Document:

EX-10.2

 Exhibit 10.2 
  

I-MAB 

天境生物 
  

AMENDED AND RESTATED 

2018 EMPLOYEE STOCK OPTION PLAN 

After Series C Financing 
  

Adopted on Feb. 22th, 2019 

Amended on July. 22th , 2019 

 I-Mab 

天境生物 

 
  

Amended and Restated 2018 Employee Stock Option Plan 
  

 
 PREFACE

 The Company adopted the I-Mab 2018 Employee Stock Option Plan (the “Original Plan”)
on Feb 22st, 2019. On July 22, 2019, the Board approved and adopted this Amended and Restated 2018 Employee Stock Option Plan of I-Mab天境生物 (this “Plan”), which shall amend and restate the Original Plan in its entirety. 

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

	 	(A)	 In this Plan, save where the context otherwise requires, the following expressions have the respective meanings
set forth opposite them: 

  

			
	“Adoption Date”	  	February 22, 2019;
		
	“Auditors”	  	the auditors for the time being of the Company;
		
	“Board”	  	the board of directors of the Company or a duly authorised committee thereof;
		
	“business day”	  	any day (excluding Saturday) on which banks in the PRC generally are open for business;
		
	“Change in Control”	  	 means a Corporate Transaction in which immediately after the consummation of such transaction, the Shareholders immediately prior thereto do
not own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the surviving or acquiring entity in such transaction, or (B) more 50% of the combined
outstanding voting power of the parent of the surviving entity in such transaction, in each case in substantially the same proportions as their ownership immediately prior to such transaction.

 
 Notwithstanding the foregoing, the term Change in Control will not include (x) a
Listing or a transaction the primary purpose of which is to facilitate a Listing, (y) a transaction the primary purpose of which is to raise capital for the Company, or (z) other transaction effected exclusively for the purpose of changing
the domicile of the Company.

  
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	“Company”	  	I-Mab天境生物, a company incorporated in the Cayman Islands;
		
	“Committee”	  	means a committee of one (1) or more members of the Board to whom authority has been delegated by the Board in accordance with paragraph 3(C);
		
	“Contract”	  	means, in relation to an Employee, his or her contract of Employment with any of the Employing Entities;
		
	“Corporate Transaction”	  	 the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events:

 
 (i) a sale or other disposition of all or substantially all, as determined by the
Board in its sole discretion, of the consolidated assets of the Company and its Subsidiaries;
  

(ii) a sale or other disposition of at least 50% of the outstanding securities of the Company;

 
 (iii) a merger, consolidation or similar transaction following which the Company is
not the surviving corporation; or
  
 (iv) a merger, consolidation or similar
transaction following which the Company is the surviving corporation but the Shares outstanding immediately preceding the such transaction are converted or exchanged by virtue of the transaction into other property, whether in the form of
securities, cash or otherwise;

		
	“Employee”	  	any full-time or part-time employee (including, without limitation, an executive director) of the Group and any consultant or adviser of the Group, and “Employment” has a corresponding meaning;
		
	“Employing Entity”	  	any of I-Mab Biopharma
(天境生物科技(上海)有限公司) or I-MAB Biopharma US Limited, as
Subsidiaries of the Company.
		
	“Employment Commencement Date”	  	for purposes of this Plan, with respect to any Employee, the effective date of such Employee’s initial Contract with the relevant Employing Entity.
		
	“Exercise Net Proceeds”	  	the amount (if any) by which (i) the net proceeds of sale (e.g., after payment of, without limitation, stamp duty, commissions, brokerage and Stock Exchange transaction levy, and withholding tax amount (if applicable)) of the
Shares, exceeds (ii) the Subscription Price applicable to such Shares;

  
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	“Grantee”	  	any Employee, or if approved by the Board, designee of any Employee, who accepts an offer in accordance with the terms of this Plan by executing an Offer Letter with the Group, or (where the context so permits) any person who is
entitled to any Option in consequence of the death of the original Grantee or other permitted transfer;
		
	“Group”	  	the Company and its Subsidiaries;
		
	“Hong Kong”	  	the Hong Kong Special Administrative Region of the People’s Republic of China;
		
	“Listing”	  	the listing of all or any part of the Company’s or any of its Subsidiaries’ share capital to a recognised stock or other investment exchange or the grant of permission by any stock or other exchange to deal in the same and
“Listed” has a corresponding meaning;
		
	“Listing Date”	  	the day on which dealings in the Shares on the Stock Exchange first commence;
		
	“Listing Rules”	  	the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited;
		
	“Memorandum and Articles”	  	the memorandum and articles of association of the Company for the time being in force;
		
	“Offer Letter”	  	the letter, referred to in paragraph 4(B), the form of which shall be approved by the Board, entered into by and among the Company and a Grantee regarding the offer of an Option;
		
	“Officer”	  	means any person designated by the Company as an officer;
		
	“Option”	  	a right granted to subscribe for Shares pursuant to this Plan;
		
	“Option Period”	  	the period during which the Option can be exercised as set forth in the Offer Letter;
		
	“Option Shares”	  	Shares allotted and issued to a Grantee pursuant to the exercise of an Option;
		
	“Plan”	  	this 2018 employee stock option plan in its present form or as amended from time to time in accordance with the provisions hereof;

  
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	“Pre-Listing Option Interests”	  	has the meaning defined in paragraph 10(A);
		
	“PRC”	  	the People’s Republic of China, and for purpose of this Agreement, does not include Hong Kong, the Macau Special Administrative Region of the People’s Republic of China and Taiwan;
		
	“RMB”	  	Renminbi, the lawful currency of the People’s Republic of China;
		
	“Shares”	  	ordinary shares of US$0.0001 each in the capital of the Company (or of such other nominal amount as shall result from a sub-division, consolidation, redenomination, reclassification or
reconstruction of the share capital of the Company from time to time);
		
	“Stock Exchange”	  	any qualified stock exchange approved by the Board in accordance with the Memorandum and Articles of the Company;
		
	“Subscription Price”	  	the price per Share at which a Grantee may subscribe for Shares on the exercise of an Option, as described in paragraph 5;
		
	“Subsidiary”	  	a company which is for the time being and from time to time a subsidiary (within the meaning of the Listing Rules) of the Company, irrespective of where the company is incorporated;
		
	“US$”	  	US Dollar, the lawful currency of the United States;
		
	“Vesting Commencement Date”	  	means, with respect to a Grantee, the vesting commencement date as indicated in his or her Offer Letter; and
		
	“Vesting Schedule”	  	the vesting schedule according to which the Option to be issued to the Grantee, as described in paragraph 5.

  

	 	(B)	 In this Plan, save where the context otherwise requires: 

 

	 	(i)	 the headings are inserted for convenience only and shall not limit, vary, extend or otherwise affect the
construction of any provision of this Plan; 

  

	 	(ii)	 references to paragraphs are references to paragraphs of this Plan; 

  
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	 	(iii)	 references to any statute or statutory provision shall be construed as references to such statute or statutory
provision as respectively amended, consolidated or re-enacted, or as its operation is modified by any other statute or statutory provision (whether with or without modification), and shall include any
subsidiary legislation enacted under the relevant statute; 

  

	 	(iv)	 expressions in the singular shall include the plural and vice versa; 

 

	 	(v)	 expressions in any gender shall include other genders; and 

 

	 	(vi)	 references to persons shall include bodies corporate, corporations, partnerships, sole proprietorships,
organisations, associations, enterprises and branches. 

  

	2.	 CONDITION 

This Plan shall take effect subject to the passing of a resolution by the Board to approve and adopt this Plan, and to authorise the Board to
grant Options to subscribe for Shares hereunder and to allot, issue and deal with Shares pursuant to the exercise of any Options granted under this Plan. 
  

	3.	 DURATION AND ADMINISTRATION 

 

	 	(A)	 Subject to paragraph 15, this Plan shall be valid and effective for the period of ten (10) years
commencing on the Adoption Date after which period no further Options will be granted, but the provisions of this Plan shall in all other respects remain in full force and effect and the Grantees may exercise the Options in accordance with the terms
upon which the Options are granted. 

  

	 	(B)	 This Plan shall be subject to the administration of the Board and the decision of the Board shall be final and
binding on all parties. The Board shall have the right (i) to interpret and construe the provisions of the Plan, (ii) to determine the persons who will be awarded Options under the Plan, the number and Subscription Price and other terms
(e.g., any performance conditions upon which the exercise of an Option is conditioned) of Options awarded thereto, (iii) to make such appropriate and equitable adjustments to the terms of Options granted under the Plan as it deems necessary,
(iv) to amend, add to and/or delete any of the provisions of this Plan, provided that no such amendment, addition or deletion shall adversely affect the rights of any Grantee in respect of any Options granted to such Grantee, (v) to adopt
such procedures and rules as are necessary or appropriate to permit participation in the Plan by Employees who are foreign nationals or employed outside of Hong Kong or the PRC (provided that Board approval will not be necessary for immaterial
modifications to the Plan or any Option Letter that are required for compliance with the laws of the relevant foreign jurisdiction); and (vi) to make such other decisions or determinations as it shall deem appropriate in the administration of
the Plan. 

  

	 	(C)	 Notwithstanding the foregoing, the Board may delegate any of its powers, authorities and discretions in
relation to the Plan to any Committee, and any such delegation may be made on such terms and subject to such conditions as the Board may think fit and the Board may at any time remove any person so appointed and may annul or vary any such
delegation. Any delegation of administrative powers will be reflected in written resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Board may retain the authority
to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated. 

  
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	 	(D)	 The Board may delegate to one or more Officers the authority to do one or both of the following:
(i) designate Employees who are not Officers to be recipients of Options and, to the extent permitted by applicable law, the terms of such Options, and (ii) determine the number of Option Shares to be subject to such Options; provided,
however, that the Board resolutions regarding such delegation will specify the total number of Option Shares that may be subject to the Options granted by such Officer and that such Officer may not grant an Option to himself or herself. Any such
Options will be granted on substantially the form of Offer Letter most recently approved for use by the Board, unless otherwise provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is
acting solely in the capacity of an Officer to determine the fair market value of the Shares. 

  

	 	(E)	 No member of the Board shall be personally liable by reason of any contract or other instrument executed by
such member or on his behalf in his capacity as a member of the Board nor for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each employee, officer or director of the Company to whom any duty or power
relating to the administration or interpretation of the Plan may be allocated or delegated, against any cost or expense (including legal fees) or liability (including any sum paid in settlement of a claim with the approval of the Board) arising out
of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud or bad faith. 

  

	4.	 OFFER AND GRANT OF OPTIONS 

 

	 	(A)	 On and subject to the terms of this Plan, the Board shall be entitled to make an offer to any Grantee as the
Board may in its absolute discretion select to take up Options in respect of such number of Shares as the Board may determine at the Subscription Price. Options may be granted on such terms and conditions in relation to their vesting, exercise or
otherwise (e.g. by linking their exercise to the attainment or performance of milestones by the Company, any Subsidiary, the Grantee or any group of Employees) as the Board may determine, provided such terms and conditions shall not be inconsistent
with any other terms and conditions of this Plan. 

  

	 	(B)	 An Offer Letter shall be made to a Grantee in such form as the Board may from time to time determine requiring
the Grantee to undertake to hold the Option on the terms on which it is to be granted and to be bound by the provisions of this Plan. 

  
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	 	(C)	 A Grantee is not required to pay for the grant of any Option. 

 

	 	(D)	 The offer of Options under this Plan shall be in compliance with all applicable laws, regulations and exchange
rules, whether in PRC, Hong Kong or other jurisdictions of which the Grantee or the Company are then subject to, in connection with offer of Options. 

  

	5.	 SUBSCRIPTION PRICE AND VESTING SCHEDULE 

 

	 	(A)	 The Subscription Price shall be approved by the Board and shall be set out in the Offer Letter.

  

	 	(B)	 Unless otherwise approved by the Board and set forth in an Offer Letter, the Vesting Schedule shall be a
two-year vesting schedule consisting of a cliff vesting of fifty percent (50%) on the first (1st) anniversary of the Vesting Commencement Date and, a vesting of the remaining fifty percent (50%)
on the second (2nd) anniversary of the applicable Vesting Commencement Date. Notwithstanding the foregoing, if a Listing occurs at any time prior to any Option granted under this Plan becoming
fully vested, and to the extent such Option has been granted and outstanding, any such Option shall vest in full with immediate effect upon the Listing, inure to the benefit of the related Grantees. 

 

	6.	 EXERCISE OF OPTIONS 

 

	 	(A)	 Unless otherwise approved by the Board, an Option shall be personal to the Grantee and shall not be assignable
and no Grantee shall in any way sell, transfer, charge, mortgage, encumber or create any interest (legal or beneficial) in favour of any third party over or in relation to any Option or attempt so to do, except pursuant to paragraph 10 hereof.
Notwithstanding the foregoing, in the event of the Grantee ceasing to be an Employee by reason of his/her death, disability or for any other reason that the Board considers valid, before exercising the Option in full, the Grantee’s vested
Option may be assigned to its representative (to the extent not already exercised). The executor or administrator of a deceased member, the guardian of an incompetent Grantee shall be the only person recognized by the Company as the representative
to be assigned with the Option. The production to the Company of any document which is evidence of probate of the will, or letters of administration of the estate, or confirmation as executor, of a deceased member or of the appointment of a guardian
of an incompetent Grantee may be accepted by the Company even if the deceased, or incompetent is domiciled outside the Cayman Islands if the document evidencing the grant of probate or letters of administration, confirmation as executor is issued by
a foreign court or other competent authorities which had competent jurisdiction in the matter. Any permitted assignment of options shall only be made in a manner that is not prohibited by applicable tax and securities laws. 

  
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	 	(B)	 Except otherwise approved by the Board, an Option, to the extent then vested, shall become exercisable only
upon the earlier of (i) six (6) months after a Listing, and (ii) occurrence of a Change in Control; provided, however that in each case, no Option of an Employee shall become exercisable until the third (3rd) anniversary of such Employee’s Employment Commencement Date. Notwithstanding the foregoing, the exercise shall be conditioned upon compliance in full with all applicable laws, regulations and
exchange rules, whether in PRC, Hong Kong or other jurisdictions of which such Grantee or the Company is then subject to, in connection with the exercise of the Options, including without limitation requirements imposed by the Listing Rules and the
Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), and, in the case of a Grantee being a national or a resident of the PRC, PRC foreign exchange regulations and rules (e.g., Notice on Relevant Matters regarding Onshore
Individuals’ Participation in Share Incentive Plan of Offshore Listed Companies issued by the State Administration for Foreign Exchange of the PRC (as amended from time to time) effective as of February 15, 2012, or, Circular of the State
Administration of Foreign Exchange on Relevant Issues concerning Foreign Exchange Administration of Offshore Investment and Financing and Inbound Investment through Special Purpose Companies by PRC Residents effective as of July 4, 2014 (as
amended from time to time), as applicable). The Board may provide that an Option shall only become exercisable following any approval deemed necessary from the State Administration for Foreign Exchange of the PRC, or other regulatory entity.

