Document:

EX-4.1

 EXHIBIT 4.1 

FORM OF NOTE 
 (Face of 7.750%
Senior Note) 
 7.750% Senior Notes due 2023 

[Global Note Legend] 
 UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR TO SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF
CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 
 THIS NOTE EVIDENCES THE SAME CONTINUING DEBT OF PRECISION DRILLING
CORPORATION AS WAS EVIDENCED BY THE NOTE FOR WHICH THIS NOTE WAS EXCHANGED AND DOES NOT CONSTITUTE A NEW DEBT ISSUED BY PRECISION DRILLING CORPORATION. 

  
 1 

					
	 No.
	  	CUSIP NO.	    	    740212 AK1
		  	ISIN	    	    US740212AK19

 Precision Drilling Corporation (including any successor thereto) promises to pay to Cede & Co. or
registered assigns, the principal sum of                     (as may be increased or decreased as set forth on the Schedule of Increases and
Decreases attached hereto) on December 15, 2023. 
 Interest Payment Dates: June 15 and December 15, beginning June 15,
2017 
 Record Dates: June 1 and December 1 (whether or not a Business Day) 

Reference is made to further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the U.S. Trustee referred
to on the reverse hereof by manual signature, this Note shall not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. 

  
 2 

 
			
	PRECISION DRILLING CORPORATION
		
	By	 	  

	Name:	 	
	Title:	 	

  

			
	This is one of the Notes referred to in the within-mentioned Indenture:
	
	Dated:
	
	THE BANK OF NEW YORK MELLON, as U.S. Trustee
		
	By:	 	  

  
 3 

 (Back of 7.750% Senior Note) 

7.750% Senior Notes due 2023 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) Interest. Precision Drilling Corporation, a corporation amalgamated under the laws of the Province of Alberta and any successor
thereto (“Precision” or the “Issuer”) promises to pay interest on the principal amount of this 7.750% Senior Note due 2023 (a “Note”) at a fixed rate of 7.750% per annum. The Issuer will pay
interest in U.S. dollars (except as otherwise provided herein) semiannually in arrears on June 15 and December 15, commencing on June 15, 2017 (each an “Interest Payment Date”) or if any such day is not a Business
Day, on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, and no additional interest shall accrue solely as a result of such delayed payment. Interest on the Notes shall accrue from the most
recent date to which interest has been paid, or, if no interest has been paid, from and including the date of issuance. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional
Interest, if any (without regard to any applicable grace period), at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. For disclosure purposes under the Interest Act (Canada), whenever in the Note interest at a specified rate is to be calculated on the basis of a period less than a calendar year, the yearly
rate of interest to which such rate is equivalent is such rate multiplied by the actual number of days in the relevant calendar year and divided by the number of days in such period. 

(2) Method of Payment. The Issuer will pay interest on the Notes (except defaulted interest) on the applicable Interest Payment Date to
the Persons who are registered Holders of Notes at the close of business on the June 1 and December 1 preceding the Interest Payment Date (whether or not a Business Day), even if such Notes are cancelled after such record date and on or
before such Interest Payment Date, except as provided in SECTION 2.12 of the Indenture with respect to defaulted interest. The Issuer will make all payments of principal, premium, interest and Additional Interest, if any, on such Holder’s
Notes by check, except, in the case of a Holder of U.S.$1,000,000 or more in aggregate principal amount of Notes, who has given the U.S. Trustee wire transfer instructions at least 10 Business Days prior to the applicable payment date, in which case
the Issuer shall make such payment to such Holder by wire transfer of immediately available funds to the account in New York specified in those instructions. Otherwise, payments on the Notes will be made at the office or agency of the U.S. Trustee
or Paying Agent within the City and State of New York unless the Issuer elects to make interest payments by check mailed to the Holders at their addresses set forth in the register of Holders. Such payment shall be in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. All payments to DTC or its nominee shall be made by wire transfer. 

