Document:

Exhibit

EX 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

This agreement (the “Agreement”) is entered into effective October 24, 2017 (the “Effective Date”), by and between MELISSA M. BUHRIG (“Executive”) and DELEK US HOLDINGS, INC. (the “Company”), who, in return for the mutual promises set forth herein, agree as follows:

		
	1.
	Term. The term of this Agreement (the “Term”) shall commence upon the Effective Date and expire on October 22, 2021 unless terminated earlier as provided for herein.

		
	2.
	Scope of Employment. During the Term, the Company shall employ Executive and she shall render services to the Company in the capacity as the Executive Vice President, General Counsel and Secretary of the Company and of Delek Logistics GP, LLC, the General Partner of Delek Logistics Partners, LP (“DKL”), each a subsidiary of the Company, as well as such other titles as may be established by the Company from time to time. During the Term, Executive may also serve as an executive vice president of any subsidiary of the Company required to be listed by the Company under Item 601(b)(21) of Regulation S-K of the United States Securities and Exchange Commission (the “SEC”). Executive shall devote her full business time and best effort to the successful functioning of the Company’s business and shall faithfully and industriously perform all duties pertaining to her position, including such additional duties as may be assigned from time to time, to the best of her ability, experience and talent; provided, however, that Executive may pursue charitable or civic activities, engage in passive personal investments, participate in industry association and trade groups, and serve as an executor, trustee or in other similar fiduciary capacities; provided that any such activities do not interfere with the performance of her responsibilities and obligations pursuant to this Agreement. Executive shall be subject at all times during the Term hereof to the direction and control of the Company’s Board of Directors (the “Board”) in respect of the work to be done.

3.    Compensation.
		
	(a)
	Base Compensation. During the Term, Executive’s annual salary (the “Base Compensation”) shall be (i) no less than the annualized equivalent of $325,000, (ii) subject to all appropriate federal and state withholding taxes and (iii) payable at the same times and under the same conditions as salaries are paid to the Company’s other employees in accordance with the normal payroll practices of the Company. The Base Compensation shall be reviewed and may be increased from time to time following the Effective Date by the Board (or any applicable committee thereof) in its sole discretion applied consistent with this Section 3(a). The Base Compensation shall at all times during the Term be, and remain, more than the compensation of Executive’s subordinates at such times. If the Base Compensation is adjusted after the Effective Date, the Base Compensation defined above shall also be adjusted for all purposes of this Agreement.

		
	(b)
	Annual Bonus. Executive will be eligible to participate in the Company’s annual cash incentive plan at a level that is commensurate with Executive’s position as determined by the Board (or any applicable committee thereof) in its sole and reasonable discretion. The Executive’s Annual Bonus target for service during the 2017 fiscal year will be 50% of Executive’s Base Compensation at December 31, 2017. The maximum Annual Bonus shall be 200% of such Annual Bonus target. The Annual Bonus may be based upon achievement of performance measures and objectives established by the Board from time to time. The Annual Bonus is typically paid in the first fiscal quarter of the year following the applicable bonus year. For purposes of this Agreement, an “Annual Bonus” shall mean a cash bonus, if any, awarded by the Board (or any applicable committee thereof) to Executive in recognition of Executive’s service during the preceding fiscal year and in a manner consistent with the Company’s annual bonus programs for senior executives.

		
	(c)
	Long-Term Incentive Compensation. Executive shall be eligible to participate in the Company’s long-term incentive plans that may be in effect from time to time for the Company and its subsidiaries including, without limitation, the Company’s 2016 Long-Term Incentive Plan and the Delek Logistics GP, LLC 2012 Long-Term Incentive Plan (collectively the “Plans”), on terms commensurate with her position and duties, as determined by the Board or any other authorized administrator of a Plan (the “Plan Administrator”) in their sole discretion. Program design, including, without limitation, performance measures and weighting, is at the sole discretion of the Plan Administrator. Executive acknowledges that she may be granted awards under Plans that are not subject to the control of the Board (or any applicable committee thereof) including, without limitation, pursuant to the Delek Logistics GP, LLC 2012 Long-Term Incentive Plan. If so, the obligations of the Board (or any applicable committee thereof) hereunder including, without limitation, any obligation to accelerate the vesting of any such award, shall be fully discharged so long as the Board (or any applicable committee thereof) uses reasonable efforts to ensure that such obligations are met by the applicable Plan Administrator.

