the foregoing, nothing in this Agreement shall limit any Liability
or recourse after the Closing against any Party for willful breach by such Party of any such covenant or agreement or such Party’s
fraud.

 

Article 10

 

CERTAIN
GENERAL TERMS AND OTHER AGREEMENTS

 

10.1            Notices.
All notices or other communications required or permitted to be given hereunder will be in writing and will be (a) delivered by
hand, (b) sent by nationally recognized overnight delivery service for next Business Day delivery, or (c) sent by
email (with a copy sent the same day by nationally recognized overnight delivery service for next Business Day delivery), in each
case as follows:

 

	(1) if to Seller, to:

                                                                       

    Attention:

    Email: 
	with a copy to (which shall not constitute notice):

                                                                       

    Attention:

    Email: 

 

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	(2) if to Buyer, to:

                                                                       

    Attention: Albert Chen

    Address: No.4 Yong Chang North Road

    Beijing Economic Technological Development Area, Beijing, China

    100176

    Tel: +86 10 6786 0848

    Email: albert.chen@globalcordbloodcorp.com

     
	with a copy to (which shall not constitute notice):

                                                                       

    Attention: Denise Shiu

    Address: Cleary Gottlieb Steen & Hamilton LLP, 45th Floor,
    Fortune Financial Center, 5 Dong San Huan Zhong Lu, Chaoyang District, Beijing

    Tel: + 86 10 5920 1080

    Email: dshiu@cgsh.com

	(3) if to the Company, to

                                                           

    Attention: Dr. Simrit Parmar, MD, MSCI

    Cellenkos Inc.

    5416 Chaucer Drive,

    Houston, TX 77005

    Email: simrit.parmar@cellenkosinc.com 
	with a copy to (which shall not constitute notice):

                                                           

    Attention: Yang Wang

    Simpson Thacher & Bartlett LLP

    Address: 3901 China World Tower

    1 Jianguomenwai Avenue

    Beijing, 100004, China

    Email: Yang.Wang@stblaw.com

 

Such notices or communications will be deemed
given (A) if so delivered by hand, when delivered, (B) if so sent by overnight delivery service, one Business Day after delivery
to such service, or (C) if so sent by email (with overnight delivery service as required above), the day such email was sent. Buyer
or Seller may change its address to which such notices and other communications are to be given by giving the other Party notice in the
foregoing manner.

 

10.2            Expenses.
Except as is expressly stated otherwise herein, each Party will bear and pay when due its own costs and expenses incurred in connection
with the transactions contemplated herein.

 

10.3            Interpretation;
Construction. In this Agreement: (a) the
table of contents and headings are for convenience of reference only and will not affect the meaning or interpretation of this Agreement;
(b) the words “herein,” “hereunder,” “hereby” and similar words refer to this Agreement as a
whole (and not to the particular sentence, paragraph or Section where they appear); (c) terms used in the plural include the
singular, and vice versa, unless the context clearly requires otherwise; (d) unless expressly stated herein to the contrary, reference
to any document means such document as amended or modified; (e) unless expressly stated herein to the contrary, reference to any
Applicable Law means such Applicable Law as amended, modified, codified or reenacted, in whole or in part, and as in effect from time
to time, including any rule or regulation promulgated thereunder; (f) the words “including,” “include”
and variations thereof are deemed to be followed by the words “without limitation”; (g) “or” is used in
the sense of “and/or”; “any” is used in the sense of “any and/or all”; and “with respect to”
any item includes the concept “of,” “under” or “regarding” such item or any similar relationship
regarding such item; (h) unless expressly stated herein to the contrary, reference to a document, including this Agreement, will
be deemed to also refer to each annex, addendum, exhibit, schedule or other similar attachment thereto; (i) unless expressly stated
herein to the contrary, reference to an Article, Section, Schedule or Exhibit is to an article, section, schedule or exhibit, respectively,
of this Agreement; (j) all dollar amounts are expressed in United States dollars and will be paid in United States currency; (k) when
calculating a period of time, the day that is the initial reference day in calculating such period will be excluded and, if the last
day of such period is not a Business Day, such period will end on the next day that is a Business Day; (l) with respect to all dates
and time periods in or referred to in this Agreement, time is of the essence; (m) the phrase “the date hereof” means
the date of this Agreement, as stated in the first paragraph hereof; and (n) the Parties participated jointly in the negotiation
and drafting of this Agreement and the documents relating hereto, and each Party was (or had ample opportunity to be) represented by
legal counsel in connection with this Agreement and such other documents, and each Party and, if applicable, each Party’s counsel
has reviewed and revised (or had ample opportunity to review and revise) this Agreement and such other documents; therefore, if an ambiguity
or question of intent or interpretation arises, then this Agreement and such other documents will be construed as if drafted jointly
by the Parties and no presumption or burden of proof or other position or concession will arise favoring or disfavoring any Party by
virtue of the authorship of any of the terms hereof or thereof.