Any payments of principal of this Note prior to Stated Maturity shall be binding upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in 

  
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exchange hereof or in lieu hereof, whether or not noted hereon. The final principal amount due and payable at the maturity of this Note shall be payable only upon presentation and surrender of
this Note at an office of the U.S. Trustee or the U.S. Trustee’s agent appointed for such purposes. Payments in respect of Global Notes will be made by wire transfer of immediately available funds to the Depositary. 

(3) Paying Agent and Registrar. Initially, The Bank of New York Mellon shall act as Paying Agent and Registrar. The Issuer may change
any Paying Agent or Registrar without notice to any Holder, and the Issuer and/or any Restricted Subsidiaries may act as Paying Agent or Registrar. 

(4) Indenture. The Issuer issued the Notes under an Indenture, dated as of November 4, 2016 (the “Indenture”),
among the Issuer, the Guarantors thereto and the Trustees. The terms of the Notes include those stated in the Indenture and those made a part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code
§§ 77aaa-77bbbb) (the “TIA”). To the extent the provisions of this Note are inconsistent with the provisions of the Indenture, the Indenture shall govern. The Notes are subject to all such terms, and Holders are
referred to the Indenture and the TIA for a statement of such terms. The Initial Notes issued on the Issue Date are senior obligations of the Issuer limited to U.S.$350,000,000 in aggregate principal amount, plus amounts, if any, sufficient to pay
premium, interest and Additional Interest, if any, on outstanding Notes as set forth in Paragraph (2) hereof. The Indenture permits the issuance of Additional Notes subject to compliance with certain conditions. 

The payment of principal, interest and Additional Interest, if any, on the Notes and all other amounts under the Indenture is unconditionally
guaranteed, jointly and severally, on a senior unsecured basis by the Guarantors. 
 In addition to the rights provided to Holders of Notes
under the Indenture, Holders of Initial Notes shall have all the rights set forth in the Registration Rights Agreement, dated as of November 4, 2016 between the Issuer and the parties named on the signature pages thereto. 

(5) Optional Redemption. 

(a) The Notes may be redeemed, in whole or in part, at any time prior to December 15, 2019 at the option of the Issuer at a redemption
price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium (calculated by the Issuer) as of, and accrued and unpaid interest and Additional Interest, if any, to, the applicable redemption date (subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). 
 (b) The Notes are
subject to redemption, at the option of the Issuer, in whole or in part, at any time or from time to time on or after December 15, 2019, upon not less than 15 nor more than 60 days’ notice at the following redemption prices (expressed
as percentages of the principal amount to be redeemed) set forth below, plus accrued and unpaid interest and Additional Interest, if any, on the Notes to be redeemed to the applicable redemption date (subject to the right of Holders on the relevant
record date to receive interest due on the relevant Interest Payment Date, if redeemed during the 12-month period beginning December 15 of the years indicated below: 

  
 5 

					
	 Year
	  	Redemption Price	 
	 2019
	  	 	103.875	% 
	 2020
	  	 	101.938	% 
	 2021 and thereafter
	  	 	100.000	% 

 (c) At any time or from time to time prior to December 15, 2019, the Issuer, at its option, may on any
one or more occasions redeem up to 35.0% of the principal amount of the outstanding Notes issued under the Indenture (calculated after giving effect to any issuance of Additional Notes) with the net cash proceeds of one or more Qualified Equity
Offerings at a redemption price equal to 107.750% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest and Additional Interest thereon, if any, to the date of redemption (subject to the right of Holders of record on
the relevant record date to receive interest due on the relevant Interest Payment Date); provided that: 
 (1) at least 65.0%
of the aggregate principal amount of Notes issued under the Indenture (calculated after giving effect to any issuance of Additional Notes) remains outstanding (unless all of such Notes are redeemed or repurchased pursuant to another provision of the
Indenture) immediately after giving effect to any such redemption; and 
 (2) the redemption occurs not more than 90 days
after the date of the closing of any such Qualified Equity Offering. 
 (d) If the Issuer or a Guarantor becomes obligated to pay any
Additional Amounts as a result of a change in the laws or regulations of Canada or any Canadian taxing authority, or a change in any official position regarding the application or interpretation thereof (including a holding by a court of competent
jurisdiction), which is publicly announced or becomes effective on or after the date of the Indenture and such Additional Amounts cannot (as certified in an Officer’s Certificate to the U.S. Trustee) be avoided by the use of reasonable measures
available to the Issuer or any Guarantor, then the Issuer may, at its option, redeem the Notes, in whole but not in part, upon not less than 15 nor more than 60 days’ notice (such notice to be provided not more than 90 days before the next date
on which it or the Guarantor would be obligated to pay Additional Amounts), at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of
record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the redemption date). Notice of the Issuer’s intent to redeem the Notes shall not be effective until such time as it delivers to the
U.S. Trustee an Opinion of Counsel stating that the Issuer or a Guarantor is obligated to pay Additional Amounts because of an amendment to or change in law or regulation or position as described in this paragraph. 