  

	 	(C)	 An Option may be exercised in whole or in part in the manner as set out in paragraph 6(D) or 6(E) (as the case
may be) by the Grantee (or his or her personal representatives) giving notice in writing to the Company in the form of the notice attached hereto as Schedule I, or such other form as may be adopted by the Board from time to time, stating that
the Option is thereby exercised and the number of Shares in respect of which it is exercised. In addition, a Grantee may be required to enter into a voting trust agreement or power of attorney in favour of ZANG, Jingwu Zhang in his capacity as a
founder of the Group, or shareholders’ agreement, as a condition to exercise of the Option. 

  

	 	(D)	 Each notice of exercise of an Option must be accompanied by a remittance for the aggregate amount of the
Subscription Price multiplied by the number of Shares in respect of which the notice is given. Within 30 days after receipt of the notice and remittance and, where appropriate, receipt of the Auditors’ certificate pursuant to paragraph 9, the
Company shall allot and issue or procure the allotment and issue of the relevant Option Shares to the Grantee (or his or her personal representative) credited as fully paid. 

 

	 	(E)	 Notwithstanding paragraph 6(D), after a Listing and subject to Company’s appointment of an appropriate
administrator of the Plan, a Grantee may request by a notice of exercise to the Company to direct and procure the administrator of the Plan to exercise an Option (to the extent exercisable by the Grantee) and sell the relevant Shares, and pay the
Grantee in cash an amount equal to the Exercise Net Proceeds in connection with such sale of Shares. It shall be a condition of the exercise of an Option under this paragraph 6(E) that the net proceeds of sale of the relevant Shares (as referred to
in the definition of “Exercise Net Proceeds”) shall exceed the Subscription Price of such Shares. The Grantee shall provide the Company with such information in relation to the method of making payment as the Company may require, and the
making of such payment in accordance with such information shall operate as a complete and absolute discharge of the Company’s obligations in respect of a Grantee’s exercise of Option pursuant to this paragraph 6(E). If so requested by the
Company, a Grantee shall deliver a duly executed receipt of payment contemporaneously with the making of such payment. 

  
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	 	(F)	 Subject to paragraph 10, Option Shares will be subject to the provisions of the Memorandum and Articles of the
Company for the time being in force and will rank pari passu with the fully paid Shares in issue as from the date of exercise of the Option and in particular will entitle the holders to participate in all dividends or other distributions paid or
made on or after the date of exercise of the Option other than any dividend or other distribution previously declared or recommended or resolved to be paid or made if the record date therefor is before the date of exercise of the Option, provided
always that when the date of exercise of the Option falls on a date upon which the register of members of the Company is closed then the exercise of the Option shall become effective on the first business day on which the register of members of the
Company is re-opened. 

  

	 	(G)	 Prior to the expiry of the Option Period, any cancellation of Options granted but not exercised shall require
the approval of the Board and the Grantee in question. Cancelled Options may be re-issued after such cancellation has been approved, provided that re-issued Options
shall only be granted in compliance with the terms of this Plan and applicable law. 

  

	 	(H)	 Without prejudice to the generality of the foregoing, the Grantee may only exercise an Option subject to any
restrictions as may be reasonably imposed by the Board from time to time with a view to ensuring or facilitating compliance with any applicable laws, mandatory rules and/or regulations binding on the Company and/or the Grantee, particularly those
relating to insider dealing and other prohibitions under the Listing Rules. 

  

	7.	 LAPSE OF OPTION 

 

	 	(A)	 General. An Option shall lapse automatically (to the extent not already exercised) on the earliest of:

  

	 	(i)	 the expiry of the Option Period; 

 

	 	(ii)	 two (2) years after the date when the Option becomes exercisable as set for in paragraph 6(B), if not
exercised; 

  

	 	(iii)	 the date when any circumstance in violation of paragraph 6(A) occurs; or 

 

	 	(iv)	 subject to paragraph 7(B) to (F), on an Grantee ceasing to be an Employee. 

  
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	 	(B)	 Lapse for Death or Illness. Subject to paragraph 7(C), if an Grantee ceases to be an Employee by reason
of: 

  

	 	(i)	 the Grantee’s death; or 

 

	 	(ii)	 the Grantee’s serious illness or injury which, in the opinion of the Board, renders the Grantee concerned
unfit to perform the duties of his or her Employment and which in the normal course would render the Grantee unfit to continue performing the duties under his or her Contract provided such illness or injury is not self-inflicted or as a result of
alcohol or drug abuse; 

 then, subject to the paragraph 6(B), any unvested Option will immediately lapse and the Grantee
or his or her personal representatives (if appropriate) may exercise all his or her vested Options until the later of: (i) 90 days after the date when the Options become exercisable as set for in paragraph 6(B), or (ii) six (6) months after the
date of cessation of Employment or directorship, or such longer period as the Board may determine. Any vested Option not exercised prior to the expiry of the above-mentioned period shall lapse. 

 

	 	(C)	 Lapse on Termination for Cause. If the Board determines that any Grantee ceasing to be an Employee by
any of the following reason, (i) any act of grave misconduct or willful default or willful neglect in the discharge of duties of the Grantee with the Group; (ii) without prejudice to the generality of (i) above, being proven to have
carried out any fraudulent activity or have fraudulently failed to carry out any activity whether or not in connection with the affairs of the Group; (iii) being convicted of any offence; (iv) being proved to take advantages of such
Grantee’s position to make interest for him/herself or for others; (v) being proved to appropriate assets of the Group; (vi) serious violation or persistent breach of any terms of the employment agreement, the confidentiality and
intellectual property rights assignment agreement, the non-compete and non-solicitation agreement, the anti-bribery agreement or any other agreements entered into by and
between such Grantee and any member of the Group; (vii) repeated drunkenness or use of illegal drugs or being addicted to gambling which adversely interferes with or is reasonably expected to adversely interfere with the performance of such
Grantee’s obligations and duties of employment; and (viii) any other conduct which, as the Board determines in good faith, would justify the termination of his or her Contract, then any Option (whether vested or unvested) held by the
Grantee shall immediately lapse (unless the Board resolves otherwise in its absolute discretion). 

  
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	 	(D)	 Lapse on Cessation for Other Reason. If (a) an Grantee ceases to be an Employee for any reason
other than those set up in paragraph 7(B) or 7(C) (such termination of Employment, an “Other Termination”) at any time prior to the second (2nd) anniversary of the Grantee’s
Employment Commencement Date, then, any and all of the Grantee’s Options, regardless of whether or not then vested, shall immediately lapse upon such Other Termination; (b) an Other Termination occurs at any time on or from the second (2nd) anniversary of an Grantee’s Employment Commencement Date and prior to the third (3rd) anniversary of his or her Employment Commencement
Date, then, fifty (50%) percent of the vested Options then held by him/her shall be repurchased by the Company at the price as set forth in the Offer Letter (the “Early Termination Repurchase Price”), and all remaining part of his
or her Options, regardless of whether or not then vested, shall immediately lapse upon such Other Termination; or (c) an Other Termination occurs at any time on or from the third (3rd)
anniversary of an Grantee’s Employment Commencement Date, then, subject to paragraph 6(B), any unvested Option will immediately lapse and the Grantee or his or her personal representatives (if appropriate) may exercise all his or her vested
Options until later of: (i) 90 days after the date when the Options become exercisable as set for in paragraph 6(B), or (ii) 30 days after the date of cessation of Employment or directorship, or such longer period as the Board may otherwise
determine. Any vested Option not exercised prior to the expiry of the above-mentioned period shall immediately lapse. 

  

	 	(E)	 Lapse on a General Offer or Corporate Transaction. An unexercised Option may lapse as provided in
paragraphs 9(B) or 9(C) hereof in the case of a General Offer or a Corporate Transaction. 

  

	 	(F)	 Lapse on Winding-up. If notice is duly given of a resolution for
the voluntary winding-up of the Company, vested Options may, subject to paragraph 6(B), be exercised prior to the date of the resolution. The Grantee shall accordingly be entitled, in respect of the Shares
falling to be allotted and issued upon the exercise of his or her Option, to participate in the distribution of the assets of the Company available in liquidation pari passu with the holders of the Shares in issue on the day prior to the date of
such resolutions. 

  

	8.	 MAXIMUM NUMBER OF SHARES SUBJECT TO OPTIONS 

 

	 	(A)	 The maximum number of Shares in respect of which Options may be granted under this Plan shall not, subject to
paragraph 9, exceed 14,005,745 Shares in the aggregate, representing 11.00% of the issued share capital of the Company as of the Adoption Date (on a fully diluted and as converted basis). Notwithstanding the foregoing, if the Company
successfully listed on a Stock Exchange by December 31, 2019, or this condition is waived by the parties to the shareholders agreement of the Company pursuant to the terms thereof, the maximum number of Shares in respect of which
Options may be granted under this Plan and any other share option plan of the Company shall not, subject to paragraph 9, exceed 15,452,620 Shares in the aggregate. 

 

	 	(B)	 Unless otherwise approved by the Board, no Employee shall be granted an Option which, if exercised in full,
would result in such Employee becoming entitled to subscribe for such number of Shares as, when aggregated with the total number of Shares already issued under all the Options previously granted to him which have been exercised, and, issuable under
all the Options previously granted to him which are for the time being subsisting and unexercised, would exceed ten percent (10%) of the aggregate number of Shares for the time being issued and issuable under this Plan. 

  
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	 	(C)	 The maximum number of Shares referred to in paragraphs 8(A) and 8(B) will be adjusted, in such manner as an
independent financial adviser or the Auditors (acting as experts and not as arbitrators) shall confirm to the Board in writing in the terms set out in paragraph 9 below or otherwise as the Board deems appropriate, in the event of any alteration in
the capital structure of the Company whether by way of capitalisation of profits or reserves, rights issue, consolidation, sub-division or reduction of the share capital of the Company or otherwise howsoever.

  

	 	(D)	 Notwithstanding the foregoing, Shares that are subject to or underlie Options granted under this Plan that
expire or for any reason are cancelled or terminated without having been exercised (or Shares subject to or underlying the unexercised portion of such Options in the case of Options that were partially exercised), or Option Shares or Options
repurchased by the Company pursuant to paragraph 10, to the extent cancelled by the Company after such repurchase, will again, except to the extent prohibited by law or applicable listing or regulatory requirements, be available for subsequent
Options grants under this Plan. 

  

	9.	 REORGANISATION OF CAPITAL STRUCTURE AND OTHER CORPORATE EVENTS 

 

	 	(A)	 Reorganisation of Capital Structure. In the event of any alteration in the capital structure of the
Company whilst any Option remains exercisable, whether by way of capitalisation of profits or reserves, rights issue, consolidation, sub-division, or reduction of the share capital of the Company or otherwise
howsoever in accordance with legal requirements, other than any alteration in the capital structure of the Company as a result of an issue of Shares as consideration in a transaction to which the Company is a party or an issue of shares pursuant to,
or in connection with, any share option plan, share appreciation rights plan or any arrangement for remunerating or incentivising any employee, consultant or adviser to the Company or any Subsidiary or in the event of any distribution of the
Company’s capital assets to its shareholders on a pro rata basis (whether in cash or in specie) other than dividends paid out of the net profits attributable to its shareholders for each financial year of the Company, such corresponding
alterations (if any) shall be made to: 

  

	 	(i)	 the number or nominal amount of Shares subject to the Option so far as unexercised; 

 

	 	(ii)	 the Subscription Price; 

or any combination thereof, as an independent financial adviser or the Auditors shall confirm to the Board in writing, either generally or as
regard any particular Grantee, to have given a participant the same proportion (or rights in respect of the same proportion) of the equity capital as that to which that person was previously entitled, but that no such adjustments be made to the
extent that a share would be issued at less than its nominal value. The capacity of the independent financial adviser or Auditors (as the case may be) in this paragraph is that of experts and not of arbitrators and their confirmation shall, in the
absence of manifest error, be final and binding on the Company and the Grantees. The costs of the independent financial adviser or Auditors (as the case may be) shall be borne by the Company. 

  
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	 	(B)	 General Offer. If a general or partial offer, whether by way of take-over offer, share repurchase offer,
or scheme of arrangement or otherwise in like manner is made to all shareholders of the Company (or all such shareholders other than the offeror and/or any person controlled by the offeror and /or any person associated with or acting in connect with
the offeror) (a “General Offer”), the Company shall use all reasonable endeavours to procure that such offer is extended to all the Grantees on the same terms, mutatis mutandis, and assuming that they will become, by the exercise in
full of the Options granted to them which at the time vested, shareholders of the Company. If such offer becomes or is declared unconditional or such scheme or arrangements is formally proposed to shareholders of the Company, the Grantee shall,
notwithstanding any other terms on which his or her Options were granted (provided that any performance condition must first be satisfied), be entitled to exercise his or her vested Options at any time up until (i) the close of such offer (or
any revised offer); or (ii) the record date for entitlements under a scheme of arrangement, as applicable, and any unexercised Options will immediately lapse on the close of business on such date. 

 

	 	(C)	 Corporate Transaction. The following provisions will apply to Options in the event of a Corporate
Transaction (including a Change in Control) unless otherwise provided in the Option Letter or any other written agreement between the Company or any Grantee or unless otherwise expressly provided by the Board at the time of grant of an Option. In
the event of a Corporate Transaction, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Options, contingent upon the closing or completion of the Corporate Transaction:

  

	 	(i)	 arrange for the surviving entity or acquiring company (or the surviving or acquiring company’s parent
company) to assume or continue the Option or to substitute a similar award for the Option (including, but not limited to, an option to acquire the same consideration paid to the shareholders of the Company pursuant to the Corporate Transaction);

  

	 	(ii)	 accelerate the vesting, in whole or in part, of the Option (and, if applicable, the time at which the Option
may be exercised) to a date prior to the effective time of such Corporate Transaction as the Board determines (or, if the Board does not determine such a date, to the date that is five (5) days prior to the effective date of the Corporate
Transaction), with such Option terminating if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction; provided, however, that the Board may require Grantees to complete and deliver to the Company a notice of
exercise before the effective date of a Corporate Transaction, which exercise is contingent upon the effectiveness of such Corporate Transaction; 

  
 14 

	 	(iii)	 cancel or arrange for the cancellation of the Option, to the extent not vested prior to the effective time of
the Corporate Transaction, and pay such cash consideration (or no consideration) as the Board, in its sole discretion, may consider appropriate; and 

  

	 	(iv)	 make a payment for each vested Option, in such form as may be determined by the Board equal to the excess, if
any, of (x) the per share amount payable to holders of Shares in connection with the Corporate Transaction, over (y) any exercise price payable by such holder in connection with such exercise, multiplied by the number of vested Shares
under the Option. This payment may be $0 if the per share amount payable in respect of a Share in the Corporate Transaction is equal to or less than the Subscription Price. In addition, any escrow, holdback, earnout or similar provisions in the
definitive agreement for the Corporate Transaction may apply to such payment to the same extent and in the same manner as such provisions apply to the holders of Shares. 

The Board need not take the same action or actions with respect to all Options or portions thereof or with respect to all Grantees in a
Corporate Transaction. The Board may take different actions with respect to the vested and unvested portions of an Option. Notwithstanding the foregoing, in the event the Corporate Transaction is conducted for the purpose of Listing on a Stock
Exchange in the PRC, the Company shall arrange for the PRC listing entity to assume or continue the Options or to substitute a similar award for the Options.  
  

