Document:

Blueprint

 

Exhibit 4.03

 

 

 

 

SECOND AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT

 

 

 

 

 

 

 

TABLE
OF CONTENTS

 

	
 

	
 

	

 
 

	
 

	
 

	
PAGE

	

1.

	

Definitions

	
3 

	
 

	
 

	
 
 

	

2.

	

Registration
Rights

	
6 

	
 

	
 

	
 
 

	

3.

	

Underwriting
Requirements

	
7 

	
 

	
 

	
 
 

	

4.

	

Obligations
of the Company

	
8 

	
 

	
 

	
 
 

	

5.

	

Furnish
Information

	
9 

	
 

	
 

	
 
 

	

6.

	

Expenses
of Registration

	
9 

	
 

	
 

	
 
 

	

7.

	

Delay
of Registration

	
9

	
 

	
 

	
 
 

	

8.

	

Indemnification

	
9

	
 

	
 

	
 
 

	

9.

	

Reports
Under Exchange Act

	
10
 

	
 

	
 

	
 
 

	

10.

	

Limitations
on Subsequent Registration Rights

	
11
 

	
 

	
 

	
 
 

	

11.

	

Termination
of Registration Rights

	
11
 

	
 

	
 

	
 
 

	

12.

	

Changes
in Holders and Updating of Schedules.

	
11
 

	
 

	
 

	
 
 

	

13.

	

Miscellaneous

	
12
 

	

 
 
 
 
 
 
 
 

	

SCHEDULE I 
-
Schedule of
Incidental Rights Holders  

	

 
 
 
 

	

SCHEDULE II
-
Schedule of
Comprehensive Rights Holders  

	

 
 
 
 

	

EXHIBIT A 
-
Form of
Adoption Agreement  

 

 

 

 

THIS
SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made as of October 16, 2017, by
and among ACM Research, Inc., a Delaware corporation (the
“Company”), Shengxin (Shanghai) Management
Consulting Limited Partnership (“SMC”), Xinxin (Hongkong) Capital Co.,
Limited and Victorious Way Limited. Certain capitalized terms used
herein are defined in Section
1.

 

RECITALS

 

A. The
Company and SMC previously entered into a Registration Rights
Agreement dated as of March 10, 2017, pursuant to which the Company
provided SMC with certain registration rights with respect to
SMC’s equity interests in
the Company, which agreement was subsequently amended and restated
persuant to the Amended and Restated Registration Rights Agreement
dated as of September 24, 2017 (the “Original
Agreement”).

 

B.
Contemporaneously herewith, each of Xinxin (Hongkong) Capital Co.,
Limited and Victorious Way Limited is entering into a Stock
Purchase Agreement dated as of the date hereof, pursuant to which
it proposes to purchase Class A Shares subject to the respective
terms and conditions set forth therein, which conditions include
the execution and delivery of this Agreement.

 

C. In
order to facilitate such purchases of Class A Shares, the Company
and SMC desire to amend and restate the Original Agreement in its
entirety as provided herein.

 

The
parties hereto agree as follows:

 

1. Definitions. For
purposes of this Agreement:

 

(a) “Adoption
Agreement” means an agreement in the form attached as
EXHIBIT A or in such other form as the Company may require from time to time.

 

(b) “Affiliate”
means, with respect to any specified Person, any other Person who,
directly or indirectly, controls, is controlled by, or is under
common control with such Person, including any general partner,
managing member, officer or director of such Person or any venture
capital fund now or hereafter existing that is controlled by one or
more general partners or managing members of, or shares the same
management company with, such Person.

 

(c)

“Class A
Shares” means shares of
Class A Common Stock of the Company.

 

(d)

“Comprehensive Rights
Holder” means a party
listed on SCHEDULE II.

 

(e)  “Damages”
means any loss, damage, claim or liability (joint or several) to
which a party to this Agreement may become subject under the
Securities Act, the Exchange Act, or other federal or state law,
insofar as such loss, damage, claim or liability (or any action in
respect to this Agreement) arises out of or is based upon: (i) any
untrue statement or alleged untrue statement of a material fact
contained in any registration statement of the Company, including
any preliminary prospectus or final prospectus contained therein or
any amendments or supplements to this Agreement; (ii) an omission
or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not
misleading; or (iii) any violation or alleged violation by the
indemnifying party (or any of its agents or Affiliates) of the
Securities Act, the Exchange Act, any state securities law, or any
rule or regulation promulgated under the Securities Act, the
Exchange Act, or any state securities law.

 

 

3

 

 

(f) “Demand
Registrable Securities”
means Class A Shares that are held by the Comprehensive Rights
Holders and listed across from a Comprehensive Rights
Holder’s name on SCHEDULE II.

 

(g) “Exchange
Act” means the U.S.
Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

 

(h)  “Excluded
Registration” means: (i)
a registration relating to the sale of securities to employees of
the Company or a subsidiary pursuant to a stock option, stock
purchase, or similar plan; (ii) a registration relating to an SEC
Rule 145 transaction; (iii) a registration on any form that does
not include substantially the same information as would be required
to be included in a registration statement covering the sale of the
Registrable Securities; or (iv) a registration in which the only
Class A Shares being registered are Class A Shares issuable upon
conversion of debt securities that are also being
registered.

 

(i) “Form
S-1” means such form
under the Securities Act as in effect on the date hereof or any
successor registration form under the Securities Act subsequently
adopted by the SEC.

 

(j)  “Form
S-3” means such form
under the Securities Act as in effect on the date of this Agreement
or any registration form under the Securities Act subsequently
adopted by the SEC that permits incorporation of substantial
information by reference to other documents filed by the Company
with the SEC.

 

(k) “Holder”
means an Incidental Rights Holder or Comprehensive Rights
Holder.

 

(l) “Immediate
Family Member” means a
child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, sibling, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, including
adoptive relationships, of a natural person referred to
herein.

 

(m) “Incidental
Rights Holders” a
party listed on SCHEDULE I from time to time, including any
subsequent securities holders, or transferees, who become parties
hereto as “Incidental
Rights Holders” pursuant
to Sections 12(a)
and 12(b).

 

(n) “Initiating
Holders” means any
Holder or Holders of a majority of the then-outstanding Demand
Registrable Securities.

 

(o) “IPO”
means the Company’s first
underwritten public offering of its Class A Shares under the
Securities Act.

 

(p) “Original
Agreement” has the
meaning set forth in Recital A.

 

(q) “Person”
means any individual, corporation, partnership, trust, limited
liability company, association or other entity.

 

(r) “Preferred
Series” means
Series A Preferred Stock, Series B Preferred Stock, Series C
Preferred Stock, Series D Preferred Stock or Series F Preferred
Stock of the Company.

 

 

4

 

 

(s) “Registrable
Securities”
means:

 

(i)

Class A Shares that
are held by the Incidental Rights Holders and listed across from an
Incidental Rights Holder’s name on SCHEDULE I;

 

(ii)

Demand Registrable
Securities;

 

(iii)

any Class A Shares
that are issued or issuable (directly or indirectly) upon
conversion or exercise of any other securities of the Company and
that are held by the Incidental Rights Holders and listed across
from an Incidental Rights Holder’s name on SCHEDULE I;
and

 

(iv)

any Class A Shares
that are issued as (or issuable upon the conversion or exercise of
any warrant, right or other security that is issued as) a dividend
or other distribution with respect to, or in exchange for or in
replacement of, the securities referenced in clauses (i), (ii) and
(iii) above;

 

excluding, however,
any Registrable Securities sold by a Person in a transaction in
which the applicable rights under this
Agreement are not assigned pursuant to Section 12(a)
and any shares for which registration rights have terminated
pursuant to Section
11.