(6) Mandatory Redemption. The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to Notes.

 (7) Repurchase at Option of Holder. 

  
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 (a) If a Change of Control occurs, unless the Issuer at such time has given notice of redemption
pursuant to Paragraph (8) hereof with respect to all outstanding Notes, each Holder will have the right to require the Issuer to repurchase all or any part (equal to U.S.$2,000 or an integral multiple of U.S.$1,000 in excess thereof) of
that Holder’s Notes pursuant to a Change of Control Offer at a price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Additional Interest, if any, to the date of purchase;
provided that no partial redemption shall result in a Note having a principal amount of less than U.S.$2,000. Within 30 days following any Change of Control unless the Issuer at such time has given notice of redemption pursuant to
Paragraph (5) hereof with respect to all outstanding Notes, the Issuer will deliver a notice to each Holder (with a copy to each of the Trustees) describing the transaction or transactions that constitute the Change of Control and setting forth
the procedures governing the Change of Control Offer required by the Indenture. 
 (b) Upon the occurrence of certain Asset Sales, the
Issuer may be required to offer to purchase Notes. 
 (c) Holders of the Notes that are the subject of an offer to purchase will receive
notice of a Net Proceeds Offer or the Change of Control Offer, as applicable, pursuant to an Asset Sale or a Change of Control from the Issuer prior to any related purchase date and may elect to have such Notes purchased by completing the form
titled “Option of Holder to Elect Purchase” attached hereto. 
 (8) Notice of Redemption. Notice of redemption shall be
delivered at least 15 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed in accordance with the Indenture. Notes in denominations larger than U.S.$2,000 may be redeemed in part but only in minimum
denominations of U.S.$2,000 and integral multiples of U.S.$1,000 thereof, unless all of the Notes held by a Holder are to be redeemed so long as no partial redemption results in a Note having a principal amount of less than U.S.$2,000. 

(9) [Reserved.] 
 (10)
Denominations, Transfer, Exchange. The Notes are in registered form without coupons in initial denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. The transfer of the Notes may be registered and the Notes may
be exchanged as provided in the Indenture. The Registrar, any Trustee and the Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Issuer may require a Holder to pay any stamp or
transfer tax or similar government charge required by law or permitted by the Indenture in accordance with Section 2.6(g)(2) of the Indenture. The Registrar is not required (A) to issue, to register the transfer of or to exchange Notes during a
period beginning at the opening of business 15 days before the day of any selection of Notes for redemption and ending at the close of business on the day of such selection, (B) to register the transfer of or to exchange any Note so
selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a record date and the next succeeding Interest Payment Date. 

(11) Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

  
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 (12) Amendment, Supplement and Waiver. The Indenture, the Notes and the Guarantees may be
amended or supplemented, and provisions thereof may be waived, pursuant to Article IX of the Indenture. 
 (13) Defaults and
Remedies. The Events of Default are set forth in Article VI of the Indenture. 
 (14) No Recourse Against Others. No
director, officer, employee, incorporator or stockholder of the Issuer or any Guarantor or an annuitant under a plan of which a stockholder of the Issuer is a trustee or carrier will have any liability for any indebtedness, obligations or
liabilities of the Issuer under the Notes or the Indenture or of any Guarantor under its Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for issuance of the Notes and the Guarantees, to the extent permitted by applicable law. 

