<SEC-DOCUMENT>0001144204-14-057866.txt : 20140925
<SEC-HEADER>0001144204-14-057866.hdr.sgml : 20140925
<ACCEPTANCE-DATETIME>20140925170132
ACCESSION NUMBER:		0001144204-14-057866
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20140925
DATE AS OF CHANGE:		20140925
EFFECTIVENESS DATE:		20140925

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dehaier Medical Systems Ltd
		CENTRAL INDEX KEY:			0001474627
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-198940
		FILM NUMBER:		141121141

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 501, JIUZHOU PLAZA
		STREET 2:		83 FUXING ROAD,
		CITY:			HAIDIAN DISTRICT, BEIJING
		STATE:			F4
		ZIP:			100856
		BUSINESS PHONE:		(8610) 5166-0080

	MAIL ADDRESS:	
		STREET 1:		SUITE 501, JIUZHOU PLAZA
		STREET 2:		83 FUXING ROAD,
		CITY:			HAIDIAN DISTRICT, BEIJING
		STATE:			F4
		ZIP:			100856
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>v388937_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on September 25, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Dehaier Medical Systems Limited </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <TD STYLE="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>British Virgin Islands</b></font></td>
    <TD STYLE="vertical-align: top; width: 50%; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>Not applicable</b></font></td></tr>
<tr>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation or organization)</P></td>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <TD STYLE="vertical-align: top; width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Suite 501, Jiuzhou Plaza </b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>83 Fuxing Road, Haidian District </b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Beijing 100856 China </b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>+86 (10) 5166-0080</b></P></td>
    <TD STYLE="vertical-align: top; width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CT Corporation System</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>111 Eighth Avenue</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>New York, New York 10011</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(800) 624-0909</b></P></td></tr>
<tr>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><font style="font-size: 10pt">(Address of Principal Executive Offices) (ZIP Code)</font></td>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><font style="font-size: 10pt">(Name, address and telephone number, including area code, of agent for service)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>



<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Dehaier Medical Systems Limited 2013
Share Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Dehaier Medical Systems Limited 2014
Share Incentive Plan </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Full titles of the plans)</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>With copies to:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Anthony W. Basch,&nbsp;Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>J. Britton Williston,&nbsp;Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Kaufman&nbsp;&amp;&nbsp;Canoles,&nbsp;P.C.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Two James Center</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>1021 East Cary Street, Suite 1400</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Richmond, Virginia 23219 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(804)&nbsp;771-5700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 40%"><font style="font-size: 10pt">Large accelerated filer</font></td>
    <TD STYLE="width: 25%"><font style="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></font></td>
    <TD STYLE="width: 17%"><font style="font-size: 10pt">Accelerated filer</font></td>
    <TD STYLE="width: 18%"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Non-accelerated filer (Do not check if a smaller reporting company)</font></td>
    <TD><font style="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></font></td>
    <TD><font style="font-size: 10pt">Smaller reporting company</font></td>
    <TD NOWRAP><FONT STYLE="font-family: Wingdings">&#168;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>&nbsp;<B>&nbsp;</B></SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Registration Fee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.05pt 0pt 0; text-align: center">Title&nbsp;of&nbsp;securities&nbsp;to&nbsp;be</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.05pt 0pt 0; text-align: center">registered</P></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.05pt 0pt 0; text-align: center">Amount&nbsp;to&nbsp;be</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.05pt 0pt 0; text-align: center">registered<SUP>(1)</SUP></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proposed&nbsp;maximum</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.05pt 0pt 0; text-align: center">offering&nbsp;price&nbsp;per&nbsp;share</P></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.05pt 0pt 0; text-align: center">Proposed&nbsp;maximum</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.05pt 0pt 0; text-align: center">aggregate&nbsp;offering&nbsp;price<SUP>(5)</SUP></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.05pt 0pt 0; text-align: center">Amount&nbsp;of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.05pt 0pt 0; text-align: center">registration&nbsp;fee<SUP>(5)</SUP></P></TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 21%"><FONT STYLE="font-size: 10pt">Common shares, par value $0.002731 per share, under the 2013 Share Incentive Plan</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">462,000</FONT></TD>
    <TD NOWRAP STYLE="width: 2%"><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">5.42</FONT></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 21%; padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">2,504,040</FONT></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">322.52</FONT></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Common shares, par value $0.002731 per share, under the 2014 Share Incentive Plan</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">231,000</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><SUP>(3)</SUP>&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">5.31</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">1,226,610</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">157.99</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Common shares, par value $0.002731 per share, under the 2014 Share Incentive Plan</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">235,800</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><SUP>(4)</SUP>&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">5.42</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">1,278,036</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">164.61</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">928,800</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">N/A</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 1.05pt; text-align: right"><FONT STYLE="font-size: 10pt">645.12</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt"><SUP>(6)</SUP></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) Pursuant to Rule 416(a) under the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement includes an indeterminate number of additional shares
which may be issuable in accordance with the 2014 Share Incentive Plan (the &ldquo;2014 Plan&rdquo;) and the 2013 Share Incentive
Plan (the &ldquo;2013 Plan) to prevent dilution from stock splits, stock dividends or similar transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) The 462,800 shares registered hereby represent common shares
issuable pursuant to the 2013 Plan, either directly or upon exercise of options or warrants issued under the 2013 Plan. The aggregate
offering price and fee associated with such shares were calculated in accordance with Rule 457(h) and 457(c) based on the average
of the high and low prices reported for the Registrant&rsquo;s common shares on the NASDAQ Capital Market on September 24, 2014,
which were $5.00 and $5.83, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3) 231,000 common shares granted under the 2014 Plan have a
price of $5.31 per share. The aggregate offering price and fee associated with these ordinary shares were determined in accordance
with Rule 457(h)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4) The remaining 235,800 shares registered hereby represent
common shares issuable pursuant to the 2014 Plan, either directly or upon exercise of options or warrants issued under the 2014
Plan. The remaining 235,800 shares available under the 2014 Plan have not been granted. The 2014 Plan provides that the maximum
number of shares of company stock that may be granted pursuant to the 2014 Plan shall not exceed ten percent of the number of issued
and outstanding shares of company stock as of December 31 of the immediately preceding fiscal year. Thus, an additional number
of common shares may automatically be added annually to the common shares authorized for issuance under the 2014 Plan on January
1 of each calendar year, from January 1, 2015 through January 1, 2024. The aggregate offering price and fee associated with the
235,800 shares registered hereby were calculated in accordance with Rule 457(h) and 457(c) based on the average of the high and
low prices reported for the Registrant&rsquo;s common shares on the NASDAQ Capital Market on September 24, 2014, which were $5.00
and $5.83, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5) Determined in accordance with Rule 457(h).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(6) Paid herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Dehaier Medical
Systems Limited (the &ldquo;Registrant&rdquo;) has prepared this Registration Statement in accordance with the requirements of
Form&nbsp;S-8 under the Securities Act to register its common shares,</FONT> <FONT STYLE="font-size: 10pt">par value $0.002731
per share, issuable pursuant to the Plan.&nbsp; The Registrant&rsquo;s stockholders approved the Plan on July 28, 2014.&nbsp; This
Registration Statement is being filed in order to register the Registrant&rsquo;s common shares that may be offered or sold to
participants under the Plan, either directly or upon exercise of options or warrants issued under the Plan. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in"><font style="font-size: 10pt"><b>Item&nbsp;1.</b></font></td>
    <TD><font style="font-size: 10pt"><b>Plan Information.</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The documents containing the information
specified in this Item&nbsp;1 will be sent or given to employees, officers, directors or others as specified by Rule 428(b)(1)
under the Securities Act. In accordance with the rules and regulations of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
and the instructions to Form&nbsp;S-8, such documents are not being filed with the SEC either as part of this Registration Statement
or as prospectuses or prospectus supplements pursuant to Rule&nbsp;424 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in"><font style="font-size: 10pt"><b>Item&nbsp;2.</b></font></td>
    <TD><font style="font-size: 10pt"><b>Registration Information and Employee Plan Annual Information.</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The documents containing the information
specified in this Item&nbsp;2 will be sent or given to employees, officers, directors or others as specified by Rule 428(b)(1)
under the Securities Act. In accordance with the rules and regulations of the SEC and the instructions to Form&nbsp;S-8, such documents
are not being filed with the SEC either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant
to Rule 424 under the Securities Act. Such documents, together with the documents incorporated by reference herein pursuant to
Item&nbsp;3 of Part&nbsp;II of this Registration Statement on Form&nbsp;S-8, constitute a prospectus that meets the requirements
of Section&nbsp;10(a) of the Securities Act, and are available upon written request to: Secretary, Dehaier Medical Systems Limited,
Suite 501, Jiuzhou Plaza, 83 Fuxing Road, Haidian District, Beijing 100856 China, +86 (10) 5166-0080.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reoffer Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>231,000 SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEHAIER MEDICAL SYSTEMS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMMON SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus relates to the reoffer and
resale by a selling shareholder of our common shares that were issued or may be issued by us to the selling shareholder as restricted
shares or upon the exercise of share options granted under the Dehaier Medical Systems Limited 2014 Share Incentive Plan. The shares
are being reoffered and resold for the account of the selling shareholder, and we will not receive any of the proceeds from the
resale of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling shareholder&rsquo;s sales may
be effected from time to time in one or more transactions on the NASDAQ Capital Market, in negotiated transactions or otherwise,
at market prices prevailing at the time of the sale or at prices otherwise negotiated. See &ldquo;Plan of Distribution.&rdquo;
We will bear all expenses in connection with the preparation of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our ordinary shares are traded on the NASDAQ
Capital Market under the symbol &ldquo;DHRM.&rdquo; On September 24, 2014, the closing price for our common shares, as reported
on the NASDAQ Capital Market was $5.05 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our principal executive offices are located
at Room 501, 83 Fuxing Road, Haidian District, Beijing 100856, People&rsquo;s Republic of China, and our telephone number there
is +86 (10) 5166-0080.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 15%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>This investment involves risk. See
&ldquo;Risk Factors&rdquo; beginning at page 4.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 15%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION
NOR ANY STATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES COMMISSION HAS APPROVED OR
DISAPPROVED OF THESE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES OR PASSED UPON THE ACCURACY
OR ADEQUACY OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THIS PROSPECTUS. ANY REPRESENTATION TO
THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this Reoffer Prospectus is
September 25, 2014.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 89%"><font style="font-size: 10pt">Forward Looking Statements</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 8%; text-align: right"><font style="font-size: 10pt">3</font></td>
    <td nowrap style="width: 1%">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">Risk Factors</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">4</font></td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">The Company</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">5</font></td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">Selling Shareholders</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">6</font></td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">Plan Of Distribution</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">7</font></td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">Experts</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">7</font></td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">Legal Matters</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">7</font></td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">Where You Can Find More Information</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">7</font></td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">Incorporation Of Certain Information By Reference</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">8</font></td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">Indemnification</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">9</font></td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td nowrap>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-size: 10pt">Information Required In The Section 10(A) Prospectus</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="font-size: 10pt">9</font></td>
    <td nowrap>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORWARD LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This document contains certain statements
of a forward-looking nature. Such forward-looking statements, including but not limited to projected growth, trends and strategies,
future operating and financial results, financial expectations and current business indicators are based upon current information
and expectations and are subject to change based on factors beyond the control of the Company. Forward-looking statements typically
are identified by the use of terms such as &ldquo;look,&rdquo; &ldquo;may,&rdquo; &ldquo;should,&rdquo; &ldquo;might,&rdquo; &ldquo;believe,&rdquo;
&ldquo;plan,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate&rdquo; and similar words, although some forward-looking
statements are expressed differently. The accuracy of such statements may be impacted by a number of business risks and uncertainties
that could cause actual results to differ materially from those projected or anticipated, including but not limited to the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">the timing of the development of future products;</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">projections of revenue, earnings, capital structure and other financial items;</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">statements of our plans and objectives;</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">statements regarding the capabilities of our business operations;</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">statements of expected future economic performance;</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">statements regarding competition in our market; and</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font: 10pt Symbol">&middot;</font></td>
    <td><font style="font-size: 10pt">assumptions underlying statements regarding us or our business.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update
this forward-looking information. Nonetheless, the Company reserves the right to make such updates from time to time by press release,
periodic report or other method of public disclosure without the need for specific reference to this Report. No such update shall
be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any
other updates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investment in our securities involves a
high degree of risk. You should carefully consider the risks incorporated by reference to our annual report on Form 20-F filed
with the SEC on April 1, 2014 together with all of the other information included in this prospectus before making an investment
decision. The risks and uncertainties incorporated herein by reference are not the only ones we face, but represent the material
risks to our business. There may be additional risks and uncertainties not currently known to us or that we currently do not believe
are material that may harm our business and financial performance. If any of the risks actually occurs, our business, financial
condition or results of operations could suffer. In that case, you may lose all or part of your investment. You should not invest
in this offering unless you can afford to lose your entire investment. You should carefully consider these risk factors, together
with all of the other information in this prospectus and the documents we have incorporated by reference in the section &ldquo;Where
You Can Find Additional Information&rdquo; located on page 7 of this prospectus before you decide to purchase any of our ordinary
shares (&ldquo;Shares&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business consists of the marketing and
sale of home respiratory and oxygen homecare products and services as well as other medical devices in China. We develop and assemble
some of our branded products from components manufactured by third parties according to our specifications. We do not manufacture
these components ourselves. In addition to our branded products, we also sell a variety of products developed, manufactured and
assembled by third parties, which we refer to in this prospectus as our distributed products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We sell the majority of our branded and
distributed products to distributors, and a very small amount to other end users. Distributors, however, sell their products to
the same end users, which include hospitals, clinics and individuals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have contractual distribution relationships
with over 2,000 independent distributors, keep close relationships with 3,000 hospitals and employ 70 direct sales and sales support
personnel. We distribute our medical products through more than 20 offices in different regions of China, and we leverage our customer
experience centers to distribute homecare products to our customers. We have begun to develop our business internationally by entering
distribution relationships with third parties and employing our own direct sales force. We have recently established an oxygen
therapy center in Beijing to deliver oxygen and cross-sell homecare products through this platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our principal executive offices are located
at Room 501, Jiuzhou Plaza, 83 Fuxing Road, Haidian District, Beijing 100856, People&rsquo;s Republic of China. Our telephone number
at this address is +86 (10) 5166-0080. Our common shares are traded on the NASDAQ Capital Market under the symbol &ldquo;DHRM.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Internet website, www.dehaier.com.cn,
provides a variety of information about our Company. We do not incorporate by reference into this prospectus the information on,
or accessible through, our website, and you should not consider it as part of this prospectus. Our annual reports on Form 20-F
and current reports on Forms 6-K filed with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;) are available,
as soon as practicable after filing, at the investors&rsquo; page on our corporate website, or by a direct link to its filings
on the SEC&rsquo;s free website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SELLING SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus relates to the Shares that
are being registered for reoffers and resales by a selling shareholder who has acquired or may acquire Shares pursuant to the Plan.&nbsp;&nbsp;Such
selling shareholder is an &ldquo;affiliate&rdquo; (as such term is defined under Rule 405 under the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling shareholder is our current Chief
Executive Officer and a director, Ping Chen. Mr. Chen has acquired or may acquire in the future Shares under the Plan.&nbsp;&nbsp;Mr.
