Document:

Exhibit
4.4

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT

TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

As
of March 12, 2020, Provention Bio, Inc. had one class of common stock registered under Section 12 of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”).

 

The
following description of our common stock is a summary and does not purport to be complete. It is subject to and qualified in
its entirety by reference to our second amended and restated certificate of incorporation (the “Certificate of Incorporation”)
and our amended and restated bylaws (the “Bylaws”), each of which is incorporated herein by reference as an exhibit
to the Annual Report on Form 10-K filed with the Securities and Exchange Commission, of which this Exhibit 4.4 is a part. We encourage
you to read our Certificate of Incorporation, our Bylaws and the applicable provisions of the General Corporation Law of the State
of Delaware (the “DGCL”) for additional information.

 

Authorized
Capital Stock

 

Our
authorized capital stock consists of 100,000,000 shares of common stock, par value $0.0001 per share and 25,000,000 shares of
preferred stock, par value $0.0001 per share.

 

Common
Stock

 

Holders
of our common stock are entitled to such dividends as may be declared by our board of directors out of funds legally available
for such purpose. The shares of common stock are neither redeemable nor convertible. Holders of common stock have no preemptive
or subscription rights to purchase any of our securities.

 

Each
holder of our common stock is entitled to one vote for each such share outstanding in the holder’s name. No holder of common
stock is entitled to cumulate votes in voting for directors.

 

In
the event of our liquidation, dissolution or winding up, the holders of our common stock are entitled to receive pro rata our
assets, which are legally available for distribution, after payments of all debts and other liabilities. All of the outstanding
shares of our common stock are fully paid and non-assessable.

 

Listing

 

Our
common stock is listed on the Nasdaq Global Select Market under the symbol “PRVB.”

 

Transfer
Agent and Registrar

 

The
transfer agent and registrar for our common stock is Computershare Trust Company, N.A.

 

Anti-Takeover
Effects of Delaware Law and Our Certificate of Incorporation and Bylaws

 

The
provisions of the DGCL, our Certificate of Incorporation and our Bylaws could have the effect of delaying, deferring or discouraging
another person from acquiring control of our company. These provisions, which are summarized below, may have the effect of discouraging
takeover bids. They are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with
our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly
or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals
could result in an improvement of their terms.

 

    	 

    	 

    

 

Delaware
Law

 

We
are subject to Section 203 of the DGCL, an anti-takeover law. In general, Section 203 prohibits a Delaware corporation from engaging
in any business combination (as defined below) with any interested stockholder (as defined below) for a period of three years
following the date that the stockholder became an interested stockholder, unless:

 

	 	●
    prior to that date, the board of directors of the corporation approved either the business combination or the transaction
    that resulted in the stockholder becoming an interested stockholder;
	 	 
	 	●
    upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder
    owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for
    purposes of determining the number of shares of voting stock outstanding (but not the voting stock owned by the interested
    stockholder) those shares owned by persons who are directors and officers and by excluding employee stock plans in which employee
    participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in
    a tender or exchange offer; or
	 	 
	 	●
    on or subsequent to that date, the business combination is approved by the board of directors of the corporation and authorized
    at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of
    the outstanding voting stock that is not owned by the interested stockholder.

 

In
general, Section 203 defines “business combination” to include the following:

 

	 	●
    any merger or consolidation involving the corporation and the interested stockholder;
	 	 
	 	●
    any sale, lease, exchange, mortgage, transfer, pledge or other disposition of 10% or more of the assets of the corporation
    involving the interested stockholder;
	 	 
	 	●subject
    to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation
    to the interested stockholder;
	 	 
	 	●
    subject to limited exceptions, any transaction involving the corporation that has the effect of increasing the proportionate
    share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or
	 	 
	 	●
    the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits
    provided by or through the corporation.

 

In
general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding
voting stock of the corporation, or who beneficially owns 15% or more of the outstanding voting stock of the corporation at any
time within a three-year period immediately prior to the date of determining whether such person is an interested stockholder,
and any entity or person affiliated with or controlling or controlled by any of these entities or persons.