(15) Authentication. This Note shall not be valid until authenticated by the manual signature of the U.S. Trustee or an authenticating
agent. 
 (16) Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants
in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (= Uniform Gifts to Minors Act). 

(17) CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer
has caused CUSIP numbers to be printed on the Notes, and either Trustee may use CUSIP numbers in notices of redemption as a convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 
 The Issuer
shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 
 Precision Drilling
Corporation 
 800, 525-8 Avenue, S.W. 

Calgary, Alberta 
 Canada T2P 1GI

 Facsimile: (403) 206-2506 

Attention: General Counsel 

  
 8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint 
  

	
	  

 to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

Date:              

 

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)

 Signature guarantee: 

  
 9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to SECTION 4.10 or SECTION 4.14 of the Indenture, check the
box below: 

☐  SECTION 4.10            ☐  SECTION 
4.14 
 If you want to elect to have only part of the Note purchased by the Issuer pursuant to SECTION 4.10 or SECTION 4.14 of the
Indenture, state the amount you elect to have purchased: U.S.$ 
 Date: 

 

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)

 Tax Identification No.: 

Signature guarantee: 

  
 10 

 SCHEDULE OF INCREASES AND DECREASES OF 7.750% SENIOR NOTES 

The following transfers, exchanges and redemption of this Global Note have been made: 

 

																	
	 Date of Transfer, Exchange or Redemption
	  	Amount of
Decrease in
Principal
Amount of this
Global Note	 	  	Amount of
Increase in
Principal
Amount of this
Global Note	 	  	Principal
Amount of this
Global Note
Following
Such
Decrease (or
Increase)	 	  	Signature of U.S.
Trustee or Note
Custodian	 
		  				  				  				  			
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 11EXHIBIT 10.1

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement, dated as
of _____, 2017, is made by and between China Biologic Products, Inc., a Cayman Islands company (the “Company”),
and ________, a director or officer of the Company (the “Indemnitee”).

 

RECITALS

 

A.     The Company
and the Indemnitee recognize that the present state of the law is too uncertain to provide the Company’s officers and directors
with adequate and reliable advance knowledge or guidance with respect to the legal risks and potential liabilities to which they
may become personally exposed as a result of performing their duties for the Company;

 

B.     The Company
and the Indemnitee are aware of the substantial growth in the number of lawsuits filed against corporate officers and directors
in connection with their activities in such capacities and by reason of their status as such;

 

C.     The Company
and the Indemnitee recognize that the cost of defending against such lawsuits, whether or not meritorious, is typically beyond
the financial resources of most officers and directors of the Company;

 

D.     The Company
and the Indemnitee recognize that the legal risks and potential liabilities, and the threat thereof, associated with proceedings
filed against the officers and directors of the Company bear no reasonable relationship to the amount of compensation received
by the Company’s officers and directors;

 

E.       
The Company and Indemnitee do not regard the indemnities available under the Company’s current memorandum and articles of
association (the “Articles of Association”) as adequate to protect Indemnitee against the risks associated with
his service to the Company;

 

E.     The Company,
after reasonable investigation prior to the date hereof, has determined that the liability insurance coverage available to the
Company as of the date hereof is inadequate, unreasonably expensive or both. The Company believes, therefore, that the interest
of the Company and its current and future stockholders would be best served by a combination of (i) such insurance as the Company
may obtain pursuant to the Company’s obligations hereunder and (ii) a contract with its officers and directors, including
the Indemnitee, to indemnify them to the fullest extent permitted by law (as in effect on the date hereof, or, to the extent any
amendment may expand such permitted indemnification, as hereafter in effect) against personal liability for actions taken in the
performance of their duties to the Company;

 

H.     The Board of
Directors of the Company has concluded that, to retain and attract talented and experienced individuals to serve as officers and
directors of the Company and to encourage such individuals to take the business risks necessary for the success of the Company,
it is necessary for the Company to contractually indemnify its officers and directors, and to assume for itself liability for expenses
and damages in connection with claims against such officers and directors in connection with their service to the Company, and
has further concluded that the failure to provide such contractual indemnification could result in great harm to the Company and
its shareholders;

 

I.     The Company
desires and has requested the Indemnitee to serve or continue to serve as a director or officer of the Company, free from undue
concern for the risks and potential liabilities associated with such services to the Company; and

 

J.     The Indemnitee
is willing to serve, or continue to serve, the Company, provided, and on the expressed condition, that the Indemnitee is furnished
with the indemnification provided for herein.

