Document:

Exhibit 10.35

 

THE SYMBOL “[***]” DENOTES PLACES WHERE CERTAIN IDENTIFIED

INFORMATION
HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (i)

NOT
MATERIAL, AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE

COMPANY
IF PUBLICLY DISCLOSED

 

SECOND AMENDMENT TO

EXCLUSIVE PATENT LICENSE AGREEMENT

 

THIS SECOND AMENDMENT
TO EXCLUSIVE PATENT LICENSE AGREEMENT (the “Second Amendment”) is made effective as of July 10, 2019 by and
between:

 

Versitech Limited, a company incorporated
and existing under the laws of Hong Kong with its office at Room 405A, Cyberport 4, 100 Cyberport Road, Hong Kong (the “LICENSOR”);
and

 

Acticule Life Sciences Limited, with
incorporation number CB-324541, a company incorporated and existing under the laws of the Cayman Islands, with its registered office
at Floor 4, Willow House, Cricket Square, Grand Cayman KY1-9010, Cayman Islands with its management office at Floor 17, Guangdong
Investment Tower, 148 Connaught Road, Central, Hong Kong (the “LICENSEE”).

 

W I T N E S S E T H

 

WHEREAS, the
LICENSOR and the LICENSEE have entered into that certain Exclusive Patent License Agreement dated as of October 18, 2017 by and
between Company and the Licensor (HKU Ref No. IP299) (as set forth in Appendix A), as amended by the First Amendment of
the Exclusive Patent License Agreement dated as of June 7, 2018 (HKU Ref. No. VER 341-18 & IP299) (as set forth in Appendix
B) (together, the “Agreement”);

 

WHEREAS, the
LICENSOR and the LICENSEE desire to amend the Agreement as follows.

 

NOW, THEREFORE,
the parties hereto, in consideration of the mutual promises herein contained and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, hereby agree to amend the Agreement as follows:

 

1. Definitions.
Unless otherwise specified herein, each term used herein that is defined in the Agreement shall have the meaning assigned to such
term in the Agreement.

 

2.  Amendments.
The following amendments have been newly entered into by the parties (the “New Amendments”):

 

The following is
added to Clause (B) of the RECITALS:

 

LICENSOR is
the wholly-owned subsidiary of the University of Hong Kong (“HKU”) and the technology transfer company of HKU.
To facilitate the commercialization of LICENSED PATENT, HKU has assigned all its rights, title and interest in and to LICENSED
PATENT to LICENSOR;

 

     

     

    

 

Section 1.16 of
the Agreement is hereby replaced by the following:

 

		1.16	“INITIAL LICENSED PATENT” shall mean:

 

		(i)	The United States and foreign patents, patent applications, and provisional applications listed
in Schedule 1, and all applications and patents claiming priority thereto or common priority therewith and any resulting
patents therefrom; and

 

		(ii)	any divisions, reissues, reexaminations, renewals, continuations, continuations-in-part and extensions
of the patent applications or patent listed in Schedule 1 including their relevant international equivalents thereof and
any patents that result therefrom.

 

For clarity,
INITIAL LICENSED PATENT shall exclude any LICENSEE OWNED IMPROVEMENT and JOINT IMPROVEMENT (as defined below).

 

The following Sections
are added to Section 1 of the Agreement: 

 

		1.29	“JOINT IMPROVEMENT” shall mean an invention and/or knowhow that is (a) an IMPROVEMENT
jointly made by employees of HKU and employees of the LICENSEE, (b) an IMPROVEMENT made solely by employees of the Sponsor using
HKU administered funds or facilities; or (c) any other intellectual property otherwise agreed by the LICENSOR and LICENSEE in an
agreement or in writing to be a JOINT IMPROVEMENT for purposes of this Agreement.

 

		1.30	“ELECTED LICENSED PATENT” shall mean:

 

		(i)	any United States and foreign patents, patent applications, and provisional applications on JOINT
IMPROVEMENT subject to an Elected License (as defined in Clause 6.4 below), and
all applications and patents claiming priority thereto or common priority therewith and any resulting patents therefrom; and

 

		(ii)	any divisions, reissues, reexaminations, renewals, continuations, continuations-in-part and extensions
of the patent applications or patent under (i) including their relevant international equivalents thereof and any patents that
result therefrom.

 

For clarity,
the Elected License shall be signed by the LICENSEE and LICENSOR in the format set
out in Appendix C hereof.