 

    	 

    	 

    

 

Certificate
of Incorporation and Bylaw Provisions

 

Our
Certificate of Incorporation and Bylaws include a number of provisions that could deter hostile takeovers or delay or prevent
changes in control of our Company. Certain of these provisions are summarized in the following paragraphs.

 

Effects
of authorized but unissued common stock. One of the effects of the existence of authorized but unissued common stock may be
to enable our board of directors to make more difficult or to discourage an attempt to obtain control of our Company by means
of a merger, tender offer, proxy contest or otherwise, and thereby to protect the continuity of management. If, in the due exercise
of its fiduciary obligations, the board of directors were to determine that a takeover proposal was not in our best interest,
such shares could be issued by the board of directors without stockholder approval in one or more transactions that might prevent
or render more difficult or costly the completion of the takeover transaction by diluting the voting or other rights of the proposed
acquirer or insurgent stockholder group, by putting a substantial voting block in institutional or other hands that might undertake
to support the position of the incumbent board of directors, by effecting an acquisition that might complicate or preclude the
takeover, or otherwise.

 

Cumulative
Voting. Our Certificate of Incorporation does not provide for cumulative voting in the election of directors, which would
allow holders of less than a majority of the stock to elect some directors.

 

Director
Vacancies. Our Certificate of Incorporation provides that all vacancies may be filled by the affirmative vote of a majority
of directors then in office, even if less than a quorum.

 

Stockholder
Action; Special Meeting of Stockholders. Our Bylaws provide that stockholders may act by written consent. However, stockholders
pursuing an action by written consent will be required to comply with certain notice and record date requirements that are set
forth in the DGCL. A special meeting of stockholders may be called by the Chairman of the board of directors, the President, the
Chief Executive Officer, or the board of directors at any time and for any purpose or purposes as shall be stated in the notice
of the meeting, or by request of the holders of record of at least 20% of outstanding shares of common stock. This provision could
prevent stockholders from calling a special meeting because, unless certain significant stockholders were to join with them, they
might not obtain the percentage necessary to request the meeting. Therefore, stockholders holding less than 20% of issued and
outstanding common stock, without the assistance of management, may be unable to propose a vote on any transaction which may delay,
defer or prevent a change of control, even if the transaction were in the best interests of certain of our stockholders.

 

Advance
Notice Requirements for Stockholder Proposals and Director Nominations. Our Bylaws establish advance notice procedures with
respect to stockholder proposals and the nomination of candidates for election as director. In order for any matter to be “properly
brought” before a meeting, a stockholder will have to comply with such advance notice procedures and provide us with certain
information. Our Bylaws allow the presiding officer at a meeting of stockholders to adopt rules and regulations for the conduct
of meetings which may have the effect of precluding the conduct of certain business at a meeting if such rules and regulations
are not followed. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of
proxies to elect the acquirer’s own slate of directors or otherwise attempting to influence or obtain control of our Company.

 

Supermajority
Voting for Amendments to Our Governing Documents. Any amendment to our Certificate of Incorporation related to the provisions
governing, among other things, the general powers of the Board of Directors, the number and election of directors, the filling
of director vacancies, the ability of the Board to adopt, amend or repeal the Bylaws, the ability to call special stockholder
meetings, and director liability and indemnification, will require the affirmative vote of at least 66 2/3% of the voting power
of all shares of our capital stock then outstanding. Our Certificate of Incorporation provides that the board of directors is
expressly authorized to adopt, amend or repeal our Bylaws and that our stockholders may amend our Bylaws only with the approval
of at least 66 2/3% of the voting power of all shares of our capital stock then outstanding.

 

Choice
of Forum. Our Certificate of Incorporation provides that, subject to certain exceptions, the Court of Chancery of the State
of Delaware will be the exclusive forum for any claim, including any derivative claim, (i) that is based upon a violation of a
duty by a current or former director or officer or stockholder in such capacity or (ii) as to which the DGCL, or any other provision
of Title 8 of the Delaware Code, confers jurisdiction upon the Court of Chancery.