Chen may, from time to time, resell all, a portion or none of the Shares covered by this prospectus.&nbsp;&nbsp;There is no assurance
that Mr. Chen will sell any or all of the Shares offered by him under this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any changed information will be set forth
in an amendment to the registration statement or supplement to this prospectus, to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Shares to which this reoffer prospectus
relates are being registered for reoffers and resales by the selling shareholder, who acquired the Shares pursuant to an option
agreement or restricted share agreement with our company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The table below sets forth with respect
to the selling shareholder, based upon information available as of September 24, 2014, the number of Shares owned before sale (including,
the common shares covered by this reoffer prospectus, common shares not covered by this reoffer prospectus and vested and unvested
options to purchase common shares), the number of Shares registered by this reoffer prospectus and the number and percent of outstanding
Shares that will be owned after the sale of the registered ordinary shares assuming the sale of all of the registered common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling
        Shareholder</FONT></P></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    of Shares owned before sale</FONT></td>
    <td nowrap><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    of Shares registered by this reoffer prospectus<SUP>(1)</SUP></FONT></td>
    <td nowrap><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    of Shares owned after sale</FONT></td>
    <td nowrap><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percentage
    of Shares owned after sale<SUP>(2)</SUP></FONT></td>
    <td nowrap><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom">
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td nowrap><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td nowrap><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td nowrap><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td colspan="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td nowrap><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ping Chen</FONT></td>
    <td style="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,579,742</FONT></td>
    <td nowrap><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<SUP>(3)</SUP></FONT></td>
    <td style="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">231,000</FONT></td>
    <td nowrap><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,348,742</FONT></td>
    <td nowrap><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>(4)</SUP></FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22.10</FONT></td>
    <td nowrap><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></td></tr>
</table>



<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 15%; color: black">

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px"><font style="font-size: 10pt"><sup>(1)</sup></font></td>
    <td><font style="font-size: 10pt">Represents the maximum number of Shares issued under the Incentive Plan that could be sold under this prospectus if the holder exercised all of his options when vested and sold the underlying Shares and sold all restricted shares when vested.&nbsp;&nbsp;Does not constitute a commitment to sell any or all of the stated number of Shares.&nbsp;&nbsp;The number of Shares to be sold shall be determined from time to time by each selling shareholder in his discretion.&nbsp;&nbsp;Includes Shares underlying vested and unvested options.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Based on 6,103,675 Shares outstanding, which
includes 5,628,675 Shares outstanding as of September 24, 2014, and assumes all Mr. Chen's contingently issuable Shares (100,000
vested yet unissued Shares, 60,000 vested options not yet exercised, and 315,000 unvested options) will be issued. Does not include
the effect of issuing Shares to any other option or warrant holders. To the extent (a) Shares underlying options held by Mr. Chen
are not issued, or (b) Shares underlying options or warrants held by others are issued, Mr. Chen's percentage ownership would be
lower than this amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>


</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">Represents (a) 1,104,742 Shares held by Chen Ping Ltd,
of which Ping Chen has the sole power to direct the voting and disposition, (b) Shares underlying options to purchase 60,000 Shares
that have already vested, (c) Shares underlying options to purchase 90,000 and 94,000 Shares that were granted to Mr. Chen on
December 29, 2011 and October 7, 2013, respectively, that have not vested, (d) Shares underlying options to purchase 100,000 Shares
that were granted to Mr. Chen on August 20, 2014 that have not vested and (e) 100,000 Shares granted to Mr. Chen on August 20,
2014 that immediately vested.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(4)</SUP></TD><TD STYLE="text-align: justify">Represents (a) 1,104,742 Shares held by Chen Ping Ltd,
of which Ping Chen has the sole power to direct the voting and disposition, (b) Shares underlying options to purchase 60,000 Shares
that have already vested, and (c) Shares underlying options to purchase 90,000 and 94,000 Shares that were granted to Mr. Chen
on December 29, 2011 and October 7, 2013, respectively, that have not vested.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Shares may be offered by the selling
shareholders from time to time in transactions on the NASDAQ Capital Market, any other stock exchange, market or trading facility
on which our Shares are traded, in the over-the-counter market, in negotiated transactions, through the writing of options on the
Shares or a combination of these methods of sale, at prices related to prevailing market prices or at negotiated prices. The selling
shareholders may effect these transactions by selling the Shares to or through broker-dealers and these broker-dealers may receive
compensation in the form of discounts, concessions or commissions from the selling shareholders and/or the purchaser of the Shares
for which such broker-dealers may act as agent or to whom they sell as principal, or both. This compensation as to a particular
broker-dealer might be in excess of customary commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There is no assurance that any of the selling
shareholders will sell any or all of the Shares offered under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have agreed to pay all expenses incurred
in connection with the registration of the Shares offered under this prospectus, except that the selling shareholders shall be
responsible for all underwriting discounts and selling commissions, fees and expenses of counsel and other advisors to the selling
shareholders, transfer taxes and related charges in connection with the offer and sale of these Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consolidated financial statements incorporated
by reference in this prospectus and elsewhere in the registration statement have been so included in reliance on the report of
Friedman LLP, an independent registered public accounting firm, upon the authority of said firm as experts in auditing and accounting
in giving said report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain legal matters with respect to the
validity of the Shares offered hereby have been passed upon by Kaufman &amp; Canoles, P.C., British Virgin Islands counsel to our
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We file annual reports, proxy statements
and other information required by the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;). You may read and copy any document which we file at the SEC&rsquo;s public reference
rooms located at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the
public reference rooms. Our SEC filings are also available to the public from the SEC&rsquo;s web site at http://www.sec.gov. Additional
information about us may also be obtained at our web site at www.dehaier.com.cn. We have filed with the SEC a registration statement
on Form S-8 (the &ldquo;Registration Statement&rdquo;) under the Securities Act with respect to the Shares. This reoffer prospectus,
which constitutes a part of that Registration Statement, does not contain all the information contained in that Registration Statement
and its exhibits. For further information with respect to us and our ordinary shares, you should consult the Registration Statement
and its exhibits. Statements contained in this reoffer prospectus concerning the provisions of any documents are necessarily summaries
of those documents, and each statement is qualified in its entirety by reference to the copy of the document filed with the SEC.
