Document:

Agreement to Terminate Standby Purchase Agreement

 Exhibit 10.6 
 AGREEMENT TO TERMINATE STANDBY PURCHASE AGREEMENT 
 This Agreement to Terminate Standby Purchase Agreement, dated as of February 4, 2010 (this “Agreement”), is made by and between ICO Global Communications (Holdings) Limited, a Delaware corporation (the
“Company”) and Harbinger Capital Partners Master Fund I, Ltd., an exempted company formed in the Cayman Islands (“Harbinger”). 
 RECITALS 
 WHEREAS, Harbinger and the Company are parties to
that certain Standby Purchase Agreement, dated as of January 29, 2010, attached hereto as Exhibit A (the “Standby Purchase Agreement”) pursuant to which Harbinger has agreed to purchase from the Company, and the Company
has agreed to sell to Harbinger, a pro rata portion of New Shares (as defined in the Standby Purchase Agreement) subject to a maximum commitment of $4,250,000.00 on the terms and conditions set forth therein; 
 WHEREAS, MARINER LDC, Caspian Capital Partners, L.P. and Caspian Select Credit Master Fund, Ltd. (collectively, “Caspian”)
have collectively proposed to enter into a standby purchase agreement with the Company pursuant to which Caspian will agree to purchase from the Company, and the Company will agree to sell to Caspian, a pro rata portion of the New Shares subject to
a maximum commitment of $2,125,000 (the “Caspian Agreement”) 
 WHEREAS, Knighthead Master Fund, L.P.
(“Knighthead”) has proposed to enter into a standby purchase agreement with the Company pursuant to which Knighthead will agree to purchase from the Company, and the Company will agree to sell to Knighthead, a pro rata portion of
the New Shares subject to a maximum commitment of $2,125,000 (the “Knighthead Agreement”); and 
 WHEREAS,
contingent upon the execution of the Caspian Agreement and Knighthead Agreement, Harbinger and the Company have agreed to terminate the Standby Purchase Agreement pursuant to Section 9(a)(i) thereof. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is mutually agreed, and intending to be legally
bound, the Company and Harbinger covenant and agree as follows: 
 1. Termination and Mutual Release. Effective upon the
execution of the Caspian Agreement and Knighthead Agreement, and notwithstanding anything contained in the Standby Purchase Agreement: 
 (a) Except for subsections (b) through (h) of Section 11 of the Standby Purchase Agreement (Miscellaneous) which shall survive termination hereof, the Standby Purchase Agreement shall terminate and be deemed null and void and
of no further force and effect, and neither the Company nor Harbinger shall have any further obligations or liabilities to one another on account of the Standby Purchase Agreement; 

 (b) Harbinger, for itself and the Standby Indemnified Persons (as defined in the Standby
Purchase Agreement), agrees that the Company is released and discharged from any and all claims, demands, obligations, liabilities, duties, rights of action and further performance of all duties, liabilities and obligations, which the Company owes,
or may owe, to Harbinger, howsoever arising under the Standby Purchase Agreement (including, but not limited, pursuant to Section 10 of the Standby Purchase Agreement) and whether arising prior to, on or after the consummation of the Standby
Purchase Agreement, and, to the extent that any such claims, demands, liabilities, duties, rights of action or further performance of duties, liabilities and obligations do arise, or may arise, these are hereby waived for all purposes by Harbinger
and the Standby Indemnified Persons; and 
 (c) The Company, for itself and the Company Indemnified Persons (as defined in the
Standby Purchase Agreement), agrees that Harbinger is released and discharged from any and all claims, demands, obligations, liabilities, duties, rights of action and further performance of all duties, liabilities and obligations, which Harbinger
owes, or may owe, to the Company, howsoever arising under the Standby Purchase Agreement (including, but not limited, pursuant to Section 10 of the Standby Purchase Agreement) and whether arising prior to, on or after the consummation of the
Standby Purchase Agreement, and, to the extent that any such claims, demands, liabilities, duties, rights of action or further performance of duties, liabilities and obligations do arise, or may arise, these are hereby waived for all purposes by the
Company and the Company Indemnified Persons. 
 2. Non-Disparagement. Each of Harbinger and the Company agrees not to
make any public statement regarding or in any way in connection with the Standby Purchase Agreement or the transaction contemplated thereby that (i) disparages or damages the business or reputation of the other party or (ii) implies that
the termination of the Standby Purchase Agreement is in any way associated with the Company or the Rights Offering (as defined in the Standby Purchase Agreement). Nothing in this Section 2 shall undermine the obligation of either party to
respond accurately and fully to any request for information as required by legal process, and each party agrees to give the other party prompt notice of any such process. 
 3. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument, may
not be modified or amended except by a writing signed by the parties hereto, and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 4. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without
giving effect to the conflict of laws provisions thereof. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United States of
America located in the City and County of New York or the