 

		1.31	“LICENSED PATENT” shall mean the INITIAL LICENSED PATENT and the ELECTED LICENSED
PATENT (as defined above).

 

The following is
added to Section 4.1.2 of the Agreement:

 

For each Elected
License covering one invention in the TERRITORY (not for each TERRITORY of an ELECTED LICENSED PATENT), LICENSEE shall pay to LICENSOR
an upfront fee of US$7,500 within thirty (30) days from the election. Such UPFRONT FEE is non-refundable.

 

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Section 4.1.3 of
the Agreement is hereby replaced by the following: 

 

		4.1.3	Royalties. LICENSEE shall pay to LICENSOR a royalty (“ROYALTY”) equal to three
percent (3%) of NET SALES of LICENSED PRODUCT covered only by the INITIAL LICENSED PATENTS in the TERRITORY by LICENSEE or its
AFFILIATES. For LICENSED PRODUCT that is also covered by any number of ELECTED LICENSED PATENTS under one or more Elected
License, the ROYALTY shall be adjusted as follows:

 

	Number of Elected License	 	Adjusted ROYALTY under this Agreement
	0	 	No adjustment
	1	 	[***]
	2	 	[***]
	3	 	[***]
	4 or more	 	[***]

 

For the avoidance of doubt and
subject to the Sublicense Royalty as set forth in this Clause 4.1.3, income generated from NET SALES of LICENSED PRODUCT does not
include income generated from SUBLICENSE INCOME.

 

ROYALTY shall
be payable for each REPORTING PERIOD and shall be due to LICENSOR within sixty (60) days of the end of each REPORTING PERIOD. ROYALTY
shall only be payable once with respect to the same unit of LICENSED PRODUCT.

 

Such ROYALTY
shall be paid, on a LICENSED PRODUCT by LICENSED PRODUCT and country by country basis.

 

Section 6 of the
Agreement is hereby replaced by the following:

 

		6.	LICENSEE OWNED IMPROVEMENT AND JOINT IMPROVEMENT

 

		6.1	If LICENSEE solely makes an IMPROVEMENT that is not a JOINT IMPROVEMENT (“LICENSEE OWNED
IMPROVEMENT”), LICENSEE shall immediately inform LICENSOR thereof. All rights, title, and interest in and to LICENSEE
OWNED IMPROVEMENT shall be vested in, belong to and remain as the exclusive property of the LICENSEE. LICENSOR shall be entitled
to use LICENSEE OWNED IMPROVEMENT for academic and research purposes only.

 

		6.2	Provided that such LICENSEE OWNED IMPROVEMENT made by LICENSEE do not incorporate or contain, in
part or in whole, the LICENSED PATENT, LICENSEE shall own such LICENSEE OWNED IMPROVEMENT and shall be free to register any intellectual
property rights for such LICENSEE OWNED IMPROVEMENT and to license these LICENSEE OWNED IMPROVEMENT to third parties.

 

    3

     

    

 

		6.3	With respect to JOINT IMPROVEMENT, each Party shall promptly disclose to the other Party all JOINT
IMPROVEMENT, including any invention disclosures or other similar documents, submitted to it by its or its Affiliates’ employees,
agents or independent contractors describing inventions that are JOINT IMPROVEMENT, and all information relating to such inventions
to the extent necessary for the preparation, filing and prosecution of any Patent with respect to such invention. Upon the disclosure
of a JOINT IMPROVEMENT hereunder, the Parties shall promptly discuss such JOINT IMPROVEMENT and (a) confirm its status as a JOINT
IMPROVEMENT in light of the ownership principles set forth under this Clause 6, and (b) determine whether to file a patent application
claiming such JOINT IMPROVEMENT.

 

		6.4	JOINT IMPROVEMENT shall be jointly owned on an equal share (50/50) basis between LICENSOR on the
one hand and LICENSEE on the other hand (or by their respective Affiliate and/or assignee). LICENSEE shall have the first right
to file a patent application on a JOINT IMPROVEMENT in the names of both Parties. All expenses incurred in obtaining and maintaining
any patent on such JOINT IMPROVEMENT (“the Expenses”) shall be equally shared except that if one Party (“the
Discontinuing Party”) declines to share in such expenses, the other Party (“the Continuing Party”)
may take over the prosecution and maintenance thereof, at its own expense, provided that title to the patent remains in the names
of both Parties. In the event that the Discontinuing Party receives any commercialization income from any third party while the
Continuing Party cannot recover all or part of the Expenses from any commercialization income, the Discontinuing Party shall reimburse
the Continuing Party all the unreimbursed Expenses incurred by the Continuing Party within three months from the date of receipt
of the said commercialization income.