 

Section
27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created
by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits
brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have exclusive
jurisdiction. In addition, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over
all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. As a
result, the exclusive forum provision will not apply to suits brought to enforce any duty or liability created by the Securities
Act or any other claim for which the federal and state courts have concurrent jurisdiction.cbpo_Ex4_40

		

			 

		

		
			EXHIBIT 4.40
		

		
			Employment Agreement
		

		
			This Employment Agreement (this “Agreement”), dated as of August 16, 2019, is entered into between China Biologic Products Holdings, Inc., a company established in the Cayman Islands with its principal office located at 18th Floor, Jialong Int’l Tower, 19 Chaoyang Park Road, Beijing 100125, PRC (“Company”), and Joseph Chow (the “Executive”).
		

		
			WHEREAS, the Company desires to engage the Executive as, and the Executive agrees to serve as, Chief Executive Officer of the Company, upon the terms and conditions contained herein.
		

		
			NOW THEREFORE, for good and valuable consideration, the sufficiency of which is hereby acknowledged by the parties, the parties hereby agree as follows:
		

		
			1.       EFFECTIVENESS OF AGREEMENT AND EFFECTIVE DATE
		

		
			This Agreement shall become effective retrospectively as of August 5, 2019. For the purpose of this Agreement, the term “Effective Date” means August 5, 2019.
		

		
			2.       EMPLOYMENT AND DUTIES
		

		
			2.1 General. The Executive will perform such duties and services for the Company as may be designated from time to time by the Board of Directors of the Company (the “Board”). The Executive agrees to serve the Company faithfully and to the best of his ability under the direction of the Board and to carry out the functions typically performed by a Chief Executive Officer. He further agrees to perform such duties in accordance with the general fiduciary duties of officers and directors arising under the Cayman Islands Companies Law. The Executive is expected and required to devote substantially all of his time and attention during normal business hours to the affairs of the Company and/or its subsidiaries.
		

		
			2.2 Term of Employment. The Executive’s employment under this Agreement will commence as of the Effective Date and will terminate on the second year of the Effective Date; provided, however, that the term of the Executive’s employment will be automatically extended without further action of either party for additional one (1) year periods unless written notice of either party’s intention not to extend has been given to the other party hereto at least thirty (30) days prior to the expiration of the then effective term (the initial term and any extensions thereof, the “Term of Employment”). Notwithstanding the foregoing, the Executive’s employment may be terminated during the Term of Employment as provided in Section 5 below.
		

		
			2.3 Reimbursement of Expenses. Unless otherwise agreed to by the Executive and the Company, the Company will reimburse the Executive for reasonable travel and other business expenses incurred by him to fulfill his duties hereunder upon presentation by the Executive of an itemized account of such expenditures, in accordance with Company practices consistently applied.
		

		
			3.       COMPENSATION
		

		
			3.1 Base Salary. From the Effective Date, the Executive will be entitled to receive a base salary (“Base Salary”) at a rate of US$715,000 per annum, payable in accordance with the Company’s payroll practices and applicable law. If the rate of Base Salary per annum paid to Executive is increased during the Term of Employment, such increased rate will thereafter constitute the Base Salary for all purposes of this Agreement. Base Salary will not be decreased during the Term of Employment without the mutual consent of Executive and the Company.
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

		
			3.2 Annual Review. The Executive’s Base Salary will be reviewed by the Board, based upon the Executive’s performance not less than annually.
		

		
			3.3 Bonus Compensation. In addition to his Base Salary, the Executive would be eligible to receive additional bonus compensation as may be awarded to the Executive from time to time by the Board in the sole and absolute discretion of the Board.
		

		
			3.4 Additional Compensation.
		

		
			3.4.1 Pursuant to the approval by the Board (or an appropriate Committee appointed by the Board), the Executive has been granted 380,000 restricted share units (the “Initial RSUs”) under the Company’s 2019 Equity Incentive Plan (the “Plan”). The Initial RSUs will vest in four (4) equal portions on an annual basis over a 4-year period, with the first portion vesting on August 17, 2020, subject to Executive’s continued employment through each vesting date. The Initial RSUs has been evidenced by a Restricted Share Unit Award Agreement as contemplated by the Plan, both of which will govern the Initial RSUs, notwithstanding any other provision of this Agreement.
		