4.    Fringe Benefits / Reimbursement of Business Expenses.
		
	(a)
	General Employee Benefits. The Company shall make available to Executive, or cause to be made available to her, throughout the period of her employment hereunder, such benefits as may be put into effect from time to time by the Company generally for other senior executives of the Company. The Company expressly reserves the right to modify such benefits available to Executive at any time provided that such modifications apply to other similarly situated employees.

		
	(b)
	Business Expenses. Executive will be reimbursed for all reasonable out-of-pocket business, business entertainment and travel expenses paid by her in connection with the performance of her duties for the Company, in accordance with and subject to applicable Company expense incurrence and reimbursement policies.

		
	(c)
	Other Benefits. During the Term, the Company will pay the Executive’s reasonable costs of professional tax and financial counseling, provided that, beginning with the 2017 calendar year, the cost of each such benefit does not exceed $25,000 in any calendar year. Perquisites and other personal benefits that are not integrally and directly related to the performance of Executive’s duties and confer a direct or indirect benefit upon her that has a personal aspect may in the Company’s sole discretion, be recorded as taxable compensation to Executive and disclosed in public filings according to SEC regulations.

		
	(d)
	Relocation Expenses. The Company will pay Executive relocation expenses as set forth in the Company’s U.S. Domestic Relocation: Executive Level – Direct Reimbursement Program dated May 1, 2017 (the “Executive Relocation Program”). If Executive elects to terminate her employment within the first 12 months of the Effective Date, the prorated relocation expenses (other than temporary housing expenses) must be reimbursed to the Company.  For the avoidance of doubt, terms relating to repayment obligations as set forth in the Executive Relocation Program shall not apply, and any repayment obligations shall instead be governed by this Agreement.

		
	5.
	Vacation Time / Sick Leave. Executive will be granted 25 business days of vacation per calendar year. Unused vacation will accrue and carry over into a new calendar year during the Term and the amount attributed to accrued and unused vacation will be paid to Executive upon the termination of employment. Executive will be provided with sick leave according to the Company’s standard policies.

		
	6.
	Compliance With Company Policies. Executive shall comply with and abide by all applicable policies and directives of the Company and its subsidiaries including, without limitation, the Codes of Business Conduct & Ethics for the Company and its subsidiaries, the Supplemental Insider Trading Policies for the Company and its subsidiaries and any applicable employee handbooks or manuals. The Company and its subsidiaries may, in their sole discretion, change, modify or adopt new policies and directives affecting Executive’s employment. In the event of any conflict between the terms of this Agreement and the employment policies and directives of the Company and its subsidiaries, the terms of this Agreement will control. The Executive acknowledges that the Company and its subsidiaries, DKL and Alon USA Partners, LP (“ALDW”), are currently subject to SEC reporting requirements pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the continued listing requirements of the New York Stock Exchange or any other securities exchange on which the securities of the Company may be listed from time to time for public trading (collectively a “Securities Market”), and other federal securities laws and regulations applicable to publicly traded companies in the United States. As an employee and officer of the Company and as an officer of DKL and/or ALDW, Executive will, in such capacities, be required to comply with applicable federal securities laws and regulations (including, without limitation, the reporting requirements under Exchange Act Section 16(a) and related SEC rules and regulations), Securities Market listing requirements as well as certain policies of the Company and its subsidiaries designed to comply with such laws and regulations.

