Document:

Subscription Agreement

 EXHIBIT 10.1 
 SUBSCRIPTION AGREEMENT AND 
 WAIVER TO ANCILLARY AGREEMENT 
 THIS SUBSCRIPTION AGREEMENT AND WAIVER TO ANCILLARY AGREEMENT (this “Agreement”), is dated as of May 7, 2008, by and among Commonwealth
Biotechnologies Inc., a Virginia corporation (“CBI”), and Venturepharm Laboratories Limited, a Cayman Islands limited company (“VPL”). 
 WHEREAS, on March 28,2008, CBI and VPL entered into an Ancillary Agreement, which agreement was filed as Exhibit 10.3 to CBI’s Current Report on Form 8-K, filed with the U.S. Securities and Exchange
Commission (the “SEC”) on April 2, 2008 (the “Ancillary Agreement”); 
 WHEREAS, pursuant to
Section 1.01 of the Ancillary Agreement, subject to the satisfaction of certain conditions, CBI possesses the right to put up to $1,000,000 of CBI’s common stock, without par value per share (“Common Stock”), to VPL in accordance
with the terms of the Ancillary Agreement and pursuant to restrictions imposed by the Nasdaq Stock Market and the Hong Kong Stock Exchange (the “Put Right”); 
 WHEREAS, CBI and VPL intend to enter into this Subscription Agreement to waive certain of the terms of the Put Right; and 
 WHEREAS, in connection with the waiver of certain parties of the Put Right, CBI desires to exercise the Put Right to put 463,426 shares of CBI’s Common Stock (the “CBI Shares”) to VPL and VPL
agrees to purchase the Put Shares pursuant to the terms of this Agreement; and 
 NOW, THEREFORE, in consideration of the mutual
covenants and other agreements contained in this Agreement CBI and VPL hereby agree as follows: 
 1. Waiver of Certain Provisions of
the Ancillary Agreement. 
 (a) VPL hereby waives the provision in Section 1.01(a) of the Ancillary Agreement to
the extent that it prohibits CBI from exercising the Put Right until the expiration of a 60-day period following the closing of VPL’s acquisition of shares of CBI Common Stock from Pharmaust Limited, an Australian limited company. 

(b) Subject to the terms and conditions of this Agreement, CBI, by entering into of this Agreement, shall be deemed to have provided
the written notice of its exercise of the Put Right required by Section 1.01 (b) of the Ancillary Agreement. 
 (c) Save
as expressly provided in this Agreement, all terms and conditions contained in the Ancillary Agreement shall remain in full force and effect. 
 2. Sale of CBI Shares. Subject to the terms and conditions of this Agreement, CBI hereby exercises the Put Right to sell the CBI Shares to VPL on the Closing Date (as defined below) and VPL shall, on the Closing Date, purchase
and acquire the CBI Shares from CBI for the consideration referenced in Section 3 hereof. 
  

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 3. Consideration. In consideration of the sale of the CBI Shares: 
 (a) On the Closing Date, VPL shall pay, directly or indirectly, to the bank account notified to VPL by CBI in writing not later than 2
days before the Closing Date $500,000 by wire of immediate available funds and payment of such sum into such bank account shall be good and complete discharge of VPL’s obligation to pay the cash consideration to CBI; and 
 (b) On the Closing Date, VPL shall issue a total of 2,229,664 of its ordinary shares to CBI. Such number of shares equals $500,000 of
equity value, based on VPL’s price of HKD 1.7469 (at exchange rate of USD/HKD 7.79) per ordinary share (the “VPL Shares”). 
 4. Closing Date. The “Closing Date” shall be 2 business days after
satisfaction of all the conditions set out in Section 5. The consummation of the transactions contemplated herein shall take place at the offices of Kaufman & Canoles, III James Center, 1051 East Cary Street, 12th Floor, Richmond, Virginia, after the satisfaction or waiver of all conditions to closing set forth in this Agreement. 
 5. Conditions. Closing of this Agreement shall be conditional on: 
 (a) VPL obtaining the necessary shareholders’ approval as required by the Rules Governing the Listing of Securities on the Growth
Enterprise Market of The Stock Exchange Hong Kong Limited (the “Hong Kong Stock Exchange”) to complete the transaction contemplated hereunder by way of written shareholders’ approval in lieu of holding a general meeting as approved by
the Hong Kong Stock Exchange; 
 (b) VPL obtaining all necessary regulatory and other relevant approvals required to complete
the transaction contemplated hereunder; and 
 (c) the GEM Listing Committee of the Hong Kong Stock Exchange having granted
the listing of, and permission to deal in, the VPL Shares. 
 If any of the above conditions is not fulfilled on or before
July 28, 2008 or such other date as may be agreed between CBI and VPL in writing, then this Agreement shall lapse immediately and have no force and effect with no party being subject to any of the obligations contained hereunder and with no
party claiming any rights at law or in equity against the other party to this Agreement. In such event, the Ancillary Agreement shall remain in full force and effect as if this Agreement had not been entered into by the parties hereto. 