 

(t) “Registrable
Securities then outstanding” means the sum of (i) the number of
outstanding Class A Shares that are Registrable Securities
(including the Demand Registrable Securities) and (ii) the number
of Class A Shares issuable (directly or indirectly) pursuant to
then exercisable or convertible securities that are Registrable
Securities.

 

(u) “SEC”
means the U.S. Securities and Exchange Commission.

 

(v) “SEC
Rule 144” means
Rule 144 promulgated by the SEC under the Securities
Act.

 

(w) “SEC
Rule 145” means
Rule 145 promulgated by the SEC under the Securities
Act.

 

(x) “Securities
Act” means the
U.S. Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.

 

(y) “Selling
Expenses” means
all underwriting discounts, selling commissions, stock transfer
taxes applicable to the sale of Registrable Securities, and fees
and disbursements of counsel for any Holder, except for the fees
and disbursements of the Selling Holder Counsel borne and paid by
the Company as provided in Section
6.

 

 

5

 

 

2. Registration
Rights. The Company covenants
and agrees as follows:

 

(a)

Demand
Registration.

 

(i) If, at any time at
least 180 days after the closing date of the IPO, the Company
receives a request from the Initiating Holders that the Company
file a Form S-1 registration statement covering either (x) the
potential sale of all or a portion of the Registrable Securities
then outstanding with an anticipated aggregate offering price
(excluding the offering price of any shares subject to an
over-allotment option) of at least $7,500,000 or (y) all of the
Registrable Securities then held by a Comprehensive Rights Holder
whose rights under this Agreement have not terminated pursuant to
Section 11, then
the Company shall: (A) within ten days after the date such request
is given, give notice thereof (the “Demand Notice”) to all Holders
other than the Initiating Holders; and (B) as soon as practicable,
and in any event within sixty days after the date such request is
given by the Initiating Holders, use its reasonable best efforts to
file and make effective a Form S-1 registration statement under the
Securities Act covering all Registrable Securities that the
Initiating Holders requested to be registered and any additional
Registrable Securities requested to be included in such
registration by any other Holders, as specified by notice given by
each such Holder to the Company within twenty days of the date the
Demand Notice is given, and in each case, subject to the
limitations of Section
2(a)(iii) and Section 3.

 

(ii) If
at any time when it is eligible to use a Form S-3 registration
statement, the Company receives a request from the Initiating
Holders that the Company file a Form S-3 registration statement
covering either (x) the potential sale of all or a portion of the
Registrable Securities then outstanding with an anticipated
aggregate offering price (excluding the offering price of any
shares subject to an over-allotment option) of at least $3,750,000
or (y) all of the Registrable Securities then held by a
Comprehensive Rights Holder whose rights under this Agreement have
not terminated pursuant to Section 11,
then the Company shall: (A) within ten days after the date such
request is given, give a Demand Notice to all Holders other than
the Initiating Holders; and (B) as soon as practicable, and in any
event within 45 days after the date such request is given by the
Initiating Holders, file and make effective a Form S-3 registration
statement under the Securities Act covering all Registrable
Securities that the Initiating Holders requested to be registered
and any additional Registrable Securities requested to be included
in such registration by any other Holders, as specified by notice
given by each such Holder to the Company within twenty days of the
date the Demand Notice is given, and in each case, subject to the
limitations of Section
2(a)(iii) and Section
3.

 

(iii) Notwithstanding
the foregoing obligations, if the Company furnishes to Initiating
Holders requesting a registration pursuant to this Section 2(a) a
certificate signed by the Company’s Chief Executive Officer stating
that in the good faith judgment of the Board of Directors of the
Company it would be materially detrimental to the Company and its
stockholders for such registration statement to either become
effective or remain effective for as long as such registration
statement otherwise would be required to remain effective, because
such action would (A) materially interfere with a significant
acquisition, corporate reorganization, or other similar transaction
involving the Company, (B) require premature disclosure of material
information that the Company has a bona fide business purpose for
preserving as confidential, or (C) render the Company unable to
comply with requirements under the Securities Act or Exchange Act,
then the Company shall have the right to defer taking action with
respect to such filing, and any time periods with respect to filing
or effectiveness thereof shall be tolled correspondingly, for a
period of not more than 120 days after the request of the
Initiating Holders is given; provided, however, that the
Company may not invoke this right more than once in any consecutive
twelve-month period; and provided further that the
Company shall not register any securities for its own account or
that of any other stockholder during such 120-day period other than
Excluded Registrations.

 

(iv) The
Company shall not be obligated to effect, or to take any action to
effect, any registration pursuant to Section 2(a)
(A) after the Company has effected a total of four registrations
pursuant thereto, or (B) if the Company has effected a registration
pursuant to Section 2(a)
within the six-month period immediately preceding the date of such
request. The Company shall not be obligated to effect, or to take
any action to effect, any registration pursuant to Section 2(a)(i)
(A) during the period that is sixty days before the
Company’s good faith
estimate of the date of filing of, and ending on a date that is 180
days after the effective date of, a Company-initiated registration,
provided
that the Company is actively employing in good faith commercially
reasonable efforts to cause such registration statement to become
effective, or (B) if the Initiating Holders propose to dispose of
Registrable Securities that may be immediately registered on Form
S-3 pursuant to a request made pursuant to Section
2(a)(ii). The Company shall not be obligated to effect, or
to take any action to effect, any registration pursuant to
Section
2(a)(ii) during the period that is thirty days before the
Company’s good faith
estimate of the date of filing of, and ending on a date that is
ninety days after the effective date of, a Company-initiated
registration, provided that the
Company is actively employing in good faith commercially reasonable
efforts to cause such registration statement to become effective. A
registration shall not be counted as “effected” for purposes of this Section
2(a)(iv) until such time as the applicable registration
statement has been declared effective by the SEC, unless the
Initiating Holders withdraw their request for such registration,
elect not to pay the registration expenses therefor, and forfeit
their right to one demand registration statement pursuant to
Section
6, in which case such withdrawn registration statement shall
be counted as “effected” for purposes of this Section
2(a)(iv).

 

6

 

 

(b) Company
Registration. If the Company
proposes to register (including, for this purpose, a registration
effected by the Company for stockholders other than the Holders)
any of its Class A Shares under the Securities Act in connection
with the public offering of such securities solely for cash (other
than in: (A) the IPO or (B) an Excluded Registration), the Company
shall, at such time, promptly give each Holder notice of such
registration. Upon the request of each Holder given within twenty
days after such notice is given by the Company, the Company shall,
subject to the provisions of Section
3, cause to be registered all
of the Registrable Securities that each such Holder has requested
to be included in such registration. The Company shall have the
right to terminate or withdraw any registration initiated by it
under this Section 2(b)
before the effective date of such
registration, whether or not any Holder has elected to include
Registrable Securities in such registration. The expenses (other
than Selling Expenses) of such withdrawn registration shall be
borne by the Company in accordance with Section
6.