 

AGREEMENT

 

NOW, THEREFORE, the Company and the Indemnitee
agree as follows:

 

     

     

    

 

1.    Definitions.

 

(a)     “Expenses”
means, for the purposes of this Agreement, all direct and indirect costs of any type or nature whatsoever (including, without limitation,
any fees and disbursements of Indemnitee’s counsel, accountants and other experts and other out-of-pocket costs) actually
and reasonably incurred by the Indemnitee in connection with the investigation, preparation, defense or appeal of a Proceeding;
provided, however, that Expenses shall not include judgments, fines, penalties or amounts paid in settlement of a Proceeding.

 

(b)     “Proceeding”
means, for the purposes of this Agreement, any threatened, pending or completed action or proceeding, whether civil, criminal,
administrative, investigative or as an alternative dispute resolution mechanism (including an action brought by or in the right
of the Company) in which the Indemnitee may be or may have been involved as a party or otherwise, by reason of the fact that the
Indemnitee is or was a director or officer of the Company, by reason of any action taken by her or of any inaction on his or her
part while acting as such director or officer or by reason of the fact that he or she is or was serving at the request of the Company
as a director, officer, employee or agent of another foreign or domestic company, partnership, joint venture, trust or other enterprise,
or was a director or officer of the foreign or domestic company which was a predecessor company to the Company or of another enterprise
at the request of such predecessor company, whether or not the Indemnitee is serving in such capacity at the time any liability
or expense is incurred for which indemnification or reimbursement can be provided under this Agreement.

 

2.     Agreement
to Serve. The Indemnitee agrees to serve or continue to serve as a director or officer of the Company to the best of his or
her abilities at the will of the Company or under separate contract, if such contract exists, for so long as the Indemnitee is
duly elected or appointed and qualified or until such time as the Indemnitee tenders his or her resignation in writing. Nothing
contained in this Agreement is intended to create in the Indemnitee any right to continued employment.

 

3.     Indemnification.

 

(A)     Third Party
Proceedings. The Company shall indemnify the Indemnitee against Expenses, judgments, fines, penalties or amounts paid in settlement
(if the settlement is approved in advance by the Company) actually and reasonably incurred by Indemnitee in connection with a Proceeding
(other than a Proceeding by or in the right of the Company) if the Indemnitee acted in good faith and in a manner the Indemnitee
reasonably believed to be in the best interests of the Company, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe Indemnitee's conduct was unlawful. The termination of any Proceeding by judgment, order, settlement,
conviction, or upon a plea of NOLO CONTENDERE or its equivalent, shall not, of itself, create a presumption that the Indemnitee
did not act in good faith and in a manner which the Indemnitee reasonably believed to be in the best interests of the Company,
or, with respect to any criminal Proceeding, had no reasonable cause to believe that the Indemnitee's conduct was unlawful.

 

(b)     Proceedings
by or in the Right of the Company. To the fullest extent permitted by law, the Company shall indemnify the Indemnitee against
Expenses and amounts paid in settlement, actually and reasonably incurred by the Indemnitee in connection with a Proceeding by
or in the right of the Company to procure a judgment in its favor if the Indemnitee acted in good faith and in a manner the Indemnitee
reasonably believed to be in the best interests of the Company and its stockholders. Notwithstanding the foregoing, no indemnification
shall be made in respect of any claim, issue or matter as to which the Indemnitee shall have been adjudged liable to the Company
in the performance of the Indemnitee's duty to the Company and its stockholders unless and only to the extent that the court in
which such action or Proceeding is or was pending shall determine upon application that, in view of all the circumstances of the
case, the Indemnitee is fairly and reasonably entitled to indemnity for Expenses and then only to the extent that the court shall
determine.