The Registration Statement and any of its amendments, including exhibits filed as a part of the Registration Statement or an amendment
to the Registration Statement, are available for inspection and copying through the entities listed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; the information that we file with them, which means that we can disclose important information to you by referring
you to the other information we have filed with the SEC. The information that we incorporate by reference is considered to be part
of this reoffer prospectus, and information that we file later with the SEC will automatically update and supersede this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents filed by us with
the SEC pursuant to Section 13 of the Exchange Act (File No. 001-33113) and any future filings under Sections 13(a), 13(c), 14
or 15(d) of the Exchange Act made before the termination of the offering are incorporated by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 3%">&nbsp;</td>
    <td style="vertical-align: top; width: 3%"><font style="font-size: 10pt">(1)</font></td>
    <td style="vertical-align: top; width: 94%"><font style="font-size: 10pt">Our annual report on Form 20-F for the fiscal year ended December 31, 2013, filed with the SEC on April 1, 2014;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 3%">&nbsp;</td>
    <td style="vertical-align: top; width: 3%"><font style="font-size: 10pt">(2)</font></td>
    <td style="vertical-align: top; width: 94%"><font style="font-size: 10pt">Our current reports on Form 6-K, filed with the SEC on April 11, 2014, June 5, 2014 and July 30, 2014;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="width: 3%">&nbsp;</td>
    <td style="vertical-align: top; width: 3%"><font style="font-size: 10pt">(3)</font></td>
    <td style="vertical-align: top; width: 94%"><font style="font-size: 10pt">The description of the common shares, $0.002731 par value per share, contained in the Registrant&rsquo;s registration statement on Form S-1 filed with the SEC November 12, 2009 (File Number 333-163041) and declared effective by the SEC on March 26, 2010, and any amendment or report filed with the SEC for purposes of updating such description.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All documents that we have filed with the
SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of this reoffer prospectus and prior
to the completion of the offering shall be deemed to be incorporated by reference into this reoffer prospectus and to be part
of this reoffer prospectus from the date of filing of these documents. We will provide without charge to each person, including
any beneficial owner, to whom a copy of this reoffer prospectus is delivered a copy of any or all documents incorporated by reference
into this reoffer prospectus except the exhibits to such documents, unless such exhibits are specifically incorporated by reference
in such documents. You may request copies by writing or telephoning Secretary, Dehaier Medical Systems Limited, Room 501, 83 Fuxing
Road, Haidian District, Beijing 100856, People&rsquo;s Republic of China; telephone number +86 (10) 5166-0080.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEMNIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">British Virgin Islands law does not limit
the extent to which a company&rsquo;s memorandum and articles of association may provide for indemnification of officers and directors,
except to the extent any such provision may be held by the British Virgin Islands courts to be contrary to public policy, such
as to provide indemnification against civil fraud or the consequences of committing a crime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under our third amended and restated memorandum
and articles of association, we may indemnify our directors, officers and liquidators against all expenses, including legal fees,
and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with civil, criminal, administrative
or investigative proceedings to which they are party or are threatened to be made a party by reason of their acting as our director,
officer or liquidator. To be entitled to indemnification, these persons must have acted honestly and in good faith with a view
to the best interest of the company and, in the case of criminal proceedings, they must have had no reasonable cause to believe
their conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to our directors, officers or persons controlling us under the foregoing
provisions, we have been informed that in the opinion of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Securities Act of 1933 and is therefore unenforceable as a matter of United States law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(A)
PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The documents containing the information
specified in Part I of Form S-8 (plan information and registration information) will be sent or given to the participants of the
Dehaier Medical Systems Limited 2014 Share Incentive Plan, as specified by Rule 428(b)(1) under the Securities Act of 1933, as
amended. Such documents need not be filed with the Securities and Exchange Commission either as part of this registration statement
or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents and the documents
incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of this registration statement, taken together,
constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PART
II</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in"><font style="font-size: 10pt"><b>Item&nbsp;3.</b></font></td>
    <TD><font style="font-size: 10pt"><b>Incorporation of Documents by Reference.</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following documents are incorporated
herein by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 0.25in"><font style="font-size: 10pt">(1)</font></td>
    <TD STYLE="vertical-align: top"><font style="font-size: 10pt">The Registrant&rsquo;s annual report on Form 20-F for the fiscal year ended December 31, 2013, filed with the SEC on April 1, 2014;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 0.25in"><font style="font-size: 10pt">(2)</font></td>
    <TD STYLE="vertical-align: top"><font style="font-size: 10pt">The Registrant&rsquo;s current reports on Form 6-K, filed with the SEC on April 11, 2014, June 5, 2014 and July 30, 2014; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 0.25in"><font style="font-size: 10pt">(3)</font></td>
    <TD STYLE="vertical-align: top"><font style="font-size: 10pt">The description of the common shares, $0.002731 par value per share, contained in the Registrant&rsquo;s registration statement on Form S-1 filed with the SEC November 12, 2009 (File Number 333-163041) and declared effective by the SEC on March 26, 2010, and any amendment or report filed with the SEC for purposes of updating such description.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All documents that we file with the SEC
pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of this Registration Statement and prior
to the filing of a post-effective amendment to this Registration Statement (that indicates that all securities offered have been
sold or that deregisters all securities then remaining unsold) shall be deemed to be incorporated by reference in this Registration
Statement and to be part hereof from the date of filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in"><font style="font-size: 10pt"><b>Item 4.&nbsp;</b></font></td>
    <TD><font style="font-size: 10pt"><b>Description of Securities.</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in"><font style="font-size: 10pt"><b>Item 5.&nbsp;</b></font></td>
    <TD><font style="font-size: 10pt"><b>Interests of Named Experts and Counsel.</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in"><font style="font-size: 10pt"><b>Item 6.&nbsp;</b></font></td>
    <TD><font style="font-size: 10pt"><b>Indemnification of Directors and Officers.</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">British Virgin Islands law does not limit
the extent to which a company&rsquo;s articles of association may provide for indemnification of officers and directors, except
to the extent any such provision may be held by the British Virgin Islands courts to be contrary to public policy, such as to provide
indemnification against civil fraud or the consequences of committing a crime. Under the memorandum and articles of association
of the Registrant, the Registrant may indemnify its directors, officers and liquidators against all expenses, including legal fees,
and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with civil, criminal, administrative
or investigative proceedings to which they are party or are threatened to be made a party by reason of their acting as our director,
officer or liquidator. To be entitled to indemnification, these persons must have acted honestly and in good faith with a view
to the best interest of the Registrant and, in the case of criminal proceedings, they must have had no reasonable cause to believe
their conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the Registrant pursuant
to the foregoing provisions, the Registrant has been informed that in the opinion of the SEC such indemnification is against public
policy as expressed in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in"><font style="font-size: 10pt"><b>Item 7.&nbsp;</b></font></td>
    <TD><font style="font-size: 10pt"><b>Exemption from Registration Claimed.</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in"><font style="font-size: 10pt"><b>Item 8.&nbsp;</b></font></td>
    <TD><font style="font-size: 10pt"><b>Exhibits.</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Exhibit Index is hereby incorporated
by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in"><font style="font-size: 10pt"><b>Item 9.</b></font></td>
    <TD><font style="font-size: 10pt"><b>Undertakings.</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) The undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt">(1) To file, during any period in which offers or sales
are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">(i) To include any prospectus required by Section 10(a)(3)
of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">(ii) To reflect in the prospectus any facts or events
arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of a prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in the effective registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt">(iii) To include any material information with respect
to the plan of distribution not previously disclosed in the registration statement or any material change to such information in
the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt">(2) That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial&nbsp;<I>bona
fide</I>&nbsp;offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt">(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) That, for the purposes of determining liability under the
Securities Act of 1933, each filing of the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section
15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to
be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be in the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c) Insofar as indemnification for liabilities arising under
the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing
provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
this Registration Statement on Form S-8 and has duly caused it to be signed on its behalf by the undersigned, thereunto duly authorized
in the City of Beijing, China on September 25, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="2"><font style="font-size: 10pt"><b>Dehaier Medical Systems Limited </b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 5%">&nbsp;</td>
    <TD STYLE="width: 45%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="border-bottom: black 1pt solid"><font style="font-size: 10pt">/s/&nbsp;Ping Chen</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:</font></td>
    <TD><font style="font-size: 10pt">Ping Chen</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:</font></td>
    <TD><font style="font-size: 10pt">Chief Executive Officer</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">(Principal Executive Officer)</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="border-bottom: black 1pt solid"><font style="font-size: 10pt">/s/&nbsp;Huili (Alisa) Li</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:</font></td>
    <TD><font style="font-size: 10pt">Huili (Alisa) Li</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:</font></td>
    <TD><font style="font-size: 10pt">Chief Financial Officer</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">(Principal Accounting and Financial Officer)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Signature-1</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Power of Attorney</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
each person whose signature appears below constitutes and appoints Ping Chen, his or her true and lawful attorney-in-fact and agent,
with full power of substitution and re-substitution, for him or her and in his or her name, place and stead, in any and all capacities,
to sign any or all amendments to this Registration Statement and any and all related registration statements and to file the same,
with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying
and confirming all that said attorneys-in-fact and agents, or any of them, or their substitute or substitutes, may lawfully do
or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, the following persons in the capacities and on the dates indicated have signed this Registration Statement on Form
S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 32%; text-align: center"><font style="font-size: 10pt"><b>SIGNATURE</b></font></td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 32%; text-align: center"><font style="font-size: 10pt"><b>TITLE</b></font></td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 32%; text-align: center"><font style="font-size: 10pt"><b>DATE</b></font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><font style="font-size: 10pt">/s/ Ping Chen</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Chief Executive Officer and Director</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">September 25, 2014</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Ping Chen</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">(Principal Executive Officer)</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><font style="font-size: 10pt">/s/ Huili (Alisa) Li</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Chief Financial Officer and Director</font></td>
    <TD>&nbsp;</td>
    <TD><FONT STYLE="font-size: 10pt">September 25, 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Huili (Alisa) Li</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">(Principal Accounting and Financial Officer)</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><font style="font-size: 10pt">/s/&nbsp;Phil Fan</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Director</font></td>
    <TD>&nbsp;</td>
    <TD><FONT STYLE="font-size: 10pt">September 25, 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Phil Fan</font></td>
    <TD>&nbsp;</td>
    <TD NOWRAP><font style="font-size: 10pt">(Authorized Representative in the United States)</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><font style="font-size: 10pt">/s/ Mingwei Zhang</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Director</font></td>
    <TD>&nbsp;</td>
    <TD><FONT STYLE="font-size: 10pt">September 25, 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Mingwei Zhang</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><font style="font-size: 10pt">/s/ Genhui Chen</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Director</font></td>
    <TD>&nbsp;</td>
    <TD><FONT STYLE="font-size: 10pt">September 25, 2014</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">Genhui Chen</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Signature-2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>EXHIBIT
INDEX</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 10%; border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Exhibit&nbsp;Number</b></font></td>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 88%"><font style="font-size: 10pt"><b>Description&nbsp;of&nbsp;Exhibit</b></font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">4.1</font></td>
    <TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Specimen Share Certificate<sup>(1)</sup></font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">5.1</font></td>
    <TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Opinion of Kaufman &amp; Canoles, P.C., British Virgin Islands Counsel<sup>(2)</sup></font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">23.1</font></td>
    <TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Consent of Friedman LLP<sup> (2)</sup></font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">23.2</font></td>
    <TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Consent of Kaufman &amp; Canoles, P.C., British Virgin Islands Counsel (contained in Exhibit 5.1)<sup>(2)</sup></font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">24.1</font></td>
    <TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Powers of Attorney (included in Part II of this Registration Statement)<sup>(2)</sup></font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">99.1</font></td>
    <TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Dehaier Medical Systems Ltd 2013 Share Incentive Plan<sup>(2)</sup></font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt">99.2</font></td>
    <TD>&nbsp;</TD>
    <TD><font style="font-size: 10pt">Dehaier Medical Systems Ltd 2014 Share Incentive Plan<sup>(2)</sup></font></td></tr>