6. VPL Representations and Warranties. VPL hereby represents and warrants to CBI that: 
 (a) Organization and Standing of VPL. VPL is a limited company duly incorporated or organized, validly existing and in good
standing under the laws of the Cayman Islands. 
  

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 (b) Authority; Enforceability. This Agreement, has been duly authorized,
executed and delivered by VPL and is a valid and binding agreement of VPL enforceable against VPL in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights generally and to general principles of equity. VPL has full corporate power and authority necessary to enter into and deliver this Agreement and to perform its obligations hereunder.

 (c) Consents. Except as noted in the Ancillary Agreement and this Agreement, no consent, approval,
authorization or order of any court, governmental agency or body or arbitrator having jurisdiction over VPL or any of its affiliates, is required for the execution by VPL of this Agreement and compliance and performance by VPL of its obligations
hereunder. 
 (d) No Violation or Conflict. Assuming the representations and warranties of CBI in Section 7
are true and correct, neither the issuance and sale of the VPL Shares nor the performance of VPL’s obligations under this Agreement will: 
 (i) violate, conflict with, result in a breach of, or constitute a default (or an event which with the giving of notice or the lapse of time or both would be reasonably likely to constitute a default) under
(A) the governing documents of VPL, (B) to VPL’s knowledge, any decree, judgment, order, law, treaty, rule, regulation or determination applicable to VPL of any court, governmental agency or body, or arbitrator having jurisdiction
over VPL or any of its affiliates, (C) the terms of any bond, debenture, note or any other evidence of indebtedness, or any agreement, stock option or other similar plan, indenture, lease, mortgage, deed of trust or other instrument to which
VPL or any of its affiliates is a party, by which VPL or any of its affiliates is bound, or to which any of the properties of VPL or any of its affiliates is subject; 
 (ii) result in the creation or imposition of any lien, charge or encumbrance upon the Shares or any of the material assets of VPL or any
of its affiliates except as described herein; or 
 (iii) result in the activation of any anti-dilution rights or a reset or
repricing of any debt or security instrument of any other creditor or equity holder of VPL, nor result in the acceleration of the due date of any material obligation of VPL. 
 (f) The VPL Shares. Upon issuance, the VPL Shares: 
 (i) will be, free and clear of any security interests, liens, claims or other encumbrances, subject to restrictions upon transfer under
applicable securities laws of the Cayman Islands; 
 (ii) will be duly and validly issued, fully paid and non-assessable;

 (iii) will be listed for trading on the Hong Kong Stock Exchange; 
  

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 (iv) will not subject the holders thereof to personal liability by reason of being such
holders; 
 (v) assuming the representations and warranties of CBI as set forth in Section 7 hereof are true and correct,
will not result in a violation of Cayman Islands law; and 
 (vi) will have attached thereto full voting rights and rank
pari passu with all issued and outstanding shares of VPL. 
 (g) Litigation. There is no pending or, to
the best knowledge of VPL, threatened action, suit, proceeding or investigation before any court, governmental agency or body, or arbitrator having jurisdiction over VPL, or any of its affiliates that would affect the execution by VPL or the
performance by VPL of its obligations hereunder. 
 (h) No Market Manipulation. VPL and its affiliates have not
taken, and will not take, directly or indirectly, any action designed to, or that might reasonably be expected to, cause or result in stabilization or manipulation of the price of the VPL Shares or the CBI Shares, to facilitate the sale or resale of
the VPL Shares, or the CBI Shares or affect the price at which the VPL Shares or the CBI Shares may be issued or resold. 
 (i) Information Concerning VPL. VPL’s reports filed with the Hong Kong Stock Exchange (the “VPL Reports”), including the exhibits and financial statements included therewith, contain all material information
relating to VPL and its operations and financial condition as of their respective dates which information is required to be disclosed therein. Since the dates of the most recent financial statements included in the VPL Reports, there has been no
material adverse event relating to VPL’s business, financial condition or affairs not disclosed in the Reports. The Reports, including the exhibits and financial statements included therewith, do not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, taken as a whole, not misleading in light of the circumstances when made. 
 (j) Stop Transfer. VPL will not issue any stop transfer order or other order impeding the sale, resale or delivery of any of
the VPL Shares, except as may be required by any applicable securities laws or regulations and unless contemporaneous notice of such instruction is given to CBI. 
 (k) No Undisclosed Liabilities. Save as disclosed in its most recent audited financial statements, VPL has no liabilities or
obligations which are material, individually or in the aggregate, other than those incurred in the ordinary course of VPL businesses since the date of the most recent audited financial statements of VPL contained in the Reports. 
 (l) No Undisclosed Events or Circumstances. Since the date of the most recent audited financial statements of VPL contained
in the Reports, no event or circumstance has occurred or exists with respect to VPL or its businesses, properties, operations or financial condition, that, under applicable law, rule or regulation, requires public disclosure or announcement prior to
the date hereof by VPL but which has not been so publicly announced or disclosed in the Reports. 
  

