Document:

Exhibit 4.10 

AMENDMENT NO. 4

TO SHARE ESCROW AGREEMENT

          This AMENDMENT NO. 4 to the SHARE ESCROW AGREEMENT is entered into as of May 9, 2007 (this “Amendment”), by and among China
Biologic Products, Inc., a Delaware corporation (the “Company”), Lane Capital Markets, LLC, as representative of the Investors (the “Investor
Representative”), Ms. Lin Ling Li and Ms. Siu Ling Chan (together, the “Stockholders”), and Security Transfer Corporation, as escrow agent (the
“Escrow Agent”). Each of the Company, the Investor Representative, the Stockholders and the Escrow Agent are referred to herein as a “Party” and collectively, as the “Parties”. Capitalized terms used, but not otherwise defined, herein have the meanings ascribed to
such terms in the Original Agreement (as defined below). 

BACKGROUND

          As a condition to the closing of the Securities Purchase Agreement, dated July 18, 2006, among the Company, the Stockholders and the Investors, the Parties entered into a Share Escrow Agreement, dated
as of July 19, 2006 (as amended, the “Original Agreement”), pursuant to which the Stockholders placed the Escrow Shares into escrow for the benefit of the Investors in the event
that the Company fails to meet certain Performance Thresholds as set forth therein. The Parties desire to enter into this Amendment to modify the terms of the Original Agreement as more specifically set forth herein. 

AGREEMENT

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

          I.        Amendment
to Disbursement of Escrow Shares: The last sentence
of Section
4 of the Original Agreement is deleted in its entirety
and the following is inserted in its place:

  
    
      “Notwithstanding the foregoing or anything else to the contrary herein, for purposes of determining whether or not the Performance Thresholds set forth in this Section 4 have been met, neither (a) the release of any of the
        Escrow Shares to Ms. LI Lin Ling and Ms. CHAN Siu Ling as a result of the operation of this Section 4, (b) the payment of or obligation to pay any liquidated damages accrued by operation of the Registration Rights Agreement nor (c) the valuation of
      the Warrant Shares shall be deemed to be an expense, charge, or other deduction from revenues even though GAAP may require contrary treatment.” 

  

          II.        Agreement.
In all other respects, the Original Agreement shall remain in full force and
effect. 

          III.       Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed
an original but all of which together shall constitute one and the same instrument.

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

  	COMPANY: 
	 
	China Biologic Products,
      Inc. 
	 
	 	 
	By:  	/s/
          Stanley Wong 
	 	Stanley
          Wong 
	 	Chief
          Executive Officer 
	 	 
	 	 
	STOCKHOLDERS: 
	 	 
	 	 
	/s/
      Lin Ling Li 
	Ms. Lin Ling Li 
	 	 
	 	 
	/s/
      Siu Ling Chan 
	Ms. Siu Ling Chan 
	 	 
	 	 
	 	 
	INVESTOR REPRESENTATIVE: 
	 
	Lane Capital Markets,
      LLC 
	 
	 	 
	By: 	/s/
          Ryan M. Lane 
	 	Ryan
          M. Lane 
	 	Partner 
	 	 
	 	 
	 	 
	ESCROW AGENT: 
	 	 
	Securities Transfer
      Corporation 
	 	 
	 	 
	By: 	/s/
          Kevin Halter 
	 	Kevin
          Halter, Jr. 
	 	President 

  

 

 

Amendment No. 4 to Share Escrow AgreementExhibit 4.11 

AMENDMENT NO. 1

TO SECURITIES PURCHASE AGREEMENT

          This AMENDMENT NO. 1 to the SECURITIES PURCHASE AGREEMENT is entered into as of February 16, 2007 (this “Amendment”) by and among
China Biologic Products, Inc., a Delaware corporation (formerly, GRC Holdings, Inc.) (“CBP”), its wholly-owned subsidiary Logic Express Limited (“Logic Express”) and its 82.76% owned subsidiary Shandong Missile Biologic Products Co., Ltd. (“Shandong Missile”), Ms. Lin Ling Li
and Ms. Siu Ling Chan (together, the “Selling Stockholders”), and the investors signatory thereto (each an “Investor” and collectively, the “Investors”).  Each of GRC, Logic Express, the Company, the Selling Stockholders and the Investors are referred to herein as a
“Party” and collectively, as the “Parties”. Capitalized terms used, but not otherwise defined, herein have the
meanings ascribed to such terms in the Original Agreement (as defined below). 