 

Within three
(3) months after the date on which the JOINT IMPROVEMENT is disclosed to the LICENSEE by the LICENSOR or the date of filing of
a patent application on the JOINT IMPROVEMENT by the LICENSEE pursuant to the first paragraph of Clause 6.4 above (whichever is
earlier) (“Option Period”), or subject to a payment of US$3,000 by the LICENSEE to the LICENSOR per disclosure
of JOINT IMPROVEMENT within the Option Period, LICENSOR shall extend the Option Period for a further twenty four (24) months, whichever
is applicable, the LICENSEE shall have the right, but not the obligation, to give an exercise notice to LICENSOR to elect an exclusive
license to LICENSOR’s interest in the said JOINT IMPROVEMENT (each, an “Elected
License”). Each Elected License shall not include more than one
JOINT IMPROVEMENT. Once an exclusive license on a JOINT IMPROVEMENT is elected, the JOINT IMPROVEMENT shall become ELECTED LICENSED
PATENT. On the other hand, if LICENSEE does not exercise election to license within the Option Period, each Party shall have the
independent, unrestricted right to license to third parties any such JOINT IMPROVEMENT without accounting to the other Party.

 

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3.  Date
of Effectiveness. This Second Amendment will become effective as of the date first written above when the LICENSOR shall have
received counterparts of this Second Amendment duly executed and delivered by the parties hereto. Notwithstanding the above, the
New Amendments to the Agreement set forth in this Second Amendment is expressly made retroactive to the Effective Date of the Agreement.

 

4. Effect
of Amendment. Except as expressly amended by this Second Amendment, all of the terms and provisions of the Agreement are and
shall remain in full force and effect and are hereby ratified and confirmed by the parties hereto. Without limiting the generality
of the forgoing, the amendments contained herein will not be construed as an amendment to or waiver of any other provision of the
Agreement or as a waiver of or consent to any further or future action on the part of any party hereto that would require the waiver
or consent of any other party hereto. Each reference in the Agreement to “this Agreement”, “the Agreement”,
“hereunder”, “hereof”, “herein” or words of like import will mean and be a reference to the
Agreement as amended by this Second Amendment.

 

5. Governing
Law. This Amendment is governed by and construed in accordance with, the laws of Hong Kong.

 

6.  Counterparts.
This Second Amendment may be executed in two counterparts or by separate instruments and all of such counterparts and instruments
shall constitute one agreement, binding on all of the parties hereto.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Second Amendment to be duly executed on the date first above written.

 

	ACTICULE LIFE SCIENCES LIMITED 	 
	 	 	 	 
	By:	             	 
	 	Name:	Mr. Ian Huen	 
	 	Title:	Director	 
	 	 	 	 
	VERSITECH LIMITED 	 
	 	 	 	 
	By:	 	 
	 	Name:	Dr. Kim Shin Cheul  	 
	 	Title:  	Managing Director	 

 

 

5Exhibit 4.1

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

CNOOC FINANCE (2013) LIMITED

 

2.875% Guaranteed Note Due 2029

 

PRINCIPAL AMOUNT: US$________

CUSIP: 12625G AF1

ISIN: US12625GAF19

Common Code: 204982082

No.: ________

 

CNOOC Finance (2013) Limited, a company
incorporated under the laws of the British Virgin Islands (the “Issuer,” which term includes any successor thereto
under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co, or registered
assigns, the principal sum of ________ U.S. DOLLARS (US$________) (or such other principal amount as shall be set forth in the
Schedule of Increases or Decreases in Note attached hereto) on September 30, 2029, or on such earlier date as the principal hereof
may become due in accordance with the provisions of this Note.

 

Interest Rate: 2.875% per annum.

 

Interest Payment Dates: September 30 and
March 30 of each year, commencing on March 30, 2020.

 

Interest Record Dates: September 15 and
March 15.

 

This Note is irrevocably and unconditionally
guaranteed as to the due and punctual payment of the principal, interest and all other amounts payable in respect thereof by CNOOC
Limited (the “Guarantor”) as evidenced by the guarantee (the “Guarantee”) endorsed hereon
and in the Indenture referred to on the reverse hereof.