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 (m) Reporting Company. VPL is a publicly-held company subject to reporting
obligations of the Hong Kong Stock Exchange. Pursuant to the requirements of the Hong Kong Stock Exchange, VPL has filed all reports and other materials required to be filed thereunder during the preceding twelve months. 
 (n) Listing. VPL’s ordinary shares are quoted on the Hong Kong Stock Exchange. VPL has not received any oral or written
notice that its ordinary shares are not eligible nor will become ineligible for listing on the Hong Kong Stock Exchange nor that its ordinary shares do not meet all requirements for the continuation of such listing. VPL satisfies all the
requirements for the continued listing of its ordinary shares (including the VPL Shares) on the Hong Kong Stock Exchange. 
 (o) Correctness of Representations. VPL represents that the foregoing representations and warranties are true and correct as of the date hereof in all material respects, and, unless VPL otherwise notifies CBI prior to the
Closing Date, shall be true and correct in all material respects as of the Closing Date; provided, that, if such representation or warranty is made as of a different date in which case such representation or warranty shall be true as of such date.

 (q) Exempt Offering. The offer and issuance of the VPL Shares to CBI is exempt from all applicable securities
registration provisions of Cayman Islands law. 
 7. CBI Representations and Warranties. CBI hereby represents and warrants to
VPL that: 
 (a) Organization and Standing of CBI. CBI is a corporation duly incorporated or organized, validly
existing and in good standing under the laws of the Commonwealth of Virginia. 
 (b) Authority; Enforceability.
This Agreement, has been duly authorized, executed and delivered by CBI and is a valid and binding agreement of CBI enforceable against CBI in accordance with their terms; subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights generally and to general principles of equity. CBI has full corporate power and authority necessary to enter into and deliver this Agreement and to
perform its obligations hereunder. 
 (c) Consents. Except as noted in the Ancillary Agreement and this
Agreement, no consent, approval, authorization or order of any court, governmental agency or body or arbitrator having jurisdiction over CBI or any of its affiliates, is required for the execution by CBI of this Agreement and compliance and
performance by CBI of its obligations hereunder. 
  

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 (d) No Violation or Conflict. Assuming the representations and warranties
of VPL in Section 6 are true and correct, neither the issuance and sale of the CBI Shares nor the performance of CBI’s obligations under this Agreement will: 
 (i) violate, conflict with, result in a breach of, or constitute a default (or an event which with the giving of notice or the lapse of
time or both would be reasonably likely to constitute a default) under (A) the governing documents of CBI, (B) to CBI’s knowledge, any decree, judgment, order, law, treaty, rule, regulation or determination applicable to CBI of any
court, governmental agency or body, or arbitrator having jurisdiction over CBI or any of it’s affiliates, (C) the terms of any bond, debenture, note or any other evidence of indebtedness, or any agreement, stock option or other similar
plan, indenture, lease, mortgage, deed of trust or other instrument to which CBI or any of its affiliates is a party, by which CBI or any of its affiliates is bound, or to which any of the properties of CBI or any of its affiliates is subject;

 (ii) result in the creation or imposition of any lien, charge or encumbrance upon the CBI Shares or any of the material
assets of CBI or any of its affiliates except as described herein; or 
 (iii) result in the activation of any anti-dilution
rights or a reset or repricing of any debt or security instrument of any other creditor or equity holder of CBI, nor result in the acceleration of the due date of any material obligation of CBI. 
 (f) The CBI Shares. Upon issuance, the CBI Shares: 
 (i) will be, free and clear of any security interests, liens, claims or other encumbrances, subject to restrictions upon transfer under
applicable securities laws of the United States and the Commonwealth of Virginia; 
 (ii) will be duly and validly issued,
fully paid and non-assessable; 
 (iii) will be listed for trading on the Nasdaq Capital Market; 
 (iv) will not subject the holders thereof to personal liability by reason of being such holders: 
 (v) assuming the representations and warranties of VPL as set forth in Section 5 hereof are true and correct, will not result in a
violation of the United States or Commonwealth of Virginia securities laws; and 
 (vi) will not be subject to the Virginia
Control Share Acquisition Statute and will have attached thereto full voting rights and rank pari passu with all issued and outstanding shares of CBI. 
 (g) Litigation. There is no pending or, to the best knowledge of CBI, threatened action, suit, proceeding or investigation
before any court, governmental agency or body, or arbitrator having jurisdiction over CBl, or any of its affiliates that would affect the execution by CBI or the performance by CBI of its obligations hereunder. 
  