 

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10.4            Parties
in Interest; Third-Party Beneficiaries. Except
as otherwise expressly stated in this Agreement, there is no third party beneficiary hereof and nothing in this Agreement (whether express
or implied) will or is intended to confer any right or remedy under or by reason of this Agreement on any Person, except for the Parties
and their respective permitted successors and assigns.

 

10.5            Governing
Law, Jurisdiction, Venue. This Agreement
will be construed and enforced in accordance with the substantive laws of the State of New York without reference to principles of conflicts
of law. Any dispute, controversy or claim arising out of, relating to or in connection with this Agreement, including any dispute regarding
its validity or termination, or the performance or breach thereof, as well as any non-contractual obligation arising out of or in connection
with it, shall be determined by arbitration administered by the Singapore International Arbitration Center (“SIAC”)
in accordance with the Arbitration Rules of the Singapore International Arbitration Centre for the time being in force, which rules are
deemed to be incorporated by reference in this Section ‎10.5.
All disputes shall be heard by a panel of three arbitrators. If there are two parties to a dispute, each party shall nominate one arbitrator.
If there are more than two parties to a dispute, Buyer shall nominate one arbitrator, and Company and Seller shall jointly (or, to the
extent only one of the two is party to the dispute, then such party shall) nominate one arbitrator. A third arbitrator shall be nominated
by the party-appointed arbitrators (or in the absence of agreement, the third arbitrator shall be appointed by the SIAC). The place of
arbitration shall be in Singapore at the SIAC. The language of the arbitration shall be English. The award rendered by the SIAC shall
be final and conclusive and binding upon the parties and can be entered in any court having competent jurisdiction. The parties waive
irrevocably any rights to any form of appeal, review or recourse to any state or other judicial authority, insofar as such waiver may
validly be made.

 

10.6            Entire
Agreement; Amendment; Waiver. This Agreement,
including the Exhibits and Schedules, constitutes the entire agreement between the Parties pertaining to the subject matter herein and
supersedes any prior representation, warranty, covenant or agreement of any Party regarding such subject matter. No supplement, modification
or amendment hereof will be binding unless expressed as such and executed in writing by each Party affected thereby (except as contemplated
in Section ‎10.8).
Except to the extent as may otherwise be stated herein, no waiver of any term hereof will be binding unless expressed as such in a document
executed by the Party making such waiver. No waiver of any term hereof will be a waiver of any other term hereof, whether or not similar,
nor will any such waiver be a continuing waiver beyond its stated terms. Except to the extent as may otherwise be stated herein, failure
to enforce strict compliance with any term hereof will not be a waiver of, or estoppel with respect to, any existing or subsequent failure
to comply.

 

    16

     

    

 

10.7            Assignment;
Binding Effect. Neither this Agreement nor
any right or obligation hereunder will be assigned, delegated or otherwise transferred (by operation of law or otherwise) by any Party
without the prior written consent of the other Party (which consent will not be unreasonably withheld), except as expressly provided
herein otherwise or an assignment or transfer of this Agreement or any right hereunder or delegation of any obligation hereunder by Buyer
to a Person that does all of the following: (x) acquires or otherwise succeeds to all or substantially all of Buyer’s business
and assets; (y) assumes all of Buyer’s obligations hereunder or Buyer’s obligations hereunder that arise after such
assignment, delegation or transfer; and (z) agrees to perform or cause performance of all such assumed obligations when due; provided,
that no such assignment, delegation or transfer will relieve Buyer of any obligation hereunder. Any purported assignment, delegation
or other transfer not permitted by this Section is void.

 

10.8            Severability;
Blue-Pencil. The terms of this Agreement
will, where possible, be interpreted and enforced so as to sustain their legality and enforceability, read as if they cover only the
specific situation to which they are being applied and enforced to the fullest extent permissible under Applicable Law. If any term of
this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced, then all other
terms of this Agreement will remain in full force and effect, and such term automatically will be amended so that it is valid, legal
and enforceable to the maximum extent permitted by Applicable Law, but as close to the Parties’ original intent as is permissible.

 

10.9            Counterparts.
This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute
one and the same instrument.

 

10.10            Specific
Performance. The Parties acknowledge and
agree that the rights of each Party to consummate the transactions contemplated under this Agreement are unique and recognize and
affirm that in the event of a breach of this Agreement by any Party, money damages may be inadequate and the non-breaching Party may
have no adequate remedy at law. Accordingly, the Parties agree that such non-breaching Party shall have the right to enforce its
rights and the other Party’s obligations hereunder by an Action or Actions for specific performance and/or injunctive relief
(without posting of bond or other security), including any Order sought by such non-breaching Party to cause the other Party
to perform its/their respective agreements and covenants contained in this Agreement and to cure breaches of this Agreement, without
the necessity of proving actual harm and/or damages or posting a bond or other security therefore. Each Party further agrees that
the only permitted objection that it may raise in response to any Action for any such equitable relief is that it contests the
existence of a breach or Threatened breach of this Agreement giving rise to such Action.