</table>


















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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in"><font style="font-size: 10pt"><sup>(1)</sup></font></td>
    <TD><font style="font-size: 10pt">Incorporated by reference to the Company&rsquo;s registration statement on Form S-1, file No. 333-163041, filed on November 12, 2009, as amended. </font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-size: 10pt"><sup>(2)</sup></font></td>
    <TD><font style="font-size: 10pt">Filed herewith.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit-1</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>v388937_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73%; font-size: 10pt"><IMG SRC="image_002.jpg" ALT=""></TD>
    <TD STYLE="width: 27%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Kaufman &amp; Canoles,
        P.C.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Two James Center, 14th
        Floor</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">1021 E. Cary St.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Richmond, VA 23219</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">T (804) 771.5700</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">F (804) 771.5777</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">kaufCAN.com</FONT></P></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September 25, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dehaier Medical Solutions Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Room 501, Jiuzhou Plaza, 83 Fuxing Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Haidian District, Beijing 100856</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">People&rsquo;s Republic of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Re: Dehaier Medical Systems Limited Form S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sir:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are British Virgin Islands counsel for Dehaier Medical Systems
Limited, a British Virgin Islands corporation (the &ldquo;Company&rdquo;), in connection with the registration and offering of
a number of the Company&rsquo;s common shares, US$0.002731 par value per share (the &ldquo;Common Shares&rdquo;) in an aggregate
dollar amount of US$4,684,209.00 offered for sale under the Securities Act of 1933, as amended, through a Registration Statement
on Form S-8 (&ldquo;Registration Statement&rdquo;) as to which this opinion is a part, to be filed with the United States Securities
and Exchange Commission (the &ldquo;Commission&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with this opinion, we have examined the Registration
Statement, the Company&rsquo;s Articles and Memorandum of Association, as amended to date, and the originals, or copies certified
to our satisfaction, of such records, documents, certificates, memoranda and other instruments as in our judgment are necessary
or appropriate to enable us to render the opinions expressed below (collectively, the &ldquo;Documents&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following opinion is given only as to matters of British
Virgin Islands law, and we express no opinion with respect to any matters governed by or construed in accordance with the laws
of any jurisdiction other than the British Virgin Islands. We have assumed that there is nothing under any law (other than the
laws of the British Virgin Islands) that would affect or vary the following opinion. We offer no opinion in relation to any representation
or warranty given by any party to the Documents save as specifically hereinafter set forth. This opinion is strictly limited to
the matters stated in it, does not apply by implication to other matters, and only relates to (1) those circumstances or facts
specifically stated herein and (2) the laws of the British Virgin Islands, as they respectively exist at the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In giving this opinion we have assumed, without independent
verification:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) the genuineness of all signatures and seals, the authenticity
of all documents submitted to us as originals, the conformity of all copy documents or the forms of documents provided to us to
their originals or, as the case may be, to the final form of the originals and that any markings showing revisions or amendments
to documents are correct and complete;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dehaier Medical Systems Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 25, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) that the copies produced to us of minutes of meetings and/or
of resolutions are true copies and correctly record the proceedings of such meetings and/or the subject matter which they propose
to record and that all factual statements therein contained are true and correct and that any meetings referred to in such copies
were duly convened and held and that all resolutions set out in such copy minutes or resolutions were duly passed and are in full
force and effect and that all factual statements made in such resolutions, the Director&rsquo;s Certificate and any other certificates
and documents on which we have relied are true and correct (and continue to be true and correct);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c) that the statutory registers of directors and officers,
members, mortgages and charges and the minute book of the Company are true, complete, accurate and up to date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) the accuracy of all representations, warranties and covenants
as to factual matters made by the parties to the Documents; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e) that there is no contractual or other prohibition (other
than as may arise by virtue of the laws of the British Virgin Islands) binding on the Company or on any other party prohibiting
it from entering into and performing its obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based upon the foregoing and in reliance thereon, it is our
opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&#9;The Common Shares of the Company (other than the Common
Share Grants and Option Grants) will, upon the receipt of full payment, issuance and delivery in accordance with the terms of the
offering described in the Registration Statement and registration in the register of members (shareholders) of the Company, be
fully and validly authorized, legally issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2.&#9;The 100,000 Common Shares of the Company (&ldquo;Common
Share Grants&rdquo;) granted to Mr. Ping Chen on August 20, 2014 have been duly authorized and are validly issued, fully paid and
nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.&#9;The 131,000 Common Shares of the Company (&ldquo;Option
Grants&rdquo;) underlying option grants made to Mr. Ping Chen on August 20, 2014 have been duly authorized, and when issued upon
exercise of such options against payment of the exercise price in accordance with the terms of the options, will be validly issued,
fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing opinion is subject to the following reservations
and qualifications:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. In the event that the Documents are executed in or brought
within the jurisdiction of the British Virgin Islands (e.g., for the purposes of enforcement or obtaining payment), stamp duty
may be payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. We neither express nor imply any opinion as to any representation
or warranty given by the Company in the Documents as to its capability (financial or otherwise) to undertake the obligations assumed
by it under the Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dehaier Medical Systems Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 25, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. To maintain the Company in good standing under the laws of
the British Virgin Islands annual fees must be paid and annual returns made. The annual fees are payable by the Company and will
not affect the non-assessable nature of the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the use of this opinion as an exhibit to
the Registration Statement and to the use of our name under the caption &ldquo;Legal Matters&rdquo; in the Prospectus constituting
a part thereof. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required
under section 7 of the U.S. Securities Act of 1933, as amended, or the Rules and Regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</td>
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-align: justify; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">Very truly yours,</font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">/s/ KAUFMAN &amp; CANOLES, P.C. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: justify; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">KAUFMAN &amp; CANOLES, P.C. </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>v388937_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="image_001.gif" ALT="" STYLE="height: 153px; width: 431px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference
in the Registration Statement Form S-8 pertaining to the 2013 Share Incentive Plan and 2014 Share Incentive Plan of Dehaier Medical
Systems Limited and Affiliate of our report dated March 31, 2014 with respect to the consolidated financial statements of Dehaier
Medical Systems Limited and Affiliate included in the Annual Report (Form 20-F) for the year ended December 31, 2013, filed with
the Securities and Exchange Commission on March 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Friedman LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 25, 2014</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>v388937_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEHAIER MEDICAL SYSTEMS LIMITED </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>2013 SHARE INCENTIVE PLAN </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">1. <U>Purpose and Effective Date</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) The purpose of the Dehaier
Medical Systems Limited 2013 Share Incentive Plan (the &ldquo;Plan&rdquo;) is to further the long term stability and financial
success of Dehaier Medical Systems Limited (the &ldquo;Company&rdquo;) by attracting and retaining personnel, including employees,
non-employee directors, and consultants, through the use of stock incentives. It is believed that ownership of Company stock will
stimulate the efforts of those employees upon whose judgment, interest and efforts the Company is and will be largely dependent
for the successful conduct of its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) The Plan was recommended
for approval by the Board of Directors on October 31, 2013. The Plan was approved by the shareholders of the Company on December
19, 2013 (the &ldquo;Effective Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">2.&nbsp;<U>Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a)&nbsp;<U>Act</U>. The Securities
Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b)&nbsp;<U>Affiliate</U>.
The meaning assigned to the term &ldquo;affiliate&rdquo; under Rule 12b-2 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c)&nbsp;<U>Applicable Withholding
Taxes</U>. The aggregate amount of federal, state and local income and payroll taxes that the Company is required to withhold (based
on the minimum applicable statutory withholding rates) in connection with any exercise of an Option or the award, lapse of restrictions
or payment with respect to Restricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(d)&nbsp;<U>Award</U>. The
award of an Option or Restricted Stock under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(e)&nbsp;<U>Beneficiary</U>.
The person or persons entitled to receive a benefit pursuant to an Award upon the death of a Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(f)&nbsp;<U>Board</U>. The
Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(g)&nbsp;<U>Cause</U>. Dishonesty,
fraud, misconduct, gross incompetence, gross negligence, breach of a material fiduciary duty, material breach of an agreement with
the Company, unauthorized use or disclosure of confidential information or trade secrets, or conviction or confession of a crime
punishable by law (except minor violations), in each case as determined by the Committee, which determination shall be binding.
Notwithstanding the foregoing, if &ldquo;Cause&rdquo; is defined in an employment agreement between a Participant and the Company,
&ldquo;Cause&rdquo; shall have the meaning assigned to it in such agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(h)&nbsp;<U>Change of Control</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">(i) The acquisition by any
unrelated person of beneficial ownership (as that term is used for purposes of the Act) of 50% or more of the then outstanding
common shares of the Company or the combined voting power of the then outstanding voting securities of the Company entitled to
vote generally in the election of directors. The term &ldquo;unrelated person&rdquo; means any person other than (x)&nbsp;the Company
and its subsidiaries, (y)&nbsp;an employee benefit plan or related trust sponsored by the Company or its subsidiaries, and (z)&nbsp;a
person who acquires stock of the Company pursuant to an agreement with the Company that is approved by the Board in advance of
the acquisition. For purposes of this subsection, a &ldquo;person&rdquo; means an individual, entity or group, as that term is
used for purposes of the Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">(ii) Any tender or exchange
offer, merger or other business combination, sale of assets or any combination of the foregoing transactions, and the Company is
not the surviving corporation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">(iii) A liquidation of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(i)&nbsp;<U>Code</U>. The Internal
Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(j)&nbsp;<U>Committee</U>.
The Compensation Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt">(k)&nbsp;<U>Company</U>. Dehaier
Medical Systems Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt">(l)&nbsp;<U>Company Stock</U>.
The common shares of the Company. In the event of a change in the capital structure of the Company (as provided in Section&nbsp;12
below), the shares resulting from such a change shall be deemed to be Company Stock within the meaning of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(m)&nbsp;<U>Consultant</U>.
A person rendering services to the Company who is not an &ldquo;employee&rdquo; for purposes of employment tax withholding under
the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(n)&nbsp;<U>Corporate Change</U>.
A consolidation, merger, dissolution or liquidation of the Company, or a sale or distribution of assets or stock (other than in
the ordinary course of business) of the Company; provided that, unless the Committee determines otherwise, a Corporate Change shall
only be considered to have occurred with respect to Participants whose business unit is affected by the Corporate Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(o)&nbsp;<U>Date of Grant</U>.
The date as of which an Award is made by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(p)&nbsp;<U>Disability or Disabled</U>.
As to an Incentive Stock Option, a Disability within the meaning of Code Section&nbsp;22(e)(3). As to all other Incentive Awards,
the Committee shall determine whether a Disability exists and such determination shall be conclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(q)&nbsp;<U>Fair Market Value</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">(i) If Company Stock is traded
on a national securities exchange, the average of the highest and lowest registered sales prices of Company Stock on such exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">(ii) If Company Stock is traded
in the over-the-counter market, the average between the closing bid and asked prices as reported by the NASDAQ Stock Market; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">(iii) If shares of Company
Stock are not publicly traded, the Fair Market Value shall be determined by the Committee using any reasonable method in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fair Market Value shall be determined as of the applicable date
specified in the Plan or, if there are no trades on such date, the value shall be determined as of the last preceding day on which
Company Stock is traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(r)&nbsp;<U>Incentive Stock
Option</U>. An Option intended to meet the requirements of, and qualify for favorable Federal income tax treatment under, Code
Section&nbsp;422.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(s)&nbsp;<U>Nonstatutory Stock
Option</U>. An Option that does not meet the requirements of Code Section&nbsp;422, or that is otherwise not intended to be an
Incentive Stock Option and is so designated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(t)&nbsp;<U>Option</U>. A right
to purchase Company Stock granted under the Plan, at a price determined in accordance with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(u)&nbsp;<U>Participant</U>.
Any individual who receives an Award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(v)&nbsp;<U>Restricted Stock</U>.
Company Stock awarded upon the terms and subject to the restrictions set forth in Section&nbsp;7 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(w)&nbsp;<U>Rule 16b-3</U>.
Rule 16b-3 of the Act, including any corresponding subsequent rule or any amendments to Rule 16b-3 enacted after the effective
date of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(x)&nbsp;<U>10% Shareholder</U>.