	 	(D)	 Accelerated Vesting on a Change in Control. The Board may provide that an Option may be subject to
additional acceleration of vesting upon or after a Change in Control or as may be provided in any other written agreement between the Company and the Grantee, but in the absence of such provision, no such acceleration will occur.

  

	 	(E)	 Effectiveness of this paragraph 9. This paragraph 9 shall terminate in its entirety upon a Listing.

  

	10	 RIGHT OF REPURCHASE OF SHARES OR OPTIONS 

 

	 	(A)	 Notwithstanding any provision herein to the contrary, unless otherwise approved by the Board and set forth in
an Offer Letter, prior to a Listing, after a Grantee’s termination of employment by or services to the Company or any of its Subsidiaries, any Option Share issued by the Company as a result of the exercise of an Option of such Grantee or any
vested Option held by such Grantee (collectively, “Pre-Listing Option Interests”) shall be subject to a right, but not an obligation, of repurchase by the Company and/or its assignee(s) (the
“Right of Repurchase”), at the price as set forth in the Offer Letter (the “Repurchase Price”). 

	 	(B)	 If the Company wishes to exercise its Right of Repurchase, it shall give notice thereof to the Grantee, and the
Grantee shall immediately endorse and deliver to the Company the share certificate(s) representing the Option Shares being repurchased (if applicable) and take all such actions and do all such things as necessary for effecting the Right of
Repurchase, and the Company shall then promptly pay, pursuant to the provisions of clause 10(C) below, the total Repurchase Price to the Grantee. If the Company exercises its Right of Repurchase, it may exercise its right with respect to all or part
of the Pre-Listing Option Interests. 

  

	 	(C)	 The Repurchase Price shall be paid first by cancellation of any obligation for accrued but unpaid interest
outstanding under notes issued by the Grantee upon purchase of the Option Shares (if any), next by cancellation of principal outstanding under such notes (if any), and finally by payment in cash of the balance due. 

 

	 	(D)	 The Right of Repurchase shall terminate upon the earlier to occur of (i) a Listing; or (ii) such
other event and/or conditions as the Board may determine in its sole discretion. 

  

	11.	 SHARE CAPITAL 

The exercise of any Option shall be subject to the members of the Company in general meeting approving any necessary increase in the authorised
share capital of the Company. Subject thereto, the Board shall make available sufficient authorised but unissued share capital of the Company to meet subsisting requirements on the exercise of Options. 

 

	12.	 DISPUTES 

Any dispute arising in connection with this Plan (whether as to the number of Shares which are the subject of an Option, the amount of the
Subscription Price or otherwise) shall be referred to the decision of the Auditors, who shall act as experts and not as arbitrators and whose decision shall be final and binding upon all persons affected thereby. 

 

	13.	 ALTERATION OF THIS PLAN 

This Plan may be altered in any respect by the prior approval of the Board, provided that no such alteration shall operate to affect adversely
the terms of issue of any Option granted or agreed to be granted prior to such alteration, except with the consent or sanction of such majority of the Grantees as would be required of the shareholders of the Company under the Memorandum and Articles
for the time being of the Company for a variation of the rights attached to the Shares. 
  

	14.	 TAX LIABILITY 

The Grantee shall be solely liable to pay all taxes and other levies which may be assessed or assessable on any payments made by the Company
hereunder and all payments required to be made hereunder by the Company shall be subject to the deduction or withholding of such amounts as the Board may reasonably determine is necessary or desirable by reason of any liability to tax or obligation
to account for tax or loss of any relief from tax which may fall on the Company or any Subsidiary in respect of, or by reason of such payment or the exercise of an Option, and the Grantee agrees to indemnify and keep the Company (for itself and as
trustee for its subsidiaries) indemnified in respect of any such liability, obligation or loss and accepts that any claim in respect of such indemnity may be satisfied by set-off against any sums due from the
Company or any Subsidiary to such Grantee from time to time. In the event that any tax liability becomes due on the exercise of an Option for which the Company is required to account to, the Option may not be exercised unless the Grantee has made a
payment to the Company an amount equal to such tax liability. 

  
 16 

	15.	 TERMINATION 

The Board may at any time terminate the operation of this Plan and in such event no further Options will be offered but in all other respects
the provisions of this Plan shall remain in full force and effect. 
  

	16.	 MISCELLANEOUS 

 

	 	(A)	 This Plan shall not form part of any contract of employment between the Company or any Subsidiary and any
Employee or Grantee, and the rights and obligations of any Employee or Grantee under the terms of his or her office or employment shall not be affected by his or her participation in this Plan or any right which he or she may have to participate in
it and this Plan shall afford such Employee or Grantee no additional rights to compensation or damages in consequence of the termination of such office or employment for any reason. 

 

	 	(B)	 This Plan shall not confer on any person any legal or equitable right (other than those rights constituting the
Options themselves) against the Company directly or indirectly or give rise to any cause of action at law or in equity against the Company. 

  

	 	(C)	 The Company shall bear the costs of establishing and administering this Plan. 

 

	 	(D)	 Any notice or other communication between the Company and a Grantee may be given by sending the same by prepaid
post or by personal delivery to, in the case of the Company, its principal place of business or such other address as notified to the Grantee from time to time and, in the case of the Grantee, his or her address as notified to the Company from time
to time or as indicated in his or her identity certificate provided by him or her to the Company or its Subsidiaries. 

  

	 	(E)	 Any notice or other communication served by post: 

 

	 	(i)	 by the Company shall be deemed to have been served 24 hours after the same was put in the post; and

  

	 	(ii)	 by the Grantee shall not be deemed to have been received until the same shall have been received by the
Company. 

  
 17 

	 	(F)	 All allotments and issues of Shares will be subject to all necessary consents under any relevant legislation
for the time being in force in the Cayman Islands and a Grantee shall be responsible for obtaining any governmental or other official consent or approval that may be required by any country or jurisdiction in order to permit the grant or exercise of
the Option. The Company shall not be responsible for any failure by a Grantee to obtain any such consent or approval or for any tax or other liability to which a Grantee may become subject as a result of his or her participation in this Plan.

  

	 	(G)	 This Plan and all Options granted hereunder shall be governed by and construed in accordance with the laws of
Hong Kong. 

  

	 	(H)	 The Company and the Grantees shall agree and acknowledge that the information of this Plan and the Offer Letter
shall, to the extent required by the applicable securities and other laws, be disclosed to meet the requirements of such applicable securities and other laws governing such disclosures. 

  
 18 

 I-MAB天境生物 
 2018 EMPLOYEE STOCK OPTION PLAN 

ADDENDUM FOR U.S. GRANTEES 
  

	1.	 Purpose and Applicability 

(a)    This Addendum for U.S. Grantees (the “U.S. Addendum”) applies to Grantees of the I-Mab天境生物 2018 Employee Stock Option Plan (the “Plan”)
who are either U.S. residents or U.S. taxpayers (each such Grantee, a “U.S. Grantee”). The purpose of the U.S. Addendum is to facilitate compliance with U.S. tax, securities and other applicable laws, and to permit the Company to
issue tax-qualified Incentive Stock Options (as defined below) to eligible U.S. Grantees. 

(b)    Except as otherwise provided by the U.S. Addendum, all Options granted to U.S. Grantees will be governed by the
terms of the Plan, when read together with the U.S. Addendum. In any case of an irreconcilable contradiction (as determined by the Board) between the provisions of the U.S. Addendum and the Plan, the provisions of the U.S. Addendum will govern.
Capitalized terms contained herein have the same meanings given to them in the Plan, unless otherwise provided by the U.S. Addendum. 

(c)    This Addendum is effective as of February 22, 2019 (the “Effective Date”). 

 

	2.	 Definitions 

In the U.S. Addendum, the following words will have the meaning as defined below: 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Incentive Stock Option” or “ISO” means an Option that is intended to be, and qualifies as, an incentive stock option within
the meaning of Section 422 of the Code. 
 “Majority-Owned Subsidiary” means, with respect to the Company, (i) any corporation of
which more than fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes
of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, owned by the Company, and (ii) any partnership, limited liability company or other entity in which
the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%). 

“Nonstatutory Stock Option” or “NSO” means an Option that does not qualify as an Incentive Stock Option. 

“Parent” means a corporation, whether now or hereafter existing, in an unbroken chain of corporations ending with the Company, if each
corporation other than the Company owns shares possessing 50% or more of the total combined voting power of all classes of shares in one of the other corporations in such chain, as provided in the definition of a “parent corporation”
contained in Section 424(e) of the Code. 

 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Ten Percent Shareholder” means person who owns (or is deemed to own pursuant to Section 424(d) of the Code) more than 10% of the total
combined voting power of all classes of outstanding securities of the Company or any Parent or Majority-Owned Subsidiary. 
 “U.S.” means
the United States of America. 
  

	2.	 Additional Terms Applicable to All Options Granted to U.S. Grantees. 

(a)    Minimum Subscription Price.    Subject to the provisions of paragraph 4(e) below
regarding Grantees who are Ten Percent Shareholders, the Subscription Price of each Option will be not less than 100% of the fair market value of the Stock on the date the Option is granted. Notwithstanding the foregoing, an Option may be granted
with a Subscription Price lower than 100% of the fair market value of the Shares if such Option is granted pursuant to an assumption of or substitution for another option pursuant to a Corporate Transaction and in a manner consistent with the
provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. 
 (b)    Grants to
Consultants.    A consultant, contractor or advisor and that is a resident of the U.S. is not an Employee for the grant of an Option if, at the time of grant, either the offer or sale of the Option to such person is not
exempt under Rule 701 of the Securities Act because the consultant is not a natural person, the services that the consultant is providing to the Company are in connection with a capital raising transaction or directly or indirectly serve to promote
or maintain a market for the Company’s securities, or because of any other provision of Rule 701 of the Securities Act, unless the Company determines that such grant need not comply with the requirements of Rule 701 of the Securities Act
and will satisfy another exemption under the Securities Act as well as comply with the securities laws of the U.S. state of residence of the consultant and all other applicable jurisdictions. 

(c)    No Cash Settlement on Exercise of Options.    The Board may not grant to any U.S.
Grantee an Option where the U.S. Grantee may receive a cash payment upon exercise of the Option in lieu of Shares if such Option would result in a violation of Section 457A of the Code. For clarity, this provision does not prohibit the Board
for providing for the cancellation of Options pursuant to paragraph 9(C) of the Plan in connection with a Corporate Transaction. 

(d)    Section 409A and Section 457A of the Code.    Unless otherwise
expressly provided for in an Offer Letter, the terms applicable to Options granted under the U.S. Addendum will be interpreted to the greatest extent possible in a manner that makes the Options exempt from Section 409A and Section 457A of
the Code, and, to the extent not so exempt, that brings the Options into compliance with Section 409A and Section 457A of the Code. Notwithstanding anything to the contrary in the Plan (and unless the Offer Letter or other written contract
with the U.S. Grantee specifically provides otherwise), if the Shares are publicly traded, and if a U.S. Grantee of an Option that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee”
under Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be
issued or paid before the date that is six months following the date of such U.S. Grantee’s “separation from service” or, if earlier, the date of the U.S. Grantee’s death, unless such distribution or payment can be made in a
manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule. 

  
 20 

	3.	 Provisions Applicable to Incentive Stock Options 

(a)    Eligible Recipients of ISOs. As provided in Section 422(a)(2) of the Code, Incentive Stock Options may
be granted only to employees of the Company, a Parent or a Majority-Owned Subsidiary. Consultants, advisors and non-employee directors are not eligible to receive Incentive Stock Options. 

(b)    Designation of ISO Status. The Board action approving the grant of an Option to a U.S. Grantee and the Offer
Letter must specify that such Option is intended to be an Incentive Stock Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the
Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. 

(c)    Maximum Shares Issuable On Exercise of ISOs. Subject to the adjustment pursuant to the provisions of
paragraphs 8(C) of the Plan, the maximum aggregate number of Shares that may be subject to Options that are designated as Incentive Stock Options is 15,000,000 Shares. 

(d)    No Transfer. As provided by Section 422(b)(5) of the Code, an Incentive Stock Option may not be
transferable except by will or by the laws of descent and distribution, and shall be exercisable during the lifetime of the U.S. Grantee only by the U.S. Grantee. If the Board elects to allow the transfer of an Option that is designated as an
Incentive Stock Option, such transferred Option will automatically become a Nonstatutory Stock Option as of the date of transfer. 

(e)    Additional Limits for Ten Percent Stockholders. As provided by Section 422(c)(5) of the Code, a person
is a Ten Percent Shareholder will not be eligible for the grant of an Incentive Stock Option unless (i) the exercise price is at least 110% of the fair market value of a Share on the date of grant and (ii) such Incentive Stock
Option by its terms is not exercisable after the expiration of five (5) years from the date of grant. 

(f)    US $100,000 Limit. As provided by Section 422(d) of the Code and applicable regulations thereunder, to
the extent that the aggregate fair market value (determined at the time of grant) of Shares with respect to which Incentive Stock Options are exercisable for the first time by any U.S. Grantee during any calendar year (under all plans of the Company
and any Affiliates) exceeds US$100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in
which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Offer Letter(s). 

(g)    Post-Termination Exercise Period. To obtain the U.S. federal income tax advantages associated with an
Incentive Stock Option, the U.S. Internal Revenue Code requires that at all times beginning on the date of grant and ending on the day three months before the date of exercise of the Option, the U.S. Grantee must be an employee of the Company or a
Parent or a Majority-Owned Subsidiary (except in the event of the Grantee’s death or disability, in which case longer periods may apply). Any Incentive Stock Option that provides for a post-termination exercise period in excess of three months
from the termination of the U.S. Grantee’s employment status will automatically be treated as Nonstatutory Stock Option following such three month period. 

  
 21 

 (h)    Leave of Absence. As provided by Section 422 of the
Code and applicable regulations thereunder, if a U.S. Grantee is on an approved leave of absence that exceeds three months (unless reemployment upon expiration of such leave is required by statute or contract), then on the date six months following
the first day of such leave, any Incentive Stock Option held by a U.S. Grantee shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. 

(i)    Loss of ISO Status Upon a Reorganisation or Repricing. In connection with the adjustment of Options in
connection with a reorganisation as provided in paragraph 9(A) of the Plan, or a repricing where the Subscription Price of such Options is higher than the the-current fair market value of the Shares, the Board
may provide for the adjustment of Options in a manner that results in the loss of Incentive Stock Option status without the consent of the U.S. Grantee, provided that such adjustment or repricing (i) complies with Section 409A of
the Code, and (ii) the loss of Incentive Stock Option status is the only adverse change to the Option. 
  

	4.	 Shareholder Approval of U.S. Addendum 

An Incentive Stock Option granted pursuant to the U.S. Addendum may not be exercised until such time as the Plan and the U.S. Addendum have been approved by at
least a majority of the Shareholders of the Company. 
  

