Document:

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                                                                     EXHIBIT 4.1

                                   RETRACTABLE
                               TECHNOLOGIES, INC.

          NUMBER                                              SHARES

            VB

SERIES V CLASS B CONVERTIBLE                        SERIES V CLASS B CONVERTIBLE
       PREFERRED STOCK                                    PREFERRED STOCK
                                                         CUSIP 76129W 70 9

                                             SEE REVERSE FOR CERTAIN DEFINITIONS

               INCORPORATED UNDER THE LAWS OF THE STATE OF TEXAS

THIS IS TO CERTIFY THAT

IS THE OWNER OF

FULLY PAID AND NONASSESSABLE SHARES OF SERIES V CLASS B CONVERTIBLE PREFERRED
STOCK OF THE PAR VALUE OF $1.00 EACH OF

                         RETRACTABLE TECHNOLOGIES, INC.

transferable on the books of the Corporation by the holder hereof in person or
by duly authorized attorney, upon surrender of this Certificate properly
endorsed. This Certificate is not valid unless countersigned and registered by
the Transfer Agent and Registrar.

WITNESS the facsimile seal of the Corporation and the facsimile signatures of
its duly authorized officers.

Dated:

/s/ THOMAS J. SHAW              [SEAL]                  /s/ MICHELE M. LARIOS
  PRESIDENT                                                 SECRETARY

COUNTERSIGNED AND REGISTERED

        AMERICAN STOCK TRANSFER & TRUST COMPANY
                TRANSFER AGENT AND REGISTRAR

        BY
                                AUTHORIZED SIGNATURE

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                         RETRACTABLE TECHNOLOGIES, INC.

     The Articles of Incorporation, as amended, of RETRACTABLE TECHNOLOGIES,
INC. on file in the office of the Secretary of State of Texas set forth a full
statement of (a) all of the designations, preferences, limitations and relative
rights of the shares of each class of shares authorized to be issued, (b) the
authority of the Board of Directors to fix and determine the relative rights and
preferences of the shares of preferred stock which the corporation is authorized
to issue in series and, if and to the extent that they have been fixed and
determined, the relative rights and preferences of any such series, (c) the
denial to the shareholders of preemptive rights to acquire unissued or treasury
shares of the Corporation and (d) the denial of the right to cumulative voting.
The Corporation will furnish a copy of such statement to the record holder of
this certificate without charge on written request to the Corporation at its
principal place of business or registered office.

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM--as tenants in common   UNIF GIFT MIN ACT--_________ Custodian _________
TEN ENT--as tenants by the                          (Cust)              (Minor)
         entireties                                Under Uniform Gifts to Minors
JT TEN --as joint tenants with                     Act _________________________
         right of survivorship                               (State)
         and not as tenants
         in common

    Additional abbreviations may also be used though not in the above list.

                                   ASSIGNMENT

     For Value Received, ______________________________________ hereby sell,
assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE
______________________________________

________________________________________________________________________________

________________________________________________________________________________
                  PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
                     INCLUDING POSTAL ZIP CODE OF ASSIGNEE

________________________________________________________________________________

________________________________________________________________________________

_________________________________________________________________________ Shares
of the capital stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint

_______________________________________________________________________ Attorney
to transfer the said stock on the books of the within-named Corporation, with
full power of substitution in the premises.

Dated ________________________________

                                        X ______________________________________
                  NOTICE                             (SIGNATURE)
           THE SIGNATURE(S) TO
           THIS ASSIGNMENT MUST
           CORRESPOND WITH THE
           NAME(S) AS WRITTEN
           UPON THE FACE OF THE
           CERTIFICATE WITHOUT
           ALTERATION OR ANY            X ______________________________________
           CHANGE WHATEVER                           (SIGNATURE)
                                       _________________________________________

                                       THE SIGNATURE(S) SHOULD BE GUARANTEED BY
                                       AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
                                       STOCKBROKERS, SAVINGS AND LOAN
                                       ASSOCIATIONS AND CREDIT UNIONS WITH
                                       MEMBERSHIP IN AN APPROVED SIGNATURE
                                       GUARANTEE PROGRAM), PURSUANT TO S.E.C.
                                       RULE 17/[ILLEGIBLE].
                                       _________________________________________

                                       SIGNATURE(S) GUARANTEED BY:<PAGE>

                                                                    Exhibit 10.1

                            ROYALTY WAIVER AGREEMENT
                            ------------------------

     This Royalty Waiver Agreement (hereinafter called the "Waiver Agreement")
is entered into by and among Retractable Technologies, Inc., a Texas corporation
(hereinafter called "RTI"), and Thomas J. Shaw and his wife, Suzanne M. August
(hereinafter collectively called "Shaw"), which are hereinafter collectively
referred to as the "Parties."