 

3. Underwriting
Requirements.

 

(a) If, pursuant to
Section
2(a), the Initiating Holders intend to
distribute the Registrable Securities covered by their request by
means of an underwriting, they shall so advise the Company as a
part of their request made pursuant to Section 2(a),
and the Company shall include such information in the Demand
Notice. The underwriter(s) will be selected by the Company and
shall be reasonably acceptable to a majority in interest of the
Initiating Holders. In such event, the right of any Holder to
include such Holder’s
Registrable Securities in such registration shall be conditioned
upon such Holder’s
participation in such underwriting and the inclusion of such
Holder’s Registrable
Securities in the underwriting to the extent provided herein. All
Holders proposing to distribute their Registrable Securities
through such underwriting shall (together with the Company as
provided in Section 4(e))
enter into an underwriting agreement in customary form with the
underwriter(s) selected for such underwriting. Notwithstanding any
other provision of this Section 3(a),
if the managing underwriter advises the Initiating Holders in
writing that marketing factors require a limitation on the number
of Class A Shares to be underwritten, then the Initiating Holders
shall so advise all Holders that otherwise would be underwritten
pursuant hereto and the number of Registrable Securities that may
be included in the underwriting shall be allocated among such
Holders, including the Initiating Holders, in proportion (as nearly
as practicable) to the number of Registrable Securities owned by
each Holder or in such other proportion as shall mutually be agreed
to by all such selling Holders; provided, however, that the number
of Registrable Securities to be included in such underwriting shall
not be reduced unless all other Class A Shares are first entirely
excluded from the underwriting. To facilitate the allocation of
Class A Shares in accordance with the above provisions, the Company
or the underwriters may round the number of shares allocated for
sale by any Holder to the nearest 100 Registrable
Securities.

 

(b) In connection with
any offering involving an underwriting of shares of the
Company’s capital stock
pursuant to Section 2(b),
the Company shall not be required to include any of the
Holders’ Registrable
Securities in such underwriting unless the Holders accept the terms
of the underwriting as agreed upon between the Company and its
underwriters, and then only in such quantity as the underwriters in
their sole discretion determine will not jeopardize the success of
the offering by the Company. If the total number of securities,
including Registrable Securities, requested by stockholders to be
included in such offering exceeds the number of securities to be
sold (other than by the Company) that the underwriters in their
reasonable discretion determine is compatible with the success of
the offering, then the Company shall be required to include in the
offering only that number of such securities, including Registrable
Securities, that the underwriters and the Company in their sole
discretion determine will not jeopardize the success of the
offering. If the underwriters determine that less than all of the
Registrable Securities requested to be registered can be included
in such offering, then the Registrable Securities that are included
in such offering shall be allocated among the selling Holders in
proportion (as nearly as practicable to) the number of Registrable
Securities owned by each selling Holder or in such other
proportions as shall mutually be agreed to by all such selling
Holders. To facilitate the allocation of shares in accordance with
the above provisions, the Company or the underwriters may round the
number of shares allocated to any Holder to the nearest 100 shares.
Notwithstanding the foregoing, in no event shall (i) the number of
Registrable Securities included in the offering be reduced unless
all other securities (other than securities to be sold by the
Company) are first entirely excluded from the offering, or (ii) the
number of Registrable Securities included in the offering be
reduced below thirty percent of the total number of securities
included in such offering. For purposes of this Section 3(b)
concerning apportionment, for any selling Holder that is a
partnership, limited liability company, or corporation, the
partners, members, retired partners, retired members, stockholders
and Affiliates of such Holder, or the estates and Immediate Family
Members of any such partners, retired partners, members, retired
members and any trusts for the benefit of any of the foregoing
Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with
respect to such “selling
Holder” shall be based
upon the aggregate number of Registrable Securities owned by all
Persons included in such “selling Holder,” as defined in this
sentence.

 

 

7

 

 

4. Obligations
of the Company. Whenever
required under this Agreement to effect the registration of any
Registrable Securities, the Company shall, as expeditiously as
reasonably possible:

 

(a) prepare and file
with the SEC a registration statement with respect to such
Registrable Securities and use its commercially reasonable efforts
to cause such registration statement to become effective and, upon
the request of the Holders of a majority of the Registrable
Securities registered thereunder, keep such registration statement
effective for a period of up to 180 days, in the case of a
registration statement pursuant to clause (y) of Section 2(a)(i) (regardless of
whether such registration also complies with clause (x) of Section 2(a)(i)) or
clause (y) of
Section 2(a)(ii)
(regardless of whether such registration also complies with
clause (x) of
Section 2(a)(ii)),
or otherwise 120 days or, if earlier, until the distribution
contemplated in the registration statement has been completed,
provided that such 180-day or 120-day period (as the case may be)
shall be extended for a period of time equal to the period the
Holder refrains, at the request of an underwriter of Class A Shares
(or other securities) of the Company, from selling any securities
included in such registration;

 

(b) prepare and file
with the SEC such amendments and supplements to such registration
statement, and the prospectus used in connection with such
registration statement, as may be necessary to comply with the
Securities Act in order to enable the disposition of all securities
covered by such registration statement;

 

(c) furnish to the
selling Holders such numbers of copies of a prospectus, including a
preliminary prospectus, as required by the Securities Act, and such
other documents as the Holders may reasonably request in order to
facilitate their disposition of their Registrable
Securities;

 

(d) use its
commercially reasonable efforts to register and qualify the
securities covered by such registration statement under such other
securities or blue-sky laws of such jurisdictions as shall be
reasonably requested by the selling Holders, provided that the Company shall not be
required to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions, unless the
Company is already subject to service in such jurisdiction and
except as may be required by the Securities Act;

 

(e) in the event of any
underwritten public offering, enter into and perform its
obligations under an underwriting agreement, in usual and customary
form, with the underwriter(s) of such offering;

 

(f) use its
commercially reasonable efforts to cause all such Registrable
Securities covered by such registration statement to be listed on a
national securities exchange or trading system and each securities
exchange and trading system (if any) on which similar securities
issued by the Company are then listed;

 

(g) promptly make
available for inspection by the selling Holders, any managing
underwriter(s) participating in any disposition pursuant to such
registration statement, and any attorney or accountant or other
agent retained by any such underwriter or selected by the selling
Holders, all financial and other records, pertinent corporate
documents, and properties of the Company, and cause the
Company’s officers, directors, employees and independent
accountants to supply all information reasonably requested by any
such seller, underwriter, attorney, accountant, or agent, in each
case, as necessary or advisable to verify the accuracy of the
information in such registration statement and to conduct
appropriate due diligence in connection therewith;

 

(h) notify each selling
Holder, promptly after the Company receives notice of this
Agreement, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part
of such registration statement has been filed; and

 

(i) after such
registration statement becomes effective, notify each selling
Holder of any request by the SEC that the Company amend or
supplement such registration statement or prospectus.

 

In
addition, the Company shall ensure that, at all times after any
registration statement covering a public offering of securities of
the Company under the Securities Act shall have become effective,
its insider trading policy shall provide that the
Company’s directors may
implement a trading program under Rule 10b5-1 of the Exchange
Act.