	5.	 Term, Amendment and Termination 

(a)    The Board may amend, suspend or terminate this U.S. Addendum at any time. Unless terminated sooner by the Board, the
U.S. Addendum will terminate automatically upon the earlier of (i) 10 years after the Effective Date and (ii) the termination of the Plan. No Incentive Stock Options may be granted under the U.S. Addendum while either the Plan or the U.S.
Addendum is suspended or after the Plan or the U.S. Addendum is terminated. 
 (b)    If this U.S. Addendum is
terminated, the provisions of this U.S. Addendum and any administrative guidelines, and other rules adopted by the Board and in force at the time of suspension or termination of this U.S. Addendum, will continue to apply to any outstanding Options
as long as an Option issued pursuant to the U.S. Addendum remain outstanding. 
 (c)    No amendment, suspension or
termination of the U.S. Addendum may materially adversely affect any Options granted previously to any U.S. Grantee without the consent of the U.S. Grantee. 

  
 22 

 Schedule I 

[Date] 

[                ] 

I-Mab天境生物 
 Dear Sir, 

Re: Employee Stock Option Plan 
 I hereby
give notice that the Option granted to me under the 2018 Employee Stock Option Plan (the “Plan”) of
I-Mab天境生物 adopted on February 22, 2019 as amended from time
to time in accordance with the provisions thereof is hereby exercised in respect of [                ] Shares. 

[The Option to which this notice relates is hereby exercised pursuant to paragraph 6(D) of the Plan. I enclose the remittance of
US$[                ], being the aggregate amount of the Subscription Price multiplied by the number of Shares in respect of which the Share Option is exercised.] [The
Option to which this notice relates is hereby exercised pursuant to paragraph 6(E) of the Plan.]1 I hereby undertake to the Company that I have complied in full with paragraph 6(B) of the Plan.

 Words and expressions not otherwise defined in this letter shall have the same meanings ascribed to them in the Plan. 

Yours faithfully, 
  

	
	  

	[name of Grantee]

  

	1 	 If exercising by way of the “Sell All” mode, delete the first sentence of the paragraph; if
exercising by way of the “Hold All mode, delete the second sentence of the paragraph.EX-10.5

 Exhibit 10.5 

SERIES C-1 SHARE PURCHASE AGREEMENT 

July 25, 2019 

 SERIES C-1 SHARE PURCHASE 

AGREEMENT 
 THIS SERIES C-1 SHARE PURCHASE AGREEMENT (this “Agreement”) is made as of July 25, 2019 by and among: 
  

	1.	 I-MAB, an exempted company duly with limited liability incorporated and
validly existing under the laws of the Cayman Islands (the “Company”); 

  

	2.	 I-MAB BIOPHARMA HONGKONG LIMITED, a limited liability company duly
incorporated and validly existing under the laws of Hong Kong (the “HK Subsidiary”); 

  

	3.	 I-MAB BIO-TECH (TIANJIN) CO.,
LTD. (天境生物技术(天津)有限公司), a wholly foreign owned enterprise duly incorporated and validly
existing under the laws of the PRC (the “PRC Subsidiary”); 

  

	4.	 I-MAB Biopharma US Limited, a limited liability company duly
incorporated and validly existing under the laws of the State of Maryland (the “US Subsidiary”); 

  

	5.	 The persons listed in Schedule I hereto (each individually, a “Founder” and
collectively, the “Founders”); 

  

	6.	 MABCORE LIMITED, a BVI business company with limited liability duly incorporated and validly existing under the
laws of the British Virgin Islands (the “Founders Holdco”); and 

  

	7.	 The persons listed in Schedule II hereto (each individually, an
“Investor” and collectively, the “Investors”). For the purpose of this Agreement, Caesar Pro Holdings Limited shall be referred to as the leading investor (the “Leading Investor”) and
Hongkong Tigermed Co., Limited shall be referred to as Tigermed (“Tigermed”). 

 RECITALS 

A.    WHEREAS, the Group Companies (as defined below) are engaged in the business of research, development of
pharmaceutical products; the commercialization, production and sale of pharmaceutical products; the transfer of technology, technical services and technical consulting reasonably proposed to be conducted by the Group Companies after the Group
Companies obtain the relevant licenses with respect to such production or sale (the “Principal Business”); and 

  
 1 

 B.    WHEREAS, the Company desires to sell and issue to the Investors
and each Investor desires to purchase from the Company certain Series C-1 Preferred Shares (as defined below) pursuant to the terms and subject to the conditions set forth in this Agreement. 

  
 2 

 NOW, THEREFORE, the parties hereby agree as follows: 

SECTION 1 
 SALE AND
ISSUANCE OF SHARES 
 1.1.    Sale and Issuance of the Series C-1
Preferred Shares. Subject to the terms and conditions of this Agreement, on or prior to the Closings (being both the Initial Closing (as hereinafter defined) and the Tigermed Closing (as hereinafter defined), and the Closing being either the
Initial Closing or the Tigermed Closing), the Company shall have authorized the issue pursuant to this Agreement of up to an aggregate of 4,726,735 Series C-1 preferred shares of the Company with a US$0.0001
par value for each share (the “Series C-1 Preferred Shares”), among which an aggregate of 4,571,429 Series C-1 Preferred Shares will be issued and sold
to the Investors at the Closings pursuant to Section 1.2 below and up to 155,306 Series C-1 Preferred Shares will be conditionally issued and sold to the Investors pending the Series C-1 Additional Issuance of Warrant Exercise in accordance with Section 1.3 below. 

1.2.    Payment of Purchase Price. 
  

	 	(a)	 Subject to the terms and conditions hereof and in consideration of the Initial Purchase Price set forth below,
the Company hereby agrees to sell and issue to the Investors (except Tigermed) at the Initial Closing, and each Investor hereby agrees, severally and not jointly, to purchase from the Company at the Initial Closing, the aggregate number of Series C-1 Preferred Shares set forth in the column captioned “Total No. of Series C-1 Preferred Shares Subscribed” opposite the respective Investor’s name on
Schedule II Part A, at a price of US$7.00 per share, amounting to an aggregate purchase price of US$27,000,000 (the “Initial Purchase Price”). 

 

	 	(b)	 Subject to the terms and conditions hereof and in consideration of the Tigermed Purchase Price set forth below,
the Company hereby agrees to sell and issue to Tigermed at the Tigermed Closing, and Tigermed hereby agrees to purchase from the Company at the Initial Closing, the aggregate number of Series C-1 Preferred
Shares set forth in the column captioned “Total No. of Series C-1 Preferred Shares Subscribed” opposite Tigermed’s name on Schedule II Part A, at a price of US$7.00 per share, amounting
to an aggregate purchase price of US$5,000,000 (the “Tigermed Purchase Price”, together with the Initial Purchase price, the “Purchase Price”). 

  
 3 

	 	(c)	 The Purchase Price is based on a pre-money valuation of the Group on a
fully-diluted basis (with an aggregate of 124,881,677 shares of the Company assuming that (i) 9,941,650 Ordinary Shares reserved for issuance under the Company’s ESOP Plan(s) adopted prior to the 2018 ESOP Plan have been issued; (ii) 14,997,680
Ordinary Shares reserved for issuance under the 2018 ESOP Plan have been issued; and (iii) the conversion option attached to the Genexine Convertible Bond and Tranche II of Series B Warrant have not been exercised) of US$874,171,739. The
Leading Investor shall not be obligated to complete the purchase of any Series C-1 Preferred Shares unless the Series C-1 Preferred Shares in the aggregate purchase
price of no less than US$25,000,000 have been or are issued to the Investors (including the Leading Investor but excluding Tigermed) at the Initial Closing with the Leading Investor. 

1.3.    Price Adjustment. In the event of the exercise of the Tranche II of Series B Warrant by the Warrant
Holders, the Company shall adjust the issue price of Series C-1 Preferred Shares (namely US$7.0 per share) to US$6.77 per share and issue an additional 155,306 Series
C-1 Preferred Shares to the Investors on a pro rata basis in proportion to the Purchase Price paid by each Investor at par value as a compensation (the “Series
C-1 Additional Issuance for Warrant Exercise”). The Series C-1 Additional Issuance for Warrant Exercise shall be conducted as soon as possible after the
exercise of the Tranche II of Series B Warrant and in any event no later than ten (10) Business Days after the aforesaid exercise. Upon the closing of the Series C-1 Additional Issuance for Warrant
Exercise, the aggregate number of Series C-1 Preferred Shares issued to the Investors shall be 4,726,735, with the updated shareholdings of each Investor as reflected in the column captioned “Total No. of
Series C-1 Preferred Shares Subscribed” on Schedule II Part B. 
 SECTION 2 

CLOSING 

2.1.    The closing of the subscription and issuance of the Series C-1 Preferred
Shares hereunder shall take place remotely via the exchange of documents and signatures. 

  
 4 

 2.2.    Closings. 

 

	 	(a)	 The Company shall allot and issue the amount of Series C-1 Preferred
Shares of the Company as purchased by such Investor (except Tigermed) pursuant to this Agreement (the “Initial Closing”) on the date of the Initial Closing (the “Initial Closing Date”), which will be
on the fifteen (15th) Business Days following the satisfaction or waiver (where applicable) of all the conditions set forth in Section 6 and Section 7 (other than those conditions to be satisfied
at the Initial Closing, but subject to the satisfaction or waiver thereof at the Initial Closing), or at such other date as the Company and the Investors (except Tigermed) may mutually agree. 

 

	 	(b)	 The Company shall allot and issue the amount of Series C-1 Preferred
Shares of the Company as purchased by Tigermed pursuant to this Agreement (the “Tigermed Closing”) on the date of the Tigermed Closing (the “Tigermed Closing Date”), which will be on September 25,
2019 following the satisfaction or waiver (where applicable) of all the conditions set forth in Section 6A and Section 7 (other than those conditions to be satisfied at the Tigermed Closing, but
subject to the satisfaction or waiver thereof at the Tigermed Closing), or at such other date as the Company and Tigermed may mutually agree. 

  

	 	(c)	 The bank account information is set forth below: 

Account Name: I-MAB 

Account Number: *** 
 Swift
Code: *** 
 Name of bank: *** 

Bank Address: *** 
 Each
Investor shall, severally and not jointly, pay, or procure the payment of, its portion of the Purchase Price as set forth opposite its name on Schedule II at the Closing by wire transfer of immediately available funds to an account designated
by the Company on the Initial Closing Date or the Tigermed Closing Date, as applicable. 
 2.3.    For the avoidance of
doubt, Closing may be consummated by the Company with one or more Investors, and the Closings with different Investors are not conditional upon each other. 

  
 5 

 2.4.    Schedule III Part A hereof sets forth a complete list of
all outstanding shareholders of the Company immediately prior to the Initial Closing and after the Tigermed Closing, indicating the type and number of shares held by each such shareholder (assuming that none of the 155,306 Series C-1 Shares has been issued and by the Company to the Investors under the Series C-1 Additional Issuance). 

2.5.    Schedule III Part B hereof sets forth a complete list of all outstanding shareholders of the Company
immediately prior to the Initial Closing and after the Tigermed Closing, indicating the type and number of shares held by each such shareholder (assuming that all of the 155,306 Series C-1 Shares have been
issued and allotted by the Company to the Investors under the Series C-1 Additional Issuance for Warrant Exercise).  

2.6.    Deliveries. 
  

	 	(a)	 At the Initial Closing, the Company shall, and the Founders shall cause the Company to, deliver to each
Investor (except Tigermed), in addition to any item the delivery of which is made an express closing condition pursuant to Section 6 hereof, (i) a photocopy of the duly executed share certificate representing the Series C-1 Preferred Shares of the Company being purchased by each Investor at the Initial Closing with the original copy being delivered within three (3) Business Days after the Initial Closing, and (ii) a copy
of the updated register of members of the Company reflecting each Investor (except Tigermed) as the holder of such Series C-1 Preferred Shares, certified by the Company’s registered office provider as
true and complete as of the Initial Closing Date. 

  

	 	(b)	 At the Tigermed Closing, the Company shall, and the Founders shall cause the Company to, deliver to Tigermed,
in addition to any item the delivery of which is made an express closing condition pursuant to Section 6A hereof, (i) a photocopy of the duly executed share certificate representing the Series C-1
Preferred Shares of the Company being purchased by Tigermed at the Tigermed Closing with the original copy being delivered within three (3) Business Days after the Tigermed Closing, and (ii) a copy of the updated register of members of the
Company reflecting Tigermed as the holder of such Series C-1 Preferred Shares, certified by the Company’s registered office provider as true and complete as of the Tigermed Closing Date.

  
 6 

 SECTION 3 

REPRESENTATIONS AND WARRANTIES OF THE INVESTORS 

Each Investor hereby, severally but not jointly, represents and warrants to the Group Companies, the Founders Holdco and each Founder as of
the date hereof and as of the applicable Closing as follows: 
 3.1.    Authorization. Such Investor has all
requisite power, authority and capacity to enter into the Transaction Documents (as defined below) to which it is a party, and to carry out and perform its obligations thereunder. This Agreement has been duly authorized, executed and delivered by
the Investor. The Transaction Documents, when executed and delivered by the Investor, constitutes valid and legally binding obligations of the Investor, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, moratorium,
reorganization and similar laws affecting creditors’ rights generally and to general equitable principles. 

3.2.    Purchase for Own Account. Such Investor represents and warrants that it is acquiring the Series C-1 Preferred Shares and solely for investment for the Investor’s and/or its Affiliates own account not as a nominee or agent, and not with a view to the instant resale or distribution of any part thereof, and
that such Investor has no present intention of selling, granting any participation in, or otherwise distributing the same except for resale or distribution of any part thereof to the Investor’s Affiliates. 

SECTION 4 

REPRESENTATIONS AND WARRANTIES OF THE WARRANTORS 

Each of the Company, the Founders Holdco and the Founders (collectively, the “Warrantors”, and each a
“Warrantor”) jointly and severally represents and warrants to each Investor that the statements contained in this Section 4 are true, complete and correct with respect to each Group Company on and as of the
date hereof and the Initial Closing. In this Agreement, any reference to a party’s “Knowledge” means such party’s actual knowledge after due and diligent inquiries of the Key Employees, officers appointed to vice-president
level positions (or above), officers appointed to senior director level positions (or above) and executive directors on the board of directors of each Group Company (collectively, the “Senior Management”) reasonably believed to have
knowledge of the matter in question, and in this Section 4, any reference to “Material Adverse Effect” means the material adverse effect on the condition (financial or otherwise), assets relating to, or
results of operation of or business (as presently conducted and proposed to be conducted) of any Group Company. Disclosures contained in the Disclosure Schedule attached hereto as Schedule V, with specific reference to the paragraphs of this
Agreement to which such disclosures are related to, shall be deemed to be exceptions to the warranties only if such disclosures are fully, specifically and accurately stated therein. For the purpose of this Agreement, “Group
Companies” shall mean the Company, the HK Subsidiary, the US Subsidiary, the PRC Subsidiary and any subsidiaries (Controlled either by equity or contract or otherwise) of the foregoing collectively, and each individually, a “Group
Company”. 

  
 7 

 4.1.    Organization, Good Standing and Qualification. 

Each Group Company is duly organized, validly existing and in good standing (or equivalent status in the relevant jurisdiction) under, or by
virtue of, the laws of the jurisdiction of its incorporation or establishment, and has all requisite corporate power and authority to carry on its business as now conducted and as proposed to be conducted. Each Group Company is duly qualified to
transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect. 