A person who owns, directly or indirectly, stock possessing more than 10% of the total combined voting power of all classes of
stock of the Company or an Affiliate. Indirect ownership of stock shall be determined in accordance with Code Section&nbsp;424(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">3.&nbsp;<U>General</U>. Awards of Options
and Restricted Stock may be granted under the Plan. Options granted under the Plan may be Incentive Stock Options or Nonstatutory
Stock Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">4.&nbsp;<U>Stock</U>. Subject to Section&nbsp;12
of the Plan, there shall be reserved for issuance under the Plan a total of 462,000 shares of Company Stock. Shares allocable to
Options granted under the Plan that expire or otherwise terminate unexercised and shares that are forfeited pursuant to restrictions
on Restricted Stock awarded under the Plan may again be subjected to an Award under this Plan. For purposes of determining the
number of shares that are available for Awards under the Plan, such number shall, if permissible under Rule 16b-3, include the
number of shares surrendered by a Participant or retained by the Company (a)&nbsp;in connection with the exercise of an Option
or (b)&nbsp;in payment of Applicable Withholding Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">5.&nbsp;<U>Eligibility</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) Any employee of, non-employee
director of, or Consultant to the Company or its affiliates, who, in the judgment of the Committee, has contributed or can be expected
to contribute to the profits or growth of the Company is eligible to become a Participant. The Committee shall have the power and
complete discretion, as provided in Section&nbsp;14, to select eligible Participants and to determine for each Participant the
terms, conditions and nature of the Award and the number of shares to be allocated as part of the Award; provided, however, that
any award made to a member of the Committee must be approved by the Board. The Committee is expressly authorized to make an Award
to a Participant conditioned on the surrender for cancellation of an existing Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) The grant of an Award shall
not obligate the Company to pay an employee any particular amount of remuneration, to continue the employment of the employee after
the grant or to make further grants to the employee at any time thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c) Non-employee directors
and Consultants shall not be eligible to receive the Award of an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">6.&nbsp;<U>Stock Options</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) Whenever the Committee
deems it appropriate to grant Options, notice shall be given to the Participant stating the number of shares for which Options
are granted, the Option price per share, whether the options are Incentive Stock Options or Nonstatutory Stock Options, and the
conditions to which the grant and exercise of the Options are subject. This notice, when duly accepted in writing by the Participant,
shall become a stock option agreement between the Company and the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) The Committee shall establish
the exercise price of Options. The exercise price of an Incentive Stock Option shall be not less than 100% of the Fair Market Value
of such shares on the Date of Grant, provided that if the Participant is a 10% Shareholder, the exercise price of an Incentive
Stock Option shall be not less than 110% of the Fair Market Value of such shares on the Date of Grant. The exercise price of a
Nonstatutory Stock Option Award shall not be less than 100% of the Fair Market Value of the shares of Company Stock covered by
the Option on the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c) Options may be exercised
in whole or in part at such times as may be specified by the Committee in the Participant&rsquo;s stock option agreement. The Committee
may impose such vesting conditions and other requirements as the Committee deems appropriate, and the Committee may include such
provisions regarding a Change of Control or Corporate Change as the Committee deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(d) The Committee shall establish
the term of each Option in the Participant&rsquo;s stock option agreement. The term of an Incentive Stock Option shall not be longer
than ten years from the Date of Grant, except that an Incentive Stock Option granted to a 10% Shareholder may not have a term in
excess of five years. No option may be exercised after the expiration of its term or, except as set forth in the Participant&rsquo;s
stock option agreement, after the termination of the Participant&rsquo;s employment. The Committee shall set forth in the Participant&rsquo;s
stock option agreement when, and under what circumstances, an Option may be exercised after termination of the Participant&rsquo;s
employment or period of service; provided that no Incentive Stock Option may be exercised after (i)&nbsp;three months from the
Participant&rsquo;s termination of employment with the Company for reasons other than Disability or death, or (ii)&nbsp;one year
from the Participant&rsquo;s termination of employment on account of Disability or death. The Committee may, in its sole discretion,
amend a previously granted Incentive Stock Option to provide for more liberal exercise provisions, provided however that if the
Incentive Stock Option as amended no longer meets the requirements of Code Section&nbsp;422, and, as a result the Option no longer
qualifies for favorable federal income tax treatment under Code Section&nbsp;422, the amendment shall not become effective without
the written consent of the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(e) An Incentive Stock Option,
by its terms, shall be exercisable in any calendar year only to the extent that the aggregate Fair Market Value (determined at
the Date of Grant) of Company Stock with respect to which Incentive Stock Options are exercisable by the Participant for the first
time during the calendar year does not exceed $100,000 (the &ldquo;Limitation Amount&rdquo;). Incentive Stock Options granted under
the Plan and all other plans of the Company and any parent or Subsidiary of the Company shall be aggregated for purposes of determining
whether the Limitation Amount has been exceeded. The Board may impose such conditions as it deems appropriate on an Incentive Stock
option to ensure that the foregoing requirement is met. If Incentive Stock Options that first become exercisable in a calendar
year exceed the Limitation Amount, the excess Options will be treated as Nonstatutory Stock Options to the extent permitted by
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt">(f) If a Participant dies and
if the Participant&rsquo;s stock option agreement provides that part or all of the Option may be exercised after the Participant&rsquo;s
death, then such portion may be exercised by the personal representative of the Participant&rsquo;s estate during the time period
specified in the stock option agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(g) If a Participant&rsquo;s
employment or services is terminated by the Company for Cause, the Participant&rsquo;s Options shall terminate as of the date of
the misconduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">7.&nbsp;<U>Restricted Stock Awards</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) Whenever the Committee
deems it appropriate to grant a Restricted Stock Award, notice shall be given to the Participant stating the number of shares of
Restricted Stock for which the Award is granted and the terms and conditions to which the Award is subject. This notice, when accepted
in writing by the Participant, shall become an Award agreement between the Company and the Participant. Certificates representing
the shares shall be issued in the name of the Participant, subject to the restrictions imposed by the Plan and the Committee. A
Restricted Stock Award may be made by the Committee in its discretion without cash consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) The Committee may place
such restrictions on the transferability and vesting of Restricted Stock as the Committee deems appropriate, including restrictions
relating to continued employment and financial performance goals. Without limiting the foregoing, the Committee may provide performance
or Change of Control or Corporate Change acceleration parameters under which all, or a portion, of the Restricted Stock will vest
on the Company&rsquo;s achievement of established performance objectives. Restricted Stock may not be sold, assigned, transferred,
disposed of, pledged, hypothecated or otherwise encumbered until the restrictions on such shares shall have lapsed or shall have
been removed pursuant to subsection (c)&nbsp;below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c) The Committee may provide
in a Restricted Stock Award, or subsequently, that the restrictions will lapse if a Change of Control or Corporate Change occurs.
The Committee may at any time, in its sole discretion, accelerate the time at which any or all restrictions will lapse or may remove
restrictions on Restricted Stock as it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(d) A Participant shall hold
shares of Restricted Stock subject to the restrictions set forth in the Award agreement and in the Plan. In other respects, the
Participant shall have all the rights of a shareholder with respect to the shares of Restricted Stock, including, but not limited
to, the right to vote such shares and the right to receive all cash dividends and other distributions paid thereon. Certificates
representing Restricted Stock shall bear a legend referring to the restrictions set forth in the Plan and the Participant&rsquo;s
Award agreement. If stock dividends are declared on Restricted Stock, such stock dividends or other distributions shall be subject
to the same restrictions as the underlying shares of Restricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">8.&nbsp;<U>Method of Exercise of Options</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) Options may be exercised
by giving written notice of the exercise to the Company, stating the number of shares the Participant has elected to purchase under
the Option. Such notice shall be effective only if accompanied by the exercise price in full in cash; provided that, if the terms
of an Option so permit, the Participant may (i)&nbsp;deliver Company Stock that the Participant has owned for at least six months
(valued at Fair Market Value on the date of exercise), or (ii)&nbsp;exercise any applicable net exercise provision contained therein.
Unless otherwise specifically provided in the Option, any payment of the exercise price paid by delivery of Company Stock acquired
directly or indirectly from the Company shall be paid only with shares of Company Stock that have been held by the Participant
for more than six months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting
purposes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) Notwithstanding anything
herein to the contrary, Awards shall always be granted and exercised in such a manner as to conform to the provisions of Rule 16b-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">9.&nbsp;<U>Applicable Withholding Taxes</U>.
Each Participant shall agree, as a condition of receiving an Award, to pay to the Company, or make arrangements satisfactory to
the Company regarding the payment of, all Applicable Withholding Taxes with respect to the Award. Until the Applicable Withholding
Taxes have been paid or arrangements satisfactory to the Company have been made, no stock certificates (or, in the case of Restricted
Stock, no stock certificates free of a restrictive legend) shall be issued to the Participant. As an alternative to making a cash
payment to the Company to satisfy Applicable Withholding Tax obligations, the Committee may establish procedures permitting the
Participant to elect to (a)&nbsp;deliver shares of already owned Company Stock (subject to such restrictions as the Committee may
establish, including a requirement that any shares of Company Stock so delivered shall have been held by the Participant for not
less than six months) or (b)&nbsp;have the Company retain that number of shares of Company Stock that would satisfy all or a specified
portion of the Applicable Withholding Taxes. Any such election shall be made only in accordance with procedures established by
the Committee and in accordance with Rule 16b-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">10.&nbsp;<U>Nontransferability of Awards</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) In general, Awards, by
their terms, shall not be transferable by the Participant except by will or by the laws of descent and distribution or except as
described below. Options shall be exercisable, during the Participant&rsquo;s lifetime, only by the Participant or by his guardian
or legal representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) Notwithstanding the provisions
of (a)&nbsp;and subject to federal and state securities laws, the Committee may grant Nonstatutory Stock Options that permit a
Participant to transfer the Options to one or more immediate family members, to a trust for the benefit of immediate family members,
or to a partnership, limited liability company, or other entity the only partners, members, or interest-holders of which are among
the Participant&rsquo;s immediate family members. Consideration may not be paid for the transfer of Options. The transferee of
an Option shall be subject to all conditions applicable to the Option prior to its transfer. The agreement granting the Option
shall set forth the transfer conditions and restrictions. The Committee may impose on any transferable Option and on stock issued
upon the exercise of an Option such limitations and conditions as the Committee deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">11.&nbsp;<U>Termination, Modification,
Change</U>. If not sooner terminated by the Board, this Plan shall terminate at the close of business on the tenth anniversary
of the Effective Date. No Awards shall be made under the Plan after its termination. The Board may terminate the Plan or may amend
the Plan in such respects as it shall deem advisable; provided that, if and to the extent required by Rule 16b-3, no change shall
be made that increases the total number of shares of Company Stock reserved for issuance pursuant to Awards granted under the Plan
(except pursuant to Section&nbsp;12), expands the class of persons eligible to receive Awards, or materially increases the benefits
accruing to Participants under the Plan, unless such change is authorized by the shareholders of the Company. Notwithstanding the
foregoing, the Board may unilaterally amend the Plan and Awards as it deems appropriate to ensure compliance with Rule 16b-3 and
to cause Incentive Stock Options to meet the requirements of the Code and regulations thereunder. Except as provided in the preceding
sentence, a termination or amendment of the Plan shall not, without the consent of the Participant, adversely affect a Participant&rsquo;s
rights under an Award previously granted to him.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">12.&nbsp;<U>Change in Capital Structure</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) In the event of a stock
dividend, stock split or combination of shares, spin-off, reclassification, recapitalization, merger or other change in the Company&rsquo;s
capital stock (including, but not limited to, the creation or issuance to shareholders generally of rights, options or warrants
for the purchase of common shares or preferred stock of the Company), the number and kind of shares of stock or securities of the
Company to be issued under the Plan (under outstanding Awards and Awards to be granted in the future), the exercise price of options,
and other relevant provisions shall be appropriately adjusted by the Committee, whose determination shall be binding on all persons.
