Document:

Exhibit 4.2

 

THIS NOTE AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, SUBJECT TO THE TERMS SET FORTH IN THIS NOTE, IN THE OPINION OF COUNSEL
IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER OF THIS NOTE AND SUCH SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR
HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 

PROMISSORY NOTE

 

	US$5,000,000	 Date: June 9, 2022

 

FOR VALUE RECEIVED, the undersigned, BIMI International
Medical Inc., a Delaware corporation (“Company”), promises to pay as provided herein to Mr. Fnu Oudom (the “Investor”),
a citizen of Vanuatu the principal sum of $5,000,000.  No interest shall accrue on this Note. 

 

1. Maturity;
Subordinated Indebtedness. (a) Unless the obligation to pay the principal hereunder is previously satisfied as set
forth in Section 3 hereof, the principal amount of this Note will be due and payable in full, in the manner set forth in Section 2 herein,
on the date (the “Maturity Date”) that is the earlier of (x) as soon as commercially practicable but in any event no later
than five business days after the date of the 2022 annual meeting of stockholders of the Company (the “Company Stockholder Meeting”)
in the event that the stockholders of the Company fail to approve the issuance of [ ] shares of common stock of the Company (the “Common
Stock”) to the Investor (the “Note Satisfaction”), and (y) July 30, 2022 (the “Calendar Maturity Date”).

 

(b) This Note is subordinated to the prior
payment in full of all indebtedness, obligations and other liabilities of the Company, existing as of the date hereof, in favor of or
payable to other lenders of the Company.

 

2. Payment. On
the Maturity Date, the principal amount of this Note will be paid by the Company through deposit of immediately available cash in the
amount of such principal in a bank account designated by the Investor. Upon such deposit, all obligations under this Note will
have been performed and discharged in full.

 

3. Satisfaction
through the Common Stock Issuance. In the event that the stockholders of the Company approve the Note Satisfaction, then within three
business days of the date of the Company Stockholders Meeting, the Company will issue [ ] shares of the Common Stock of the Company to
the Investor to satisfy the principal amount of this Note (the “Note Satisfaction Shares”). Upon issuance of the
Note Satisfaction Shares, all obligations under this Note will have been performed and discharged in full.

 

4. Presentment;
Demand. The Company hereby waives any presentment, demand, protest or notice of dishonor and protest of this Note.

 

     

     

    

 

5.
Securities Law Compliance; Legend.

 

(a)
The certificates representing the Note Satisfaction Shares will bear the following legend:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THESE SECURITIES, AGREES FOR THE BENEFIT OF BIMI INTERNATIONAL MEDICAL INC. (THE “CORPORATION”)
THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY: (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES
IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT (“REGULATION S”), (C) IN ACCORDANCE WITH (1) RULE
144A UNDER THE U.S. SECURITIES ACT OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, OR (D) PURSUANT TO ANOTHER EXEMPTION OR
EXCLUSION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT, AND IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS,
AFTER, IN THE CASE OF TRANSFERS PURSUANT TO CLAUSE (C)(2) OR (D) (OR IF REQUIRED BY THE CORPORATION, OR ITS TRANSFER AGENT, CLAUSE (B))
ABOVE, THE HOLDER HAS PROVIDED TO THE CORPORATION A LEGAL OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE, REASONABLY SATISFACTORY
TO THE CORPORATION, TO THE EFFECT THAT THE SALE OF SUCH SECURITIES IS NOT REQUIRED TO BE REGISTERED UNDER THE U.S. SECURITIES ACT OR APPLICABLE
STATE SECURITIES LAWS.” 

 

(b) This
Note and any interest herein may not be transferred, pledged or hypothecated by the holder hereof without the prior written consent of
the Company; provided, however, that after the Maturity Date, if the Note is not satisfied by the issuance of the Note Satisfaction Shares,
this Note shall not require such prior written consent of the Company for transfer. 

 

6. Miscellaneous.

 

(a) Governing
Law; Dispute. The internal laws of the State of New York (without giving effect to any choice or conflict of law provision
or rule (whether of the State of New York or any other jurisdiction) that would cause the application of laws of any other jurisdiction)
will govern all matters arising out of or relating to this Note and all of the transactions it contemplates, including its validity, interpretation,
construction, performance and enforcement and any disputes or controversies arising therefrom. Any Action arising out of or related to
this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United States of America or the
courts of the State of New York in each case located in the city of New York and county of New York, and each party irrevocably submits
to the exclusive jurisdiction of such courts in any such Action.

 

(b) Amendments
and Waivers. Any term of this Note may be amended and the observance of any term of this Note may be waived only with the prior
written consent of the Company and the Investor.

 

(c) Assignment
and Successors. This Note will be binding on and inure to the benefit of the Company and the Investor and their respective
successors and assigns; provided, however, that (i) the Company may not assign this Note in whole or part without the prior written consent
of the Investor and (ii) the Investor may not assign this Note in whole or part on or prior to the Maturity Date without the prior written
consent of the Company.

 

(d) Severability. If
any provision of this Note is held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
of this Note are not affected or impaired in any way and the Company and the Investor agree to negotiate in good faith to replace such
invalid, illegal and unenforceable provision with a valid, legal and enforceable provision, that achieves, to the greatest lawful extent
under this Note, the economic, business and other purposes of such invalid, illegal or unenforceable provision.

 

    2

     

    

 

The undersigned has executed this Promissory Note as of the date set
forth above.