4.2.    Capitalization. Immediately prior to the Initial Closing, the authorized share capital of the Company
consists of the following: 
 (a)    Ordinary Shares. A total of 398,069,815 authorized Ordinary Shares (as
defined in the Restated Articles); 
 (b)    Preferred Shares. A total of 101,930,185 authorized Preferred
Shares (as defined in the Restated Articles), the breakdown of which is set out in Schedule III (including the authorized but unissued 4,726,735 Series C-1 Preferred Shares). 

(c)    Options, Warrants, Reserved Shares. Except for (i) the conversion privileges of the
Preferred Shares, (ii) the preemptive rights, the rights of first refusal, or any other preferred rights provided in the Third Amended and Restated Shareholders Agreement by and among the Company, the Founders, the Founders Holdco, and other
parties thereto, as amended from time to time (the “Existing SHA”), the Fifth Amended and Restated Memorandum and Articles of Association of the Company (the “Restated Articles”, the form
of which is set forth in Exhibit A hereof) and the Fourth Amended and Restated Shareholders Agreement by and among the Company, the Founders, the Founders Holdco, and other parties thereto (as amended) (the “Shareholders
Agreement”, the form of which is set forth in Exhibit B hereof); (iii) the stock options that have been granted to the employees and the management team, as set forth in Schedule III hereof; (iv) the
exercise by Warrant Holder of Tranche II of Series B Warrant in the event that the Company fails to submit a draft registration statement to an internationally recognized securities exchange or a securities regulatory governmental authority for a
Qualified Public Offering by July 31, 2019; (v) an additional issuance of Series C Preferred Shares upon the full or partial exercise of the Tranche II of Series B Warrant in accordance with the Existing SHA; and (vi) the conversion option
attaching to a convertible note granted to GENEXINE, INC. (“GENEXINE”) pursuant to the GENEXINE Loan Agreement, there are no options, warrants, conversion privileges, share plan, share purchase or other rights, or agreements with
respect to the issuance thereof, presently outstanding to purchase any equity interest or registered share capital of any Group Company. As of the Initial Closing, written confirmations issued by the Warrant Holders, have been delivered to the
Investors, stating that: (i) only when the Company fails to submit a draft registration statement to an internationally recognized securities exchange or a securities regulatory governmental authority for a Qualified Public Offering by
July 31, 2019, can the Warrant Holders exercise Tranche II of Series B Warrant on a pro rata basis; (ii) otherwise, the Warrant Holders shall unconditionally and irrevocably waive and cancel Tranche II of Series B Warrant; and
(iii) the Tranche II of Series B Warrant may only be concurrently exercised by all the Warrant Holders in one lump. In no event there shall be an exercise by any Warrant Holder of Tranche II of Series B Warrant by installments. Except as set
out in this Section 4.2(c), no shares of any Group Company’s issued and outstanding share capital, registered share capital, or shares issuable upon exercise or exchange of any issued and outstanding options or other shares issuable by any
Group Company, are subject to any encumbrance, preemptive rights, rights of first refusal or other rights to purchase such shares (whether in favor of such Group Company or any other person). All the options and warrants as stated above have been
duly issued without any potential dispute. All presently outstanding equity securities of each Group Company were duly and validly issued in compliance with all applicable Laws, preemptive rights of any person, and applicable contracts (if any),
fully paid and non-assessable. 

  
 8 

 4.3.    Subsidiaries. Except for the HK Company, the PRC
Subsidiary, the US Subsidiary, I-Mab Biopharma
(天境生物科技(上海)有限公司) (“I-Mab Shanghai”), Shanghai Tianyunjian Bio-Tech Co., Ltd.
(上海天韵健生物技术有限公司), Chengdu Tasgen Bio-Tech Co., Ltd. (成都天视珍生物技术有限公司) and I-Mab Biopharma Australia Pty Ltd, the Company does not have any subsidiary or own or control, directly or indirectly, any interest in any other
corporation, partnership, trust, joint venture, association or other entity and does not maintain any offices or branches. None of the Founders or the Founders Holdco presently owns or controls, directly or indirectly, any interest in any
corporation, partnership, trust, joint venture, association, or any other entity other than a Group Company except those that have been disclosed to the Investors in writing. 

  
 9 

 4.4.    Authorization. All corporate actions on the part of each
Group Company, its officers, board directors and shareholders/stockholders necessary for the authorization, execution and delivery of this Agreement and the Shareholders Agreement, as well as any other agreements to which it is a party and the
execution of which is contemplated hereunder and thereunder (the “Ancillary Agreements”, together with this Agreement, collectively, the “Transaction Documents”), and the performance of all obligations of such Group
Company hereunder and thereunder, and the authorization, issuance (or reservation for issuance), sale and delivery of the Series C-1 Preferred Shares have been taken or will be taken prior to the Initial
Closing. Each Transaction Document, when executed and delivered, constitutes the valid and legally binding obligation of each of the Group Companies, the Founders Holdco and the Founders, enforceable against such Group Company, the Founders Holdco
and the Founders to the extent it is a party thereto, in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of
creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 

4.5.    Valid Issuance of Series C-1 Preferred Shares. 

(a)    The Series C-1 Preferred Shares, when sold, allotted and issued in
accordance with the terms of this Agreement, and registered on the register of members of the Company will be duly and validly issued, fully paid and non-assessable. The Ordinary Shares issuable upon
conversion of the Series C-1 Preferred Shares have been duly and validly reserved for issuance and, upon issuance in accordance with the terms of the Restated Articles, will be duly and validly issued, fully
paid and non-assessable. 
 (b)    Immediately prior to the Initial Closing,
the then outstanding share capital of the Company will have been duly and validly issued, fully paid and non-assessable, and such share capital, and all outstanding shares, options and other securities of the
Company will have been issued in full compliance with the requirements of all applicable securities laws and regulations including, to the extent applicable, the registration and prospectus delivery requirements of the Securities Act of 1933 of the
United States, as amended from time to time (the “Act”), or in compliance with applicable exemptions therefrom, and all other provisions of applicable securities laws and regulations. 

4.6.    Compliance with Laws; Consents and Permits. Except as disclosed in the Disclosure Schedule, none of the
Group Companies has conducted any activity in violation of any applicable statute, rule, regulation, order or restriction of any domestic or foreign government or any instrumentality or agency thereof in respect of the conduct of its business or the
ownership of its properties. All consents, permits, approvals, orders, authorizations or registrations, qualifications, designations, declarations or filings by or with any governmental authority and any third party which are required to be obtained
or made by each of the Group Companies, the Founders Holdco and the Founders in connection with the consummation of the transactions contemplated under the Transaction Documents shall have been obtained or made prior to and be effective as of the
Initial Closing. Each Group Company has all material approvals, permits, licenses and any similar authority necessary for the conduct of its business as currently conducted, the absence of which would be reasonably likely to have a Material Adverse
Effect on its business or properties. 

  
 10 

 4.7.    Compliance with Other Instruments and Agreements. No
Group Company is in, nor shall the conduct of its business as currently or proposed to be conducted result in, any violation, breach or default of any term of its constitutional documents which may include, as applicable, memorandum and articles of
association, by-laws, joint venture contracts, feasibility studies and the like (the “Constitutional Documents”), and none of the Group Companies is in any material respect in breach of any
term or provision of any mortgage, indenture, contract, agreement or instrument to which it is a party or by which it may be bound (“Other Instruments”) or of any provision of any judgment, decree, order, statute, rule or regulation
applicable to or binding upon such Group Company. The execution, delivery and performance of and compliance with the Transaction Documents and the consummation of the transactions contemplated thereunder will not result in any such violation, breach
or default, or be in conflict with or constitute, with or without the passage of time or the giving of notice or both, either a default under any Constitutional Documents or any Other Instruments, or a violation of any statutes, laws, regulations or
orders, or an event which results in the creation of any lien, charge or encumbrance upon any asset of any Group Company. 

4.8.    Liabilities. Except as disclosed in the Disclosure Schedule, the Group Companies do not have any
indebtedness for borrowed money that it has directly or indirectly created, incurred, assumed, or guaranteed, or with respect to which any Group Company has otherwise become directly or indirectly liable. 

4.9.    Status of Proprietary Assets. 

(a)    For purposes of this Agreement, (i) “Proprietary Assets” shall mean all patents, patent
applications, trademarks, service marks, trade names, domain names, copyrights, copyright registrations and applications and all other rights corresponding thereto, inventions, databases and all rights therein, all computer software including all
source code, object code, firmware, development tools, files, records and data, including all media on which any of the foregoing is stored, formulas, designs, trade secrets, confidential and proprietary information, proprietary rights, know-how and processes of a company, and all documentation related to any of the foregoing; and (ii) “Registered Intellectual Property” means all Proprietary Assets of the Group Companies, wherever
located, that is the subject of an application, certificate, filing, registration or other document issued by, filed with or recorded by any government authority. 

  
 11 

 (b)    Each Group Company (i) has independently developed and owns
free and clear of all material claims, security interests, liens or other encumbrances, or (ii) has a valid right or license (including sub-license), which has not been terminated or revoked to use, all
Proprietary Assets, including Registered Intellectual Property, necessary and appropriate for its business as now conducted and proposed to be conducted, without any conflict with or infringement of the rights of others. To the best Knowledge of the
Warrantors, the Proprietary Assets developed or used in the business of the Group Companies are not subject to any proceeding, government order or settlement agreement that (1) restricts in any manner its use or licensing thereof, or the
making, using, sale or offering of sale of any Group Company’s products or services, by any Group Company; or (2) may affect the validity or enforceability of such Proprietary Assets. 

(c)    Except as disclosed in the Disclosure Schedule, the Group Companies have completed the relevant procedures
concerning the technology import for the licensed technologies (if required). 
 (d)    Neither the execution nor
delivery of the Transaction Documents, the conduct of the business of any Group Company (as currently carried out or as proposed), nor, to the best Knowledge of the Warrantors, the carrying on of the business of any Group Company by its employees,
will conflict with or result in a breach of the terms, conditions or provisions of, or constitute a default under, any contract, covenant or instrument under which such Group Company or any of such employees is now obligated. The status of
cancellation registration in respect of
南京三境生物科技有限公司 (Nanjing Sanjing Bio-tech Co., Ltd) (“Nanjing Sanjing”) with the relevant industry and business administration authorities does not adversely affect, and could not reasonably be expected to adversely affect, the
operation of or business (as presently conducted and proposed to be conducted) of any Group Company. 

(e)    [Reserved]. 

(f)    To the best knowledge of the Warrantors, no Group Company has received any written communications alleging that it
has violated or, by conducting its business now conducted or as proposed to be conducted, would violate any Proprietary Assets of any other person or entity. 

  
 12 

 (g)    To the best Knowledge of the Warrantors, none of the current and
former officers, employees and consultants of any Group Company (at the time of their employment or engagement by a Group Company) (i) has violated, or is accused or alleged to have violated, any Proprietary Assets of any other person or
entity; nor (ii) has been or is obligated under any agreement (including licenses, covenants or commitments of any nature) or other arrangement or undertaking of any kind, or subject to any judgment, decree or order of any court or
administrative agency or any rights of third parties, that would interfere with the use of his, her or its best efforts to promote the interests of such Group Company or that would conflict with the Principal Business or that would prevent such
officers, employees or consultants from assigning to such Group Company inventions conceived or reduced to practice in connection with services rendered to such Group Company. To the best Knowledge of the Warrantors, it will not be necessary to
utilize any inventions of any of the Group Companies’ employees (or people the Group Companies currently intend to hire) made prior to or outside the scope of their employment by the relevant Group Company. Exhibit C lists all “Key
Employees” of the Company. 
 (h)    Except as disclosed in the Disclosure Schedule, no government funding,
facilities of any educational institution or research center, or funding from third parties (except the equity financing of the Company and the debt financing duly approved by the shareholders of the Company, if applicable) has been used in the
development of any Proprietary Assets of any Group Company. 
 (i)    No disputes on the confidentiality, non-competition or Proprietary Assets between the Founder and his prior employers has occurred or is occurring. 

(j)    No Group Company has any outstanding liabilities or claims for payments due and payable owing to any third party
licensor or sub-licensor under the arrangements of the Group Companies with respect to licensing of Proprietary Assets. 

4.10.    Litigation. There is no action, suit, proceeding or investigation pending or, to the best Knowledge of the
Warrantors, currently threatened against any Group Company, the Founders Holdco or the Founder that questions the validity of the Transaction Documents, the right of such Group Company, the Founders Holdco or the Founder to enter into the
Transaction Documents, or to consummate the transactions contemplated thereunder, or that might result, either individually or in the aggregate, in any material adverse change in the assets, conditions, affairs or prospects of the Group Companies,
financially or otherwise, nor is any Group Company, the Founders Holdco or the Founder aware that there is any basis for the foregoing. None of the Group Companies is a party or subject to the provisions of any order, writ, injunction, judgment or
decree of any court or government agency or instrumentality. There is no action, suit, proceeding or investigation by any Group Company currently pending or that any Group Company intends to initiate. 

  
 13 

 4.11.    Financial Statements. The draft consolidated financial
accounts of the Group Companies ended as of December 31, 2018 (together with any notes thereto are hereinafter referred to as the “Financial Statements” and December 31, 2018, the “Financial Statements
Date”) attached hereto as Exhibit E are (a) in accordance with the books and records of the applicable Group Company, (b) true, correct and complete and present fairly the financial condition of such Group Company at the
date or dates therein indicated and the results of operations for the period or periods therein specified, and (c) have been prepared in accordance with the Generally Accepted Accounting Principles of the United States of America (the
“U.S. GAAP”) applied on a consistent basis, except as to the unaudited consolidated financial statements, for the omission of notes thereto and normal year-end audit adjustments. Specifically,
but not by way of limitation, the respective balance sheets of the Financial Statements disclose all of the Group Companies’ respective debts, liabilities and obligations of any nature, whether due or to become due, as of their respective dates
(including, without limitation, absolute liabilities, accrued liabilities, and contingent liabilities) to the extent such debts, liabilities and obligations are required to be disclosed in accordance with the U.S. GAAP. The Group Companies have good
and marketable title to all assets set forth on the balance sheets of the respective Financial Statements, except for such assets as have been depleted, sold or transferred in the ordinary course of business since their respective dates. None of the
Group Companies is a guarantor or indemnitor of any indebtedness of any other person or entity. Each Group Company maintains and will continue to maintain a standard system of accounting established and administered in accordance with generally
accepted accounting principles as required in the jurisdiction where it is incorporated. 
 4.12.    Activities since
the Financial Statements Date. Since the Financial Statements Date, with respect to each Group Company, there has not been: 

(a)    any change in the assets, liabilities, financial condition or operating results of the Group Company from that
reflected in the Financial Statements, except changes in the ordinary course of business that have not been, in the aggregate, materially adverse; 

(b)    any material change in the contingent obligations of the Group Company by way of guarantee, endorsement,
indemnity, warranty or otherwise; 
 (c)    any damage, destruction or loss, whether or not covered by insurance,
materially and adversely affecting the assets, properties, financial condition, operating results, prospects or business of the Group Company (as presently conducted); 

  
 14 

 (d)    any waiver by the Group Company of a valuable right or of a
material debt; 
 (e)    any satisfaction or discharge of any lien, claim or encumbrance or payment of any obligation
by the Group Company, except such satisfaction, discharge or payment made in the ordinary course of business that would not have a Material Adverse Effect; 

(f)    any material change or amendment to a material contract or arrangement by which the Group Company or any of its
assets or properties is bound or subject, except for changes or amendments which are expressly provided for or disclosed in this Agreement; 

(g)    any material change in any compensation arrangement or agreement with any present or prospective employee,
contractor or board director of the Group Company; 
 (h)    any sale, assignment or transfer of any Proprietary Assets
of the Group Company or other material intangible assets of the Group Company; 
 (i)    any resignation or termination
of any Senior Management of the Group Company or any board director of the Group Company (save as disclosed in the Disclosure Schedule); 

(j)    any mortgage, pledge, transfer of a security interest in, or lien created by the Group Company, with respect to
any of the Group Company’s properties or assets, except liens for taxes not yet due or payable; 
 (k)    any
debt, obligation, or liability incurred, assumed or guaranteed by the Group Company in excess of RMB15,000,000 in the aggregate; 

(l)    any declaration, setting aside or payment or other distribution in respect of any of the Group Company’s
share capital, or any direct or indirect redemption, purchase or other acquisition of any of such share capital by the Group Company; 

(m)    any failure to conduct business in the ordinary course, consistent with the Group Company’s past practices;

 (n)    any transactions of any kind with any of its Senior Management, board directors, or any members of their
respective immediate families, or any entity controlled by any of such individuals; 
 (o)    any other event or
condition of any character which could reasonably be expected to have a Material Adverse Effect; or 
 (p)    any
agreement or commitment by the Group Company to do any of the things described in this Section 4.12. 