 

    17

     

    

 

Article 11

 

CERTAIN
DEFINITIONS

 

“Accounts
Receivable” is defined in Section ‎4‎(d) of
Schedule ‎2.

 

“Action”
means any action, litigation, lawsuit, arbitration, appeal, audit, petition, inquiry, investigation, mediation or other proceeding by
or before any Governmental Authority.

 

“Affiliate”
means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled
by or is under common control with, such Person. For purposes of this definition, “control,” “controlled by”
and “under common control with,” as applied to any Person, means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities, by Contract
or otherwise.

 

“Affiliated Group”
means any affiliated group within the meaning of section 1504(a) of the Code or any similar group defined under a similar provision
of Applicable Law.

 

“Agreement”
is defined in the first paragraph of this Agreement.

 

“Annual
Financial Statements” is defined in Section ‎4‎(a)‎(i) of
Schedule ‎2.

 

“Anti-Corruption
Laws” means laws or regulations relating to anti-bribery or anti-corruption that apply to the business and dealings of any
Buyer Group Company including, without limitation, the Criminal Law and the Anti-Unfair Competition Law of the People’s Republic
of China, the UK Bribery Act 2010 and the U.S. Foreign Corrupt Practices Act, in each case as amended from time to time.

 

“Anti-Money Laundering
Laws” means any anti-money laundering-related laws and codes of practice that apply to the business and dealings of any Buyer
Group Company, including, without limitation and as applicable: (i) the Anti-Money Laundering Law of the People’s Republic
of China; (ii) the applicable financial recordkeeping and reporting requirements of the U.S. Currency and Foreign Transaction Reporting
Act of 1970, and (iii) the USA PATRIOT Act, in each case as amended from time to time.

 

“Applicable Law”
means any applicable federal, state, provincial, local, municipal, foreign, international, multinational or administrative Order, constitution,
ordinance, principle of common law, rule, regulation, law, statute or treaty (in each case as amended, modified, codified, replaced or
reenacted, in whole or in part, and as in effect from time to time, including rules and regulations promulgated thereunder).

 

“Assumed
Option” is defined in Section ‎2.3(a)(ii).

 

“Business Day”
means any day, other than a Saturday or Sunday and other than a day that banks in the State of Delaware, the State of Texas, the Cayman
Islands, Hong Kong or the PRC are generally authorized or required by Applicable Law to be closed.

 

    18

     

    

 

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

 

“Buyer Board”
means the board of directors of Buyer.

 

“Buyer Group Companies”
means, collectively, Buyer and its Subsidiaries, and “Buyer Group Company” means any of them.

 

“Buyer
Major Contracts” is defined in Section ‎10
of  Schedule ‎4.

 

“Buyer
Ordinary Shares” means Ordinary Shares of Buyer.

 

“Buyer
SEC Documents” is defined in Section ‎7‎(a) of
Schedule ‎4.

 

“CARES Act”
means the Corona virus Aid, Relief, and. Economic Security Act.

 

“Class A
Common Stock” means the voting Class A Common Stock, par value $0.0001 per share, of the Company and any securities
issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification,
recapitalization, merger, consolidation, exchange or similar reorganization.

 

“Class B Common
Stock” means the non-voting Class B Common Stock, par value $0.0001 per share, of the Company and any securities issued
in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification,
recapitalization, merger, consolidation, exchange or similar reorganization.

 

“Closing”
is defined in Section ‎7.1.

 

“Closing
Date” is defined in Section ‎7.1.

 

“Closing
Equity Consideration” is stated in Schedule ‎1.

 

“COBRA”
means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Common Stock”
means the means, collectively: (a) the Class A Common Stock; (b) the Class B Common Stock; and (c) any other
class of common stock of the Company and any securities issued in respect thereof, or in substitution therefor, in connection with any
stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or similar reorganization.

 

“Company”
is defined in the first paragraph of this Agreement.

 

“Company 2016 Stock
Option Plan” means the Cellenkos, Inc. 2016 Stock Option/ Stock Issuance Plan, effective June 28, 2016, as amended.

 

“Company Disclosure
Letter” means the written disclosure letter delivered by the Company and Seller to Buyer in connection with the execution and
delivery of this Agreement.

 

    19

     

    

 

“Company
Intellectual Property” means the Intellectual Property owned by the Company, including the Intellectual Property set forth
in Section ‎12‎(a) of
the Company Disclosure Letter.

 

“Company Option”
means an option to acquire a share of Class B Common Stock granted pursuant to the Company 2016 Stock Option Plan.

 

“Company
Organizational Documents” is defined in Section ‎1 of Schedule ‎2.