		
			3.4.2 The Company may, in its sole discretion, award the Executive additional equity-based compensations. The Executive further will be eligible to participate in any employment compensation plan established by the Company under the same terms as other Company executives and approved by the Board.
		

		
			4.       EMPLOYEE BENEFITS
		

		
			4.1 Leave. The Executive will be entitled to accrue 25 working days paid annual leave each calendar year. All annual leave days will be taken at times mutually agreed by the Executive and the Company and will be subject to the business needs of the Company. If, however, in any calendar year during the Term of Employment, the Executive is unable to take any annual leave due to the business needs of the Company, the Company, in its discretion, shall either pay the Executive the equivalent of 25 working days, or permit the Executive to carry such leave over into the following calendar year.
		

		
			4.2 Other Programs. The Executive will, during his employment under this Agreement, be included to the extent eligible thereunder in all employee benefit plans, programs or arrangements (including, without limitation, any plans, programs or arrangements providing for retirement benefits, incentive compensation, profit sharing, bonuses, disability benefits, health and life insurance, or vacation and paid holiday) which may be established by the Company for, or made available to, its executives generally.
		

		
			4.3 Family Visits. Company should cover the travel expenses for Executive’s family visits, including (1) four times per annual for Executive to visit his family; (2) one time per annual for family members to visit Executive. The travel standard includes business-class airfare, other transportation and reasonable accommodation expenses.
		

		
			5.       TERMINATION OF EMPLOYMENT
		

		
			5.1 Termination Events.
		

		
			5.1.1 By the Company. The Company may terminate the Executive’s employment immediately with Cause, without Cause upon ninety (90) days notice to the Executive, or upon the Executive’s death or Permanent Disability (as hereinafter defined).
		

		
			5.1.2 By the Executive. The Executive may terminate his employment at any time for any reason upon ninety (90) days written notice to the Company.
		

		
			
		

		
			

		 

		

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			5.2 Termination by Company With Cause. If the Executive’s employment is terminated by the Company with Cause, the Company shall pay to the Executive all compensation to which the Executive is entitled through the date of termination, and thereafter, all of the Company’s obligations under this Agreement shall cease.
		

		
			5.3 Termination by Company Without Cause. Except in situations where the Executive’s employment is terminated under Section 5.2 or Section 5.4, by death or by Permanent Disability, in the event that the Company terminates Executive’s employment at any time without Cause, the Executive shall be entitled to receive an amount equal to twelve (12) months of the Executive’s then current Base Salary paid in twelve (12) equal monthly installments, subject to Sections 5.7 and 5.8.
		

		
			5.4 Change of Control. In the event of a Change of Control, the Company shall (i) assign this Agreement and all rights and obligations under it to any business entity that succeeds to all or substantially all of the Company’s business through that merger or combination or sale of assets, or (ii) on at least thirty (30) days’ prior written notice to the Executive, terminate this Agreement upon the effective date of such Change of Control. In the event that the Company terminates Executive’s employment pursuant to this Section 5.4, the Executive shall be entitled to receive, upon termination an amount equal to eighteen (18) months of the Executive’s then current Base Salary paid in eighteen (18) equal monthly installments, subject to Sections 5.7 and 5.8.
		

		
			For the purpose of this Agreement, “Change of Control” means the occurrence of any of the following events:
		

		
			(a) The consummation of the sale or disposition by the Company of all or substantially all of the Company's assets;
		

		
			(b) The consummation of a merger or consolidation of the Company with any other entity, unless the voting securities of the Company immediately prior to the merger or consolidation remain outstanding or are converted into voting securities of the surviving entity or parent so that they continue to represent at least fifty percent (50%) of the total voting power represented by the voting securities of the surviving entity (or parent) outstanding immediately after such merger or consolidation; or
		

		
			(c) A change in the composition of the Board, which results in fewer than a majority of the directors being “Incumbent Directors.” For purpose of this provision, “Incumbent Directors” shall mean directors who either (i) are directors as of the Effective Date, or (ii) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of those directors whose election or nomination was not in connection with any transactions described above or in connection with an actual or threatened proxy contest relating to election.
		