 

(c)     Scope.
Notwithstanding any other provision of this Agreement but subject to Section 14(b), the Company shall indemnify the Indemnitee
to the fullest extent permitted by law, notwithstanding that such indemnification is not specifically authorized by other provisions
of this Agreement, the Company’s Articles of Association or by statute.

 

    	 	2	 

     

    

 

4.     Limitations
on Indemnification. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant
to the terms of this Agreement:

 

(a)     Excluded Acts.
To indemnify the Indemnitee for any acts or omissions or transactions from which a director or officer may not be relieved of liability
excepted under applicable law;

 

(b)     Excluded Indemnification
Payments. To indemnify or advance Expenses in violation of any prohibition or limitation on indemnification under the statutes,
regulations or rules promulgated by the State of Delaware, the Cayman Islands or any U.S. state or federal or non-U.S. regulatory
agency having jurisdiction over the Company;

 

(c)     Claims Initiated
by Indemnitee. To indemnify or advance Expenses to the Indemnitee with respect to Proceedings or claims initiated or brought
voluntarily by the Indemnitee and not by way of defense, except with respect to Proceedings brought to establish or enforce a right
to indemnification under this Agreement or any other statute or law, but such indemnification or advancement of Expenses may be
provided by the Company in specific cases if the Board of Directors has approved the initiation or bringing of such suit;

 

(d)     Lack of Good
Faith. To indemnify the Indemnitee for any Expenses incurred by the Indemnitee with respect to any Proceeding instituted by
the Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material
assertions made by the Indemnitee in such Proceeding was not made in good faith or was frivolous;

 

(e)     Insured Claims.
To indemnify the Indemnitee for Expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines,
ERISA excise taxes or penalties, and amounts paid in settlement) which have been paid directly to or on behalf of the Indemnitee
by an insurance carrier under a policy of directors’ and officers’ liability insurance maintained by the Company or
any other policy of insurance maintained by the Company or the Indemnitee; or

 

(f)     Claims Under
Section 16(b). To indemnify the Indemnitee for Expenses and the payment of profits arising from the purchase and sale by the
Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor
statute.

 

5.     Determination
of Right to Indemnification. Upon receipt of a written claim addressed to the Board of Directors for indemnification pursuant
to Section 3, the Company shall determine by any of the methods set forth in Cayman Islands Companies Law whether the Indemnitee
has met the applicable standards of conduct which makes it permissible under applicable law to indemnify the Indemnitee. If a claim
under Section 3 is not paid in full by the Company within one hundred and twenty (120) days after such written claim has been received
by the Company, the Indemnitee may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim
and, unless such action is dismissed by the court as frivolous or brought in bad faith, the Indemnitee shall be entitled to be
paid also the expense of prosecuting such claim. The court in which such action is brought shall determine whether the Indemnitee
or the Company shall have the burden of proof concerning whether the Indemnitee has or has not met the applicable standard of conduct.

 

6.        
Advancement and Repayment of Expenses. Subject to Section 4 hereof, the Expenses incurred by Indemnitee in defending and
investigating any Proceeding shall be paid by the Company in advance of the final disposition of such Proceeding within 30 days
after receiving from the Indemnitee the copies of invoices presented to the Indemnitee for such Expenses, if the Indemnitee shall
provide an undertaking to the Company to repay such amount to the extent it is ultimately determined that the Indemnitee is not
entitled to indemnification. In determining whether or not to make an advance hereunder, the ability of the Indemnitee to repay
shall not be a factor. Notwithstanding the foregoing, in a proceeding brought by the Company directly, in its own right (as distinguished
from an action bought derivatively or by any receiver or trustee), the Company shall not be required to make the advances called
for hereby if the Board of Directors determines, in its sole discretion, that it does not appear that the Indemnitee has met the
standards of conduct which make it permissible under applicable law to indemnify the Indemnitee and the advancement of Expenses
would not be in the best interests of the Company and its stockholders.