 

“Company
Plan” means each (i) “employee benefit plan” within the meaning of Section 3(3) of ERISA
(regardless of whether such plan is subject to ERISA), (ii) stock option, stock appreciation rights, stock purchase, phantom stock
or other equity or equity-based plan, program, policy, contract, agreement or other arrangement or (iii) other benefit or compensation
plan, policy, program, arrangement, contract, or agreement (including, without limitation, any pension, retirement, or savings plan;
employment or individual consulting arrangement; collective bargaining or union arrangement; executive compensation plan bonus, retention,
compensation, incentive compensation, change in control, commissions, nonqualified or deferred compensation or profit-sharing plan; or
arrangement regarding any severance, termination, vacation, holiday, sick leave fringe benefit, health or welfare, post-termination or
post-employment welfare, educational assistance, pre-Tax premium or flexible spending account plan or life insurance), in each case that
is sponsored, maintained or contributed or required to be contributed to by the Company, or under or with respect to which the Company
has any current liability or obligation.

 

“Company Related
Party Transaction” means any agreement, Indebtedness, guarantee, payables, receivables and arrangements between (a) the
Company, on the one hand, and (b) any of the Company Related Persons, on the other hand, excluding (i) any employment agreement
and any agreement in connection with grant of equity awards under the Company’s equity incentive plan, and (ii) any agreements
that were entered into on an arms-length basis and the performance thereof has been completed or will be completed no later than the
Closing.

 

“Company
Related Person” means any (a) Affiliate of the Company, (b) manager or officer (or person in a similar role) or
senior management-level employee of the Company or Seller or of any Affiliate of the Company, (c) member of the immediate
family or legal dependent of any such director, officer, senior management-level employee, or (d) trust, of which any of the
foregoing Persons is a beneficiary or trustee.

 

“Computer
System” means any of, or any combination of, (i) computer hardware, including computer systems, servers, network equipment,
telecommunications devices (including voice, data or video networks) and peripheral devices, (ii) data and databases, and (iii) software,
in each case of the foregoing clauses ‎(i) through ‎(iii),
that are used in the operation of the businesses of the Company.

 

“Consent”
means any approval, authorization or consent by, ratification, waiver or declaration of, filing or registration with, or notification
to, any Person.

 

“Contract”
means any contract, agreement, purchase order, warranty or guarantee, guaranty, license, sublicense, use agreement, lease (whether for
real estate, a capital or financing lease, an operating lease or other), mortgage, deed, note or other instrument, in each case that
creates a legally binding obligation, and in each case whether oral or written.

 

    20

     

    

 

“Contributor”
is defined in Section ‎12‎(h) of
Schedule ‎2.

 

“COVID-19 Law”
means any law, Order, mandate, proclamation, or ruling in connection with, in response to, or intended to address the consequences of
(a) SARS-CoV-2 or the coronavirus or related illnesses commonly referred to as COVID-19, and (b) any mutations or variants
thereof, and any associated viruses or pathogens.

 

“Encumbrance”
means any mortgage, claim, pledge, hypothecation, security interest, charge, lien, restriction, infringement, interference, option, right
of first refusal or other right to purchase or otherwise obtain, title defect or similar effect on title, reservation, equity, ownership,
participation or governance right, or other encumbrance whatsoever (including any restriction on the voting of any security, any restriction
on the transfer of any security or other asset, or any restriction on the possession, exercise or transfer of any other attribute of
ownership of any asset).

 

“Enforcement Limitation”
means any applicable bankruptcy, reorganization, insolvency, moratorium or other similar Applicable Law affecting creditors’ rights
generally, and any principles governing the availability of equitable remedies.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA Affiliate”
means any (if any) Person, trade or business (whether or not incorporated) that at any time before Closing is under common control with
the Company pursuant to section 414 of the Code or section 4001 of ERISA.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Existing Stockholder
Agreement” means the Third Amended and Restated Stockholders Agreement, effective as of October 14, 2021, by and among
the Company, Simrit Parmar and certain of the Company’s stockholders named thereto, as may be modified, amended and/or supplemented
from time to time.

 

“FFCRA”
means the Families First Coronavirus Response Act.

 

“Financial
Statements” is defined in Section ‎4‎(a)‎(ii) of
Schedule ‎2.

 

“GAAP”
means generally accepted United States accounting principles, consistently applied.

 

“Governmental Authority”
means any: (a) nation, state, county, city, district or similar jurisdiction of any nature; (b) government; (c) governmental
or quasi-governmental authority (including any agency, branch, commission, bureau, instrumentality, department, official, court or tribunal);
(d) public international organization or body (e.g., the United Nations or the World Bank); (e) securities exchange,
or (f) body or other Person entitled to exercise any arbitrative, administrative, executive, judicial, legislative, police, regulatory
or taxing authority or power.

 

“Government Entity”
means any Governmental Authority or any Person owned or controlled by any such Governmental Authority.