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 (h) No Market Manipulation. CBI and its affiliates have not taken, and will
not take, directly or indirectly, any action designed to, or that might reasonably be expected to, cause or result in stabilization or manipulation of the price of the VPL Shares or the CBI Shares, to facilitate the sale or resale of the VPL Shares
or the CBI Shares, or affect the price at which the VPL, Shares or the CBI Shares may be issued or resold. 
 (i)
Information Concerning CBI. CBI’s reports filed with the SEC (the “CBI Report”) including the exhibits and financial statements included therewith contain all material information relating to CBI and its operations and
financial condition as of their respective dates which information is required to be disclosed therein. Since the dates of the most recent financial statements included in the CBI Reports, there has been no material adverse event relating to
CBI’s business, financial condition or affairs not disclosed in the Reports. The Reports, including the exhibits and financial statements included therewith, do not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, taken as a whole, not misleading in light of the circumstances when made. 
 (j) Stop Transfer. CBI will not issue any stop transfer order or other order impeding the sale, resale or delivery of any of the CBI Shares, except as may be required by any applicable securities laws or
regulations and unless contemporaneous notice of such instruction is given to VPL. 
 (k) No Undisclosed
Liabilities. CBI has no liabilities or obligations which are material, individually or in the aggregate, other than those incurred in the ordinary course of CBI businesses since the date of the most recent audited financial statements of CBI
contained in the Reports. 
 (l) No Undisclosed Events or Circumstances. Since the date of the most recent
audited financial statements of CBI contained in the Reports, no event or circumstance has occurred or exists with respect to CBI or its businesses, properties, operations or financial condition, that, under applicable law, rule or regulation,
requires public disclosure or announcement prior to the date hereof by CBI but which has not been so publicly announced or disclosed in the Reports. 
 (m) Reporting Company. CBI is a publicly-held company subject to reporting obligations of Securities Exchange Act of 1934, as amended (the “Exchange Act”). Pursuant to the requirements of the
Exchange Act, CBI has filed all reports and other materials required to be filed thereunder during the preceding twelve months. 
 (o) Listing. CBI’s Common Stock is quoted on the Nasdaq Capital Market. CBI has not received any oral or written notice that its Common Stock is not eligible nor will become ineligible for listing on the Nasdaq Capital
Market nor that its Common Stock does not meet all requirements for the continuation of such listing. CBI satisfies all the requirements for the continued listing of its Common Stock on the Nasdaq Capital Market. 
  

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 (p) Correctness of Representations. CBI represents that the foregoing
representations and warranties are true and correct as of the date hereof in all material respects, and, unless CBI otherwise notifies VPL prior to the Closing Date, shall be true and correct in all material respects as of the Closing Date;
provided, that, if such representation or warranty is made as of a different date in which case such representation or warranty shall be true as of such date. 
 (q) Exempt Offering. The offer and issuance of the CBI Shares to VPL is exempt from the registration provisions of the
Securities Act of 1933, as amended (the “1 933 Act”), afforded by Section 4(2) or Section 4(6) of the 1933 Act and/or Rule 506 of Regulation D promulgated thereunder. 
 8. Indemnification. 
 (a) VPL Indemnification. VPL shall defend, protect, indemnify and hold harmless CBI and its officers, directors, employees and agents (including, without limitation, those retained in connection with the transactions
contemplated by this Agreement) (collectively, the “CBI Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection
therewith (irrespective of whether any such CBI Indemnitee is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “CBI Indemnified Liabilities”),
incurred by the CBI Indemnitees or any of them as a result of, or arising out of, or relating to (i) any misrepresentation or breach of any representation or warranty made by the VPL in this Agreement, (ii) any breach of any covenant,
agreement or obligation of VPL contained in this Agreement or (iii) the execution, delivery, performance or enforcement of this Agreement. To the extent that the foregoing undertaking by VPL may be unenforceable for any reason, VPL shall make
the maximum contribution to the payment and satisfaction of each of the CBI Indemnified Liabilities which is permissible under applicable law. The rights of indemnification set forth under this Section 8(a) are in addition to and not in lieu of
any rights CBI may have under applicable law or any other agreement or instrument. 
 (b) CBI Indemnification.
CBI shall defend, protect, indemnify and hold harmless VPL, and its officers, directors, employees and agents (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the
“VPL Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such VPL Indemnitee
is a party to the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “VPL Indemnified Liabilities”) incurred by the VPL Indemnitees or any of them as a result
of, or arising out of, or relating to (i) any misrepresentation or breach of any representation or warranty made by the CBI in this Agreement, (ii) any breach of any covenant, agreement or obligation of CBI contained in this Agreement or
(iii) the execution, delivery, performance or enforcement of this Agreement. To the extent that the foregoing undertaking by CBI may be unenforceable for any reason, CBI shall make the maximum contribution to the payment and satisfaction of
each of the VPL Indemnified Liabilities which is permissible under applicable law. The rights of indemnification set forth under this Section 8(b) are in addition to and not in lieu of any rights CBI may have under applicable law or any other
agreement or instrument. 
  