  
 15 

 4.13.    Disclosure. The Warrantors have fully provided the
Investors with all the information, to the Warrantors’ Knowledge, that the Investors have reasonably requested for deciding whether such Investors shall purchase the Series C-1 Preferred Shares and all
the information that the Warrantors believe is reasonably necessary to enable the Investors to make such decision. No representation or warranty by any Warrantor in this Agreement and no information or materials provided by the Warrantors to the
Investors in connection with their due diligence investigation of the Warrantors or the negotiation and execution of the Transaction Documents contains or will contain any untrue statement of a material fact or omits or will omit to state any
material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances in which they are made, not misleading. 

4.14.    Tax Matters. Each Group Company has duly filed all tax returns required to have been filed by it and paid
all taxes shown to be due on such returns. None of the Group Companies is subject to any waivers of applicable statutes of limitations with respect to taxes for any year. 

4.15.    Interested Party Transactions. No Founder, Founders Holdco or Senior Management of any Group Company or
board director of any Group Company or any “Affiliate” of the Founder or such Group Company has any agreement, understanding, proposed transaction with, or is indebted to, the Group Companies, nor is any Group Company indebted (or
committed to make loans or extend or guarantee credit) to any of them (other than for accrued salaries, reimbursable expenses or other standard employee benefits). No Founder or Founders Holdco has any direct or indirect ownership interest in any
firm or corporation with which the Group Companies are affiliated or with which the Group Companies have a business relationship, or any firm or corporation that competes with the Group Companies, except that the Founders may own, directly or
indirectly, no more than 5% of the shares in publicly traded companies that may compete with the Group Companies which have been disclosed to the Investors in Disclosure Schedule. No Founder, Founders Holdco or Senior Management of any Group Company
or board director of any Group Company or any Affiliate of the Founder or such Group Company has had, either directly or indirectly, a material interest in: (a) any person or entity which purchases from or sells, licenses or furnishes to the
Group Companies any goods, property, intellectual or other property rights or services; or (b) any contract or agreement to which a Group Company is a party or by which it may be bound or affected. 

4.16.    Obligations of Management. 

(a)    Each Founder is currently devoting one hundred percent (100%) of his/her working time to the conduct of the
business of the Group Companies. None of the Founders and Key Employees is planning to work less than full time at the Group Companies in the future. 

  
 16 

 (b)    None of the Founders or, to the best Knowledge of the
Warrantors, the employees of any Group Company is obligated under any contract (including licenses, covenants or commitments of any nature) or other agreement (including any confidentiality, non-competition or
non-solicitation agreement or the similar agreement in nature entered into with the former employer of such employee), or subject to any judgment, decree or order of any court or administrative agency, that
would interfere with such employee’s ability to promote the interest of the Group Companies or that would conflict with the Group Companies’ business. Neither the execution or delivery of the Transaction Documents, nor the carrying on of
the Group Companies’ business by the employees of the Group Companies, nor the conduct of the business as now conducted and as presently proposed to be conducted, will, to the Warrantors’ best Knowledge, conflict with or result in a breach
of the terms, conditions, or provisions of, or constitute a default under, any contract, covenant or instrument under which the Founder or employee is now obligated. None of the Founders or, to the best Knowledge of the Warrantors, the employees of
any Group Company, Affiliates of the Founder or Affiliates of employee of any Group Company own, manage, engage in, operate, control, work for, consult with, render services for, do business with, maintain any interest in (proprietary, financial or
otherwise) or participate in the ownership, management, operation or control of, any business (other than through the Group Companies), whether in corporate, proprietorship or partnership form or otherwise, that is related to the Principal Business
or otherwise competes with any of the Group Companies. 
 4.17.    Employee Matters. 

 

	 	(a)	 Each Group Company has complied in all material aspects with all applicable employment and labor laws including
without limitation, laws and regulations pertaining to welfare funds, social benefits, medical benefits, insurance, retirement benefits, pensions or the like. 

 

	 	(b)	 As of the Initial Closing, 

(i)    each of the Senior Management of each Group Company has entered into an employment agreement, a non-compete and non-solicitation agreement, a confidentiality agreement and an invention assignment agreement with the applicable Group Company; 

  
 17 

 (ii)    each of the employees and consultants who primarily engage in
the discovery, research and development, biologics, chemistry, manufacturing and controls (CMC) and process development activities or the business development of each Group Company (other than those referred in (i) above) has entered into an
employment or engagement agreement (as the case may be), a confidentiality agreement and an invention assignment agreement with the applicable Group Company; and 

(iii)    each of the employees and consultants of each Group Company (other than those referred in (i) or (ii)
above) has entered into an agreement or agreements with regard to employment or engagement (as the case may be) and confidentiality with the applicable Group Company. 

4.18.    Title to Properties and Assets. Each Group Company has good title to all respective properties and assets
reflected on the Financial Statements, in each case such property and assets are subject to no lien. Except as disclosed in the Disclosure Schedule, with respect to the property and assets it leases, each Group Company is in compliance with such
leases and holds valid leasehold interests in such assets free of any liens. 
 4.19.    No Other Business. The
Company was formed solely to acquire and hold an equity interest in its subsidiaries and since its formation has not engaged in any business and has not incurred any liability except in the ordinary course of its business of acquiring and holding
its equity interest in its subsidiaries. None of the other Group Companies engages in any business other than the Principal Business. 

4.20.    FCPA. Each Group Company and their respective board directors, officers, employees, agents and other
persons acting on their behalf (collectively, “Representatives”) are and have been in compliance with the Foreign Corrupt Practices Act of the United States of America (“FCPA”), as amended, or any other applicable
anti-bribery or anti-corruption law in the jurisdiction other than the United States of America (collectively, the “Compliance Laws”). None of the Group Companies or their Representatives have
promised, authorized or made any payment to, or otherwise contributed any item of value to, directly or indirectly, any non-U.S. Public Official, in each case, which are to the best Knowledge of the Company in
violation of the Compliance Laws. For the purpose of this Section 4.20, “Public Official” means (a) any employee or official of any governmental authority, including any employee or official of any
entity owned or controlled by a governmental authority, (b) any employee or official of a political party, (c) any candidate for political office or his employee, (d) any employee or official of an international organization, or
(e) any person who acts in an official capacity for or on behalf of any of the foregoing. 

  
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 4.21.    ESOP. Prior to or at the Initial Closing, the Company
has duly adopted, an amended and restated 2018 equity incentive plan (“2018 ESOP Plan”), whereby (i) at least 13,550,805 Ordinary Shares shall remain to be reserved for issuance pursuant to the 2018 ESOP Plan; and
(ii) if the Company successfully list on an internationally recognized securities exchange for a Qualified Public Offering by December 31, 2019, an additional 1,446,875 Ordinary Shares shall be reserved for issuance under its 2018
ESOP Plan. 
 4.22.    Development of Core Products. The Development of Core Products (as defined in
Section 5.2) by the Group Companies has not been terminated or suspended. To the Warrantor’s best Knowledge, no event has occurred and no circumstance exists that (i) has adversely affected, or could reasonably be expected to
adversely affect, the Development of the Core Products or the obtaining of any requisite regulatory approvals for the Core Products, or (ii) will or may result in the termination or suspension of the Development of the Core Products. None of
the Group Companies nor Warrantors has received any notice from any relevant governmental authority advising it that any requisite regulatory approval for the Core Products will not be or may not be granted. 

4.23.    Leading Underwriter. Unless otherwise agreed by the Leading Investor, Morgan Stanley shall act as the
managing underwriter for the Company’s Qualified Public Offering. To the Warrantor’s best Knowledge, no event has occurred and no circumstance exists that has caused, or could reasonably be expected to cause, Morgan Stanley to cease to act
as such managing underwriter. 
 SECTION 5 COVENANTS 

5.1.    Use of Proceeds. The proceeds received from the sale and issuance of the Series C-1 Preferred Shares hereunder shall be used by the Company for the new and existing clinical programs, establishment of manufacturing facility and general working capital needs of the Group Companies and other
purposes in accordance with the budget plans of the Company as approved by the board of directors of the Company. Without the prior written consent of the Leading Investor, no proceeds received by the Company shall be used in the payment of any
debts—other than debts deriving from the operation of any Group Company, the Founders Holdco, the Founders, or any of their Affiliates, in each case in the ordinary course and for the purpose of the Principal Business of the Group
Companies—or to repurchase, redeem or cancel any securities, or to make any payment to any shareholders, board directors or officers of any Group Company or any of their Affiliates other than the payment to the employees of the Group Companies
under their employment agreements in the ordinary course of business. 

  
 19 

 5.2.    Business of the Group Companies. The Group Companies
shall, and the Founders shall cause the Group Companies to, restrict their business to the Principal Business. During the term of this Agreement, unless otherwise approved by holders of two-thirds (2/3) of the
issued and outstanding Preferred Shares (voting together as a single class and calculated on an as-converted basis) and holders of at least four-fifths (4/5) of the issued and outstanding Series C Preferred
Shares and Series C-1 Preferred Shares (voting together as a single class and calculated on an as-converted basis), the Company shall endeavor to develop the Core
Products, including, without limitation, (i) development of the applicable active drug substance(s), (ii) toxicology, pre-clinical and clinical drug development activities, (iii) clinical trials,
(iv) assay/test method development, validation and stability testing, (v) formulation development, (vi) manufacture of pre-clinical, clinical and commercial supplies, and manufacturing process
development, scale-up and validation, (vii) quality assurance/quality control, statistical analysis, and regulatory affairs (including without limitation the preparation, submission and maintenance of all
INDs and NDAs for the Products), and (viii) to have any of the activities described in (i)-(vii) performed (“Development”). “Core Products” shall mean the products as listed in Exhibit D. 

For the purposes of this Agreement, “IND” means an Investigational New Drug application, Clinical Study Application, Clinical
Trial Exemption, or similar application or submission for approval to conduct human clinical investigations filed with or submitted to a regulatory authority in conformance with the requirements of such regulatory authority; “NDA”
means a New Drug Application or Supplemental New Drug Application filed with the FDA (including amendments and supplements thereto) to obtain regulatory approval in the U.S., or any corresponding applications or submissions filed with the relevant
regulatory authorities to obtain regulatory approvals in the European Union, the People’s Republic of China, Japan or any other country or region. If at any time the Group Companies terminate Development of any Core Product, the Company shall
immediately notify Investors in writing. 
 5.3.    Compliance. The Group Companies shall, and each Warrantor
shall cause the Group Companies to, conduct their respective business in compliance in all material respects with all applicable laws, including but not limited to all applicable laws regulating the Principal Business issued or to be issued from
time to time and all applicable employment and labor laws, and the Constitutional Documents, duly and timely file (giving effect to any permitted extensions) all tax returns or reports required to be filed with taxing authorities and pay all taxes,
assessments and governmental charges levied or assessed upon them or any of their properties (unless contesting the same in good faith and adequate provision has been made therefore), GCP, GLP and cGMP, as well as all applicable data protection and
privacy laws, rules and regulations, including the United States Department of Health and Human Services privacy rules under the Health Insurance Portability and Accountability Act (“HIPAA”) and the Health Information Technology for
Economic and Clinical Health Act and the EU Data Protection Directive. The Group Companies shall, and each Warrantor shall cause the Group Companies to obtain, make and maintain in effect, all consents from the relevant governmental authority or
other entity required in respect of the due and proper establishment and operations of each Group Company, especially the carrying out of the Principal Business, in accordance with applicable laws. 

  
 20 

 For the purpose of this Agreement, (a) “GCP” means, as applicable,
(i) the then-current standards, practices and procedures promulgated or endorsed by the FDA for the design, conduct, performance, monitoring, auditing, recording, analyses, and reporting of clinical trials, including the requirements set forth
in 21 C.F.R. Parts 11, 50, 54, 56, 312, and 314 and including any related regulatory requirements imposed by the FDA, and (ii) any comparable regulatory standards, practices and procedures in jurisdictions outside of the U.S., in each case as
they may be updated from time to time, that provide assurance that the data and reported results are credible and accurate, and that the rights, integrity, and confidentiality of trial subjects are protected; (b) “GLP” means, as
applicable, (i) the then-current good laboratory practice standards promulgated or endorsed by the FDA as defined in 21 C.F.R. Part 58, and (ii) any comparable regulatory standards in jurisdictions outside the U.S., in each case as they
may be updated from time to time; (c) “cGMP” means, as applicable, (i) the then-current good manufacturing practices required by the FDA, as defined in 21 C.F.R. Parts 210 and 211 and the regulations promulgated thereunder, for
the manufacture and testing of pharmaceutical materials, and (ii) any comparable laws or regulations applicable to the manufacture (including testing) of pharmaceutical materials in jurisdictions outside the U.S., in each case as they may be
updated from time to time. 
 5.4.    Qualifications of Suppliers. The Company shall and shall cause the Group
Companies to, implement the Company’s supplier management system and enter into transactions with suppliers that have the requisite qualifications and licenses, if applicable. 

5.5.    Clinical Operations. The Company shall, and shall cause the Group Companies to, implement policies and
standard operating procedures for the management, collection, use, transfer and disposal of research data, clinical data and other data protection requirements. The Company shall, and shall cause the Group Companies to implement internal policies to
ensure that for any Protected Health Information (“PHI”), as defined by HIPAA (or similar law outside the United States, as applicable), the Group Companies shall obtain or cause to be obtained (prior to accessing PHI or providing
such PHI access) from each such subject an authorization in compliance with HIPAA (or similar law outside the United States, as applicable) sufficient for access, license and use of such information, or, to the extent applicable, waiver of
authorization from an institutional review board or privacy board. 

  
 21 

 5.6.    Composition of the Board of each Group Company. At the
request of the Leading Investor, the board of directors of each Group Company shall be so constituted such that it shall have the same number of board directors and observer(s) as the Company. 