 

    21

     

    

 

“Government Officials”
means any officers, employees and other persons working in an official capacity on behalf of any (i) Government Entity; (ii) political
party, and (iii) candidate for government or political office.

 

“HKIAC”
is defined in Section ‎10.5.

 

“Hong Kong”
means the Hong Kong Special Administrative Region of the PRC.

 

“Income
Tax” means any Tax (other than sales, use, stamp, duty, value-added, business, goods and services, property, transfer,
recording, documentary, conveyancing or similar Tax) based upon or measured by gross or net receipts of gross or net income (including
any Tax in the nature of minimum taxes, tax preference items and alternative minimum taxes).

 

“Indebtedness”
means, with respect to any Person, as of any particular time, without duplication, (a) any Liability of such Person for borrowed
money, or with respect to deposits or advances of any kind to such Person, and any prepayment premiums, penalties and any other fees
and expenses required to satisfy such indebtedness, (b) any Liability of such Person evidenced by bonds, debentures, notes or similar
instruments, (c) any Liability of such Person under conditional sale or other title retention agreements, (d) Liability of
such Person issued or assumed as the deferred purchase price of property or services, (e) any capitalized lease or financing lease
(including any financing on any vehicle) Liability of such Person, (f) any Liability of others secured by any lien on property or
assets owned or acquired by such Person, whether or not the Liability secured thereby have been assumed, (g) any Liability of such
Person under interest rate or currency swap transactions, (h) any letters of credit issued for the account of such Person, (i) any
Liability of such Person to purchase securities (or other property) that arise out of or in connection with the sale of the same or substantially
similar securities or property, (j) any forgiveness of any Liability that remains subject to any condition or obligation, including
any Tax increment financing, economic incentive or similar item, (k) any amounts borrowed by such Person pursuant to any COVID-19
Law, including the CARES Act (including the Paycheck Protection Program), FFCRA and any executive order, regardless of whether such amount
is subject to forgiveness, that remain outstanding as of the Closing Date, and (l) any accrued
interest or penalties on any of the foregoing.

 

“Individual”
means (a) an individual, (b) an entity treated as an individual for purposes of Section 542(a)(2) of the Code or
(c) an entity disregarded from its owner, for U.S. federal Income Tax purposes, whose owner is described in (a) or (b).

 

“Insurance
Policy” is defined in Section ‎14‎(a) of
Schedule ‎2.

 

“Intellectual Property”
means all intellectual property or similar proprietary rights protected, created or arising under the laws of any jurisdiction or under
any international convention, whether registered or unregistered, including all rights in or to (a) patents and patent applications,
and any and all continuations, continuations-in-part, divisionals, renewals, provisionals, substitutions, extensions, reexaminations
and reissues, and all inventions, invention disclosures, discoveries, improvements, methods and processes, whether or not patentable,
(b) trademarks, service marks, trade names, business names, logos, trade dress, get-up, Internet domain names, and all other
similar rights or identifiers of source or origin in any part of the world, including any registrations, applications and renewals thereof,
and all goodwill associated with the foregoing, (c) copyrights and works of authorship in any medium, including copyrights in software,
as well as moral rights and rights equivalent thereto, (d), trade secrets and rights in all other confidential or proprietary information,
including know-how, inventions, algorithms, logic, operating conditions and procedures, proprietary formulae, methods, techniques, compositions,
specifications, drawings, models and methodologies, business, technical, engineering, manufacturing and other non-public, confidential
or proprietary information and other similar proprietary rights (collectively, “Trade Secrets”), (e) software,
firmware and computer programs and applications, including data files, plugins, libraries, subroutines, tools and APIs, in each case
of the foregoing whether in source code, executable or object code form, and software-related documentation, including user manuals,
specifications, and other documentation related thereto, (f) databases (or other collections of information or data) and (g) designs,
in each case of (a) through (c) above, including registrations of, applications for registration of, and renewals and extensions
of any of the foregoing.

 

    22

     

    

 

“Interim
Balance Sheet” is defined in Section ‎4‎(a)‎(ii) of
Schedule ‎2.

 

“Interim
Balance Sheet Date” is defined in Section ‎4‎(a)‎(ii) of
Schedule ‎2.

 

“Interim
Financial Statements” is defined in Section ‎4‎(a)‎(ii) of
Schedule ‎2.

 

“IRS”
means the United States Internal Revenue Service.

 

“Knowledge”
means: (a) with respect to an individual, the actual knowledge of such individual and what such individual reasonably should
have known after a reasonable investigation; and (b) with respect to a Person other than an individual, the actual knowledge of
any individual who is serving as a trustee or director or officer (or similar executive) of such Person and what any such individual
reasonably should have known after a reasonable investigation.

 

“Leased
Real Property” is defined in Section ‎11‎(a) of
Schedule ‎2.