BACKGROUND

          WHEREAS, the Parties entered into a Securities Purchase Agreement, dated as of July 18, 2006 (as amended, the “Original
Agreement”), pursuant to which each of the Investors purchased from the Company and the Selling Stockholders, the Shares, Selling Stockholder Shares and the Warrants representing each Investors Investment Amount;
and 

          WHEREAS, as a condition to the closing of the Original Agreement, the Parties agreed to place the Make Good Shares into escrow for the benefit of the Investors,
pursuant to a Share Escrow Agreement, dated as of July 19, 2006, to be distributed to the Investors in the event that the Company fails to meet certain Performance Thresholds as set forth therein; and 

          WHEREAS, the Parties now desire to enter into this Amendment to modify the terms of the Original Agreement as more specifically set forth herein. 

AGREEMENT

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

          1.        Amendment
to Make Good Escrow Arrangement: Section
4.11 of the Original Agreement is amended to insert
the following before the penultimate sentence:

  
    
      “Notwithstanding the foregoing or anything else to the contrary herein, for purposes of determining whether or not the applicable thresholds set forth in (a) and (b) above have been met, the release of any of the Escrow
      Shares to Ms. LI Lin Ling and Ms. CHAN Siu Ling as a result of the operation of this Section 4.11 shall not be deemed to be an expense, charge, or other deduction from revenues even though GAAP may require contrary treatment.” 

  

          2.        Agreement.
In all other respects, the Original Agreement shall remain in full force and
effect. 

          3.        Counterparts.
This Amendment may be executed in two or more counterparts, each of which shall
be deemed an  original but all of which together shall constitute one and the
same instrument. 

[Signature Page Follows]

2

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

  	CBP: 
	 
	China Biologic
          Products, Inc. 
	 
	 
	By: 	/s/
          Siu Ling Chan 
	 	Siu Ling Chan 
	 	Chief Executive Officer 
	 
	 
	LOGIC EXPRESS: 
	 
	Logic Express
          Limited 
	 
	 
	By: 	     /s/
          Lin Ling Li 
	 	Lin Ling Li 
	 	Director
	 
	 
	SHANDONG
            MISSILE: 
	 
	Shandong Missile
          Biologic Products Co., Ltd. 
	 
	 
	By: 	     /s/
            Tung Lam 

	 	Tung Lam 
	 	Chief Executive Officer 

  

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Amendment No. 1 to Securities Purchase Agreement 

  	SELLING STOCKHOLDERS: 
	 
	 
	/s/
          Lin Ling Li 
	MS. LIN LING LI 
	 
	 
	 
	 
	/s/
          Siu Ling Chan 
	MS. SIU LING CHAN 

  

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Amendment No. 1 to Securities Purchase Agreement 

  	INVESTORS: 
	 	 	 
	Pinnacle China Fund, L.P. 
	 	 	 
	 	 	 
	By: 	/s/
          Barry M. Kitt 	 
	 	Barry
          M. Kitt, 	 
	 	Manager,
          Kitt China Management, L.L.C., 
	 	the
          Manager of Pinnacle China Management, L.L.C., 
	 	the
          General Partner of Pinnacle China Advisors, L.P., 
	 	the
          General Partner of Pinnacle China Fund, L.P. 
	 	 	 
	Total
      number of Shares owned: 	2,110,818 

  

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Amendment No. 1 to Securities Purchase Agreement 

  	Capital Ventures International 	 
	 	 	 
	 	 	 
	By: 	/s/
          Martin Kobinger 	 
	 	Martin
          Koebinger 	 
	 	Investment Manager 	 
	 	 	 
	 	 	 
	Total
      number of Shares owned: 	 322,216           

   

   

   

Amendment No. 1 to Securities Purchase AgreementExhibit 4.12 

AMENDMENT NO. 2

TO SECURITIES PURCHASE AGREEMENT

          This AMENDMENT NO. 2 to the SECURITIES PURCHASE AGREEMENT is entered into as of March 27, 2007 (this “Amendment”) by and among
China Biologic Products, Inc., a Delaware corporation (formerly, GRC Holdings, Inc.) (“CBP”), its wholly-owned subsidiary
Logic Express Limited (“Logic Express”) and its 82.76% owned subsidiary Shandong Missile Biologic Products Co., Ltd. (“Shandong
Missile”), Ms. Lin Ling Li and Ms. Siu Ling Chan (together, the “Selling Stockholders”), and the investors signatory thereto (each an
“Investor” and collectively, the “Investors”).  Each of CBP, Logic Express, the Company, the Selling
Stockholders and the Investors are referred to herein as a “Party” and collectively, as the “Parties”.
Capitalized terms used, but not otherwise defined, herein have the meanings ascribed to such terms in the Original Agreement (as defined below). 