 

 

8

 

 

5. Furnish
Information. It shall be a
condition precedent to the obligations of the Company to take any
action pursuant to this Agreement, with respect to the Registrable
Securities of any selling Holder that such Holder shall furnish to
the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of
such securities as is reasonably required to effect the
registration of such Holder’s Registrable
Securities.

 

6. Expenses of
Registration. All expenses (other than Selling Expenses)
incurred in connection with registrations, filings, or
qualifications pursuant to this Agreement, including all
registration, filing, and qualification fees; printers’ and accounting fees; fees and
disbursements of counsel for the Company; and the reasonable fees
and disbursements, not to exceed $50,000, of one counsel for the
selling Holders (“Selling Holder
Counsel”), shall
be borne and paid by the Company; provided, however, that
the Company shall not be required to pay for any expenses of any
registration proceeding begun pursuant to Section 2(a) if
the registration request is subsequently withdrawn at the request
of the Holders of a majority of the Registrable Securities to be
registered (in which case all selling Holders shall bear such
expenses pro rata based upon the number of Registrable Securities
that were to be included in the withdrawn registration), unless the
Holders of a majority of the Registrable Securities agree to
forfeit their right to one registration pursuant to Section 2(a);
provided
further that if, at the time of such withdrawal, the Holders
shall have learned of a material adverse change in the condition,
business, or prospects of the Company from that known to the
Holders at the time of their request and have withdrawn the request
with reasonable promptness after learning of such information then
the Holders shall not be required to pay any of such expenses and
shall not forfeit their right to one registration pursuant to
Section
2(a). All Selling Expenses relating to Registrable
Securities registered pursuant to this Section 6 shall
be borne and paid by the Holders pro rata on the basis of the
number of Registrable Securities registered on their
behalf.

 

7. Delay
of Registration. No Holder shall have any right to obtain or
seek an injunction restraining or otherwise delaying any
registration pursuant to this Agreement as the result of any
controversy that might arise with respect to the interpretation or
implementation of this Agreement.

 

8. Indemnification.
If any Registrable Securities are included in a registration
statement under this Agreement:

 

(a) To the extent
permitted by law, the Company will indemnify and hold harmless each
selling Holder, and the partners, members, officers, directors and
stockholders of each such Holder; legal counsel and accountants for
each such Holder; any underwriter (as defined in the Securities
Act) for each such Holder, and each Person, if any, that controls
such Holder or underwriter within the meaning of the Securities Act
or the Exchange Act, against any Damages, and the Company will pay
to each such Holder, underwriter, controlling Person, or other
aforementioned Person any legal or other expenses reasonably
incurred thereby in connection with investigating or defending any
claim or proceeding from which Damages may result, as such expenses
are incurred, provided that the indemnity agreement contained in
this Section 8(a)
shall not apply to amounts paid in settlement of any such claim or
proceeding if such settlement is effected without the consent of
the Company, which consent shall not be unreasonably withheld, nor
shall the Company be liable for any Damages to the extent that they
arise out of or are based upon actions or omissions made in
reliance upon and in conformity with written information furnished
by or on behalf of any such Holder, underwriter, controlling
Person, or other aforementioned Person expressly for use in
connection with such registration.

 

(b) To the extent
permitted by law, each selling Holder, severally and not jointly,
will indemnify and hold harmless the Company, and each of its
directors, each of its officers who has signed the registration
statement, each Person (if any), who controls the Company within
the meaning of the Securities Act, legal counsel and accountants
for the Company, any underwriter (as defined in the Securities
Act), any other Holder selling securities in such registration
statement, and any controlling Person of any such underwriter or
other Holder, against any Damages, in each case only to the extent
that such Damages arise out of or are based upon actions or
omissions made in reliance upon and in conformity with written
information furnished by or on behalf of such selling Holder
expressly for use in connection with such registration; and each
such selling Holder will pay to the Company and each other
aforementioned Person any legal or other expenses reasonably
incurred thereby in connection with investigating or defending any
claim or proceeding from which Damages may result, as such expenses
are incurred, provided that the indemnity agreement contained in
this Section 8(b)
shall not apply to amounts paid in settlement of any such claim or
proceeding if such settlement is effected without the consent of
the Holder, which consent shall not be unreasonably withheld and
provided further that in no event shall the aggregate amounts
payable by any Holder by way of indemnity or contribution under
Sections
8(b) and (d) exceed the
proceeds from the offering received by such Holder (net of any
Selling Expenses paid by such Holder), except in the case of fraud
or willful misconduct by such Holder.

 

(c) Promptly after
receipt by an indemnified party under this Section
8 of notice of the
commencement of any action (including any governmental action) for
which a party may be entitled to indemnification hereunder, such
indemnified party will, if a claim in respect to this Agreement is
to be made against any indemnifying party under this Section 8, give
the indemnifying party notice of the commencement of this
Agreement. The indemnifying party shall have the right to
participate in such action and, to the extent the indemnifying
party so desires, participate jointly with any other indemnifying
party to which notice has been given, and to assume the defense of
this Agreement with counsel mutually satisfactory to the parties,
provided that an indemnified party (together with all other
indemnified parties that may be represented without conflict by one
counsel) shall have the right to retain one separate counsel, with
the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by
the indemnifying party would be inappropriate due to actual or
potential differing interests between such indemnified party and
any other party represented by such counsel in such action. The
failure to give notice to the indemnifying party within a
reasonable time of the commencement of any such action shall
relieve such indemnifying party of any liability to the indemnified
party under this Section 8, to
the extent that such failure materially prejudices the indemnifying
party’s ability to defend
such action. The failure to give notice to the indemnifying party
will not relieve it of any liability that it may have to any
indemnified party otherwise than under this Section
8.

 

 

9

 

 

(d) To provide for just
and equitable contribution to joint liability under the Securities
Act in any case in which either: (i) any party otherwise entitled
to indemnification hereunder makes a claim for indemnification
pursuant to this Section 8 but
it is judicially determined (by the entry of a final judgment or
decree by a court of competent jurisdiction and the expiration of
time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced in such case, notwithstanding
the fact that this Section 8
provides for indemnification in such case, or (ii) contribution
under the Securities Act may be required on the part of any party
to this Agreement for which indemnification is provided under this
Section
8, then, and in each such case, such parties will contribute
to the aggregate losses, claims, damages, liabilities, or expenses
to which they may be subject (after contribution from others) in
such proportion as is appropriate to reflect the relative fault of
each of the indemnifying party and the indemnified party in
connection with the statements, omissions, or other actions that
resulted in such loss, claim, damage, liability, or expense, as
well as to reflect any other relevant equitable considerations. The
relative fault of the indemnifying party and of the indemnified
party shall be determined by reference to, among other things,
whether the untrue or allegedly untrue statement of a material
fact, or the omission or alleged omission of a material fact,
relates to information supplied by the indemnifying party or by the
indemnified party and the parties’ relative intent, knowledge, access
to information, and opportunity to correct or prevent such
statement or omission, provided that, in any such case (x) no
Holder will be required to contribute any amount in excess of the
public offering price of all such Registrable Securities offered
and sold by such Holder pursuant to such registration statement,
and (y) no Person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) will be
entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation and provided further that in no event
shall a Holder’s
liability pursuant to this Section 8(d),
when combined with the amounts paid or payable by such Holder
pursuant to Section 8(b),
exceed the proceeds from the offering received by such Holder (net
of any Selling Expenses paid by such Holder), except in the case of
willful misconduct or fraud by such Holder.