 

“Liability”
means any liability or obligation of any kind or nature (whether known or unknown, asserted or unasserted, absolute or contingent, accrued
or unaccrued, liquidated or unliquidated, or due or to become due).

 

“Lock-up Letter”
is defined in the Recitals.

 

“Loss”
means any loss, damage, Liability, deficiency, Action, judgment, interest, award, Tax, penalty, fine, out-of-pocket cost or expense of
whatever kind, including reasonable out-of-pocket attorneys’, accountants and other experts’ fees, collection costs, investigation
costs, any amount paid in connection with any assessment, judgment or settlement and the out-of-pocket cost of enforcing any right to
indemnification hereunder and the cost of pursuing any insurance providers.

 

“Major
Contract” is defined in Section ‎8‎(a) of
Schedule ‎2.

 

“Material Adverse
Effect” means,

 

    23

     

    

 

(i) with
respect to any Person that is Buyer or the Company, any incident, condition, change, effect or circumstance that, individually or when
taken together with any other incident, condition, change, effect or circumstance in the aggregate: (a) has had or would reasonably
be expected to have a material adverse effect on the business, operations, condition (financial or otherwise), properties or results
of operations of such Person and its Subsidiaries, taken as a whole or any of them taken individually (other than (1) changes
in economic, regulatory or political conditions generally in the United States, China or anywhere else in the world; (2) conditions
generally affecting any of the industries in which any of the businesses of such Person participate; (3) any changes in financial,
banking or securities markets in general, including any disruption thereof and any decline in the price of any security or any market
index or any change in prevailing interest rates; (4) acts of war (whether or not declared), changes in geopolitical conditions,
the commencement, continuation or escalation of a war, armed hostilities or terrorism, earthquakes, pandemics (including without limitation
COVID-19 and its variants), tornados, hurricanes, or other weather conditions or natural calamities or other force majeure events, or
the escalation or worsening thereof; (5) any changes in Applicable Law or accounting rules (including GAAP) or the enforcement,
implementation or interpretation thereof; (6) any action required by this Agreement or any action taken (omitted to be taken) with
the written consent of or at the written request of Buyer (in the case of the Company) or Seller (in the case of Buyer) and any incident,
condition, change, effect or circumstance directly attributable to the negotiation, execution or announcement of this Agreement and the
transactions contemplated herein, including any litigation arising therefrom (including any litigation arising from allegations of a
breach of duty or violation of Applicable Law), and any adverse change in customer, employee (including employee departures), supplier,
financing source, lessee, licensor, licensee, sub-licensee, shareholder, joint venture partner or similar relationship directly resulting
therefrom; or (7) any failure by such Person to meet any internal or published projections, estimates or expectations of its revenue,
earnings or other financial performance or results of operations or development milestones or targets (including without limitation success
of clinical trials and/or obtaining of regulatory approvals) for any period; provided, that with respect to such clauses (1) through
(5), such changes or conditions do not have a materially disproportionate effect with respect to such Person and its Subsidiaries (relative
to other participants in such industries)); or (b) materially and adversely affects the ability of such Person to consummate the
transactions contemplated herein; and

 

(ii) with respect to
any Person that is Seller or Buyer, any incident, condition, change, effect or circumstance that, individually or when taken together
with any other incident, condition, change, effect or circumstance in the aggregate materially and adversely affects the ability of such
Person to consummate the transactions contemplated herein.

 

“Materiality Qualifier”
means a qualification to a representation, warranty or certification by any materiality limitation or qualification, including use of
the term “material,” “materially,” “in all material respects” or “Material Adverse Effect”
or by a reference regarding the occurrence or non-occurrence or possible occurrence or non-occurrence of a Material Adverse Effect.

 

“Multiemployer Plan”
has the meaning given in section 3(37) of ERISA.

 

“NYSE”
is defined in Section ‎7‎(b) of
Schedule ‎4.

 

    24

     

    

 

“Open Source Software”
means any software that is licensed, distributed or conveyed subject to any “open source,” “copyleft,” “free
software” or other similar types of license that requires as a condition of its use, modification or distribution that it, or other
software into which such software is incorporated or integrated with or with which such software is combined or distributed or that is
derived from or linked with such software, (i) be disclosed or distributed in source code form, (ii) be licensed, distributed
or conveyed at no charge or (iii) be licensed, distributed or conveyed under some or all of the terms of such Contract, including
any software licensed or distributed under the following: (A) the GNU General Public License (GPL), Lesser GPL, and Library GPL
(LGPL), or Affero General Public License (AGPL); (B) the Artistic License (e.g., PERL); (C) the Mozilla Public License; (D) the
Netscape Public License; (E) the Sun Community Source License (SCSL); (F) the Sun Industry Standards License (SISL); (G) the
BSD License; (H) the Apache License, (I) Berkeley Software Distribution license, (J) Open Source Initiative license, (K) Microsoft
Shared Source license, (L) Public Domain license, (M) Common Public license, and (N) any license listed at www.opensource.org/licenses.