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 9. Registration Rights 
 Upon Closing Date, CBI shall grant to VPL the same registration right in respect of the CBI Shares as if the CBI Shares were part of the Purchased Shares
(as defined under the Registration Rights Agreement dated as of March 28, 2008 between VPL and CBI (the “Registration Rights Agreement”)), and VPL may exercise all its rights under the Registration Rights Agreement in respect of the
CBI Shares as if they were the Purchased Shares. 
 10. Miscellaneous. 
 (a) Notices. All notices, demands, requests, consents, approvals, and
other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage
prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most
recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business
day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing,
whichever shall first occur. The addresses for such communications shall be: (i) if to CBI, to: Commonwealth Biotechnologies Inc., 601 Biotech Drive, Richmond, VA 23235, Attn, Dr. Paul D’Sylva, Ph.D., CEO, telecopier:
(804) 648-2641, with a copy by telecopier only to: Kaufman and Canoles, P.C., III James Center, 12th Floor, 1051 East Cary Street, Richmond, VA
23219, Attn: Bradley A. Haneberg, Esq., telecopier: (804) 771-5777, (ii) if to VPL, to Venturepharm Laboratories Limited, Venturepharm Towers, No. 3 Jinzhuang Si Ji Qing, Haidian District, Beijing 10089, People’s Republic of
China, Attn: Mr. Bill Guo. 
 (b) Entire Agreement; Assignment. This Agreement represents the entire
agreement between the parties hereto with respect to the subject matter hereof and may be amended only by a writing executed by CBI and VPL. Neither CBI nor VPL have relied on any representations not contained or referred to in this Agreement and
the documents delivered herewith. No right or obligation of a party hereto shall be assigned without prior notice to and the written consent of the other party. 
 (c) Counterparts/Execution. This Agreement may be executed in any number of counterparts and by the different signatories
hereto on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. This Agreement may be executed by facsimile signature and delivered by
facsimile transmission. 
  

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 (d) Law Governing this Agreement. This Agreement shall be governed by and
construed in accordance with the laws of the Commonwealth of Virginia without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought
only in the state courts of the Commonwealth of Virginia or in the federal courts located in the Eastern District of Virginia. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The parties executing this Agreement and other agreements referred to herein or delivered in connection herewith agree to
submit to the in personam jurisdiction of such courts and hereby irrevocably waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and costs. In the event that any
provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith
and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party
hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any other manner permitted by law. 
 (e) Specific Enforcement, Consent
to Jurisdiction. CBI and VPL acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the parties shall be entitled to seek an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any
other remedy to which any of them may be entitled by law or equity. 
 (f) Captions: Certain Definitions. The
captions of the various sections and paragraphs of this Agreement have been inserted only for the purposes of convenience; such captions are not a part of this Agreement and shall not be deemed in any manner to modify, explain, enlarge or restrict
any of the provisions of this Agreement. 
 (g) Severability. In the event that any term or provision of this
Agreement shall be finally determined to be superseded, invalid, illegal or otherwise unenforceable pursuant to applicable law by an authority having jurisdiction and venue, that determination shall not impair or otherwise affect the validity,
legality or enforceability: (i) by or before that authority of the remaining terms and provisions of this Agreement, which shall be enforced as if the unenforceable term or provision were deleted, or (ii) by or before any other authority
of any of the terms and provisions of this Agreement. 
  

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 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, CBI and VPL have executed this Agreement as of the day and year first above
written. 
  

			
	COMMONWEALTH BIOTECHNOLOGIES, INC.
		
	By:	 	 /s/ Paul D’Sylva, Ph.D.

	Name:	 	Paul D’Sylva, Ph.D.
	Title:	 	Chief Executive Officer
	Date:	 	  

	
	VENTUREPHARM LABORATORIES LIMITED
		
	By:	 	 /s/ Bill Guo

	Name:	 	Bill Guo
	Title:	 	Chief Executive Officer
	Date:	 	  

  

 122000 Director Stock Option Plan

 Exhibit 10.02 
 NATUS MEDICAL INCORPORATED 
 2000 DIRECTOR OPTION PLAN 
 (As Amended Through September 2007) 
 1.
Purposes of the Plan. The purposes of this 2000 Director Option Plan are to attract and retain the best available personnel for service as Outside Directors (as defined herein) of the Company, to provide additional incentive to
the Outside Directors of the Company to serve as Directors, and to encourage their continued service on the Board. 
 All
options granted hereunder shall be nonstatutory stock options. 
 2. Definitions. As used herein, the following definitions shall
apply: 
  

	 	(a)	“Board” shall mean the Board of Directors of the Company. 

  

	 	(b)	“Code” shall mean the Internal Revenue Code of 1986, as amended. 