 

(e) Notwithstanding the
foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into
in connection with the underwritten public offering are in conflict
with the foregoing provisions, the provisions in the underwriting
agreement shall control.

 

(f) Unless otherwise
superseded by an underwriting agreement entered into in connection
with the underwritten public offering, the obligations of the
Company and Holders under this Section 8 shall
survive the completion of any offering of Registrable Securities in
a registration under this Agreement, and otherwise shall survive
the termination of this Agreement.

 

9. Reports
Under Exchange Act. With a view
to making available to the Holders the benefits of SEC Rule 144 and
any other rule or regulation of the SEC that may at any time permit
a Holder to sell securities of the Company to the public without
registration or pursuant to a registration on Form S-3, the Company
shall:

 

(a) make and keep
available adequate current public information, as those terms are
understood and defined in SEC Rule 144, at all times after the
effective date of the registration statement filed by the Company
for the IPO;

 

(b) use commercially
reasonable efforts to file with the SEC in a timely manner all
reports and other documents required of the Company under the
Securities Act and the Exchange Act (at any time after the Company
has become subject to such reporting requirements);
and

 

(c) furnish to any
Holder, so long as the Holder owns any Registrable Securities,
forthwith upon request (i) to the extent accurate, a written
statement by the Company that it has complied with the reporting
requirements of SEC Rule 144 (at any time after ninety days after
the effective date of the registration statement filed by the
Company for the IPO), the Securities Act, and the Exchange Act (at
any time after the Company has become subject to such reporting
requirements), or that it qualifies as a registrant whose
securities may be resold pursuant to Form S-3 (at any time after
the Company so qualifies) and (ii) such other information as may be
reasonably requested in availing any Holder of any rule or
regulation of the SEC that permits the selling of any such
securities without registration (at any time after the Company has
become subject to the reporting requirements under the Exchange
Act) or pursuant to Form S-3 (at any time after the Company so
qualifies to use such form).

 

 

 

10

 

 

10. Limitations
on Subsequent Registration Rights. From and after the date of this Agreement, the
Company shall not, without the prior written consent of the Holders
of a majority of the Registrable Securities then outstanding, enter
into any agreement with any holder or prospective holder of any
securities of the Company that would (a) provide to such holder the
right to include securities in any registration on other than
either a pro rata basis with respect to the Registrable Securities
or on a subordinate basis after all Holders have had the
opportunity to include in the registration and offering all shares
of Registrable Securities they wish to so include or (b) allow such
holder or prospective holder to initiate a demand for registration
of any securities held by such holder or prospective
holder.

 

11. Termination
of Registration Rights. The right of any Holder to request
registration or inclusion of Registrable Securities in any
registration pursuant to Section 2(a) or
2(b) shall
terminate upon the earliest to occur of:

 

(a)

such time as Rule
144 or another similar exemption under the Securities Act is
available for the sale of all of such Holder’s Registrable
Securities shares without restriction by volume limitations;
and

 

(b) the fifth
anniversary of the closing of the IPO.

 

12. Changes
in Holders and Updating of Schedules.

 

(a)  Successors and Assigns. The
rights of a Holder, either as an Incidental Rights Holder or a
Comprehensive Rights Holder, under this Agreement may be assigned
(but only with all related obligations) by such Holder to a
transferee of Registrable Securities that is (i) an Affiliate of
such Holder or (ii) an Immediate Family Member of such Holder or a
trust for the benefit of such individual Holder or one or more of
such Holder’s Immediate Family Members, provided that (A) the
Company is, within a reasonable time after such transfer, furnished
with written notice of the name and address of such transferee and
the Registrable Securities with respect to which such rights are
being transferred and (B) such transferee agrees, by executing and
delivering an Adoption Agreement to the Company, to be bound by and
subject to the terms and conditions of this Agreement. Upon such
execution and delivery of an Adoption Agreement by such transferee
and the Company, such transferee shall be deemed to be a party to
this Agreement and an Incidental Rights Holder or a Comprehensive
Rights Holder, to the same extent as the transferring Holder, as if
such transferee’s signature appeared on the signature page of
this Agreement. The terms and conditions of this Agreement inure to
the benefit of and are binding upon the respective successors and
permitted assignees of the parties. Nothing in this Agreement,
express or implied, is intended to confer upon any party other than
the parties to this Agreement or their respective successors and
permitted assignees any rights, remedies, obligations or
liabilities under or by reason of this Agreement, except as
expressly provided in Section 12(b)(i), Section 12(b)(ii) or elsewhere
herein.

 

(b)

Additional Holders.

 

(i) Each of Ninebell
Co., Ltd. (with respect to 133,334 Class A Shares purchased from
the Company as of September 11, 2017), Pudong Science and
Technology (Cayman) Co., Ltd. (with respect to 1,119,576 Class A
Shares purchased from the Company as of September 8, 2017),
Shanghai Science and Technology Venture Capital Co., Ltd. (with
respect to 4,998,508 shares of Series E Preferred Stock of the
Company purchased from the Company as of August 31, 2017), and
Zhangjiang AJ Company Limited (with respect to 787,098 Class A
Shares purchased from the Company as of September 8, 2017) may, at
its election, become subject to the terms of this Agreement as an
Incidental Rights Holder by executing and delivering an Adoption
Agreement. Upon the execution and delivery of an Adoption Agreement
to the Company by any such Person (with respect to the securities
referenced above), the Company shall countersign such Adoption
Agreement and (A) such Person shall be deemed to be a party to this
Agreement as if such Person’s signature appeared on the
signature pages of this Agreement and shall be deemed to be an
Incidental Rights Holder and (B) such Person shall be added to
SCHEDULE I in accordance with Section 12(c).

 

(ii) Each
Person who holds shares of any Preferred Series shall,
automatically without the need to execute or deliver an adoption or
joinder agreement, become subject to the terms of this Agreement as
an Incidental Rights Holder with respect to such shares upon the
receipt by ACM of a waiver and/or consent, executed by the holders
of a majority of the outstanding shares of such Preferred Series,
terminating all of the registration rights currently set forth in
one or more purchase agreements with respect to shares of such
Preferred Series, all satisfactory to the Company in form and
substance. Upon delivery of such a waiver and/or consent with
respect to shares of a Preferred Series, (A) each Person who is a
holder of record of shares of such Preferred Series as of the date
of such delivery shall be deemed to be a party to this Agreement as
if such Person’s signature appeared on the signature pages of
this Agreement and shall be deemed to be an Incidental Rights
Holder and (B) such Person shall be added to SCHEDULE I in
accordance with Section
12(c), it being understood that for such purpose the initial
address of such Person shall be its record address in the stock
register for such Preferred Series.

 

(iii) At
the election of the Company, any Person may become subject to the
terms of this Agreement as an Incidental Rights Holder at any time
after the date hereof by executing and delivering an Adoption
Agreement. Upon the execution and delivery of an Adoption Agreement
by such Person and the Company, (A) such Person shall be deemed to
be a party to this Agreement as if such Person’s signature
appeared on the signature pages of this Agreement and shall be
deemed to be an Incidental Rights Holder and (B) such Person shall
be added to SCHEDULE I in accordance with Section 12(c).