 
courts of the State of New York in each case located in the City and County of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the
exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court, as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process,
summons, notice or document by mail to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any
objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in
any such court has been brought in an inconvenient forum. 
 [Signature page follows] 

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

			
	COMPANY:
	
	ICO GLOBAL COMMUNICATIONS (HOLDINGS) LIMITED
		
	By:	 	/s/ Benjamin G. Wolff
	Name:	 	Benjamin G. Wolff
	Title:	 	Chief Executive Officer

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

			
	 HARBINGER CAPITAL PARTNERS
 MASTER FUND I, LTD.

	
	 By: Harbinger Capital Partners LLC
 Its Investment Manager

		
	By:	 	/s/ Robin Roger
	Name:	 	Robin Roger
	Title:	 	General Counsel

 Exhibit A 
 Standby Purchase AgreementChina Biologic Products, Inc.: Exhibit 10.1 - Prepared by TNT Filings Inc.

Exhibit 10.1

CHINA BIOLOGIC PRODUCTS, INC. 

INDEPENDENT DIRECTOR AGREEMENT

THIS AGREEMENT (The “Agreement”) is made as of the 4th day of February 2010 and is by and between China Biologic Products, Inc., a Delaware corporation (hereinafter referred to as the
“Company”), and Dr. Xiangmin Cui (hereinafter referred to as the “Director”). 

BACKGROUND

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

AGREEMENT

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

1. 

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

2. 

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

 3. 

 COMPENSATION.  For all services to be rendered by the Director in any capacity hereunder, the Company agrees to pay the Director a fee of $1,500 per month. Such fee may be adjusted from time to time as agreed by the parties.
Subject to approval by the Board of Directors (or an appropriate Committee appointed by such Board of Directors), the Director may also be granted an option (the “Option”) to purchase 20,000 shares of the Company’s common stock
(the “Shares”) under the Company’s 2008 Equity Incentive Plan (the “Plan”).  The per share exercise price of the Option will be the fair market value of the Company’s common stock as of the grant date.
The fair market value shall be deemed to be the closing price of the Company’s common stock on the business day prior to the grant date. The Option will vest over
a 12-month period, with one-half, or 10,000, vesting in full and exercisable on August 4, 2010, and the remaining 20,000 to vest on February 4, 2011. The Option will be evidenced by a Stock Option Agreement as contemplated by the Plan, in the form
attached hereto as Exhibit B, both of which will govern the Option, notwithstanding any other provision of this Agreement.

 

4. 

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

5. 

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

6. 

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

7.   

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

8.  

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

2

9. 

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

 10. 

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

11. 

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

12. 

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

13. 

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

14. 

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

15. 

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

 16. 

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

[Signature Page Follows]

3

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

CHINA BIOLOGIC PRODUCTS, INC.

By:/s/ Chao Ming Zhao                               
  

Name: Chao Ming Zhao 

Title: Chief Executive Officer

INDEPENDENT DIRECTOR

/s/ Xiangmin Cui                                           
   

Name: Dr. Xiangmin Cui

Address:  

c/o China Biologic Products, Inc.

No.14 East Hushan Road 

Tai’an City, Shandong

People’s Republic of China 271000

EXHIBIT A

Form of Indemnification Agreement

(See Attached)

 

 

EXHIBIT B

Form of Option Agreement

(See Attached)

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