 

    	 	3	 

     

    

 

7.     Partial Indemnification.
If the Indemnitee is entitled under any provision of this Agreement to indemnification or advancement by the Company of some or
a portion of any Expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines, penalties, and
amounts paid in settlement) incurred by him in the investigation, defense, settlement or appeal of a Proceeding, but is not entitled
to indemnification or advancement of the total amount thereof, the Company shall nevertheless indemnify or pay advancements to
the Indemnitee for the portion of such Expenses or liabilities to which the Indemnitee is entitled.

 

8.     Notice to
Company by Indemnitee. The Indemnitee shall notify the Company in writing of any matter with respect to which the Indemnitee
intends to seek indemnification hereunder as soon as reasonably practicable following the receipt by the Indemnitee of written
notice thereof; provided, however, that any delay in so notifying the Company shall not constitute a waiver by the Indemnitee of
her rights hereunder. The written notification to the Company shall be addressed to the Board of Directors and shall include a
description of the nature of the Proceeding and the facts underlying the Proceeding and be accompanied by copies of any documents
filed with the court in which the Proceeding is pending. In addition, the Indemnitee shall give the Company such information and
cooperation as it may reasonably require and as shall be within the Indemnitee’s power.

 

9.    Maintenance of
Liability Insurance.

 

(a)     Subject to Section
4 hereof, the Company hereby agrees that so long as the Indemnitee shall continue to serve as a director or officer of the Company
and thereafter so long as the Indemnitee shall be subject to any possible Proceeding, the Company, subject to Section 9(B), shall
use reasonable commercial efforts to obtain and maintain in full force and effect directors’ and officers’ liability
insurance (“D&O Insurance”) which provides the Indemnitee the same rights and benefits as are accorded to
the most favorably insured of the Company’s directors or officers.

 

(b)     Notwithstanding
the foregoing, the Company shall have no obligation to obtain or maintain D&O Insurance if the Company determines in good faith
that such insurance is not reasonably available, the premium costs for such insurance are disproportionate to the amount of coverage
provided, the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit, or the Indemnitee
is covered by similar insurance maintained by a subsidiary or parent of the Company.

 

(c)     If, at the time
of the receipt of a notice of a claim pursuant to Section 8 hereof, the Company has D&O Insurance in effect, the Company shall
give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee,
all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

10.     Defense
of Claim. In the event that the Company shall be obligated under Section 6 hereof to pay the Expenses of any Proceeding against
the Indemnitee, the Company, if appropriate, shall be entitled to assume the defense of such Proceeding, with counsel approved
by the Indemnitee, which approval shall not be unreasonably withheld, upon the delivery to Indemnitee of written notice of its
election to do so. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel
by the Company, the Company will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently incurred
by the Indemnitee with respect to the same Proceeding, provided that (i) the Indemnitee shall have the right to employ counsel
in any such Proceeding at Indemnitee’s expense; and (ii) if (A) the employment of counsel by the Indemnitee has been previously
authorized by the Company, or (B) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between
the Company and the Indemnitee in the conduct of such defense or (C) the Company shall not, in fact, have employed counsel to assume
the defense of such Proceeding, then the fees and expenses of the Indemnitee’s counsel shall be at the expense of the Company.

 

11.     Attorneys’
Fees. In the event that the Indemnitee or the Company institutes an action to enforce or interpret any terms of this Agreement,
the Company shall reimburse the Indemnitee for all of the Indemnitee’s reasonable fees and expenses in bringing and pursuing
such action or defense, unless as part of such action or defense, a court of competent jurisdiction determines that the material
assertions made by the Indemnitee as a basis for such action or defense were not made in good faith or were frivolous.

 

    	 	4	 

     

    

 

12.     Continuation
of Obligations. All agreements and obligations of the Company contained herein shall continue during the period the Indemnitee
is a director or officer of the Company, or is or was serving at the request of the Company as a director, officer, fiduciary,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise, and shall continue thereafter
so long as the Indemnitee shall be subject to any possible proceeding by reason of the fact that the Indemnitee served in any capacity
referred to herein.