                                    RECITALS
                                    --------

     WHEREAS, the Parties entered into a Technology License Agreement
(hereinafter called the "License Agreement") dated June 23, 1995; and

     WHEREAS, under the License Agreement, Shaw is to be paid certain
consideration in the form of a Five Percent (5%) royalty (the "Royalties") of
gross sales of "Licensed Products" (as defined in the License Agreement) after
returns; and

     WHEREAS, Shaw, a shareholder of RTI, wishes to make a contribution to RTI
in the form of a waiver of his entitlement to unpaid Royalties accrued through
the second quarter of 2002 in the amount of Five Hundred Thousand Dollars
($500,000.00);

                                    AGREEMENT
                                    ---------

     NOW, THEREFORE, in consideration of the foregoing recitals, the agreements
set forth below, and other good and valuable consideration, the receipt,
sufficiency, and adequacy of which are hereby acknowledged, the Parties agree as
follows:

     1. The foregoing recitals are true and correct, they constitute the basis
for this Waiver Agreement, and they are incorporated into this Waiver Agreement
for all purposes.

     2. Shaw hereby irrevocably waives payment of and releases any and all claim
to accrued and unpaid Royalties through the second quarter of 2002 in the amount
of Five Hundred Thousand Dollars ($500,000.00) (hereinafter the "Waived 2002
Royalties"), payable by RTI for sales of "Licensed Products" pursuant to the
terms of the License Agreement.

     3. It is expressly understood and agreed by the Parties that, with the
exception of the Waived 2002 Royalties, nothing in this Waiver Agreement shall
be construed to modify or amend the rights of the Parties as set forth in the
License Agreement.

     4. It is also understood and agreed that this Waiver Agreement and the
License Agreement contain the entire agreement between the Parties and supersede
any and all prior agreements, arrangements, or understandings between the
Parties relating to the subject matter hereof.

     5. RTI hereby agrees to indemnify Shaw for any incremental increase in his
2002 federal income tax liability (including penalties and interest) which may
arise from the Waived 2002 Royalties. RTI reserves the right to contest such
additional tax liability on Mr. Shaw's behalf at its own expense. Should
additional tax related to this transaction be due, RTI shall pay such tax,
penalties, and interest, on a "grossed-up" basis, within ten days of the final
assessment of the amount owed, if any, by Shaw.

     6. It is understood and agreed that, in making this Waiver Agreement, the
Parties expressly acknowledge that they have not relied upon any statement or
representation pertaining to this matter made by either Party or by any person
or persons representing them and that no representations, warranties, or
promises of any kind,

<PAGE>

nature, or character whatsoever have been made, directly or indirectly, to
induce them or any of them to execute and carry out the terms of this Waiver
Agreement.

     7. THIS WAIVER AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, AND ENFORCED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS (EXCLUDING ANY CONFLICTS-OF-LAW
RULE OR PRINCIPLE OF TEXAS LAW THAT MIGHT REFER THE GOVERNANCE, CONSTRUCTION, OR
INTERPRETATION OF THIS WAIVER AGREEMENT TO THE LAWS OF ANOTHER STATE).

     8. This Waiver Agreement, and all of the provisions hereof, shall be
binding upon and inure to the benefit of the Parties hereto and their respective
successors and permitted assigns.

     9. In the event that any one or more of the terms, provisions, or
agreements that are contained in this Waiver Agreement shall be held by a Court
of competent jurisdiction to be invalid, illegal, or unenforceable in any
respect for any reason, the invalid, illegal, or unenforceable term, provision,
or agreement shall not affect any other term, provision, or agreement of this
Waiver Agreement and this Waiver Agreement shall be construed as if the invalid,
illegal, or unenforceable term, provision, or agreement had never been contained
herein.

     10. It is understood and the Parties further state that each of them has
carefully read this Waiver Agreement and knows the contents hereof and has
signed the same as his or its own free act.

     IN WITNESS WHEREOF, the Parties have executed this Waiver Agreement
effective as of June 21, 2002.

                                   RETRACTABLE TECHNOLOGIES, INC.

                                   BY:  /s/ STEVEN R. WISNER
                                      ---------------------------------
                                      STEVEN R. WISNER
                                      EXECUTIVE VICE PRESIDENT,
                                      ENGINEERING AND PRODUCTION

                                     /s/ THOMAS J. SHAW
                                   ------------------------------------
                                   THOMAS J. SHAW
                                   INDIVIDUALLY

                                     /s/ SUZANNE M. AUGUST
                                   ------------------------------------
                                   SUZANNE M. AUGUST
                                   INDIVIDUALLY

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