		
			5.5 Voluntary Resignation. If the Executive terminates his employment voluntarily, then the Executive shall not be entitled to receive payment of any severance benefits. The Company further shall have the option, in its sole discretion, to make the Executive’s termination effective at any time prior to the end of notice period required under Section 5.1.2 as long as the Company provides Executive with all compensation to which he would be entitled for continuing employment through the last day of the notice period. Thereafter, all obligations of the Company under this Agreement shall cease.
		

		
			5.6 Cause. Termination for “Cause” means termination of the Executive’s employment by the Company because of:
		

		
			(i) any act or omission that constitutes a breach by the Executive of any of his obligations under this Agreement or any Company policy or procedure and failure to cure such breach after notice of, and a reasonable opportunity to cure, such breach;
		

		
			(ii) the continued willful failure or refusal of the Executive to substantially perform the duties reasonably required of him as an employee of the Company;
		

		
			
		

		
			

		 

		

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			(iii) an alleged act (with credible substantiated evidence) of moral turpitude, dishonesty, fraud or violation of law (whether or not connected to the Company or its Affiliates (as defined in Section 8.1)) by, or criminal conviction of, the Executive which in the determination of the Board (in its sole discretion) would render his continued employment by the Company damaging or detrimental to the Company or its Affiliates in any way; or
		

		
			(iv) any misappropriation of Company property by the Executive.
		

		
			5.7 Release of Claims. The receipt of any severance payments pursuant to Sections 5.3 or 5.4 of this Agreement is subject to the Executive signing and not revoking a separation agreement and release of claims in a form reasonably acceptable to the Company (the “Release”), which must become effective and irrevocable no later than the 60th day following the date of Executive’s termination of employment (the “Release Deadline”), and if not, the Executive will forfeit any right to severance payments or benefits under this Agreement. In addition, no severance payments or benefits will be paid or provided until the Release actually becomes effective. To the extent that any severance payments or benefits constitute Deferred Payments (as defined below), severance payments shall commence on the 61st day following Executive’s termination of employment, subject to Section 5.8.
		

		
			5.8 Section 409A. The Company intends that all severance payments made under this Agreement comply with, or be exempt from, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and any guidance promulgated thereunder (“Section 409A”) so that none of the payments or benefits will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to so comply or be exempt. Specifically, the severance benefits are intended to be exempt from the requirements of Section 409A under the separation pay plan exception set forth under Section 409A. If, at the time of the Executive’s separation from service, the Executive is a “specified employee” within the meaning of Section 409A and the severance benefits payable under this Agreement, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Section 409A (together, the “Deferred Payments”), payment of such Deferred Payments will be delayed to the extent necessary to avoid the imposition of the additional tax imposed under Section 409A, which generally means that Executive will begin to receive payments on the date 6 months and 1 day following the Executive’s separation from service. The Company and the Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to you under Section 409A. In no event will the Company reimburse the Executive for any taxes that may be imposed on Executive as a result of Section 409A.
		

		
			6.       DEATH OR DISABILITY
		

		
			In the event of termination of employment by reason of non-work-related death or Permanent Disability, the Executive (or his estate, as applicable) will be entitled to the Base Salary and benefits determined under Sections 3 and 4 through the date of termination. In the event of termination of employment by reason of work related death or Permanent Disability, the Executive (or his estate, as applicable) will be entitled to the greater of (i) Base Salary and benefits determined under Sections 3 and 4 through the date of termination, or (ii) the minimum compensation permitted by applicable law. Other benefits will be determined in accordance with the benefit plans maintained by the Company, and the Company will have no further obligation hereunder. For purposes of this Agreement, “Permanent Disability” means a physical or mental disability or infirmity of the Executive that prevents the normal performance of substantially all his duties as an employee of the Company, which disability or infirmity exists for any continuous period of 180 days.
		