  

	 	(c)	“Common Stock” shall mean the common stock of the Company. 

  

	 	(d)	“Company” shall mean Natus Medical Incorporated, a Delaware corporation. 

  

	 	(e)	“Director” shall mean a member of the Board. 

  

	 	(f)	“Disability” shall mean total and permanent disability as defined in section 22(e) (3) of the Code. 

  

	 	(g)	“Employee” shall mean any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. The payment of a
Director’s fee by the Company shall not be sufficient in and of itself to constitute “employment” by the Company. 

  

	 	(h)	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

  

	 	(i)	“Fair Market Value” shall mean, as of any date, the value of Common Stock determined as follows: 

 (i) If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq
National Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system for the last market
trading day prior to the time of determination as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 
 (ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share of Common Stock shall be the mean between the high bid and low asked
prices for the Common Stock for the last market trading day prior to the time of determination, as reported in The Wall Street Journal or such other source as the Board deems reliable; or 
 (iii) In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good faith by the
Board. 

	 	(j)	“Inside Director” shall mean a Director who is an Employee. 

  

	 	(k)	“Option” shall mean a stock option granted pursuant to the Plan. 

  

	 	(l)	“Optioned Stock” shall mean the Common Stock subject to an Option. 

  

	 	(m)	“Optionee” shall mean a Director who holds an Option. 

  

	 	(n)	“Outside Director” shall mean a Director who is not an Employee of the Company. 

  

	 	(o)	“Parent” shall mean a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 

  

	 	(p)	“Plan” shall mean this 2000 Director Option Plan. 

  

	 	(q)	“Share” shall mean a share of the Common Stock, as adjusted in accordance with Section 10 of the Plan but after accounting for the 2-for-5 reverse stock split
effected in July 2000. 

  

	 	(r)	“Subsidiary” shall mean a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Internal Revenue Code of
1986. 

 3. Stock Subject to the Plan. Subject to the provisions of Section 10 of the Plan, the
maximum aggregate number of Shares which may be optioned and sold under the Plan is 400,000 Shares (post-split) (the “Pool”) (the Shares may be authorized, but unissued, or reacquired Common Stock), together with an annual increase to the
number of Shares reserved thereunder on the first day of the Company’s fiscal year, beginning with January 1, 2002, equal to the lesser of (i) 100,000 Shares (post-split), (ii) one-half of one percent (.5%) of the outstanding
Shares of Common Stock on the last day of each prior fiscal year or (iii) such amount as determined by the Board. 
 If
an Option expires or becomes unexercisable without having been exercised in full, the unpurchased Shares which were subject thereto shall become available for future grant or sale under the Plan (unless the Plan has terminated). Shares that have
actually been issued under the Plan shall not be returned to the Plan and shall not become available for future distribution under the Plan. 
 4. Administration and Grants of Options under the Plan. 
 (a) Procedure for Grants. All
grants of Options to Outside Directors under this Plan shall be automatic and nondiscretionary and shall be made strictly in accordance with the following provisions: 
 (i) No person shall have any discretion to select which Outside Directors shall be granted Options or to determine the number of Shares to
be covered by Options. 
 (ii) Each Outside Director shall be automatically granted an Option to purchase Shares (the
“First Option”) on the date on which the later of the following events occurs: (A) the effective date of this Plan, as determined in accordance with Section 6 hereof; or (B) the date on which such person first becomes an
Outside Director, whether through election by the shareholders of the Company or appointment by the Board to fill a vacancy; provided, however, that an Inside Director who ceases to be an Inside Director but who remains a Director shall not receive
a First Option. The First Option for an Outside Director who has not previously received a stock option grant from the Company shall be for 10,000 Shares (post-split), and an Outside Director who has previously received a stock option grant from the
Company shall not receive a First Option. 
 (iii) Each Outside Director shall subsequently be automatically granted an Option
to purchase Shares (a “Subsequent Option”) on the date of the next meeting of the Board following the Annual Meeting of Shareholders in each year commencing with the 2001 Annual Meeting of Shareholders provided he or she is then an Outside
Director and if as of such date, he or she shall have served on the Board for at least the preceding six (6) months. The Subsequent Option shall be for 5,000 Shares (post-split). 
 (iv) Notwithstanding the provisions of subsections (ii) and (iii) hereof, any exercise of an Option granted before the Company
has obtained shareholder approval of the Plan in accordance with Section 16 hereof shall be conditioned upon obtaining such shareholder approval of the Plan in accordance with Section 16 hereof. 
 (v) The terms of a First Option granted hereunder shall be as follows: 
 (A) the term of the First Option shall be six (6) years. 