 

“Order”
means any order, writ, injunction, award, decree, judgment or determination of or from, or Contract with, any Governmental Authority
or similar binding decision of any arbitration (or similar Proceeding).

 

“Ordinary Course
of Business” means, with respect to a Person, the ordinary and usual course of normal day-to-day operations of such Person,
consistent with such Person’s past practice.

 

“Organizational
Document” means, for any Person: (a) the articles or certificate of incorporation, formation or organization (as applicable),
the by-laws or similar governing document of such Person; (b) any limited liability company agreement, member control agreement,
partnership agreement, operating agreement, shareholder agreement, voting agreement, voting trust agreement or similar document of or
regarding such Person; (c) any other charter or similar document adopted or filed in connection with the incorporation, formation,
organization or governance of such Person; or (d) any Contract regarding the governance of such Person or the relations or actions
among any of its equity holders with respect to such Person.

 

“Other SPAs”
is defined in the Recitals.

 

“Outside
Date” is defined in Section ‎7.4(b).

 

“Party”
means Seller, Buyer and the Company.

 

“Paycheck Protection
Program” means the Paycheck Protection Program under the CARES Act.

 

“Permit”
means any license, permit, registration or similar authorization from a Governmental Authority.

 

“Permitted
Encumbrance” means any: (a) Encumbrance for any Tax, assessment or other governmental charge that is not yet due
and payable or being contested in good faith by appropriate proceedings, for which adequate reserves have been established on the Annual
Financial Statements in accordance with GAAP; (b) mechanic’s, materialmen’s, landlord’s or similar Encumbrance
arising or incurred in the Ordinary Course of Business of the applicable Person that secures any amount that is not overdue or the validity
of which is being contested in good faith by appropriate proceedings; (c) zoning regulations, permits and licenses; (d) with
respect to real property, non-monetary liens or other minor imperfections of title; (e) rights of parties in possession; (f) ordinary
course, non-exclusive licenses of Intellectual Property; (g) pledges or deposits to secure obligations under workers’ compensation
laws or similar legislation or to secure public or statutory obligations; and (h) pledges or deposits to secure the performance
of bids, trade contracts, leases, surety and appeal bonds, performance bonds and other obligations of a similar nature, in each case
in the Ordinary Course of Business of the applicable Person.

 

    25

     

    

 

“Person”
means any individual, partnership, corporation, limited liability company, association, joint stock company, trustee or trust, joint
venture, unincorporated organization or any other business entity or association or any Governmental Authority.

 

“Personal
Information” means, in addition to any definition for any similar term (e.g., “personally identifiable
information,” “personal data,” or “PII”) provided by Applicable Law, data that identifies, relates to,
describes, or is reasonably capable of being associated with an individual person or household, including, to the extent governed by
Applicable Law, name, address, email address, photograph, Internet Protocol (IP) address, unique device identifier, unique
personal identifier, online identifier, social security number, driver’s license number, passport number, insurance policy
number, education, employment, employment history, bank account number, credit or debit card number, or other financial information,
medical information, health insurance information and any other similar information.

 

“Plan Sponsor”
has the meaning given in section 3(16)(B) of ERISA.

 

“PRC”
means the People’s Republic of China.

 

“Privacy Laws”
means all Applicable Laws relating to the Processing, privacy or security of Personal Information and all regulations or guidance issued
thereunder, including the EU General Data Protection Regulation (EU) 2016/679 and all national implementing laws of individual EU Member
States, Section 5 of the Federal Trade Commission Act, Children’s Online Privacy Protection Act, the CAN-SPAM Act and associated
regulations set forth in 16 C.F.R. Part 316, California Consumer Privacy Act of 2018 and the California Consumer Privacy Act Regulations,
and all other Applicable Laws relating to data protection, information security, cybersecurity and data breach notification in any applicable
jurisdictions.

 

“Privacy
Obligations” is defined in Section ‎18‎(a) of
Schedule ‎2.

 

“Proceeding”
means any action, arbitration, audit, claim, demand, grievance, complaint, hearing, inquiry, investigation, litigation, proceeding or
suit (including if civil, criminal or administrative).

 

“Processing”
is defined in Section ‎18‎(a) of
Schedule ‎2.

 

“Prorated
Adjustment” is defined in Section ‎2.3(a)(ii).

 

“Real
Property” is defined in Section ‎11‎(a) of
Schedule ‎2.

 

    26

     

    

 

“Real
Property Lease” is defined in Section ‎11‎(a) of
Schedule ‎2.

 

“Registered
Intellectual Property” is defined in Section ‎12‎(a) of
Schedule ‎2.

 

“Regulation
D” means Regulation D promulgated under the Securities Act.

 

“Regulation
S” means Regulation S promulgated under the Securities Act.