		
			7.       CONFIDENTIALITY
		

		
			7.1 Confidentiality. The Executive covenants and agrees with the Company that he will not at any time during the Term of Employment and thereafter, except in performance of his obligations to the Company hereunder or with the prior written consent of the Company, directly or indirectly, disclose any secret or confidential information that he may learn or has learned by reason of his association with the Company or any of its subsidiaries and Affiliates. The term “confidential information” includes information not previously made generally available to the public or to the trade by the Company’s management, with respect to the Company’s or any of its subsidiaries’ or Affiliates’ products,
		

		
			
		

		
			

		 

		

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			facilities, applications and methods, trade secrets and other intellectual property, systems, procedures, manuals, confidential reports, product price lists, customer lists, technical information, financial information (including the revenues, costs or profits associated with any of the Company’s products), business plans, prospects or opportunities, but will exclude any information which is or becomes generally available to the public or is generally known in the industry or industries in which the Company operates other than as a result of disclosure by the Executive in violation of his agreements under Section 7.1. The Executive will be released of his obligations under this Section 7.1 to the extent the Executive is required to disclose under any applicable laws, regulations or directives of any government agency, tribunal or authority having jurisdiction in the matter or under subpoena or other process of law provided that the Executive provides the Company with prompt written notice of such requirement. For the purposes of this Agreement, “Affiliate” means, with respect to any person or entity, any other person or entity that is directly or indirectly through one or more intermediaries, controlled by, controlling or under common control with such person or entity.
		

		
			7.2 Acknowledgment of Company Assets. The Executive acknowledges that the Company, at the Company’s expense, has acquired, created and maintains, and will continue to acquire, create and maintain, significant goodwill with its current and prospective customers, vendors and employees, and that such goodwill is valuable property of the Company. The Executive further acknowledges that to the extent such goodwill will be generated through the Executive’s efforts, such efforts will be funded by the Company and the Executive will be fairly compensated for such efforts. The Executive acknowledges that all goodwill developed by the Executive relative to the Company’s customers, vendors and employees will be the sole and exclusive property of the Company and will not be personal to the Executive.
		

		
			7.3 Exclusive Property. The Executive confirms that all confidential information is and will remain the exclusive property of the Company. All business records, papers and documents kept or made by Executive relating to the business of the Company will be and remain the property of the Company, except for such papers customarily deemed to be the personal copies of the Executive. Upon termination of the Executive’s employment with the Company for any reason, the Executive will promptly deliver to the Company all of the following that are in the Executive’s possession or under his control: (i) all computers, telecommunication devices and other tangible property of the Company and its Affiliates, and (ii) all documents and other materials, in whatever form, which include confidential information or which otherwise relate in whole or in part to the present or prospective business of the Company or its Affiliates, including but not limited to, drawings, graphs, charts, specifications, notes, reports, memoranda, and computer disks and tapes, and all copies thereof.
		

		
			7.4 Communication to Third Parties. The Executive agrees that Company will have the right to communicate the terms of this Section 7 to any third parties, including but not limited to, any prospective employer of the Executive. The Executive waives any right to assert any claim for damages against Company or any officer, employee or agent of Company arising from such disclosure of the terms of this Section 7.
		

		
			7.5 Independent Obligations. The provisions of this Section 7 will be independent of any other provision of this Agreement. The existence of any claim or cause of action by the Executive against the Company, whether predicated on this Agreement or otherwise, will not constitute a defense of the enforcement of this Section 7 by the Company.
		

		
			7.6 Non-Exclusivity. The Company’s rights and the Executive’s obligations set forth in this Section 7 are in addition to, and not in lieu of, all rights and obligations provided by applicable statutory or common law.
		