 

Reference is made to the further provisions
of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully
set forth at this place.

 

This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been manually signed by the Trustee under the Indenture
referred to on the reverse hereof.

 

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IN WITNESS WHEREOF, CNOOC Finance (2013)
Limited has caused this Note to be duly executed.

 

 

	 	CNOOC FINANCE (2013) LIMITED
	 	 
	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

 

 

 

    
[Global Note – Execution Page] 

    

    

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

Date of authentication:

 

 

	 	THE BANK OF NEW YORK MELLON,
	 	as Trustee
	 	 
	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 
 

    
[Global Note – Execution Page]

    

    

 

REVERSE OF NOTE

 

CNOOC FINANCE (2013) LIMITED

 

2.875% Guaranteed Note Due 2029

 

This Note is one of a duly authorized issue
of debt securities of the Issuer of the series designated as the “2.875% Guaranteed Note due 2029” (the “Notes”),
all issued or to be issued under and pursuant to an Indenture, dated as of May 9, 2013 (the “Base Indenture”),
duly executed and delivered by and among the Issuer, the Guarantor and The Bank of New York Mellon, as trustee (the “Trustee,”
which term includes any successor trustee), initial paying agent and initial registrar. The Base Indenture is referred to herein
as the “Indenture.” Capitalized terms used herein and not otherwise defined shall have the meanings given them
in the Indenture; provided, however, that “Prospectus” as used herein and in the Indenture shall mean the prospectus
dated September 20, 2019, as supplemented by a prospectus supplement dated September 25, 2019 and further supplemented by a prospectus
supplement dated September 27, 2019, relating to the offering of the Notes.

 

		1.	Interest. The Issuer promises to pay interest on the principal amount of this Note at a
rate of 2.875% per annum. The Issuer will pay interest semi-annually on March 30 and September 30 of each year. If a payment date
is not a Business Day as defined in the Indenture at a Place of Payment, payment may be made at that place on the next succeeding
day that is a Business Day, and no interest shall accrue for the intervening period. Interest shall be computed on the basis of
a 360-day year of twelve 30-day months.

 

		2.	Method of Payment. The Issuer shall pay interest on the Notes (except Defaulted Interest),
if any, to the Persons in whose name such Notes are registered at the close of business on the Record Date referred to on the face
of this Note for such interest installment. In the event that the Notes or a portion thereof are called for redemption, and the
Redemption Date is subsequent to a Record Date with respect to any Interest Payment Date and prior to such Interest Payment Date,
interest on such Notes will instead be paid upon presentation and surrender of such Notes as provided in the Indenture. Payment
of the principal of and interest on, and all other amounts payable under, the Notes and the Guarantee shall be made in the currency
of the United States of America that at the time is legal tender for payment of public and private debts, at the Corporate Trust
Office or, at the option of the Issuer, by check mailed to the address of the Person entitled thereto as such address shall appear
in the Register or, in accordance with arrangements satisfactory to the Trustee, by wire transfer to an account designated by the
Holder.

 

		3.	Paying Agent and Registrar. Initially, The Bank of New York Mellon will act as Paying Agent
and Registrar. The Issuer or the Guarantor may change or appoint any Paying Agent or Registrar without notice to any Noteholder.
The Issuer or the Guarantor may act in any such capacity.

 

		4.	Indenture. The terms of the Notes include those stated in the Indenture and those made part
of the Indenture by reference to the Trust Indenture Act of 1939 (“TIA”) as in effect on the date the Indenture
is qualified. The Notes are subject to all such terms, as amended or supplemented by this Note, and Noteholders are referred to
the Indenture and TIA for a statement of such terms. The Notes are unsecured general obligations of the Issuer irrevocably and
unconditionally guaranteed by the Guarantor and constitute the series

 

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designated on
the face of this Note as the “2.875% Guaranteed Note due 2029,” initially limited to US$1,000,000,000 in aggregate
principal amount. The Issuer and the Guarantor will furnish to any Noteholder upon written request and without charge a copy of
the Base Indenture. Requests may be made to: CNOOC Finance (2013) Limited, c/o CNOOC Limited, Room 1605, CNOOC Tower, No. 25 of
Chaoyangmen North Street, Dongcheng District, Beijing 100010, China, Attention: Treasury Department.