5.7.    Employment Agreement, Confidentiality and Invention Assignment Agreement and
Non-Compete and Non-Solicitation Agreement. The Warrantors shall cause each of the Key Employees and future key employees of each Group Company to enter into an
employment agreement, a confidentiality and invention assignment agreement, and a non-compete and non-solicitation agreement in form and substance satisfactory to the
Leading Investor with any of the Group Companies. 
 5.8.    Obligations of Management; Non-Competition. (a) Each Founder covenants that he/she will devote his/her full time and attention to the business of the Group Companies and will use his/her best efforts to develop the business and
interests of the Group Companies. (b) Notwithstanding the other provisions, each Founder covenants that he/she shall bear the liability for the violation of any employment agreement, confidentiality and invention agreement and non-compete and non-solicitation agreement or other similar agreements in substance entered into with his/her former employer and any other person or entity at his/her own
expense. Each Founder covenants that he/she shall indemnify the Group Companies for any losses arising from the breach of the aforesaid agreements in this Section 5.8(b). (c) Without the prior written consents of the
Leading Investor, each of the Founders and Key Employees is currently not, will not, and will cause his/her Affiliate not to, directly or indirectly, own, manage, engage in, operate, control, work for, consult with, render services for, do business
with, maintain any interest in (proprietary, financial or otherwise) or participate in the ownership, management, operation or control of, any business, whether in corporate, proprietorship or partnership form or otherwise, that is related to the
Principal Business or otherwise competes with any of the Group Companies, other than holding no more than 5% public trading shares of listed companies. Notwithstanding the foregoing (a), (b), and (c), where the Leading Investor gives written
consents stating that the Founder may undertake a course of action contrary to (a), (b), or (c), such course of action shall be allowed. 

  
 22 

 5.9.    Anti-corruption. The Company covenants that it shall not,
and shall not permit any of its subsidiaries or Affiliates or any of its or their respective board directors, officers, managers, employees, independent contractors, representatives or agents to, promise, authorize or make any payment to, or
otherwise contribute any item of value to, directly or indirectly, any non-U.S. Public Official, in each case, which are to the best Knowledge of the Company in violation of the Foreign Corrupt Practices Act
of the United States of America (“FCPA”), as amended, or any other applicable anti-bribery or anti-corruption law in the jurisdiction other than the United States of America. The Company
further represents that it shall, and shall cause each of its subsidiaries and Affiliates to, cease all of its or their respective activities, as well as remediate any actions taken by the Company, its subsidiaries or Affiliates, or any of their
respective board directors, officers, managers, employees, independent contractors, representatives or agents, which are to the best Knowledge of the Company, in violation of the FCPA or any other applicable anti-bribery or anti-corruption law. The
Company further represents that it shall, and shall cause each of its subsidiaries and Affiliates to, maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems), which are, to
the best Knowledge of the Company, necessary to ensure compliance with the FCPA or any other applicable anti-bribery or anti-corruption law. 

5.10.    Tax Indemnity. The Company and Investors shall (i) bear the cost of respective stamp duty, transfer
and/or capital gains taxes and other taxes and duties, if applicable, that are legally required to be paid as a result of the transactions contemplated by this Agreement, and (ii) shall comply with all tax reporting and payment obligations in
connection with the sale of Series C-1 Preferred Shares as required by all applicable Laws. 

5.11.    Use of Investors’ Name or Logo. Without the prior written consent of the Investors, and whether or
not such Investors are then the shareholders of the Company, the Company shall procure that none of the Group Companies and their shareholders (excluding the Investors), nor the Founders, shall use, publish or reproduce the names of the Investors or
any similar names, trademarks or logos in any of their marketing, advertising or promotion materials or otherwise for any marketing, advertising or promotional purposes, except for the fact of the equity investments and shareholding in the Group
Companies by the Investors (and in any such case shall not disclose the aggregate or individual investment amounts, pricing or ownership percentage, or any of the term of this Agreement or any of the Transaction Agreements) or otherwise required by
the applicable laws and regulations. In the event that any Group Company or its shareholder(s) (excluding the Investors) or the Founder is requested or becomes legally compelled (including without limitation, pursuant to securities laws and
regulations) to use, publish or reproduce the names of any Investor or such similar names, trademarks or logos in contravention of the provisions of this Section 5.11, such party (the “Logo Disclosing
Party”) shall provide the Investors with prompt written notice of that fact and use all reasonable efforts to seek (with the cooperation and reasonable efforts of the Investors) a protective order, confidential treatment or other
appropriate remedy. In such event, the Logo Disclosing Party shall use, publish or reproduce only that portion of the information which is legally required and shall exercise reasonable efforts to refrain from using, publishing or reproducing such
information to the extent reasonably requested by any Investor. 

  
 23 

 5.12.    Intellectual Property Protection. The Company shall, and
shall cause the Group Companies to, establish and maintain appropriate intellectual property inspection systems to protect the intellectual property of the Group Companies. The Group Companies shall, and the Warrantor shall cause the Group Companies
to, make best efforts to fully comply with the laws and regulations in respect of the protection of the intellectual property and refrain from interfering with the intellectual property rights of others. 

5.13.    No Third Party Rights. Unless otherwise approved by holders of at least
two-thirds (2/3) of the issued and outstanding Preferred Shares (voting together as a single class and calculated on an as-converted basis) and holders of at least
four-fifths (4/5) of the issued and outstanding Series C Preferred Shares and Series C-1 Preferred Shares (voting together as a single class and calculated on an
as-converted basis) (i) the Company shall retain all rights in and control all regulatory matters related to the Development of Core Products, including, without limitation, taking full responsibility for
preparing and filing the relevant applications with the regulatory authorities for pre-clinical and clinical studies and for regulatory approval; and (ii) the Company shall retain all rights in and
control all aspects of commercialization of Products and the manufacturing and supply of Core Products. 

5.14.    Regulatory Affairs. Following the Initial Closing, at the request of any Investor, the Company shall, and
shall cause the Group Companies to, endeavor to make available to such requesting Investor the summary of such information relating to the submissions, responses and any other correspondence in connection with IND and NDA applications, including
without limitation, any application the regulatory approval pertaining to the Core Products is rejected by any regulatory authority, or the regulatory approval of the Core Products is revoked or it is finally determined by the regulatory authority
that any Core Product presents a threat to public health, safety or welfare. 
 5.15.    Additional Covenants of
Warrantors. Except as contemplated by this Agreement, no resolution of the board directors, owners, members, partners or shareholders of any Group Company shall be passed, nor shall any contract or commitment, in each case including without
limitation, those relating to any type of equity or debt financing of the Group Company, be entered into, in each case, at any time after the date hereof and prior to the Initial Closing without the prior written consent of the Leading Investor. If
at any time after the date hereof and before the Initial Closing, any Warrantor comes to know of any material fact or event which (i) is in any way materially inconsistent with any of the representations and warranties given by any Warrantor,
and/or (ii) suggests that any material fact warranted may not be as warranted or may be materially misleading, and/or (iii) might affect the willingness of the Investors to purchase the Series C-1
Preferred Shares, such Warrantor shall give immediate written notice thereof to the Investors in which event any Investor may terminate this Agreement (with respect to such Investor only) by written notice without any penalty or future obligations
whatsoever; provided, however, nothing herein shall relieve any party from liability for any breach of this Agreement. 

  
 24 

 5.16.    Trainings and Internal Control Compliance. The Company
shall, and shall cause the Group Companies to, as soon as practical after the Initial Closing, formulate and maintain a policy governing the internal control systems of the Group Companies and to conduct intellectual property training and internal
control compliance training for their employees. 
 5.17.    Standard Operating Agreements with the CRO and CMO
Suppliers. The Company shall, as soon as practical after the Initial Closing, develop standard operating agreements and/or clinical trial agreements to be entered into by the relevant Group Company with their contract research, contract
manufacturing and other research and development suppliers, and the relevant Group Company shall use their best efforts to include in such agreements that (a) no such supplier shall have any unilateral unconditional right or any unilateral
right upon notice to terminate the clinical trial agreements between such suppliers and the Group Companies; and (b) the terms and conditions as necessary (including terms setting out the requirements under GCP, if applicable) in the interest
of the Group Companies. 
 5.18.    Audited Financial Statements. The Company shall, as soon as practical after
the Initial Closing but not later than December 31, 2019, provide the Investors with the audited consolidated financial statements of the Company and its subsidiaries ended as of December 31, 2018 (the “Audited Accounts”).
The Audited Accounts shall be materially consistent with, and shall not contain any material changes or differences (in terms of the financial condition of the Group and the results of the operations of the Group) from the Financial Statements. 

5.19.    [Filing. After Initial Closing, each of the Warrantors shall procure that the cancellation registration in
respect of Nanjing Sanjing with the relevant industry and business administration authorities be duly completed.] 

  
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 SECTION 6 

CONDITIONS TO INVESTOR’S OBLIGATIONS AT CLOSINGS 

The obligation of each Investor (except Tigermed) to purchase the Series C-1 Preferred Shares in
relation to the transaction contemplated hereby at the Initial Closing is subject to the fulfillment, or waiver by the Investor, of the following conditions: 

6.1.    Representations and Warranties True and Correct. The representations and warranties of the Warrantors
contained in Section 4 hereof shall be true and correct and complete when made on and as of the date hereof and as of the Initial Closing Date with the same force and effect as if they had been made on and as of the Initial
Closing Date, subject to changes contemplated by this Agreement, except in either case for those representations and warranties that address matters only as of a particular date, which representations will have been true and correct as of such
particular date. 
 6.2.    Performance of Obligations. Each Warrantor shall have performed and complied with all
agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Initial Closing, and shall have obtained all approvals (including but not limited to the board resolution
and shareholder resolution, if applicable, to approve the Transaction Documents and the transaction thereunder, as well as authorize Shares for Series C-1 Additional Issuance), consents, waivers and
qualifications necessary to complete the transactions contemplated hereby. 
 6.3.    Proceedings and Documents.
All corporate and other proceedings in connection with the transactions contemplated hereby and all documents and instruments incident to such transactions to be passed, executed and/or delivered by the relevant Group Companies shall be satisfactory
in substance and form to the Leading Investor, and all the Investors shall have received (i) a copy of the resolutions of each of the relevant Group Companies’ board of directors and shareholders, authorizing the execution and delivery of,
and the performance of, and compliance with the Transaction Documents to which such Group Company is a party, and the transactions contemplated thereunder and (ii) all such counterpart originals or certified or other copies of such documents as
any Investor may reasonably request. 
 6.4.    Approvals, Consents and Waivers. Each Group Company and the
Investors shall have obtained any and all approvals, consents and waivers necessary for consummation of the transactions contemplated by this Agreement, including, but not limited to, (i) all permits, authorizations, approvals, consents or
permits of any governmental authority or regulatory body, and (ii) the waiver by the existing shareholders of the Company of any anti-dilution rights, rights of first refusal, preemptive rights and all similar rights in connection with the
issuance of the Series C-1 Preferred Shares at the Initial Closing in form and substance satisfactory to the Leading Investor. The Company shall have provided to the Investors copies of all such approvals,
consents and waivers (except for such approvals, consents and waivers obtained by the Investors). 

  
 26 

 6.5.    Compliance Certificate. At the Initial Closing, the
Warrantors shall deliver to each Investor the compliance certificate, executed and delivered by each of the Warrantors and dated as of the Initial Closing Date, certifying that the conditions specified in Section 6 have
been fulfilled and stating that there shall have been no Material Adverse Effect to the business, affairs, prospects, operations, properties, assets or condition of each Group Company, if applicable, since the Financial Statement Date. 

6.6.    Board Observer. The observer of (i) the Board or (ii) (if requested by the Leading Investor) any other
Group Company nominated by the Leading Investor (the “Observer”) shall have been appointed to the Board and such other Group Companies (if applicable), effective as of the Initial Closing. The Company shall have delivered to the
Leading Investor a copy of such board resolution appointing the Observer. 
 6.7.    Shareholders Agreement. The
Company shall have delivered to each Investor a copy of the Shareholders Agreement in the form attached hereto as Exhibit B, duly executed by the Company and all other parties thereto (except for the Investors). 

6.8.    Approval of Investment. The investment committee of the Investors (if any) shall have approved the purchase
of the Series C-1 Preferred Shares contemplated hereunder. 

6.9.    Restated Articles. The Company’s memorandum and articles of association shall have been amended and
restated by all necessary action of the Board and shareholders to read as set forth in the Restated Articles attached hereto as Exhibit A. The Restated Articles shall be duly submitted for filing with the Registrar of Companies of the Cayman
Islands prior to or at the Initial Closing as evidenced by an email confirmation from the registered office provider of the Company. 

6.10.    No Material Adverse Effect. There shall not have occurred prior to the Initial Closing any event or
transaction reasonably likely to have a Material Adverse Effect or above taken as a whole, or on the ability of the Warrantors to consummate the transactions contemplated in this Agreement. 

6.11.    Confirmation from Warrant Holders. Written confirmations issued by the Warrant Holders, have been
delivered to the Investors, stating that: (i) the Warrant Holders may exercise Tranche II of Series B Warrant on a pro rata basis if and only if the Company fails to submit a draft registration statement to an internationally recognized
securities exchange for a Qualified Public Offering by July 31, 2019; (ii) otherwise, the Warrant Holders shall unconditionally and irrevocably waive and cancel Tranche II of Series B Warrant; and (iii) the Tranche II of Series B Warrant
may only be concurrently exercised by all the Warrant Holders in one lump. 

  
 27 

 6.12.    Managing Underwriter’s Internal Approval. The
relevant investment committee of Morgan Stanley has approved such underwriter’s participation in the Company’s submission of a draft registration statement to an internationally recognized securities exchange or a securities regulatory
governmental authority for a Qualified Public Offering. 
 SECTION 6A 

CONDITION TO TIGERMED’S OBLIGATIONS AT TIGERMED CLOSING 

The obligation of Tigermed to purchase the Series C-1 Preferred Shares in relation to the transaction
contemplated hereby at the Tigermed Closing is subject to the fulfillment, or waiver by Tigermed, of the condition that the Initial Closing shall have occurred. 

SECTION 7 
 CONDITIONS
TO COMPANY’S OBLIGATIONS AT CLOSINGS 
 The obligations of the Company under this Agreement are subject to the fulfillment, or
waiver by the Company, at or before the applicable Closing of the following conditions: 
 7.1.    Representations
and Warranties True and Correct. The representations and warranties made by the Investors in Section 3 hereof shall be true and correct and complete on and as of the date hereof and the applicable Closing with the same
force and effect as if they had been made on and as of such date, subject to changes contemplated by this Agreement. 

7.2.    Performance of Obligations. The Investors shall have performed and complied with all agreements,
obligations and conditions contained in this Agreement that are required to be performed or complied with by them on or before the applicable Closing. 

7.3.    Proceedings and Documents. All corporate and other proceedings in connection with the transactions
contemplated hereby and all documents and instruments incident to such transactions to be passed by the Investors shall have been obtained prior to the applicable Closing. 

7.4.    Transaction Documents. Each Investor shall have delivered to the Company a copy of the Transaction
Documents to which it is a party, duly executed by the Investor. 