 

13.     Successors
and Assigns. This Agreement establishes contract rights that shall be binding upon, and shall inure to the benefit of, the
successors, assigns, heirs and legal representatives of the parties hereto.

 

14.     Non-Exclusivity.

 

(a)     The provisions
for indemnification and advancement of expenses set forth in this Agreement shall not be deemed to be exclusive of any other rights
that the Indemnitee may have under any provision of law, the Company’s Articles of Association, the vote of the Company’s
stockholders or disinterested directors, other agreements or otherwise, both as to action in the Indemnitee’s official capacity
and action in another capacity while occupying the Indemnitee’s position as a director or officer of the Company.

 

(b)     In the event
of any changes, after the date of this Agreement, in any applicable law, statute, or rule which expand the right of a Cayman Islands
company to indemnify its officers and directors, the Indemnitee’s rights and the Company’s obligations under this Agreement
shall be expanded to the full extent permitted by such changes. In the event of any changes in any applicable law, statute or rule,
which narrow the right of a Cayman Islands company to indemnify a director or officer, such changes, to the extent not otherwise
required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’
rights and obligations hereunder.

 

15.     Effectiveness
of Agreement. To the extent that the indemnification permitted under the terms of certain provisions of this Agreement exceeds
the scope of the indemnification provided for in the Cayman Islands Companies Law, such provisions shall not be effective unless
and until the Articles of Association authorize such additional rights of indemnification. In all other respects, the balance of
this Agreement shall be effective as of the date set forth on the first page and may apply to acts of omissions of the Indemnitee
which occurred prior to such date if the Indemnitee was an officer, director, employee or other agent of the Company, or was serving
at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust
or other enterprise, at the time such act or omission occurred.

 

16.     Severability.
Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in
violation of applicable law. The Company’s inability, pursuant to court order, to perform its obligations under this Agreement
shall not constitute a breach of this Agreement. The provisions of this Agreement shall be severable as provided in this Section
16. If this Agreement or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the
Company shall nevertheless indemnify the Indemnitee to the full extent permitted by any applicable portion of this Agreement that
shall not have been invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its
terms.

 

17.     Governing
Law. This Agreement shall be interpreted and enforced in accordance with the laws of the State of Delaware, without reference
to its conflict of law principals. To the extent permitted by applicable law, the parties hereby waive any provisions of law which
render any provision of this Agreement unenforceable in any respect.

 

18.     Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given
(i) if delivered by hand and receipted for by the party addressee or (ii) if mailed by certified or registered mail with postage
prepaid, on the third business day after the mailing date. Addresses for notice to either party are as shown on the signature page
of this Agreement, or as subsequently modified by written notice.

 

19.     Mutual Acknowledgment.
Both the Company and the Indemnitee acknowledge that in certain instances, U.S. federal or non-U.S. law or applicable public policy
may prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. The Indemnitee understands
and acknowledges that the Company has undertaken or may be required in the future to undertake with the appropriate U.S. state
or federal or non-U.S. regulatory agency to submit for approval any request for indemnification, and has undertaken or may be required
in the future to undertake with the Securities and Exchange Commission to submit the question of indemnification to a court in
certain circumstances for a determination of the Company’s right under public policy to indemnify the Indemnitee.

 

    	 	5	 

     

    

 

20.     Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall constitute an original.

 

21.     Amendment
and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing
signed by both parties hereto.

 

[Signature Page Follows]

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the day and year set forth above.

 

	COMPANY:	 	INDEMNITEE:
	 	 	 	 
	CHINA BIOLOGIC PRODUCTS, INC.	 	 
	 	 	 	 
	By: 	 	 	 
	 	Name	 	Name:
	 	Title	 	 
	 	 	 	 

  

	Address:	18th Floor, Jialong International Building	Address: 
	 	19 Chaoyang Park Road	 
	 	Chaoyang District, Beijing 100125	 
	 	People’s Republic of China 271000	 

 

    	 	7

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