 

For the purposes of the Notes,
the second sentence of Section 17.12 of the Indenture shall be deemed to be deleted and replaced with the following:

 

“Service of any process,
summons, notice or document by registered mail addressed to CNOOC Finance (2015) U.S.A. LLC at Corporation Service Company, 251
Little Falls Drive, Wilmington, Delaware, U.S.A. 19808, shall be effective service of process against the Issuer and the Guarantor
for any suit, action or proceeding brought in any such court.”

 

For the purposes of the Notes,
the following subsection, Section 4.07(d) will be deemed to be added to Section 4.07 of the Indenture:

 

“(d) In addition, the Guarantor
or the Issuer may, at the Guarantor’s option, on not less than 30 nor more than 60 days’ prior notice, redeem the Notes
at any time from or after June 30, 2029, in whole or in part, at a redemption price equal to 100% of the principal amount of the
applicable Notes to be redeemed plus accrued and unpaid interest, if any, to (but not including) the date of redemption.

 

Notice of redemption may, in the
Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent, including, but not limited to, completion
of an equity or debt offering, a financing, or other corporate transactions. If such redemption or purchase is so subject to satisfaction
of one or more conditions precedent, such notice shall describe each such condition. In addition, if such notice is subject to
satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s discretion, the redemption
date may be delayed until such time as any or all of such conditions are satisfied (or waived by the Issuer in its sole discretion),
or such redemption may not occur and such notice may be rescinded in the event that any or all of such conditions are not satisfied
(or waived by the Issuer in its sole discretion) by the redemption date, or by the redemption date so delayed.”

 

For the purposes of the Notes,
the definition of “Principal Property” in Section 1.01 of the Indenture will be deemed to be deleted and replaced with
the following:

 

““Principal Property”
means any real property owned at September 30, 2019 or hereafter acquired by the Guarantor or a Principal Subsidiary, the gross
book value (including related land and improvements thereon and all machinery and equipment included therein) of which, on the
date as of which the determination is being made, exceeds 15% of the Consolidated Total Assets of the Guarantor.”

 

		5.	Redemption. Except as set forth below, the Notes are not redeemable prior to maturity.

 

		(a)	The Guarantor or the Issuer may, at the Guarantor’s option, at any time and from time to
time redeem the Notes, in whole or in part, on not less than 30 nor more than 60 calendar days’ prior notice mailed to the
holders of such Notes, with a copy provided to the Trustee as provided in the Indenture. The Notes will be redeemable at a redemption
price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values
of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including interest accrued to the
Redemption Date), discounted to the Redemption

 

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Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, plus,
in each case, accrued and unpaid interest on the Notes to be redeemed, if any, to the Redemption Date.

 

In the case of any partial redemption,
selection of the Notes for redemption will be made by the Trustee in compliance with the requirements of the Indenture.

 

		(b)	The Notes may be redeemed, at the option of the Issuer, in whole but not in part, upon not less
than 30 nor more than 60 calendar days’ notice to the Holders, at a redemption price equal to 100% of the principal amount
thereof, together with accrued interest to the date fixed for redemption and Additional Amounts, if any, if, as a result of any
change in or amendment to the laws of a Relevant Taxing Jurisdiction or any regulations or rulings promulgated thereunder, or any
change in the official interpretation or official application of such laws, regulations or rulings, which change or amendment (i)
in the case of the Guarantor or the Issuer becomes effective on or after the date of the applicable prospectus supplement, and
(ii) in the case of any successor to the Guarantor or the Issuer that is organized or tax resident in a jurisdiction that is not
a Relevant Taxing Jurisdiction as of the original issue date of the Notes becomes effective on or after the date such successor
assumes the Guarantor’s or the Issuer’s obligations, as applicable, under the Notes and the Indenture,

 

		(i)	the Issuer is or would be required on the next succeeding due date for a payment with respect to
the Notes to pay Additional Amounts with respect to the Notes pursuant to Section 6.08 of the Indenture; or

 

		(ii)	the Guarantor is or would be unable, for reasons outside its control, on the next succeeding due
date for a payment with respect to the Notes to procure payment by the Issuer, and with respect to a payment due or to become due
under the Guarantee or the Indenture, as the case may be, the Guarantor is or would be required on the next succeeding due date
for a payment with respect to the Notes to pay Additional Amounts pursuant to Section 6.08 of the Indenture; or

 

		(iii)	any payment to the Issuer by the Guarantor or any wholly-owned subsidiary of the Guarantor to enable
the Issuer to make payment of interest or Additional Amounts, if any, on the Notes is or would be on the next succeeding due date
for a payment with respect to the Notes subject to withholding or deduction for taxes imposed by a Relevant Taxing Jurisdiction
or any authority therein or thereof having power to tax;

 

and such obligation cannot be
avoided by the use of reasonable measures available to the Guarantor or the Issuer, as the case may be.