 

 

11

 

 

(c)

The Company shall
maintain each of SCHEDULE I and SCHEDULE II, which shall set
forth:

 

(i)

in SCHEDULE I, the
names of all Incidental Rights Holders from time to time, including
Incidental Rights Holders who become party to this Agreement in
accordance with Section
12(a) or clause
(i), (ii) or
(iii) of
Section 12(b), and
in SCHEDULE II, the names of all Comprehensive Rights Holders from
time to time, including Comprehensive Rights Holders who become
party to this Agreement in accordance with Section 12(a);

 

(ii)

the respective
contact address of each Holder, as provided to the Company by such
Holder at the time such Holder becomes party to this Agreement,
becomes subject to this Agreement or as subsequently provided to
the Company in accordance with Section 13(d); and

 

(iii)

the numbers and
types of securities of the Company held by each Holder that
constitute Registrable Securities or that are convertible or
exercisable for Registrable Securities.

 

The
Company shall update SCHEDULE I or SCHEDULE II, as the case may be,
upon any change in, or addition of, a Holder in accordance with
Section
12(a) or Section 12(b),
any change in the contact address of a Holder delivered to the
Company in accordance with Section 13(d),
or any other change or event that the Company determines, in good
faith, is necessary or desirable to fulfill the purposes of
SCHEDULE I or SCHEDULE II. Upon request of any Holder from time to
time, the Company shall promptly deliver to such Holder, in
accordance with Section 13(d),
a copy of the then-current versions of SCHEDULE I and SCHEDULE
II.

 

13. Miscellaneous.

 

(a)

Governing Law. This Agreement shall be
governed by the internal law of the State of Delaware.

 

(b) Counterparts. This
Agreement may be executed in counterparts, each of which shall be
deemed an original, but all of which together shall constitute one
and the same instrument. Counterparts may be delivered via
facsimile, electronic mail (including pdf or any electronic
signature complying with the U.S. Electronic Signatures in Global
and National Commerce Act, e.g., www.docusign.com)
or other transmission method and any counterpart so delivered shall
be deemed to have been duly and validly delivered and be valid and
effective for all purposes.

 

(c)

Construction. As used
in this Agreement:

 

(i)

headings used in
this Agreement are for convenience of reference only and shall not,
for any purpose, be deemed a part of this Agreement;

 

(ii)

any references
herein to a Section or Exhibit refer to a Section of, or Exhibit
attached to, this Agreement, unless specified
otherwise;

 

(iii)

the words
“herein,” “hereof,” “hereby,”
“hereto” and “hereunder” refer to this
Agreement as a whole;

 

(iv)

the words
“include,” “includes” and
“including” as used herein shall not be construed so as
to exclude any other thing not referred to or
described;

 

(v)

the word
“or” is not exclusive;

 

(vi)

the definition
given for any term in this Agreement shall apply equally to both
the singular and plural forms of the term defined;

 

(vii)

whenever the
context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms;

 

(viii)

unless the context
otherwise requires, (A) references herein to an agreement,
instrument or other document mean such agreement, instrument or
other document as amended, supplemented and modified from time to
time to the extent permitted by the provisions thereof and (B)
references herein to a statute means such statute as amended from
time to time and includes any successor legislation thereto and any
rules and regulations promulgated thereunder; and

 

(ix)

this Agreement
shall be construed without regard to any presumption or rule
requiring construction or interpretation against the party drafting
an instrument or causing any instrument to be drafted.

 

 

12

 

 

(d) Notices. All notices
and other communications given or made pursuant to this Agreement
shall be in writing and shall be deemed effectively given upon (i)
personal delivery to the party to be notified, (ii) if sent by
electronic mail, then (A) when sent, if sent between 9 a.m. and 5
p.m., Pacific time, on a Business Day or (B) as of 9 a.m. Pacific
time on the next Business Day, if sent at any other time, (iii) if
sent by U.S. registered or certified mail, return receipt
requested, postage prepaid, the earlier of actual receipt and the
fifth Business Day after having been deposited with the U.S. Postal
Service, or (iv) if sent via an internationally recognized
overnight courier, freight prepaid, specifying next or two Business
Day delivery, with written verification of receipt, two Business
Days after deposit with such courier. “Business
Day” means any day
other than (i) a Saturday or Sunday or (ii) a day on which the
Federal Reserve Bank of San Francisco is closed. All communications
shall be sent to the respective Holders at their addresses as set
forth on Schedule I or
Schedule
II, as applicable, or to the Company at its principal
office, to the attention of the Chief Executive Officer, or by
email to dwang@acmrcsh.com, or to such other street or email
address as subsequently modified by written notice given in
accordance with this Section 13(d).
If notice is given to the Company, a copy shall also be sent to
Mark L. Johnson at K&L Gates LLP, State Street Financial
Center, One Lincoln Street, Boston, Massachusetts
02111.

 

(e) Amendments and Waivers.
Any term of this Agreement may be amended and the observance of any
term of this Agreement may be waived (either generally or in a
particular instance, and either retroactively or prospectively)
only with the written consent of the Company and the holders of a
majority of the Registrable Securities then outstanding,
provided
that any provision of this Agreement may be waived by any waiving
party on such party’s own
behalf, without the consent of any other party. Notwithstanding the
foregoing, this Agreement may not be amended or terminated and the
observance of any term of this Agreement may not be waived with
respect to any Holder without the written consent of such Holder,
unless such amendment, termination, or waiver applies to all
Holders in the same fashion (it being agreed that a waiver of the
provisions of this Agreement with respect to a particular
transaction shall be deemed to apply to all Holders in the same
fashion if such waiver does so by its terms, notwithstanding the
fact that certain Holders may nonetheless, by agreement with the
Company, purchase securities in such transaction). Further, this
Agreement may not be amended, and no provision hereof may be
waived, in each case, in any way that would adversely affect the
rights of the Comprehensive Rights Holders hereunder in a manner
disproportionate to any adverse effect such amendment or waiver
would have on the rights of the Holders hereunder (it being agreed
that any modification of the terms of Section 2(a) in
any fashion shall be deemed to be disproportionate for such
purposes), without the written consent of the holders of at least a
majority of the Demand Registrable Securities then outstanding. The
Company shall give prompt notice of any amendment or termination of
this Agreement or waiver hereunder to any party to this Agreement
that did not consent in writing to such amendment, termination, or
waiver. Any amendment, termination, or waiver effected in
accordance with this Section 13(e)
shall be binding on all parties to this Agreement, regardless of
whether any such party has consented to this Agreement. No waivers
of or exceptions to any term, condition, or provision of this
Agreement, in any one or more instances, shall be deemed to be or
construed as a further or continuing waiver of any such term,
condition, or provision.

 

(f)  Severability. In case
any one or more of the provisions contained in this Agreement is
for any reason held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality, or unenforceability shall not
affect any other provision of this Agreement, and such invalid,
illegal, or unenforceable provision shall be reformed and construed
so that it will be valid, legal, and enforceable to the maximum
extent permitted by law.

 

(g) Aggregation of Stock.
All shares of Registrable Securities held or acquired by Affiliates
shall be aggregated together for the purpose of determining the
availability of any rights under this Agreement and such Affiliated
persons may apportion such rights as among themselves in any manner
they deem appropriate.