 

	 	BIMI International Medical Inc.
	 	 	 
	 	By:	/s/ Tiewei Song
	 	 	Name: 	 Tiewei Song
	 	 	Title:	 CEOExhibit 4.3

 

AMENDMENT to
executive employment AGREEMENT

 

This Amendment To Executive
Employment Agreement (this “Agreement”) is made and entered into as of June 9, 2022 by and between BIMI INTERNATIONAL
MEDICAL INC., a Delaware corporation (the “Company”) and Tiewei Song (“Executive”).” Each of the parties named
above may be referred to herein as a “Party” and collectively as the “Parties.”

 

RECITALS

 

WHEREAS, Parties are
parties to that certain Executive Employment Agreement dated as of October 28, 2021 (the “Original Agreement”);

 

WHEREAS, the Parties
desire to amend certain terms and conditions of the Original Agreement;

 

WHEREAS, pursuant to
Section 5 of the Original Agreement, amendments to the Original Agreement shall be in writing and shall require the written consent
of all parties involved; and

 

WHEREAS, the undersigned constitute all
parties to the Original Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

1. Defined Terms.
Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Original Agreement.

 

2. Amendment.
The Parties hereby agree to amend the Original Agreement (as amended by this Agreement, the “Amended Agreement”) as
follows:

 

		(1)	The second sentence of Section 1 is hereby amended and restated in its entirety to read as follows:

 

“The term of the employment is
one (1) year, from October 1, 2021 to September 30, 2022 (the “Initial Term”), which may be renewed automatically on an annual
basis (each, a “Renewed Term”) unless the Parties agree in writing not to renew sixty (60) days before the expiration of the
Initial Term or each Renewed Term, as the case may be.”

 

		(2)	Section 2.1 is hereby amended and restated in its entirety to read as follows:

 

“2.1 During the Initial Term, Executive’s
compensation (the “Salary”) shall consist of an annual base salary of $1,000,000 in cash, payable in semi-monthly installments
in accordance with the payroll practices of the Company, and an annual equity compensation of 1,000,000 shares of the Company’s
common stock (the “Common Stock”), issuable within 90 days of the Effective Date. During each Renewed Term, the Salary shall
consist of an annual base salary of $300,000 in cash, payable in semi-monthly installments in accordance with the payroll practices of
the Company. The Salary shall be reviewed, and shall be subject to change, by the Board of Directors (or the Compensation Committee thereof),
as applicable, at least annually while Executive is employed hereunder.”

 

    1

     

    

 

		(3)	All references to “eighteen (18) months” in Section
3.4.1 (a) are hereby amended to read as “thirty-six (36) months.”

 

		(4)	Section 3.4.1 (a) (i) is hereby amended and restated in its
entirety to read as follows:

 

“(i)
an amount equal to $20,000,000, payable to Executive in accordance with the terms below (“CIC Severance Payments”);”

 

		(5)	Section 2 of Appendix A is hereby amended and restated in
its entirety to read as follows:

 

 ” 2. “Change of Control”
means the occurrence of any of the following events:

 

(a) an
acquisition by any Entity of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50%
of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors
(the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change
of Control: (i) any acquisition by the Company, (ii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained
by the Company or any Related Company, or (iii) any acquisition by any Entity pursuant to a transaction that meets the conditions of clauses
(i) and (ii) set forth in the definition of Company Transaction;

 

(b) a
change in the composition of the Board of Directors of the Company during any two- year period such that the individuals who, as of the
beginning of such two-year period, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least
a majority of the Board; provided, however, that any such individual whose initial assumption of office occurs as a result of or in connection
with an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation
of proxies or consents by or on behalf of an Entity other than the Board of the Directors shall not be considered a member of the Incumbent
Board; or

 

(c) the
consummation of a Company Transaction.”

 

		(6)	Subsection (iii) of Section 3 of Appendix A is hereby deleted
in its entirety.

 

3. Reference
to and Effect on the Original Agreement. On or after the date hereof, each reference in the Original Agreement to “this Agreement,”
“hereunder,” “herein” or words of like import shall mean and be a reference to the Original Agreement as amended
hereby. No reference to this Agreement need be made in any instrument or document at any time referring to the Original Agreement, a reference
to the Original Agreement in any of such to be deemed a reference to the Amended Agreement.

 

4. No
Other Amendments. Except as set forth herein, the Original Agreement shall remain in full force and effect in accordance with its
terms, which such terms are hereby ratified and confirmed and remain in full force and effect.

 

5. Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which together shall constitute
one instrument.

 

6. Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Agreement.

 

7. Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights of obligations of the parties hereto shall be governed,
construed and interpreted in accordance with the laws of the State of New York without regard to its choice of laws principles. Any unresolved
controversy or claim arising out of this Agreement will be governed in accordance with the provisions of the Original Agreement.

 

8. Representation
by Counsel. Each of the parties hereto has been represented or has had the opportunity to be represented by legal counsel of their
own choice.

 

(Signature Pages Follow)

 

    2

     

    

 

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

 

	 	Executive
	 	 	 
	 	By:	/s/ Tiewei Song
	 	Name:	Tiewei Song
	 	 	 
	 	BIMI International Medical Inc.
	 	 	 
	 	By:	/s/ Jianxi Wang
	 	Name: 	Jianxi Wang
	 	Title:	Chairman of Compensation Committee

 

 

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}]]