 

Notwithstanding anything to
the contrary in the Indenture, the Guarantor, the Issuer or any successor person may not redeem the Notes in the case that Additional
Amounts are payable in respect of PRC withholding tax at a rate of 10% or less solely as a result of the Guarantor, the Issuer
or a successor person being considered a PRC tax resident under the PRC Enterprise Income Tax Law.

 

The Issuer or the Guarantor,
as the case may be, shall also pay, or make available for payment, to the Holder of the Notes on the Redemption Date any Additional
Amounts resulting from the payment of such Redemption Price.

 

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If money sufficient to pay the
Redemption Price of and accrued interest on all Notes to be redeemed on the Redemption Date is deposited with the Paying Agent
on or before the Redemption Date and certain other conditions are satisfied, on and after such date interest shall cease to accrue
on the Notes.

 

		(c)	In addition, the Guarantor or the Issuer may, at the Guarantor’s option, on not less than
30 nor more than 60 days’ prior notice, redeem the Notes at any time from or after June 30, 2029, in whole or in part, at
a redemption price equal to 100% of the principal amount of the applicable Notes to be redeemed plus accrued and unpaid interest,
if any, to (but not including) the date of redemption.

 

Notice of
redemption may, in the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent, including,
but not limited to, completion of an equity or debt offering, a financing, or other corporate transactions. If such redemption
or purchase is so subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition.
In addition, if such notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the
Issuer’s discretion, the redemption date may be delayed until such time as any or all of such conditions are satisfied (or
waived by the Issuer in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that
any or all of such conditions are not satisfied (or waived by the Issuer in its sole discretion) by the redemption date, or by
the redemption date so delayed.

 

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

 

		6.	Denominations, Transfer, Exchange. The Notes are in registered form without coupons in the
denominations of US$200,000 or any integral multiple of US$1,000 in excess thereof. The transfer of Notes may be registered and
Notes may be exchanged as provided in the Indenture. The Notes may be presented for exchange or for registration of transfer (duly
endorsed or with the form of transfer endorsed thereon duly executed if so required by the Issuer, the Guarantor or the Registrar)
at the office of the Registrar or at the office of any transfer agent designated by the Issuer or the Guarantor for such purpose.
The Issuer or the Guarantor need not exchange or register the transfer of any Note or portion of a Note selected for redemption,
except for the unredeemed portion of any Note being redeemed in part.

 

		7.	Depositary. The Notes are initially issued in the form of one or more global notes. The
depositary for the global note(s) is The Depository Trust Company, New York, New York.

 

		8.	Persons Deemed Owners. The registered Noteholder may be treated as its owner for all purposes.

 

		9.	Amendments, Supplements and Waivers. The Indenture and the Notes may be amended or supplemented
as provided in the Indenture. Any consent or waiver by the Noteholders as provided in the Indenture shall be conclusive and binding
upon such Holders and upon all future Noteholders and holders of any security issued upon the registration of transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon the Notes.

 

		10.	Defaults and Remedies. The Events of Default relating to the Notes are defined in Section
7.01 of the Base Indenture. Upon the occurrence of an Event of Default, the rights and

 

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obligations of
the Issuer, the Guarantor, the Trustee and the Noteholders shall be as set forth in the applicable provisions of the Indenture.

 

		11.	No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement
contained in the Indenture or the Notes, or because of any indebtedness evidenced thereby, shall be had against any incorporator
as such, or against any past, present or future stockholder, officer, director or employee, as such, of the Issuer or the Guarantor
or of any of their successors, either directly or through the Issuer, the Guarantor or any successor, under any rule of law, statute
or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof.

 

		12.	Authentication. This Note shall not be entitled to any benefit under the Indenture or be
valid or obligatory for any purpose until authenticated by the manual signature of the Trustee.

 

		13.	Governing Law. The Base Indenture and this Note shall be deemed to be contracts made under
the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State
(without regard to conflicts of laws principles thereof that would permit the application of the laws of another jurisdiction).