If the adjustment would produce fractional shares with respect to any Award, the Committee may adjust appropriately the number
of shares covered by the Award so as to eliminate the fractional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) In the event the Company
distributes to its shareholders a dividend<B>,&nbsp;</B>or sells or causes to be sold to a person other than the Company or a Subsidiary
shares of stock in any corporation (a &ldquo;Spinoff Company&rdquo;) which, immediately before the distribution or sale, was a
majority owned Subsidiary of the Company, the Committee shall have the power, in its sole discretion, to make such adjustments
as the Committee deems appropriate. The Committee may make adjustments in the number and kind of shares or other securities to
be issued under the Plan (under outstanding Awards and Awards to be granted in the future), the exercise price of Options, and
other relevant provisions, and, without limiting the foregoing, may substitute securities of a Spinoff Company for securities of
the Company. The Committee shall make such adjustments as it determines to be appropriate, considering the economic effect of the
distribution or sale on the interests of the Company&rsquo;s shareholders and the Participants in the businesses operated by the
Spinoff Company, and subject to the proviso that any such adjustments or new options shall not be made or granted, respectively,
that would result in subjecting the Plan to variable plan accounting treatment. The Committee&rsquo;s determination shall be binding
on all persons. If the adjustment would produce fractional shares with respect to any Award, the Committee may adjust appropriately
the number of shares covered by the Award so as to eliminate the fractional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c) To the extent required
to avoid a charge to earnings for financial accounting purposes, adjustments made by the Committee pursuant to this Section&nbsp;12
to outstanding Awards shall be made so that both (i)&nbsp;the aggregate intrinsic value of an Award immediately after the adjustment
is not greater than or less than the Award&rsquo;s aggregate intrinsic value before the adjustment and (ii)&nbsp;the ratio of the
exercise price per share to the market value per share is not reduced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(d) Notwithstanding anything
in the Plan to the contrary, the Committee may take the foregoing actions without the consent of any Participant, and the Committee&rsquo;s
determination shall be conclusive and binding on all persons for all purposes. The Committee shall make its determinations consistent
with Rule 16b-3 and the applicable provisions of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">13.&nbsp;<U>Change of Control</U>. In the
event of a Change of Control or Corporate Change, the Committee may take such actions with respect to Awards as the Committee deems
appropriate. These actions may include, but shall not be limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) At the time the Award is
made, provide for the acceleration of the vesting schedule relating to the exercise or realization of the Award so that the Award
may be exercised or realized in full on or before a date initially fixed by the Committee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) Provide for the purchase
or settlement of any such Award by the Company for any amount of cash equal to the amount which could have been obtained upon the
exercise of such Award or realization of a Participant&rsquo;s rights had such Award been currently exercisable or payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c) Make adjustments to Awards
then outstanding as the Committee deems appropriate to reflect such Change of Control or Corporate Change; provided, however, that
to the extent required to avoid a charge to earnings for financial accounting purposes, such adjustments shall be made so that
both (i)&nbsp;the aggregate intrinsic value of an Award immediately after the adjustment is not greater than or less than the Award&rsquo;s
aggregate intrinsic value before the Award and (ii)&nbsp;the ratio of the exercise price per share to the market value per share
is not reduced; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(d) Cause any such Award then
outstanding to be assumed, or new rights substituted therefore, by the acquiring or surviving legal entity in such Change of Control
or Corporate Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">14.&nbsp;<U>Administration of the Plan</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) The Plan shall be administered
by the Committee, who shall be appointed by the Board. The Board may designate the Compensation Committee of the Board, or a subcommittee
of the Compensation Committee, to be the Committee for purposes of the Plan. If and to the extent required by Rule 16b-3, all members
of the Committee shall be &ldquo;Non-Employee Directors&rdquo; as that term is defined in Rule 16b-3, and the Committee shall be
comprised solely of two or more &ldquo;outside directors&rdquo; as that term is defined for purposes of Code section 162(m). If
any member of the Committee fails to qualify as an &ldquo;outside director&rdquo; or (to the extent required by Rule 16b-3) a &ldquo;Non-Employee
Director,&rdquo; such person shall immediately cease to be a member of the Committee and shall not take part in future Committee
deliberations. The Board of Directors may from time to time may appoint members of the Committee and fill vacancies, however caused,
in the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) The Committee shall have
the authority to impose such limitations or conditions upon an Award as the Committee deems appropriate to achieve the objectives
of the Award and the Plan. Without limiting the foregoing and in addition to the powers set forth elsewhere in the Plan, the Committee
shall have the power and complete discretion to determine (i)&nbsp;which eligible persons shall receive an Award and the nature
of the Award, (ii)&nbsp;the number of shares of Company Stock to be covered by each Award, (iii)&nbsp;whether Options shall be
Incentive Stock options or Nonstatutory Stock Options, (iv)&nbsp;the Fair Market Value of Company Stock, (v)&nbsp;the time or times
when an Award shall be granted, (vi)&nbsp;whether an Award shall become vested over a period of time, according to a performance-based
vesting schedule or otherwise, and when it shall be fully vested, (vii)&nbsp;the terms and conditions under which restrictions
imposed upon an Award shall lapse, (viii)&nbsp;whether a Change of Control or Corporate Change exists, (ix)&nbsp;the terms of incentive
programs, performance criteria and other factors relevant to the issuance of Incentive Stock or the lapse of restrictions on Restricted
Stock or Options, (x)&nbsp;when Options may be exercised, (xi)&nbsp;whether to approve a Participant&rsquo;s election with respect
to Applicable Withholding Taxes, (xii)&nbsp;conditions relating to the length of time before disposition of Company Stock received
in connection with an Award is permitted, (xiii)&nbsp;notice provisions relating to the sale of Company Stock acquired under the
Plan, and (xiv)&nbsp;any additional requirements relating to Awards that the Committee deems appropriate. Notwithstanding the foregoing,
no &ldquo;tandem stock options&rdquo; (where two stock options are issued together and the exercise of one option affects the right
to exercise the other option) may be issued in connection with Incentive Stock Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c) The Committee shall have
the power to amend the terms of previously granted Awards so long as the terms as amended are consistent with the terms of the
Plan and, where applicable, consistent with the qualification of an option as an Incentive Stock Option. The consent of the Participant
must be obtained with respect to any amendment that would adversely affect the Participant&rsquo;s rights under the Award, except
that such consent shall not be required if such amendment is for the purpose of complying with Rule 16b-3 or any requirement of
the Code applicable to the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(d) The Committee may adopt
rules and regulations for carrying out the Plan. The Committee shall have the express discretionary authority to construe and interpret
the Plan and the Award agreements, to resolve any ambiguities, to define any terms, and to make any other determinations required
by the Plan or an Award agreement. The interpretation and construction of any provisions of the Plan or an Award agreement by the
Committee shall be final and conclusive. The Committee may consult with counsel, who may be counsel to the Company, and shall not
incur any liability for any action taken in good faith in reliance upon the advice of counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(e) A majority of the members
of the Committee shall constitute a quorum, and all actions of the Committee shall be taken by a majority of the members present.
Any action may be taken by a written instrument signed by all of the members, and any action so taken shall be fully effective
as if it had been taken at a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">15.&nbsp;<U>Issuance of Company Stock</U>.
The Company shall not be required to issue or deliver any certificate for shares of Company Stock before (i)&nbsp;the admission
of such shares to listing on any stock exchange on which Company Stock may then be listed, (ii)&nbsp;receipt of any required registration
or other qualification of such shares under any state or federal securities law or regulation that the Company&rsquo;s counsel
shall determine is necessary or advisable, and (iii)&nbsp;the Company shall have been advised by counsel that all applicable legal
requirements have been complied with. The Company may place on a certificate representing Company Stock any legend required to
reflect restrictions pursuant to the Plan, and any legend deemed necessary by the Company&rsquo;s counsel to comply with federal
or state securities laws. The Company may require a customary written indication of a Participant&rsquo;s investment intent. Until
a Participant has been issued a certificate for the shares of Company Stock acquired, the Participant shall possess no shareholder
rights with respect to the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">16.&nbsp;<U>Rights Under the Plan</U>.
Title to and beneficial ownership of all benefits described in the Plan shall at all times remain with the Company. Participation
in the Plan and the right to receive payments under the Plan shall not give a Participant any proprietary interest in the Company
or any Affiliate or any of their assets. No trust fund shall be created in connection with the Plan, and there shall be no required
funding of amounts that may become payable under the Plan. A Participant shall, for all purposes, be a general creditor of the
Company. The interest of a Participant in the Plan cannot be assigned, anticipated, sold, encumbered or pledged and shall not be
subject to the claims of his creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">17.&nbsp;<U>Beneficiary</U>. A Participant
may designate, on a form provided by the Committee, one or more beneficiaries to receive any payments under Awards of Restricted
Stock or Incentive Stock after the Participant&rsquo;s death. If a Participant makes no valid designation, or if the designated
beneficiary fails to survive the Participant or otherwise fails to receive the benefits, the Participant&rsquo;s beneficiary shall
be the first of the following persons who survives the Participant: (a)&nbsp;the Participant&rsquo;s surviving spouse, (b)&nbsp;the
Participant&rsquo;s surviving descendants,&nbsp;<I>per stirpes</I>, or (c)&nbsp;the personal representative of the Participant&rsquo;s
estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">18.&nbsp;<U>Notice</U>. All notices and
other communications required or permitted to be given under this Plan shall be in writing and shall be deemed to have been duly
given if delivered personally or mailed first class, postage prepaid, as follows: (a)&nbsp;if to the Company&mdash;at its principal
business address to the attention of the Secretary; (b)&nbsp;if to any Participant&mdash;at the last address of the Participant
known to the sender at the time the notice or other communication is sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">19.&nbsp;<U>Interpretation</U>. The terms
of this Plan and Awards granted pursuant to the Plan are subject to all present and future regulations and rulings of the Secretary
of the Treasury relating to the qualification of Incentive Stock Options under the Code or compliance with Code section 162(m),
to the extent applicable, and they are subject to all present and future rulings of the Securities and Exchange Commission with
respect to Rule 16b-3. If any provision of the Plan or an Award conflicts with any such regulation or ruling, to the extent applicable,
the Committee shall cause the Plan to be amended, and shall modify the Award, so as to comply, or if for any reason amendments
cannot be made, that provision of the Plan and/or the Award shall be void and of no effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>v388937_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEHAIER MEDICAL SYSTEMS LIMITED </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>2014 SHARE INCENTIVE PLAN </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">1. <U>Purpose and Effective Date</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) The purpose of the Dehaier
Medical Systems Limited 2014 Share Incentive Plan (the &ldquo;Plan&rdquo;) is to further the long term stability and financial
success of Dehaier Medical Systems Limited (the &ldquo;Company&rdquo;) by attracting and retaining personnel, including employees,
non-employee directors, and consultants, through the use of stock incentives. It is believed that ownership of Company stock will
stimulate the efforts of those employees upon whose judgment, interest and efforts the Company is and will be largely dependent
for the successful conduct of its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) The Plan was recommended
for approval by the Board of Directors on June 26, 2014. The Plan was approved by the shareholders of the Company on July 28, 2014
(the &ldquo;Effective Date&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">2.&nbsp;<U>Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a)&nbsp;<U>Act</U>. The Securities
Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b)&nbsp;<U>Affiliate</U>.
The meaning assigned to the term &ldquo;affiliate&rdquo; under Rule 12b-2 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c)&nbsp;<U>Applicable Withholding
Taxes</U>. The aggregate amount of federal, state and local income and payroll taxes that the Company is required to withhold (based
on the minimum applicable statutory withholding rates) in connection with any exercise of an Option or the award, lapse of restrictions
or payment with respect to Restricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(d)&nbsp;<U>Award</U>. The
award of an Option or Restricted Stock under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(e)&nbsp;<U>Beneficiary</U>.
The person or persons entitled to receive a benefit pursuant to an Award upon the death of a Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(f)&nbsp;<U>Board</U>. The
Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(g)&nbsp;<U>Cause</U>. Dishonesty,
fraud, misconduct, gross incompetence, gross negligence, breach of a material fiduciary duty, material breach of an agreement with
the Company, unauthorized use or disclosure of confidential information or trade secrets, or conviction or confession of a crime
punishable by law (except minor violations), in each case as determined by the Committee, which determination shall be binding.
Notwithstanding the foregoing, if &ldquo;Cause&rdquo; is defined in an employment agreement between a Participant and the Company,
&ldquo;Cause&rdquo; shall have the meaning assigned to it in such agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(h)&nbsp;<U>Change of Control</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">(i) The acquisition by any
unrelated person of beneficial ownership (as that term is used for purposes of the Act) of 50% or more of the then outstanding
common shares of the Company or the combined voting power of the then outstanding voting securities of the Company entitled to
vote generally in the election of directors. The term &ldquo;unrelated person&rdquo; means any person other than (x)&nbsp;the Company
and its subsidiaries, (y)&nbsp;an employee benefit plan or related trust sponsored by the Company or its subsidiaries, and (z)&nbsp;a
person who acquires stock of the Company pursuant to an agreement with the Company that is approved by the Board in advance of
the acquisition. For purposes of this subsection, a &ldquo;person&rdquo; means an individual, entity or group, as that term is
used for purposes of the Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">(ii) Any tender or exchange
offer, merger or other business combination, sale of assets or any combination of the foregoing transactions, and the Company is
not the surviving corporation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">(iii) A liquidation of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(i)&nbsp;<U>Code</U>. The Internal
Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(j)&nbsp;<U>Committee</U>.
The Compensation Committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt">(k)&nbsp;<U>Company</U>. Dehaier
Medical Systems Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt">(l)&nbsp;<U>Company Stock</U>.
The common shares of the Company. In the event of a change in the capital structure of the Company (as provided in Section&nbsp;12
below), the shares resulting from such a change shall be deemed to be Company Stock within the meaning of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(m)&nbsp;<U>Consultant</U>.
A person rendering services to the Company who is not an &ldquo;employee&rdquo; for purposes of employment tax withholding under
the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(n)&nbsp;<U>Corporate Change</U>.
A consolidation, merger, dissolution or liquidation of the Company, or a sale or distribution of assets or stock (other than in
the ordinary course of business) of the Company; provided that, unless the Committee determines otherwise, a Corporate Change shall
only be considered to have occurred with respect to Participants whose business unit is affected by the Corporate Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(o)&nbsp;<U>Date of Grant</U>.
The date as of which an Award is made by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(p)&nbsp;<U>Disability or Disabled</U>.