 (B) the First Option shall be exercisable only while the Outside Director remains a
Director of the Company, except as set forth in Sections 8 and 10 hereof. 
 (C) the exercise price per Share shall be
100% of the Fair Market Value per Share on the date of grant of the First Option provided, however, that in the case of a First Option granted on the effective date of the Company’s initial public offering pursuant to a registration statement
filed with the Securities and Exchange Commission, the exercise price per share shall be the initial public offering price per share. 
 (D) subject to Section 10 hereof, the First Option shall become exercisable
as to 1/36th of the Shares subject to the First Option each month after the date of grant, so that the First Option shall be fully exercisable 3
years after its date of grant, provided that the Optionee continues to serve as a Director on such dates. 
 (vi) The terms of
a Subsequent Option granted hereunder shall be as follows: 
 (A) the term of the Subsequent Option shall be six
(6) years. 
 (B) the Subsequent Option shall be exercisable only while the Outside Director remains a Director of the
Company, except as set forth in Sections 8 and 10 hereof. 
 (C) the exercise price per Share shall be 100% of the Fair
Market Value per Share on the date of grant of the Subsequent Option. 
 (D) subject to Section 10 hereof, the Subsequent Option shall become exercisable cumulatively with respect to 1/12th of the Subsequent
Option at the end of each month after the date of grant, so that the Subsequent Option shall be fully exercisable 1 year after its date of grant, provided that the Optionee continues to serve as a Director on such dates. 
 (vii) In the event that any Option granted under the Plan would cause the number of Shares subject to outstanding Options plus the number
of Shares previously purchased under Options to exceed the Pool, then the remaining Shares available for Option grant shall be granted under Options to the Outside Directors on a pro rata basis. No further grants shall be made until such time, if
any, as additional Shares become available for grant under the Plan through action of the Board or the shareholders to increase the number of Shares which may be issued under the Plan or through cancellation or expiration of Options previously
granted hereunder. 
 5. Eligibility. Options may be granted only to Outside Directors. All Options shall be automatically granted in
accordance with the terms set forth in Section 4 hereof. 
 The Plan shall not confer upon any Optionee any right with respect to
continuation of service as a Director or nomination to serve as a Director, nor shall it interfere in any way with any rights which the Director or the Company may have to terminate the Director’s relationship with the Company at any time.

 6. Term of Plan. The Plan shall become effective upon the earlier to occur of its adoption by the Board or its approval
by the shareholders of the Company as described in Section 16 of the Plan; provided, however, the Plan shall not become effective until the effective date of the Company’s initial public offering pursuant to a registration statement filed
with the Securities and Exchange Commission. It shall continue in effect for a term of ten (10) years unless sooner terminated under Section 11 of the Plan. 
 7. Form of Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall consist of (i) cash, (ii) check, (iii) other
shares which (x) in the case of Shares acquired upon exercise of an option, have been owned by the Optionee for more than six (6) months on the date of surrender, and (y) have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which said Option shall be exercised, (iv) consideration received by the Company under a cashless exercise program implemented by the Company in connection with the Plan, or (v) any combination
of the foregoing methods of payment. 
 8. Exercise of Option. 
 (a) Procedure for Exercise; Rights as a Shareholder. Any Option granted hereunder shall be exercisable at such times as
are set forth in Section 4 hereof; provided, however, that no Options shall be exercisable until shareholder approval of the Plan in accordance with Section 16 hereof has been obtained. 
 An Option may not be exercised for a fraction of a Share. 