 

“Replacement
Option Plan” is defined in Section ‎6.9(a).

 

“Return”
means any return, declaration, report, filing, claim for refund, information return, statement or other document (including any
related or supporting information) with respect to any Tax, including any schedule or attachment thereto and any amendment thereof.

 

“Sanctioned Person”
means a Person that is (i) subject to or the target of Sanctions (including any Person that is designated on the list of “Specially
Designated Nationals and Blocked Persons” administered by the U.S. Treasury Department’s Office of Foreign Assets Control),
(ii) located in or organized under the laws of a country or territory which is the subject of country- or territory-wide Sanctions,
or (iii) owned 50% (fifty percent) or more, or controlled, by any of the foregoing.

 

“Sanctions”
means all trade, economic and financial sanctions laws, regulations and executive orders administered, enacted or enforced from time
to time by (i) the United States (including the U.S. Treasury Department’s Office of Foreign Assets Control, the U.S. Department
of Commerce and the U.S. Department of State), (ii) the United Nations, (iii) the European Union, (iv) the United Kingdom
(including Her Majesty’s Treasury), (v) the People’s Republic of China, or (vi) any similar sanctions authorities.

 

“Sale Stock”
is defined in the Recitals.

 

“SEC”
is defined in Section ‎7‎(a) of
Schedule ‎4.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Seller”
is defined in the first paragraph of this Agreement.

 

“SIAC”
is defined in Section ‎10.5.

 

“Subsidiary”
of a Person means any other Person which is controlled by such Person and, for the avoidance of doubt, the Subsidiaries of a Person
shall include any variable interest entity over which such Person or any of its Subsidiaries effects control pursuant to contractual
arrangements and which is consolidated with such Person in accordance with generally accepted accounting principles applicable to
such Person and any Subsidiaries of such variable interest entity.

 

“Tax”
means any federal, state, local or foreign income, gross receipts, net income, ad valorem, capital, gains, intangible, inventory,
license, payroll, employment, excise, severance, documentary, stamp, recording, occupation, premium, windfall profits, environmental
(including taxes under section 59A of the Code), customs duties, capital stock, franchise, profits, withholding, social security (or
similar, including FICA), unemployment, disability, real property, personal property, sales, use, goods and services, transfer, registration,
value added, alternative or add-on minimum, escheat, unclaimed property, estimated or other taxes, duties, levies, assessments and other
governmental charges of any kind whatsoever, including any interest, fine, penalty or similar addition thereto (or in lieu thereof),
whether disputed or not.

 

    27

     

    

 

“Threatened”
means, with respect to any matter, that a demand, notice or other communication has been made or given that such matter is being or will
be, or that circumstances exist that would lead a reasonably prudent Person to conclude that such matter may be, asserted, commenced,
taken or otherwise pursued (including if conditioned upon any event occurring or not occurring).

 

“Transaction Document”
means this Agreement, the Lock-up Letter, and any other document expressly required to be executed or delivered by or on behalf of a
Party to another Party pursuant to any of the foregoing.

 

“Transfer Taxes”
means any sales, use, stock transfer, real property transfer, real property gains, transfer, stamp, registration, documentary, recording
or similar taxes, including all interest, additions, surcharges, fees or penalties related thereto, arising out of or incurred in connection
with the transactions contemplated hereby.

 

“Treasury Regulations”
means the regulations promulgated under the Code.

 

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

 

“US$”
and “$” mean the lawful currency of the U.S.

 

“WARN Act”
means the Worker Adjustment and Retraining Notification Act of 1988, as amended, or any similar state or local laws.

 

“Warrant”
is defined in the Recitals.

 

“Warrant
Assignment” is defined in Section ‎1.2.

 

* * * * *

 

[Signature Page Follows]

 

    28

     

    

 

IN WITNESS WHEREOF, each
Party has executed this Stock Purchase Agreement effective as of the date first written above.

 

	GLOBAL CORD BLOOD CORPORATION	 
	 	 
	/s/ Ting Zheng	 
	Name:   Ting Zheng	 
	Title:     CEO	 
	 	 
	CELLENKOS, INC.	 
	 	 
	/s/ Dr. Simrit Parmar	 
	Name:  Dr. Simrit Parmar	 
	Title:   Authorized Signatory	 
	 	 
	GOLDEN MEDITECH (BVI) COMPANY LIMITED	 
	 	 
	/s/ Feng Wen	 
	Name:   Feng Wen	 
	Title:    Director	 

 

[Signature Page to Stock
Purchase Agreement]

 

     

     

    

 

SCHEDULE
1

 

Particulars

 

	Seller:	Golden
    Meditech (BVI) Company Limited
	Common
    Stock:	2,918,302
    shares of Class A Common Stock
	Closing
    Equity Consideration:	34,143,249
    Buyer Ordinary Shares

 

    Schedule 1

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