As to an Incentive Stock Option, a Disability within the meaning of Code Section&nbsp;22(e)(3). As to all other Incentive Awards,
the Committee shall determine whether a Disability exists and such determination shall be conclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(q)&nbsp;<U>Fair Market Value</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">(i) If Company Stock is traded
on a national securities exchange, the average of the highest and lowest registered sales prices of Company Stock on such exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">(ii) If Company Stock is traded
in the over-the-counter market, the average between the closing bid and asked prices as reported by the NASDAQ Stock Market; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">(iii) If shares of Company
Stock are not publicly traded, the Fair Market Value shall be determined by the Committee using any reasonable method in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fair Market Value shall be determined as of the applicable date
specified in the Plan or, if there are no trades on such date, the value shall be determined as of the last preceding day on which
Company Stock is traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(r)&nbsp;<U>Incentive Stock
Option</U>. An Option intended to meet the requirements of, and qualify for favorable Federal income tax treatment under, Code
Section&nbsp;422.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(s)&nbsp;<U>Nonstatutory Stock
Option</U>. An Option that does not meet the requirements of Code Section&nbsp;422, or that is otherwise not intended to be an
Incentive Stock Option and is so designated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(t)&nbsp;<U>Option</U>. A right
to purchase Company Stock granted under the Plan, at a price determined in accordance with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(u)&nbsp;<U>Participant</U>.
Any individual who receives an Award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(v)&nbsp;<U>Restricted Stock</U>.
Company Stock awarded upon the terms and subject to the restrictions set forth in Section&nbsp;7 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(w)&nbsp;<U>Rule 16b-3</U>.
Rule 16b-3 of the Act, including any corresponding subsequent rule or any amendments to Rule 16b-3 enacted after the effective
date of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(x)&nbsp;<U>10% Shareholder</U>.
A person who owns, directly or indirectly, stock possessing more than 10% of the total combined voting power of all classes of
stock of the Company or an Affiliate. Indirect ownership of stock shall be determined in accordance with Code Section&nbsp;424(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">3.&nbsp;<U>General</U>. Awards of Options
and Restricted Stock may be granted under the Plan. Options granted under the Plan may be Incentive Stock Options or Nonstatutory
Stock Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">4.&nbsp;<U>Stock</U>. The maximum number
of shares of Company Stock that may be granted pursuant to this Plan shall not exceed ten percent of the number of issued and outstanding
shares of Company Stock as of December 31 of the immediately preceding fiscal year. Subject to Section&nbsp;12 of the Plan, there
shall be reserved for issuance under the Plan that number of unissued shares of Company Stock equal to ten percent of the number
of issued and outstanding shares of Company Stock. Shares allocable to Options granted under the Plan that expire or otherwise
terminate unexercised and shares that are forfeited pursuant to restrictions on Restricted Stock awarded under the Plan may again
be subjected to an Award under this Plan. For purposes of determining the number of shares that are available for Awards under
the Plan, such number shall, if permissible under Rule 16b-3, include the number of shares surrendered by a Participant or retained
by the Company (a)&nbsp;in connection with the exercise of an Option or (b)&nbsp;in payment of Applicable Withholding Taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">5.&nbsp;<U>Eligibility</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) Any employee of, non-employee
director of, or Consultant to the Company or its affiliates, who, in the judgment of the Committee, has contributed or can be expected
to contribute to the profits or growth of the Company is eligible to become a Participant. The Committee shall have the power and
complete discretion, as provided in Section&nbsp;14, to select eligible Participants and to determine for each Participant the
terms, conditions and nature of the Award and the number of shares to be allocated as part of the Award; provided, however, that
any award made to a member of the Committee must be approved by the Board. The Committee is expressly authorized to make an Award
to a Participant conditioned on the surrender for cancellation of an existing Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) The grant of an Award shall
not obligate the Company to pay an employee any particular amount of remuneration, to continue the employment of the employee after
the grant or to make further grants to the employee at any time thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c) Non-employee directors
and Consultants shall not be eligible to receive the Award of an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">6.&nbsp;<U>Stock Options</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) Whenever the Committee
deems it appropriate to grant Options, notice shall be given to the Participant stating the number of shares for which Options
are granted, the Option price per share, whether the options are Incentive Stock Options or Nonstatutory Stock Options, and the
conditions to which the grant and exercise of the Options are subject. This notice, when duly accepted in writing by the Participant,
shall become a stock option agreement between the Company and the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) The Committee shall establish
the exercise price of Options. The exercise price of an Incentive Stock Option shall be not less than 100% of the Fair Market Value
of such shares on the Date of Grant, provided that if the Participant is a 10% Shareholder, the exercise price of an Incentive
Stock Option shall be not less than 110% of the Fair Market Value of such shares on the Date of Grant. The exercise price of a
Nonstatutory Stock Option Award shall not be less than 100% of the Fair Market Value of the shares of Company Stock covered by
the Option on the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c) Options may be exercised
in whole or in part at such times as may be specified by the Committee in the Participant&rsquo;s stock option agreement. The Committee
may impose such vesting conditions and other requirements as the Committee deems appropriate, and the Committee may include such
provisions regarding a Change of Control or Corporate Change as the Committee deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(d) The Committee shall establish
the term of each Option in the Participant&rsquo;s stock option agreement. The term of an Incentive Stock Option shall not be longer
than ten years from the Date of Grant, except that an Incentive Stock Option granted to a 10% Shareholder may not have a term in
excess of five years. No option may be exercised after the expiration of its term or, except as set forth in the Participant&rsquo;s
stock option agreement, after the termination of the Participant&rsquo;s employment. The Committee shall set forth in the Participant&rsquo;s
stock option agreement when, and under what circumstances, an Option may be exercised after termination of the Participant&rsquo;s
employment or period of service; provided that no Incentive Stock Option may be exercised after (i)&nbsp;three months from the
Participant&rsquo;s termination of employment with the Company for reasons other than Disability or death, or (ii)&nbsp;one year
from the Participant&rsquo;s termination of employment on account of Disability or death. The Committee may, in its sole discretion,
amend a previously granted Incentive Stock Option to provide for more liberal exercise provisions, provided however that if the
Incentive Stock Option as amended no longer meets the requirements of Code Section&nbsp;422, and, as a result the Option no longer
qualifies for favorable federal income tax treatment under Code Section&nbsp;422, the amendment shall not become effective without
the written consent of the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(e) An Incentive Stock Option,
by its terms, shall be exercisable in any calendar year only to the extent that the aggregate Fair Market Value (determined at
the Date of Grant) of Company Stock with respect to which Incentive Stock Options are exercisable by the Participant for the first
time during the calendar year does not exceed $100,000 (the &ldquo;Limitation Amount&rdquo;). Incentive Stock Options granted under
the Plan and all other plans of the Company and any parent or Subsidiary of the Company shall be aggregated for purposes of determining
whether the Limitation Amount has been exceeded. The Board may impose such conditions as it deems appropriate on an Incentive Stock
option to ensure that the foregoing requirement is met. If Incentive Stock Options that first become exercisable in a calendar
year exceed the Limitation Amount, the excess Options will be treated as Nonstatutory Stock Options to the extent permitted by
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt">(f) If a Participant dies and
if the Participant&rsquo;s stock option agreement provides that part or all of the Option may be exercised after the Participant&rsquo;s
death, then such portion may be exercised by the personal representative of the Participant&rsquo;s estate during the time period
specified in the stock option agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(g) If a Participant&rsquo;s
employment or services is terminated by the Company for Cause, the Participant&rsquo;s Options shall terminate as of the date of
the misconduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">7.&nbsp;<U>Restricted Stock Awards</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) Whenever the Committee
deems it appropriate to grant a Restricted Stock Award, notice shall be given to the Participant stating the number of shares of
Restricted Stock for which the Award is granted and the terms and conditions to which the Award is subject. This notice, when accepted
in writing by the Participant, shall become an Award agreement between the Company and the Participant. Certificates representing
the shares shall be issued in the name of the Participant, subject to the restrictions imposed by the Plan and the Committee. A
Restricted Stock Award may be made by the Committee in its discretion without cash consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) The Committee may place
such restrictions on the transferability and vesting of Restricted Stock as the Committee deems appropriate, including restrictions
relating to continued employment and financial performance goals. Without limiting the foregoing, the Committee may provide performance
or Change of Control or Corporate Change acceleration parameters under which all, or a portion, of the Restricted Stock will vest
on the Company&rsquo;s achievement of established performance objectives. Restricted Stock may not be sold, assigned, transferred,
disposed of, pledged, hypothecated or otherwise encumbered until the restrictions on such shares shall have lapsed or shall have
been removed pursuant to subsection (c)&nbsp;below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c) The Committee may provide
in a Restricted Stock Award, or subsequently, that the restrictions will lapse if a Change of Control or Corporate Change occurs.
The Committee may at any time, in its sole discretion, accelerate the time at which any or all restrictions will lapse or may remove
restrictions on Restricted Stock as it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(d) A Participant shall hold
shares of Restricted Stock subject to the restrictions set forth in the Award agreement and in the Plan. In other respects, the
Participant shall have all the rights of a shareholder with respect to the shares of Restricted Stock, including, but not limited
to, the right to vote such shares and the right to receive all cash dividends and other distributions paid thereon. Certificates
representing Restricted Stock shall bear a legend referring to the restrictions set forth in the Plan and the Participant&rsquo;s
Award agreement. If stock dividends are declared on Restricted Stock, such stock dividends or other distributions shall be subject
to the same restrictions as the underlying shares of Restricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">8.&nbsp;<U>Method of Exercise of Options</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) Options may be exercised
by giving written notice of the exercise to the Company, stating the number of shares the Participant has elected to purchase under
the Option. Such notice shall be effective only if accompanied by the exercise price in full in cash; provided that, if the terms
of an Option so permit, the Participant may (i)&nbsp;deliver Company Stock that the Participant has owned for at least six months
(valued at Fair Market Value on the date of exercise), or (ii)&nbsp;exercise any applicable net exercise provision contained therein.
Unless otherwise specifically provided in the Option, any payment of the exercise price paid by delivery of Company Stock acquired
directly or indirectly from the Company shall be paid only with shares of Company Stock that have been held by the Participant
for more than six months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting
purposes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) Notwithstanding anything
herein to the contrary, Awards shall always be granted and exercised in such a manner as to conform to the provisions of Rule 16b-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">9.&nbsp;<U>Applicable Withholding Taxes</U>.
Each Participant shall agree, as a condition of receiving an Award, to pay to the Company, or make arrangements satisfactory to
the Company regarding the payment of, all Applicable Withholding Taxes with respect to the Award. Until the Applicable Withholding
Taxes have been paid or arrangements satisfactory to the Company have been made, no stock certificates (or, in the case of Restricted
Stock, no stock certificates free of a restrictive legend) shall be issued to the Participant. As an alternative to making a cash
payment to the Company to satisfy Applicable Withholding Tax obligations, the Committee may establish procedures permitting the
Participant to elect to (a)&nbsp;deliver shares of already owned Company Stock (subject to such restrictions as the Committee may
establish, including a requirement that any shares of Company Stock so delivered shall have been held by the Participant for not
less than six months) or (b)&nbsp;have the Company retain that number of shares of Company Stock that would satisfy all or a specified
portion of the Applicable Withholding Taxes. Any such election shall be made only in accordance with procedures established by
the Committee and in accordance with Rule 16b-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">10.&nbsp;<U>Nontransferability of Awards</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) In general, Awards, by
their terms, shall not be transferable by the Participant except by will or by the laws of descent and distribution or except as
described below. Options shall be exercisable, during the Participant&rsquo;s lifetime, only by the Participant or by his guardian
or legal representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) Notwithstanding the provisions
of (a)&nbsp;and subject to federal and state securities laws, the Committee may grant Nonstatutory Stock Options that permit a
Participant to transfer the Options to one or more immediate family members, to a trust for the benefit of immediate family members,
or to a partnership, limited liability company, or other entity the only partners, members, or interest-holders of which are among
the Participant&rsquo;s immediate family members. Consideration may not be paid for the transfer of Options. The transferee of
an Option shall be subject to all conditions applicable to the Option prior to its transfer. The agreement granting the Option
shall set forth the transfer conditions and restrictions. The Committee may impose on any transferable Option and on stock issued
upon the exercise of an Option such limitations and conditions as the Committee deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">11.&nbsp;<U>Termination, Modification,
Change</U>. If not sooner terminated by the Board, this Plan shall terminate at the close of business on the tenth anniversary
of the Effective Date. No Awards shall be made under the Plan after its termination. The Board may terminate the Plan or may amend
the Plan in such respects as it shall deem advisable; provided that, if and to the extent required by Rule 16b-3, no change shall
be made that increases the total number of shares of Company Stock reserved for issuance pursuant to Awards granted under the Plan
(except pursuant to Section&nbsp;12), expands the class of persons eligible to receive Awards, or materially increases the benefits
accruing to Participants under the Plan, unless such change is authorized by the shareholders of the Company. Notwithstanding the
foregoing, the Board may unilaterally amend the Plan and Awards as it deems appropriate to ensure compliance with Rule 16b-3 and
to cause Incentive Stock Options to meet the requirements of the Code and regulations thereunder. Except as provided in the preceding
sentence, a termination or amendment of the Plan shall not, without the consent of the Participant, adversely affect a Participant&rsquo;s
rights under an Award previously granted to him.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">12.&nbsp;<U>Change in Capital Structure</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) In the event of a stock
dividend, stock split or combination of shares, spin-off, reclassification, recapitalization, merger or other change in the Company&rsquo;s
capital stock (including, but not limited to, the creation or issuance to shareholders generally of rights, options or warrants
for the purchase of common shares or preferred stock of the Company), the number and kind of shares of stock or securities of the
Company to be issued under the Plan (under outstanding Awards and Awards to be granted in the future), the exercise price of options,
and other relevant provisions shall be appropriately adjusted by the Committee, whose determination shall be binding on all persons.