		
			8.       INDEMNIFICATION
		

		
			8.1 Indemnification of the Executive. The Company agrees to indemnify Executive (and his heirs, executors, and administrators), and to advance expenses related to this indemnification, to the fullest extent permitted under applicable law and regulations, against any and all expenses and liabilities that Executive reasonably incurs in connection with or arising out of any action, suit, or proceeding in which he may be involved by reason of his service as an Executive of the Company or any of its subsidiaries or Affiliates (whether or not he continues to be an Executive at the time of incurring any such expenses or liabilities). Covered expenses and liabilities include, but are not limited to,
		

		
			
		

		
			

		 

		

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			judgments, court costs, and attorneys’ fees and the costs of reasonable settlements, subject to Board approval, if the action is brought against Executive in his capacity as an Executive of the Company or any of its subsidiaries or Affiliates. Indemnification for expenses will not extend to matters related to Executive’s termination for Cause. Notwithstanding anything in this Section 8.1 to the contrary, the Company will not be required to provide indemnification prohibited by applicable law or regulation. The obligations of this Section 8.1 will survive the term of this Agreement by a period of six (6) years.
		

		
			8.2 Indemnification of the Company.
		

		
			The Executive will indemnify and keep the Company fully indemnified at all times from and against all claims, suits, proceedings, fines, punishment, loss, damage, costs and liabilities whatsoever incurred or sustained by the Company in connection with or arising out of or as a consequence of any breach by the Executive of the confidentiality obligations set forth above.
		

		
			9.       FOREIGN CORRUPT PRACTICES ACT
		

		
			The Company and the Executive each represent and warrant that it is aware of and familiar with the provisions of the Foreign Corrupt Practices Act of 1977, as amended by the Omnibus Trade and Competitiveness Act of 1988 (“FCPA”), and the rules and regulations thereunder, and its purpose. Each party agrees that it will take no action and make no payment in violation of, or which might cause the Company or the Executive to be in violation of, the FCPA, including, but not limited to, the making of unlawful payments to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds.
		

		
			10.     MISCELLANEOUS
		

		
			10.1 Severability. The parties intend this Agreement to be enforced as written. However, (i) if any portion or provision of this Agreement is to any extent be declared illegal or unenforceable by a duly authorized court having jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, will not be affected thereby, and each portion and provision of this Agreement will be valid and enforceable to the fullest extent permitted by law and (ii) if any provision, or part thereof, is held to be unenforceable because of the duration of such provision, the geographic area covered thereby, or other aspect of the scope of such provision, the court making such determination will have the power to reduce the duration, geographic area of such provision, or other aspect of the scope of such provision, and/or to delete specific words and phrases (“blue-penciling”), and in its reduced or blue-penciled form, such provision will then be enforceable and will be enforced.
		

		
			10.2 Assignment. The rights and obligations of this Agreement will bind and inure to the benefit of any successor of the Company by reorganization, merger or consolidation, or any assignee of all or substantially all of the Company’s business and properties. Neither this Agreement nor any rights hereunder will be assignable or otherwise subject to hypothecation by the Executive.
		

		
			10.3 Entire Agreement. This Agreement represents the entire agreement of the Company and the Executive and will supersede any and all previous contracts, arrangements or understandings.
		

		
			10.4 Governing Law. This Agreement will be construed and interpreted in accordance with and governed by the law of the State of Delaware, USA, without regard to the choice-of-law provisions thereof that might direct the application of the law of another jurisdiction.
		

		
			10.5 Dispute Resolution. Any legal action or proceeding with respect to this Agreement shall be brought in the courts of Delaware, or the United States District Court for the District of Delaware. By execution and delivery of this Agreement, each of the parties hereto accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts.
		

		
			 
		

		
			
		

		
			

		 

		

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			[SIGNATURE PAGE FOLLOWS]
		

		
			IN WITNESS WHEREOF, the Executive and the authorized representative of China Biologic Products Holdings, Inc., execute and enter into this Agreement as of the date first written above.
		

			
					
						s

					
					
						 

					
					
						 

				
	
					
						 

					
					
						EXECUTIVE

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						/s/ Joseph Chow

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Joseph Chow

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Passport No.: [***]

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CHINA BIOLOGIC PRODUCTS HOLDINGS, INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Qi Ning

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Qi Ning

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Title:

					
					
						Director and Chair of the Compensation Committee

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Date:

					
					
						August 16, 2019

				

		
			 
		

		 

		

			-7-

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