 

(h) Entire Agreement. This
Agreement (including any Schedules and Exhibits to this Agreement)
constitutes the full and entire understanding and agreement among
the parties with respect to the subject matter of this Agreement,
and any other written or oral agreement relating to the subject
matter of this Agreement existing between the parties is expressly
canceled.

 

 

 

13

 

 

(i) Dispute Resolution. The
parties (a) hereby irrevocably and unconditionally submit to the
jurisdiction of the state courts of Delaware and any federal court
located in the State of Delaware for the purpose of any suit,
action or other proceeding arising out of or based upon this
Agreement, (b) agree not to commence any suit, action or other
proceeding arising out of or based upon this Agreement except in
the state courts of Delaware or any federal court located in the
State of Delaware, and (c) hereby waive, and agree not to assert,
by way of motion, as a defense, or otherwise, in any such suit,
action or proceeding, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is
exempt or immune from attachment or execution, that the suit,
action or proceeding is brought in an inconvenient forum, that the
venue of the suit, action or proceeding is improper or that this
Agreement or the subject matter of this Agreement may not be
enforced in or by such court. Each party will bear its own costs in
respect of any disputes arising under this Agreement.

 

(j) Waiver of Jury Trial.
EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR
CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE
OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER
HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE),
BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE
PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY
EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND
REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS
JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL.

 

(k) Delays or Omissions. No
delay or omission to exercise any right, power, or remedy accruing
to any party under this Agreement, upon any breach or default of
any other party under this Agreement, shall impair any such right,
power, or remedy of such nonbreaching or nondefaulting party, nor
shall it be construed to be a waiver of or acquiescence to any such
breach or default, or to any similar breach or default thereafter
occurring, nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default heretofore or
thereafter occurring. All remedies, whether under this Agreement or
by law or otherwise afforded to any party, shall be cumulative and
not alternative.

 

(l) Amendment and Restatement of
the Original Agreement. The Original Agreement is hereby
amended in its entirety and restated herein. Upon such execution
and delivery, all provisions of, rights granted and covenants made
in the Original Agreement are hereby waived, released and
superseded in their entirety and shall have no further force or
effect.

 

(m) Additional Registration
Rights. While Xinxin (Hongkong) Capital Co., Limited or
Victorious Way Limited continues to be a Comprehensive Rights
Holder under this Agreement whose rights have not terminated
pursuant to Section 11, the
Company shall not, without the prior written consent of each such
Comprehensive Rights Holder, enter into any arrangement (other than
pursuant to this Agreement) with any holder or prospective holder
of securities of the Company under which such Person shall have the
right to request or demand that the Company file a registration
statement covering the potential sale of all or a portion of such
securities under the Securities Act.

 

[Remainder of Page Intentionally Left Blank]

 

 

 

14

 

 

IN
WITNESS WHEREOF, each of the parties has executed this Agreement or
caused the same to be executed by its duly authorized
representative as of the date first written above.

 

	
 

	
 

	

ACM
RESEARCH, INC.

	

 

	

 

	
By:

	
/s/ David H. Wang

	
	
David H.
Wang

	
	
President and Chief
Executive Officer

	
 

	

SHENGXIN
(SHANGHAI) MANAGEMENT

CONSULTING
LIMITED PARTNERSHIP

	
 

	
 

	
By:	

/s/ Jian
Wang

	
	
Jian
Wang

	
	
General
Partner

	
 
 

	

Address:

	
Rm. 210-32, 2nd
Fl., Building 1 38 Debao Rd.
 

	
Pilot Free Trade
Zone

	
Shanghai,
China

	
Email:

	
 

	

XINXIN
(HONGKONG) CAPITAL CO., LIMITED

	
 

	
 

	
By:	

/s/ Xinxin
(Hongkong) Capital Co., Limited

	
	

Name:

	
	

Title:

	

 
 

	

Address:

	

3rd Floor North,
No. 7 Financial Street

	

Xicheng District,
Beijing 100033, P. R. China

	

Email:

	
 

	

VICTORIOUS
WAY LIMITED

	
 

	
 

	
By:	

/s/ Victorious Way
Limited

	
	

Name:

	
	

Title:

	

 
 

	

Address:

	

Vistra Corporate
Services Centre,

	

Wickhams Cay II,
Road Town

	

Tortola, VG1110,
British Virgin Islands

	

Email:

 

 

Signature Page To Second Amended And Restated Registration Rights
Agreement

 

 

15

 

SCHEDULE I

Incidental Rights Holders

	
 

	
 

	
 

	

Name

	
 

	

Securities

	

SHENGXIN
(SHANGHAI) MANAGEMENT CONSULTING LIMITED PARTNERSHIP

Rm.
210-32, 2nd Fl., Building 1

38
Debao Rd.

Pilot
Free Trade Zone

Shanghai,
China

Email:
jian.wang@acmrcsh.com

 

	
 

	

Warrant
dated March 14, 2017 issued by ACM Research, Inc. with respect to
397,502 Class A Shares (after giving effect to post-reverse split
effected on September 13, 2017)

 

 

16

 

SCHEDULE II

Comprehensive Rights Holders

	
 

	
 

	
 

	

Name

	
 

	

Securities

	

XINXIN
(HONGKONG) CAPITAL CO., LIMITED

3rd
Floor North, No. 7 Financial Street

Xicheng
District, Beijing 100033, P. R. China

 

	
 

	

833,334
Class A Shares

	
 

	
 

	

VICTORIOUS
WAY LIMITED

Vistra
Corporate Services Centre,

Wickhams Cay II,
Road Town

Tortola, VG1110,
British Virgin Islands

 

	
 

	

500,000
Class A Shares

 

 

17

 

EXHIBIT A

 

Adoption Agreement

 

This
Adoption Agreement (this “Adoption
Agreement”) is
executed on _____________, 20__, by the undersigned (“Acquirer”) pursuant to the terms of the
Second Amended and Restated Registration Rights Agreement dated as
of _____________, 2017 (the “Agreement”), by and among ACM Research, Inc.
and certain of its security holders, as such Agreement may be
further amended or restated. Capitalized terms used but not defined
in this Adoption Agreement shall have the respective meanings
ascribed to such terms in the Agreement. By the execution of this
Adoption Agreement, Acquirer agrees as follows.

	

1.

	

Acknowledgement.
Acquirer acknowledges that Acquirer is acquiring certain
Registrable Securities (which term, for purposes of this Adoption
Agreement, shall include securities convertible or exercisable for
Registrable Securities) for one of the following reasons
(check the correct
box):

	
 

	

as a
transferee of Registrable Securities from a party in such
party’s capacity as an
“Incidental Rights
Holder,” bound by the
Agreement in accordance with Section
12(a), and after such transfer, Acquirer shall be
considered an “Incidental
Rights Holder” for all
purposes of the Agreement;

	
 

	

as a
transferee of Registrable Securities from a party in such
party’s capacity as a
“Comprehensive Rights
Holder,” bound by the
Agreement in accordance with Section
12(a), and after such transfer, Acquirer shall be
considered a “Comprehensive Rights
Holder” for all purposes
of the Agreement;

	
 

	

as a
purchaser of Registrable Securities from the Company in accordance
with Section 12(b)(i), after
which Acquirer shall be considered an “Incidental Rights Holder” for all purposes of the
Agreement;

	
 

	

as a
holder of shares of a Preferred Series in accordance with
Section
12(b)(ii), after which Acquirer shall be
considered an “Incidental
Rights Holder” for all
purposes of the Agreement; or

	
 

	

as a
holder of securities of the Company in accordance with Section
12(b)(iii), after which Acquirer shall be considered
an “Incidental Rights
Holder” for all purposes
of the Agreement.