BACKGROUND

          The Parties entered into a Securities Purchase Agreement, dated as of July 18, 2006 (as amended, the “Original Agreement”),
pursuant to which each of the Investors purchased from the Company and the Selling Stockholders, the Shares, Selling Stockholder Shares and the Warrants representing each Investors Investment Amount. As a condition to the closing of the Original
Agreement, the Parties agreed to place the Make Good Shares into escrow for the benefit of the Investors, pursuant to a Share Escrow Agreement, dated as of July 19, 2006, to be distributed to the Investors in the event that the Company fails to meet
certain Performance Thresholds as set forth therein.  Since the execution and delivery of the Original Agreement, GRC Holdings, Inc. has changed its name to China Biologic Products, Inc. and has reincorporated from the State of Texas to the State of
Delaware. The Parties desire to enter into this Amendment to modify the terms of the Original Agreement as more specifically set forth herein. 

AGREEMENT

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

          I.        References
to GRC Holdings, Inc. All references to GRC Holdings,
Inc., a Texas corporation (or
“GRC”) in
the Original Agreement are deleted in their entirety and in lieu thereof references
to China Biologic Products, Inc., a Delaware corporation (or “CBP”)
is inserted. 

          II.       Amendment
to Make Good Escrow Arrangement: Section
4.11 of the Original Agreement is amended to replace
the second sentence in its entirety with the following:

  
    
      “If required, the appropriate number of Make Good Shares will be delivered to the Investors within ten (10) Business Days of the date the audit report for the applicable period is delivered to the Investor Representative
      (such delivery of the financial statements referenced in (a)

  

  
    
      and (b) above to the Investor Representative shall be no later than April 30, 2007 and March 31, 2008, respectively), otherwise if CBP has met the applicable threshold, the appropriate number of Escrow Shares shall be returned to
      Ms. Lin Ling Li and Ms. Siu Lin Chang within such ten (10) Business Day period.” 

  

          III.       Agreement. In all other respects, the Original Agreement shall remain in full force and effect.

          IV.       Counterparts.
This Amendment may be executed in two or more counterparts, each of which shall
be deemed an  original but all of which together shall constitute one and the
same instrument. 

[Signature Page Follows]

2

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

  	CBP: 
	 
	China Biologic
          Products, Inc. 
	 
	 
	By: 	     /s/
          Stanley Wong 
	 	Stanley Wong 
	 	Chief Executive Officer 
	 
	 
	 
	LOGIC EXPRESS: 
	 
	Logic Express
          Limited 
	 
	 
	By:
          	/s/
      Lin Ling Li 
	 	Lin Ling Li 
	 	Director
	 
	 
	 
	SHANDONG
            MISSILE: 
	 
	Shandong Missile
          Biologic Products Co., Ltd. 
	 
	 
	By: 	     /s/
          Tung Lam 

	 	Tung Lam 
	 	Chief Executive Officer

  

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Amendment No. 2 to Securities Purchase Agreement 

  	SELLING STOCKHOLDERS:                          
	 
	 
	/s/
          Lin Ling Li 
	MS. LIN LING LI 
	 
	 
	 
	 
	/s/
          Siu Ling Chang 
	MS. SIU LING CHAN 

  

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Amendment No. 2 to Securities Purchase Agreement 

  	 	INVESTORS: 	 
	 	 	 
	 	Pinnacle China Fund, L.P. 	 
	 	 	 
	 	 	 
	By: 	/s/
          Barry M. Kitt 	 
	 	Barry M. Kitt, 
	 	Manager, Kitt China
          Management, L.L.C., 
	 	the Manager of Pinnacle
          China Management, L.L.C., 
	 	the General Partner
          of Pinnacle China Advisors, L.P., 
	 	the General Partner
          of Pinnacle China Fund, L.P. 
	 	 	 
	Total number of Shares
          owned: 	2,110,818           

  

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Amendment No. 2 to Securities Purchase Agreement 

  	Capital Ventures International 
	 	 	 
	 	 	 
	By: 	 Heights Capital Management, Inc., 	 
	 	its authorized agent 	 
	 	 	 
	 	   /s/
            Martin Kobinger
	 

	 	Name: Martin Kobinger 	 
	 	Title: Investment Manager 	 
	 	 	 
	 	 	 
	Total number of Shares
          owned: 	322,216                

   

   

   

Amendment No. 2 to Securities Purchase Agreement

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