  
 28 

 SECTION 8 

MISCELLANEOUS 

8.1.    No-Shop. The Warrantors agree that, from the date hereof and until
the Initial Closing (the “Exclusivity Period”), unless with the prior written consent of the Leading Investor or the Initial Closing would be reasonably foreseen to be prevented from occurring due to reason of the Investors, none of
the Warrantors shall, directly or indirectly, take any action to solicit, encourage others to solicit, encourage or accept any offers for the purchase or acquisition of any capital stock of any Group Company, or of all or any substantial part of the
assets of any Group Company, any debt financing, or proposals for any merger or consolidation involving any Group Company, nor shall negotiate with or enter into any agreement or understanding with any other person with respect to any such
transaction. Subject to the provisions herein, during the Exclusivity Period, the Company shall promptly advise the Leading Investor in writing, and discuss with the Leading Investor the impact on any Group Company, of any merger or acquisition by
or involving such Group Company (including its Affiliates), any change of its existing shareholding structure, any transaction not in the ordinary course of business (including but not limited to financing arrangement) or any agreement or proposal
regarding the same. 
 8.2.    Indemnification. 

Each Warrantor (except any Founder) hereby agrees to jointly and severally indemnify and hold harmless the Investor, and the Investor’s
Affiliates, board directors, officers, agents and assigns, from and against any and all indemnifiable losses suffered by the Investor, or the Investor’s Affiliates, board directors, officers, agents and assigns, directly or indirectly, as a
result of, or based upon or arising from any inaccuracy in, or breach or non-performance of any of the representations, warranties, covenants or agreements made by any Warrantor in or pursuant to this Agreement or any of the other Transaction
Documents. The rights contained in this Section 8.2 shall not be deemed to preclude or otherwise limit in any way the exercise of any other rights or pursuit of other remedies for the breach of this Agreement or with
respect to any misrepresentation. This Section 8.2 shall survive any termination of this Agreement. 
 For the
avoidance of doubt, each party hereto hereby agrees and covenants that (a) it will not challenge or raise a defense to any claim against such party or the exercise of any right or remedy against such party (whether under this
Section 8.2 or any other provision of this Agreement or any other Transaction Document) on the grounds that such claim, right or remedy is not enforceable or permitted by applicable laws, and (b) it will do all such
things and undertake all such actions, including without limitation any applications to and registrations with the governmental authorities and any other protective measures reasonably requested by other parties hereto, to ensure that the agreement
of the parties with respect to liability of such party under the Transaction Documents is given full force and effect. 

  
 29 

 Notwithstanding the foregoing and anything contained in the Disclosure Schedule or the
Transaction Documents, each Warrantor (except any Founder) shall, jointly and severally, indemnify the Investors, the Investors’ Affiliates, board directors, officers, agents and assigns against any damages incurred or suffered as a result of
or arising out of any Group Company’s default or breach of any contract concerning the license of intellectual property, failure to obtain valid and subsisting rights to use the third-party intellectual property necessary for the purpose of
carrying out the Principal Business. 
 8.3.    [Reserved.] 

8.4.    Termination. This Agreement may be terminated at any time prior to Initial Closing by the written mutual
agreement by all the Parties hereto. If the Initial Closing does not occur within 60 days after the signing of this Agreement, this Agreement may be terminated by either the Warrantors or any of the Investors (with respect to such Investor only). If
prior to the Initial Closing there has been a material misrepresentation or material breach of a covenant or agreement contained in this Agreement on the part of any Investor or the Company, respectively, and such breach, if curable, has not
been cured within thirty (30) days of such notice, this Agreement may be terminated by either the Company, on the one hand, or such Investor, on the other hand, with respect to such Investor only, by written notice to the other. 

8.5.    Survival. The representations, warranties, covenants and agreements made herein shall survive any
investigation made by any party hereto and the Closings of the transactions contemplated hereby. 

8.6.    Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to
the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto whose rights or obligations hereunder are affected by such amendments. This Agreement and the rights and obligations therein may
not be assigned by the Warrantors without the written consent of the Investors. Notwithstanding the foregoing, each Investor has the right to assign its rights or obligations hereunder, including but not limited to the rights to purchase the Series C-1 Preferred Shares to a bona fide third party, provided that such Investor shall give the Company a notice in writing simultaneously with or prior to such assignment. 

  
 30 

 8.7.    Entire Agreement. The Transaction Documents, and the
schedules and exhibits hereto and thereto, which are hereby expressly incorporated herein by this reference constitute the entire understanding and agreement between the parties with regard to the subjects hereof and thereof; and supersede all other
agreements between and among any of the Parties with regard to the subjects hereof and thereof. Upon execution of this Agreement, the certain term sheets entered into prior to the date hereof, among the Company, the Founder, the Founders Holdco, and
respectively with each Investor shall automatically terminate. 
 8.8.    Notices. Except as may be otherwise
provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party, upon delivery;
(b) when sent by facsimile at the number set forth in Schedule IV hereto, upon receipt of confirmation of error-free transmission; (c) seven (7) Business Days after deposit in the mail as air mail or certified mail, receipt
requested, postage prepaid and addressed to the other party as set forth in Schedule IV; or (d) three (3) Business Days after deposit with an overnight delivery service, postage prepaid, addressed to the parties as set forth in
Schedule IV with next- business-day delivery guaranteed, provided that the sending party receives a confirmation of delivery from the delivery service provider. 

Each person making a communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was
addressed each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. A party may change or supplement the addresses given above, or designate additional
addresses, for purposes of this Section 8.8 by giving, the other party written notice of the new address in the manner set forth above. 

8.9.    Amendments and Waivers. Any term of this Agreement may be amended only with the written consent of all
parties hereto. 
 8.10.    Delays or Omissions. No delay or omission to exercise any right, power or remedy
accruing to any party hereto, upon any breach or default of any other party hereto under this Agreement, shall impair any such right, power or remedy of such former party nor shall it be construed to be a waiver of any such breach or default, or an
acquiescence therein, or of any similar breach of default thereafter occurring. 
 8.11.    Interpretation; Titles
and Subtitles. This Agreement shall be construed according to its fair language. The rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement. The
titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. Unless otherwise expressly provided herein, all references to sections and exhibits herein are
to sections and exhibits of this Agreement. 

  
 31 

 8.12.     Counterparts. This Agreement may be executed and
delivered by facsimile, telecopy, portable document format (“pdf”) (or other electronically transmitted) signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument. 
 8.13.    Severability. If any provision of this Agreement is found to be invalid or
unenforceable, then such provision shall be construed, to the extent feasible, so as to render the provision enforceable and to provide for the consummation of the transactions contemplated hereby on substantially the same terms as originally set
forth herein, and if no feasible interpretation would save such provision, it shall be severed from the remainder of this Agreement, which shall remain in full force and effect unless the severed provision is essential to the rights or benefits
intended by the parties. In such event, the parties shall use best efforts to negotiate, in good faith, a substitute, valid and enforceable provision or agreement which most nearly effects the parties’ intent in entering into this Agreement.

 8.14.    Confidentiality and Non-Disclosure. 

(a)    Disclosure of Terms. The terms and conditions of the Transaction Documents and all exhibits and schedules
attached hereto and thereto (collectively, the “Financing Terms”), including their existence, shall be considered confidential information and shall not be disclosed by any party hereto to any third party except in accordance with
the provisions set forth below; provided that such confidential information shall not include any information that is in the public domain other than caused by the breach of the confidentiality obligations hereunder. 

(b)    Permitted Disclosures. Notwithstanding the foregoing, any party may disclose any of the Financing Terms to
its current or bona fide prospective investor, employees, investment bankers, lenders, partners, accountants, attorneys and Affiliates to the extent reasonably required, in each case only where such persons or entities are under appropriate
nondisclosure obligations. 
 (c)    Legally Compelled Disclosure. In the event that any party is requested or
becomes legally compelled (including without limitation, pursuant to securities laws and regulations) to disclose the existence of any Transaction Document or any of the exhibits and schedules attached hereto or thereto, or any of the Financing
Terms hereof in contravention of the provisions of this Section 8.14, such party (the “Disclosing Party”) shall provide the other parties (the “Non-Disclosing
Parties”) with prompt written notice of that fact and use all reasonable efforts to seek (with the cooperation and reasonable efforts of the other parties) a protective order, confidential treatment or other appropriate remedy. In such
event, the Disclosing Party shall furnish only that portion of the information which is legally required to be disclosed and shall exercise reasonable efforts to keep confidential such information to the extent reasonably requested by any Non-Disclosing Party. 

  
 32 

 (d)    Other Information. The provisions of this
Section 8.14 shall be in addition to, and not in substitution for, the provisions of any separate nondisclosure agreement executed by any of the parties with respect to the transactions contemplated hereby. 

8.15.    Further Assurances. Each party shall from time to time and at all times hereafter make, do, execute, or
cause or procure to be made, done and executed such further acts, deeds, conveyances, consents and assurances without further consideration, which may reasonably be required to effect the transactions contemplated by this Agreement. 

8.16.    Governing Law. This Agreement shall be governed by and construed exclusively in accordance with the laws
of the Hong Kong S.A.R. of the People’s Republic of China (“Hong Kong”) without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than Hong Kong to the rights and
duties of the parties hereunder. 
 8.17.    Dispute Resolution. The parties agree to negotiate in good faith to
resolve any dispute between them regarding this Agreement. If the negotiations do not resolve the dispute to the reasonable satisfaction of all parties within thirty (30) days of the commencement of such negotiations, such dispute shall be
referred to and finally settled by arbitration at the Hong Kong International Arbitration Centre in accordance with the UNCITRAL Arbitration Rules (the “UNCITRAL Rules”) in effect at the time of the arbitration, which rules are
deemed to be incorporated by reference in this Section 8.17. The arbitration tribunal shall consist of one (1) arbitrator to be appointed according to the UNCITRAL Rules. The language of the arbitration shall be
English. 
 8.18.    Costs. Except as otherwise provided in this Agreement, each Party shall bear its own costs
and expenses relating to the transaction contemplated in this Agreement. Subject to closing of subscription of the Series C-1 Preferred Shares by the Leading Investor contemplated by this Agreement, the
Company shall promptly reimburse the Leading Investor for its costs and expenses for engaging legal counsels and professional advisors in connection with the transaction contemplated in this Agreement upon the provision of relevant invoices issued
by the Leading Investor’s legal counsels and professional advisors, provided that, the total amount reimbursed by the Company to the Leading Investor shall not exceed an aggregate amount of US$156,300 (the “Cap Amount”).
For the avoidance of any doubt, the Company shall not be obligated to reimburse an additional amount in excess of the Cap Amount to any Investors. If the transactions contemplated hereunder and under the other Transaction Documents is not
consummated pursuant to this Agreement, the Company and each Investor shall bear its own relevant costs and expenses. 

  
 33 

 8.19.    Definition. In this Agreement, unless the context
otherwise requires, capitalized words and expressions have the meanings as set forth in the form of the Shareholders Agreement as attached in Exhibit B. 

8.20.    Independent Investors. Each Investor shall, severally and not jointly enjoy the rights and undertake the
obligations provided hereunder and in other Transaction Documents. Any Investor’s reluctance to exercise rights or failure to perform obligations does not affect the obligations of any other Investor under this Agreement and shall not
constitute an impediment or adverse interference on the other Investors with regard to their respective rights or obligations, and any consequence or liability arisen from such reluctance or failure shall be borne by such Investor and such Investor
alone. 
 8.21.    No Partnership. The Investors expressly do not intend hereby to form a partnership, either
general or limited, under any jurisdiction’s partnership law. The Investors do not intend to be partners one to another, or partners as to any third party, or create any fiduciary relationship among themselves, by virtue of their status as
Investors.  
 8.22.    Third Party Rights. Unless expressly provided to the contrary in this Agreement,
no person other than the parties to this Agreement will have any right under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the Laws of Hong Kong) to enforce or to enjoy the benefit of any of the provisions of this Agreement.
Notwithstanding any term of this Agreement, the consent of any person who is not a party to this Agreement is not required to rescind or vary this Agreement at any time. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 34 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

	
	COMPANY:
	
	I-MAB
	
	/s/ I-MAB
	
	HK SUBSIDIARY:
	
	I-MAB BIOPHARMA HONGKONG LIMITED
	
	/s/ I-MAB BIOPHARMA HONGKONG LIMITED

 SIGNATURE PAGE TO SERIES C-1 SHARE PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

	
	
	 PRC SUBSIDIARY

	
	 I-MAB BIO-TECH
(TIANJIN) CO., LTD.

	
	
(天境生物技术(天津)有限公司
)

	
	 (Official chop)

	
	/s/ I-MAB BIO-TECH (TIANJIN) CO., LTD.
	
	 US SUBSIDIARY

	
	 I-MAB BIOPHARMA US LIMITED

	
	/s/ I-MAB BIOPHARMA US LIMITED

 SIGNATURE PAGE TO SERIES C-1 SHARE PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

			
	FOUNDERS:
		
	 By:
	 	/s/ ZANG JINGWU ZHANG
	 Name:
	 	ZANG JINGWU ZHANG
		
	 By:
	 	/s/ Qian Lili
	 Name:
	 	QIAN, Lili
		
	 By:
	 	/s/ WANG, Zhengyi
	 Name:
	 	WANG, Zhengyi
		
	 By:
	 	/s/ FANG, Lei
	 Name:
	 	FANG, Lei

 SIGNATURE PAGE TO SERIES C-1 SHARE PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

	
	FOUNDERS HOLDCO:
	
	Mabcore Limited
	
	/s/ Mabcore Limited

 SIGNATURE PAGE TO SERIES C-1 SHARE PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

	
	INVESTOR:
	
	Caesar Pro Holdings Limited
	
	/s/ Caesar Pro Holdings Limited

 SIGNATURE PAGE TO SERIES C-1 SHARE PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

	
	 INVESTOR:

	
	Hongkong Tigermed Co., Limited
	
	/s/ Hongkong Tigermed Co., Limited

 SIGNATURE PAGE TO SERIES C-1 SHARE PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

	
	INVESTOR:
	
	WuXi Biologics HealthCare Venture
	
	/s/ WuXi Biologics HealthCare Venture

 SIGNATURE PAGE TO SERIES C-1 SHARE PURCHASE AGREEMENT 

 SCHEDULE I 

SCHEDULE OF FOUNDERS 

[***] 
 SCHEDULE I 

 SCHEDULE II 

[***] 
 SCHEDULE II 

 SCHEDULE III 

[***] 
 SCHEDULE III 

 SCHEDULE IV 

NOTICES 
 [***] 

SCHEDULE IV 

 SCHEDULE V 

DISCLOSURE SCHEDULE 

[***] 
 SCHEDULE V 

 EXHIBIT A 

FORM OF RESTATED ARTICLES 

[***] 
 EXHIBIT A 

 EXHIBIT B 

FORM OF FOURTH AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

[***] 
 EXHIBIT B 

 EXHIBIT C 

LIST OF KEY EMPLOYEES 

[***] 
 EXHIBIT C 

 EXHIBIT D 

LIST OF CORE PRODUCTS 

[***] 
 EXHIBIT D 

 EXHIBIT E 

DRAFT CONSOLIDATED FINANCIAL ACCOUNTS 

[***] 
 EXHIBIT E

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