 

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GUARANTEE

 

CNOOC Limited (the “Guarantor”)
hereby irrevocably and unconditionally guarantees to the Holder of the Note upon which this Guarantee is endorsed and to the Trustee
on behalf of such Holder the due and punctual payment of the principal of, and interest on, and all other amounts payable under
(including any Additional Amounts in respect thereof), this Note provided for pursuant to the Indenture and the terms of this Note
when and as the same shall become due and payable, whether at Stated Maturity, upon acceleration, by call for redemption or otherwise,
in accordance with the terms of such Note and of the Indenture. This is a guarantee of payment and not of collection. The Guarantor
hereby expressly waives its right to require the Trustee to pursue or exhaust its legal or equitable remedies against the Issuer
prior to exercising its rights under the Guarantee of the Guarantor. The Guarantor will not be discharged with respect to this
Note except by payment in full of the principal thereof and interest thereon and all other amounts payable thereunder (including
any Additional Amounts payable in respect thereof). In case of the failure of the Issuer punctually to pay any such principal,
interest or other amounts, the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall
become due and payable, whether at Stated Maturity, by acceleration, call for redemption or otherwise, and as if such payment were
made by the Issuer.

 

The Guarantor hereby further agrees that
in the event that payments of principal or interest under the Note or the Guarantee is subject to withholding or deduction for
or on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature imposed, levied,
collected, withheld or assessed by or on behalf of the British Virgin Islands, Hong Kong, the PRC or any other jurisdiction in
which the Guarantor or the Issuer (or any successor to the Guarantor or the Issuer) is tax resident, in each case including in
any political subdivision, territory or possession thereof, any authority therein having power to tax or any area subject to its
jurisdiction or any jurisdiction from or through which any payment is made by or on behalf of the Issuer or the Guarantor, the
Guarantor shall pay such Additional Amounts as will result (after deduction of such taxes, duties, assessments or governmental
charges and any additional taxes, duties, assessments or governmental charges payable in respect of such Additional Amounts) in
receipt by each Holder of any Note of such amounts as would have been received by such Holder with respect to such Note or the
Guarantee, as applicable, had no such withholding or deduction been required. The Guarantor’s obligation pursuant to this
paragraph is without duplication of the obligations of the Guarantor and the Issuer pursuant to Section 6.08 of the Indenture,
and is subject to the same limitations contained in Section 6.08 of the Indenture.

 

The obligation of the Guarantor to the holder
of the Note upon which this Guarantee is endorsed and to the Trustee pursuant to the Guarantee and the Indenture are expressly
set forth in Article 16 of the Indenture, and reference is hereby made to such Article and the Indenture for the precise terms
of the Guarantee.

 

The Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication on the Note upon which this Guarantee is endorsed shall have been executed
by the Trustee under the Indenture by the manual signature of one of its authorized officers.

 

    9

    

    

IN WITNESS WHEREOF, CNOOC Limited has caused
the Guarantee endorsed on this Note to be signed manually or by facsimile by its duly authorized officer.

 

	 	CNOOC LIMITED,
	 	as Guarantor
	 	 
	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	 	 
	 	Corporate seal:
	 	 
	 	 
	 	 
	 	In the presence of:
	 	 
	 	 
	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    
[Notation of Guarantee – Execution Page]

    

    

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto

 

[PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE]

 

 

 

 

 

 

[PLEASE PRINT OR TYPE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE]

 

 

 

the within Note and all rights thereunder,
hereby irrevocably constituting and appointing _______________________________________________________________Attorney to transfer
such Note on the books of the Issuer, with full power of substitution in the premises.

 

	 	 	 	Signature:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Dated:   	 	 	 
	 	 	 	NOTICE: The signature to this
assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or
enlargement or any change whatsoever.

 

SIGNATURE GUARANTEE

 

[Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Agents, which requirements include membership or participation in
the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Agents in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.]

 

    11

    

    

SCHEDULE OF INCREASES OR DECREASES IN NOTE

 

The initial principal amount of this Note
is US$________. The following increases or decreases in a part of this Note have been made:

 

	Date	 	Amount of decrease in principal amount of this Note	 	Amount of increase in principal amount of this Note	 	Principal amount of this Note following such decrease (or increase)	 	Signature of authorized signatory of Registrar
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

 

 

 

 

    12

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