If the adjustment would produce fractional shares with respect to any Award, the Committee may adjust appropriately the number
of shares covered by the Award so as to eliminate the fractional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) In the event the Company
distributes to its shareholders a dividend<B>,&nbsp;</B>or sells or causes to be sold to a person other than the Company or a Subsidiary
shares of stock in any corporation (a &ldquo;Spinoff Company&rdquo;) which, immediately before the distribution or sale, was a
majority owned Subsidiary of the Company, the Committee shall have the power, in its sole discretion, to make such adjustments
as the Committee deems appropriate. The Committee may make adjustments in the number and kind of shares or other securities to
be issued under the Plan (under outstanding Awards and Awards to be granted in the future), the exercise price of Options, and
other relevant provisions, and, without limiting the foregoing, may substitute securities of a Spinoff Company for securities of
the Company. The Committee shall make such adjustments as it determines to be appropriate, considering the economic effect of the
distribution or sale on the interests of the Company&rsquo;s shareholders and the Participants in the businesses operated by the
Spinoff Company, and subject to the proviso that any such adjustments or new options shall not be made or granted, respectively,
that would result in subjecting the Plan to variable plan accounting treatment. The Committee&rsquo;s determination shall be binding
on all persons. If the adjustment would produce fractional shares with respect to any Award, the Committee may adjust appropriately
the number of shares covered by the Award so as to eliminate the fractional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c) To the extent required
to avoid a charge to earnings for financial accounting purposes, adjustments made by the Committee pursuant to this Section&nbsp;12
to outstanding Awards shall be made so that both (i)&nbsp;the aggregate intrinsic value of an Award immediately after the adjustment
is not greater than or less than the Award&rsquo;s aggregate intrinsic value before the adjustment and (ii)&nbsp;the ratio of the
exercise price per share to the market value per share is not reduced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(d) Notwithstanding anything
in the Plan to the contrary, the Committee may take the foregoing actions without the consent of any Participant, and the Committee&rsquo;s
determination shall be conclusive and binding on all persons for all purposes. The Committee shall make its determinations consistent
with Rule 16b-3 and the applicable provisions of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">13.&nbsp;<U>Change of Control</U>. In the
event of a Change of Control or Corporate Change, the Committee may take such actions with respect to Awards as the Committee deems
appropriate. These actions may include, but shall not be limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) At the time the Award is
made, provide for the acceleration of the vesting schedule relating to the exercise or realization of the Award so that the Award
may be exercised or realized in full on or before a date initially fixed by the Committee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) Provide for the purchase
or settlement of any such Award by the Company for any amount of cash equal to the amount which could have been obtained upon the
exercise of such Award or realization of a Participant&rsquo;s rights had such Award been currently exercisable or payable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c) Make adjustments to Awards
then outstanding as the Committee deems appropriate to reflect such Change of Control or Corporate Change; provided, however, that
to the extent required to avoid a charge to earnings for financial accounting purposes, such adjustments shall be made so that
both (i)&nbsp;the aggregate intrinsic value of an Award immediately after the adjustment is not greater than or less than the Award&rsquo;s
aggregate intrinsic value before the Award and (ii)&nbsp;the ratio of the exercise price per share to the market value per share
is not reduced; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(d) Cause any such Award then
outstanding to be assumed, or new rights substituted therefore, by the acquiring or surviving legal entity in such Change of Control
or Corporate Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">14.&nbsp;<U>Administration of the Plan</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(a) The Plan shall be administered
by the Committee, who shall be appointed by the Board. The Board may designate the Compensation Committee of the Board, or a subcommittee
of the Compensation Committee, to be the Committee for purposes of the Plan. If and to the extent required by Rule 16b-3, all members
of the Committee shall be &ldquo;Non-Employee Directors&rdquo; as that term is defined in Rule 16b-3, and the Committee shall be
comprised solely of two or more &ldquo;outside directors&rdquo; as that term is defined for purposes of Code section 162(m). If
any member of the Committee fails to qualify as an &ldquo;outside director&rdquo; or (to the extent required by Rule 16b-3) a &ldquo;Non-Employee
Director,&rdquo; such person shall immediately cease to be a member of the Committee and shall not take part in future Committee
deliberations. The Board of Directors may from time to time may appoint members of the Committee and fill vacancies, however caused,
in the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(b) The Committee shall have
the authority to impose such limitations or conditions upon an Award as the Committee deems appropriate to achieve the objectives
of the Award and the Plan. Without limiting the foregoing and in addition to the powers set forth elsewhere in the Plan, the Committee
shall have the power and complete discretion to determine (i)&nbsp;which eligible persons shall receive an Award and the nature
of the Award, (ii)&nbsp;the number of shares of Company Stock to be covered by each Award, (iii)&nbsp;whether Options shall be
Incentive Stock options or Nonstatutory Stock Options, (iv)&nbsp;the Fair Market Value of Company Stock, (v)&nbsp;the time or times
when an Award shall be granted, (vi)&nbsp;whether an Award shall become vested over a period of time, according to a performance-based
vesting schedule or otherwise, and when it shall be fully vested, (vii)&nbsp;the terms and conditions under which restrictions
imposed upon an Award shall lapse, (viii)&nbsp;whether a Change of Control or Corporate Change exists, (ix)&nbsp;the terms of incentive
programs, performance criteria and other factors relevant to the issuance of Incentive Stock or the lapse of restrictions on Restricted
Stock or Options, (x)&nbsp;when Options may be exercised, (xi)&nbsp;whether to approve a Participant&rsquo;s election with respect
to Applicable Withholding Taxes, (xii)&nbsp;conditions relating to the length of time before disposition of Company Stock received
in connection with an Award is permitted, (xiii)&nbsp;notice provisions relating to the sale of Company Stock acquired under the
Plan, and (xiv)&nbsp;any additional requirements relating to Awards that the Committee deems appropriate. Notwithstanding the foregoing,
no &ldquo;tandem stock options&rdquo; (where two stock options are issued together and the exercise of one option affects the right
to exercise the other option) may be issued in connection with Incentive Stock Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(c) The Committee shall have
the power to amend the terms of previously granted Awards so long as the terms as amended are consistent with the terms of the
Plan and, where applicable, consistent with the qualification of an option as an Incentive Stock Option. The consent of the Participant
must be obtained with respect to any amendment that would adversely affect the Participant&rsquo;s rights under the Award, except
that such consent shall not be required if such amendment is for the purpose of complying with Rule 16b-3 or any requirement of
the Code applicable to the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(d) The Committee may adopt
rules and regulations for carrying out the Plan. The Committee shall have the express discretionary authority to construe and interpret
the Plan and the Award agreements, to resolve any ambiguities, to define any terms, and to make any other determinations required
by the Plan or an Award agreement. The interpretation and construction of any provisions of the Plan or an Award agreement by the
Committee shall be final and conclusive. The Committee may consult with counsel, who may be counsel to the Company, and shall not
incur any liability for any action taken in good faith in reliance upon the advice of counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">(e) A majority of the members
of the Committee shall constitute a quorum, and all actions of the Committee shall be taken by a majority of the members present.
Any action may be taken by a written instrument signed by all of the members, and any action so taken shall be fully effective
as if it had been taken at a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">15.&nbsp;<U>Issuance of Company Stock</U>.
The Company shall not be required to issue or deliver any certificate for shares of Company Stock before (i)&nbsp;the admission
of such shares to listing on any stock exchange on which Company Stock may then be listed, (ii)&nbsp;receipt of any required registration
or other qualification of such shares under any state or federal securities law or regulation that the Company&rsquo;s counsel
shall determine is necessary or advisable, and (iii)&nbsp;the Company shall have been advised by counsel that all applicable legal
requirements have been complied with. The Company may place on a certificate representing Company Stock any legend required to
reflect restrictions pursuant to the Plan, and any legend deemed necessary by the Company&rsquo;s counsel to comply with federal
or state securities laws. The Company may require a customary written indication of a Participant&rsquo;s investment intent. Until
a Participant has been issued a certificate for the shares of Company Stock acquired, the Participant shall possess no shareholder
rights with respect to the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">16.&nbsp;<U>Rights Under the Plan</U>.
Title to and beneficial ownership of all benefits described in the Plan shall at all times remain with the Company. Participation
in the Plan and the right to receive payments under the Plan shall not give a Participant any proprietary interest in the Company
or any Affiliate or any of their assets. No trust fund shall be created in connection with the Plan, and there shall be no required
funding of amounts that may become payable under the Plan. A Participant shall, for all purposes, be a general creditor of the
Company. The interest of a Participant in the Plan cannot be assigned, anticipated, sold, encumbered or pledged and shall not be
subject to the claims of his creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">17.&nbsp;<U>Beneficiary</U>. A Participant
may designate, on a form provided by the Committee, one or more beneficiaries to receive any payments under Awards of Restricted
Stock or Incentive Stock after the Participant&rsquo;s death. If a Participant makes no valid designation, or if the designated
beneficiary fails to survive the Participant or otherwise fails to receive the benefits, the Participant&rsquo;s beneficiary shall
be the first of the following persons who survives the Participant: (a)&nbsp;the Participant&rsquo;s surviving spouse, (b)&nbsp;the
Participant&rsquo;s surviving descendants,&nbsp;<I>per stirpes</I>, or (c)&nbsp;the personal representative of the Participant&rsquo;s
estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">18.&nbsp;<U>Notice</U>. All notices and
other communications required or permitted to be given under this Plan shall be in writing and shall be deemed to have been duly
given if delivered personally or mailed first class, postage prepaid, as follows: (a)&nbsp;if to the Company&mdash;at its principal
business address to the attention of the Secretary; (b)&nbsp;if to any Participant&mdash;at the last address of the Participant
known to the sender at the time the notice or other communication is sent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">19.&nbsp;<U>Interpretation</U>. The terms
of this Plan and Awards granted pursuant to the Plan are subject to all present and future regulations and rulings of the Secretary
of the Treasury relating to the qualification of Incentive Stock Options under the Code or compliance with Code section 162(m),
to the extent applicable, and they are subject to all present and future rulings of the Securities and Exchange Commission with
respect to Rule 16b-3. If any provision of the Plan or an Award conflicts with any such regulation or ruling, to the extent applicable,
the Committee shall cause the Plan to be amended, and shall modify the Award, so as to comply, or if for any reason amendments
cannot be made, that provision of the Plan and/or the Award shall be void and of no effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
