Item 1.01 Entry into a Material Definitive Agreement.

On September 30, 2020, Retractable Technologies, Inc. (the "Company") completed an exchange under an Agreement for the Purchase and Sale of Preferred Stock (the "Agreement") dated as of August 31, 2020 with one preferred shareholder, Sovana Cayman Islands, whereby the Company will pay the shareholder $3,000,000 million in cash over a three-year period beginning February 2021 and immediately issue 600,000 shares of Common Stock in return for 300,000 shares of Series IV Class B Convertible Preferred Stock (the "Preferred Stock") of the Company. In addition, the Agreement provides for a transfer to the Company of all rights associated with the Preferred Stock, including $6,091,233 of dividends in arrears. Future dividend requirements to the preferred shareholder of $300,000 per year will cease.

The Common Stock is being issued in reliance on exemptions from registration provided by Sections 3(a)(9) and 18(b)(4) of the Securities Act of 1933, as amended.

A copy of the Agreement is attached as Exhibit 10.1 to this Current Report on Form 8-K. The foregoing description of the Agreement is a summary and does not purport to be complete and is qualified in its entirety by reference to the Agreement.

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