	

2.

	

Agreement. Acquirer
adopts the Agreement with the same force and effect as if Acquirer
were originally a party to this Agreement.

	

3. 

	

Conflicts.
In the event that the terms of the Agreement conflict with any
other agreement pursuant to which Acquirer is bound, Acquirer
expressly acknowledges and agrees that the terms of the Agreement
shall govern.

	

4.

	

Notice. Any
notice required or permitted by the Agreement shall be given to
Acquirer at the address or email address listed below
Acquirer’s signature to
this Agreement.

	
 

	
 

	
 

	
 

	

ACQUIRER:

	
 

	

ACCEPTED
AND AGREED:

	
 

	
 

	
 

	
 

	

By:

	
 

	

ACM RESEARCH, INC.

	
 

	

Name:

	
 

	
 

	
 

	

Title:

	
 

	
 

	
 

	
 

	
 

	
 

	

Address:

	
 

	

By:

	
 

	
 

	
 

	

Name:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

Title:

	
 

	

Email:

	
 

	
 

	
 

 

 

18Exhibit 10.1

 

TECHPRECISION CORPORATION

 

RESTRICTED STOCK AWARD TO [DIRECTOR] OR [OFFICER]

 

 

 

	Grantee:	[__________]
	 	 
	Number of Shares Granted:	[__________]
	 	 
	Date of Grant:	[__________], 20[__]
	 	 
	Vesting Date:	[__________], 20[__]

 

ReCITALS

 

This Restricted Stock Award (the “Award
Agreement”) is made by TechPrecision Corporation, a Delaware corporation (the “Company), pursuant to the
Company’s 2016 Equity Incentive Plan (the “Plan”).

 

WHEREAS, the Company has agreed to
grant and issue to the Grantee and the Grantee desires to acquire 25,000 Shares (as defined below), subject to certain restrictions
and on the terms and conditions contained in this Award Agreement.

 

NOW, THEREFORE, in consideration of
the foregoing and the premises contained herein and intending to be legally bound hereby:

 

Definitions. As used herein:

 

“Award”
means an award of Restricted Stock hereby granted.

 

“Date of Grant”
means [__________], 20[__], the date on which the Company awarded the Restricted Stock to the Grantee.

 

“Restricted Stock”
means the [_____] Shares which are the subject of the Award hereby granted.

 

“Shares”
mean shares of the Company’s common stock, par value $0.0001 per share.

 

Capitalized terms not otherwise
defined herein have the same meanings as in the Plan, and the terms of the Plan are hereby incorporated by reference and made a
part of this Award Agreement.

 

Grant of Restricted Stock. Subject
to the terms and conditions set forth herein, the Company hereby grants to the Grantee the Restricted Stock. The Restricted Stock
shall vest and become nonforfeitable in accordance with Section 3 of this Award Agreement.

 

Vesting and Forfeiture.

 

The Restricted Stock shall vest
and become nonforfeitable on the Vesting Date set forth above. During the period commencing on the Date of Grant and ending on
the Vesting Date (the “Restriction Period”), the Grantee is not permitted to sell, transfer, pledge, assign
or otherwise encumber the Restricted Stock.  The Grantee must be serving as a director or executive officer as of the Vesting
Date and must have been continuously serving in such capacity from the Grant Date through the Vesting Date for the Restricted Stock
to vest.

 

While any Share of Restricted
Stock remains subject to restriction, the Grantee will have, with respect to the Restricted Stock, the right to vote the Shares,
but will not have the right to receive any cash distributions or dividends prior to the lapse of the Restriction Period underlying
such Shares.  If any cash distributions or dividends are payable with respect to the Restricted Stock, the board of directors,
in its sole discretion, may require the cash distributions or dividends to be subjected to the same Restriction Period as is applicable
to the Restricted Stock with respect to which such amounts are paid, or, if the board of directors of the Company so determines,
reinvested in additional Restricted Stock to the extent Shares are available under the Plan.  The Grantee shall not be entitled
to interest with respect to any dividends or distributions subjected to the Restriction Period.  Any distributions or dividends
paid in the form of securities with respect to Restricted Stock will be subject to the same terms and conditions as the Restricted
Stock with respect to which they were paid, including, without limitation, the same Restriction Period.

 

    	 	1	 

     

    

 

If the Grantee’s service
with the Company and its Affiliates terminates prior to the expiration of the applicable Restriction Period, the Grantee’s
Restricted Stock that then remains subject to forfeiture will then be forfeited automatically.

 

Securities Laws, etc. The Company
may from time to time impose any conditions on the Restricted Stock as it deems necessary or advisable to ensure that this Award
satisfies the conditions of Rule 16b-3, and that Shares are issued and resold in compliance with the Securities Act of 1933, as
amended.

 

Delivery of Shares. The Company
shall, without payment from the Grantee for the Restricted Stock, deliver to the Grantee the Shares underlying the Award in certificated
or book-entry form, in the Company’s sole discretion, with such legends or restrictions as it deems necessary or appropriate
under the securities laws. The Company may require upon the vesting of any Restricted Stock from the Grantee any undertakings which
it may determine are required to ensure that the certificates are being issued in compliance with federal and state securities
laws.

 

Notices. Any notice to the Company
provided for in this instrument shall be addressed to the Corporate Secretary of the Company at 1 Bella Drive, Westminster, MA
01473, and any notice to the Grantee shall be addressed to such Grantee at the current address shown on file with the Company,
or to such other address as the Grantee may designate to the Company in writing. Any notice shall be delivered by hand, sent by
telecopy or electronic copy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage
prepaid, in a post office regularly maintained by the United States Postal Service.

 

Miscellaneous.

 

The Award granted hereunder shall
not confer upon the Grantee any right to continue as [a [member of the Board of Directors] [an officer] of the Company.

 

The Grantee acknowledges that
the Company has not advised the Grantee regarding the Grantee’s income tax liability in connection with the grant of the
Restricted Stock. The Grantee is not relying on any statements or representations of the Company or any of its agents in regard
to such liability. The Grantee understands that the Grantee (and not the Company) shall be responsible for the Grantee’s
own tax liability that may arise as a result of the transactions contemplated by this Award Agreement.

 

The validity, performance, construction
and effect of this Award shall be governed by and determined in accordance with the law of the State of Delaware, without giving
effect to conflicts of laws principles thereof.

 

[Signature Page Follows]

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF, the Company has caused
its duly authorized officer to execute this Award Agreement effective as of the Date of Grant.

 

	 	TECHPRECISION CORPORATION	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	[Name]	 
	 	[Title]	 

 

ACKNOWLEDGED AND ACCEPTED:

 

 

 

___________________________________

[________]

 

Dated: _____________________________

 

    	 	3

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