 An Option shall be deemed to be exercised when written notice of such exercise has been
given to the Company in accordance with the terms of the Option by the person entitled to exercise the Option and full payment for the Shares with respect to which the Option is exercised has been received by the Company. Full payment may consist of
any consideration and method of payment allowable under Section 7 of the Plan. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the stock certificate
evidencing such Shares, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. A share certificate for the number of Shares so acquired
shall be issued to the Optionee as soon as practicable after exercise of the Option. No adjustment shall be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in
Section 10 of the Plan. 
 Exercise of an Option in any manner shall result in a decrease in the number of Shares which
thereafter may be available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 
 (b) Termination of Continuous Status as a Director. Subject to Section 10 hereof, in the event an Optionee’s status as a Director terminates (other than upon the Optionee’s death or
Disability), the Optionee may exercise his or her Option, but only within three (3) months following the date of such termination, and only to the extent that the Optionee was entitled to exercise it on the date of such termination (but in no
event later than the expiration of its six (6) year term). To the extent that the Optionee was not entitled to exercise an Option on the date of such termination, and to the extent that the Optionee does not exercise such Option (to the extent
otherwise so entitled) within the time specified herein, the Option shall terminate. 
 (c) Disability of Optionee. In
the event Optionee’s status as a Director terminates as a result of Disability, the Optionee may exercise his or her Option, but only within twelve (12) months following the date of such termination, and only to the extent that the
Optionee was entitled to exercise it on the date of such termination (but in no event later than the expiration of its six (6) year term). To the extent that the Optionee was not entitled to exercise an Option on the date of termination, or if
he or she does not exercise such Option (to the extent otherwise so entitled) within the time specified herein, the Option shall terminate. 
 (d) Death of Optionee. In the event of an Optionee’s death, the Optionee’s estate or a person who acquired the right to exercise the Option by bequest or inheritance may exercise the Option,
but only within twelve (12) months following the date of death, and only to the extent that the Optionee was entitled to exercise it on the date of death (but in no event later than the expiration of its six (6) year term). To the extent
that the Optionee was not entitled to exercise an Option on the date of death, and to the extent that the Optionee’s estate or a person who acquired the right to exercise such Option does not exercise such Option (to the extent otherwise so
entitled) within the time specified herein, the Option shall terminate. 
 9. Non-Transferability of Options. The Option may not be
sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee. 
 10. Adjustments Upon Changes in Capitalization, Dissolution, Merger or Asset Sale. 
 (a) Changes in Capitalization. Subject to any required action by the shareholders of the Company, the number of Shares covered by
each outstanding Option, the number of Shares which have been authorized for issuance under the Plan but as to which no Options have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Option, as well as
the price per Share covered by each such outstanding Option, and the number of Shares issuable pursuant to the automatic grant provisions of Section 4 hereof shall be proportionately adjusted for any increase or decrease in the number of issued
Shares resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company;
provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Except as expressly provided herein, no issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Option. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, to the extent that an
Option has not been previously exercised, it shall terminate immediately prior to the consummation of such proposed action. 
 (c) Merger or Asset Sale. In the event of a merger of the Company with or into another corporation or the sale of substantially all of the assets of the Company, outstanding Options may be assumed or equivalent options may be
substituted by the successor corporation or a Parent or Subsidiary thereof (the “Successor Corporation”). If an Option is assumed or substituted for, the Option or equivalent option shall continue to be exercisable as provided in
Section 4 hereof for so long as the Optionee serves as a Director or a director of the Successor Corporation. Following such assumption or substitution, if the Optionee’s status as a Director or director of the Successor Corporation, as
applicable, is terminated other than upon a voluntary resignation by the Optionee, the Option or option shall become fully exercisable, including as to Shares for which it would not otherwise be exercisable. Thereafter, the Option or option shall
remain exercisable in accordance with Sections 8(b) through (d) above. 
 If the Successor Corporation does not assume an
outstanding Option or substitute for it an equivalent option, the Option shall become fully vested and exercisable, including as to Shares for which it would not otherwise be exercisable. In such event the Board shall notify the Optionee that the
Option shall be fully exercisable for a period of fifteen (15) days from the date of such notice, and upon the expiration of such period the Option shall terminate. 

 For the purposes of this Section 10(c), an Option shall be considered assumed if,
following the merger or sale of assets, the Option confers the right to purchase or receive, for each Share of Optioned Stock subject to the Option immediately prior to the merger or sale of assets, the consideration (whether stock, cash, or other
securities or property) received in the merger or sale of assets by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the
holders of a majority of the outstanding Shares). If such consideration received in the merger or sale of assets is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor
corporation, provide for the consideration to be received upon the exercise of the Option, for each Share of Optioned Stock subject to the Option, to be solely common stock of the successor corporation or its Parent equal in fair market value to the
per share consideration received by holders of Common Stock in the merger or sale of assets. 
 11.
Amendment and Termination of the Plan. 
 (a) Amendment and Termination. The Board may
at any time amend, alter, suspend, or discontinue the Plan, but no amendment, alteration, suspension, or discontinuation shall be made which would impair the rights of any Optionee under any grant theretofore made, without his or her consent. In
addition, to the extent necessary and desirable to comply with any applicable law, regulation or stock exchange rule, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required. 

(b) Effect of Amendment or Termination. Any such amendment or termination of the Plan shall not affect
Options already granted and such Options shall remain in full force and effect as if this Plan had not been amended or terminated. 
 12.
Time of Granting Options. The date of grant of an Option shall, for all purposes, be the date determined in accordance with Section 4 hereof. 
 13. Conditions Upon Issuance of Shares. Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and the issuance and delivery of such Shares
pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, state securities laws, and the requirements
of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 As a condition to the exercise of an Option, the Company may require the person exercising such Option to represent and warrant at the
time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares, if, in the opinion of counsel for the Company, such a representation is required by any of the
aforementioned relevant provisions of law. 
 Inability of the Company to obtain authority from any regulatory body having
jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to
which such requisite authority shall not have been obtained. 
 14. Reservation of Shares. The Company, during the term of
this Plan, will at all times reserve and keep available such number of Shares as shall be sufficient to satisfy the requirements of the Plan. 
 15. Option Agreement. Options shall be evidenced by written option agreements in such form as the Board shall approve. 
 16.
Shareholder Approval. The Plan shall be subject to approval by the shareholders of the Company within twelve (12) months after the date the Plan is adopted. Such shareholder approval shall be obtained in the degree and manner required
under applicable state and federal law and any stock exchange rules.

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