		
	7.
	Confidentiality. Executive recognizes that during the course of her employment, she will be exposed to information or ideas of a confidential or proprietary nature that pertain to Company’s business, financial, legal, marketing, administrative, personnel, technical or other functions or which constitute trade secrets (including, without limitation, specifications, designs, plans, drawings, software, data, prototypes, the identity of sources and markets, marketing information and strategies, business and financial plans and strategies, methods of doing business, data processing and technical systems, programs and practices, customers and users and their needs, sales history, financial health or material non-public information as defined under federal securities law) (collectively “Confidential Information”). Confidential Information also includes such information of third parties that has been provided to Company in confidence. All such information is deemed “confidential” or “proprietary” whether or not it is so marked. Information will not be considered Confidential Information to the extent that it is or becomes generally available to the public other than through any breach of this Agreement by or at the discretion of Executive. Nothing in this Section will prohibit the use or disclosure by Executive of knowledge that is in general use in the industry or general business knowledge, was known to her prior to her service to the Company or which enters the public domain other than through any breach of this Agreement by or at the discretion of Executive. Executive may also disclose such information if required by court order or applicable law provided that she (a) uses her reasonable best efforts to give the Company written notice as far in advance as is practicable to allow the Company to seek a protective order or other appropriate remedy (except to the extent that her compliance with the foregoing would cause her to violate a court order or other legal requirement), (b) discloses only such information as Executive believes in good faith to be required by law, and (c) uses her reasonable best efforts (at the Company’s expense) to obtain confidential treatment for any Confidential Information so disclosed. During Executive’s employment and for so long as the Confidential Information remains confidential or proprietary thereafter, she shall hold Confidential Information in confidence, shall use it only in connection with the performance of her duties on behalf of the Company, shall restrict its disclosure to those directors, employees or independent contractors of the Company with a need to know such Confidential Information, and shall not disclose, copy or use Confidential Information for the benefit of anyone other than the Company without the Company’s prior written consent. However, nothing in this Agreement shall prohibit the Executive from reporting possible violations of law to any governmental agency or entity in accordance with applicable whistleblower protection provisions including, without limitation, the rules promulgated under Section 21F of the Exchange Act or Section 806 of the Sarbanes-Oxley Act of 2002, or require the Executive to notify the Company (or obtain its prior approval) of any such reporting. Executive shall, upon Company’s request or her termination of employment, return to the Company and/or certify in a form satisfactory to the Company the destruction of any and all written documents containing Confidential Information in her possession, custody or control. For the avoidance of doubt, Executive shall not retain any copy in any form of any Confidential Information following such request or termination.

8.    Restrictive Covenants.
(a)    Non-Competition.
		
	(i)
	In consideration of the Confidential Information provided to Executive and the other benefits provided to her pursuant to this Agreement, Executive agrees that, if her employment ends during the Term, then, during a six-month Non-Compete Period (as defined below), she will not, without the prior written consent of the Company (which shall not be unreasonably withheld), directly or indirectly, either as an individual or as an employee, officer, director, shareholder, partner, equity participant, sole proprietor, independent contractor, consultant or in any other capacity conduct any business, or assist any person in conducting any business, that is directly in competition with the Company’s Business (as defined below) in the Territory (as defined below). The terms of this Section 8(a) shall not apply to the passive ownership by Executive of less than 5% of a class of equity securities of an entity, which securities are publicly traded on any national securities exchange.

		
	(ii)
	For any termination except for a termination by the Company for Cause, the “Non-Compete Period” shall commence upon the date that notice of termination of employment is delivered or deemed delivered under the notice provisions of this Agreement, it being acknowledged and agreed that the Non-Compete Period may commence to run, or even completely run, during a period of time during which Executive remains employed by the Company (assuming that she continues to be so employed after the delivery of such notice of termination). In the event of a termination by the Company for Cause, the Non-Compete Period shall commence upon the date that Executive’s employment with the Company ends.

		
	(iii)
	For purposes of this Section 8(a), the “Company’s Business” means the businesses conducted by the Company or its subsidiaries at the time of the termination of Executive’s employment over which she has primary responsibility at the time of the termination of her employment (it being agreed and understood that other aspects of the businesses conducted by the Company or its subsidiaries is not within such definition).

		
	(iv)
	For purposes of Section 8(a), the “Territory” shall mean the following geographic areas as of the commencement of the Non-Compete Period: (A) a 75 mile radius from any of the Company’s petroleum and biodiesel refining facilities, (B) a 75 mile radius from any of the Company’s wholesale refined products distribution facilities and (C) a 50 mile radius from any of the Company’s retail fuel and/or convenience merchandise facilities.

		
	(b)
	Non-Interference with Commercial Relationships. During Executive’s employment with the Company, and for a period of six months thereafter, Executive will not, directly or indirectly, either as an individual or as an employee, officer, director, shareholder, partner, equity participant, sole proprietor, independent contractor, consultant or in any other capacity whatsoever approach or solicit any customer or vendor of Company for the purpose of causing, directly or indirectly, any such customer or vendor to cease doing business with the Company or its affiliates, nor will Executive engage in any other activity that interferes or could reasonably be expected to interfere in any material way with the commercial relationships between the Company and its affiliates and such customers or vendors. The foregoing covenant shall be in addition to any other covenants or agreements to which Executive may be subject.

		
	(c)
	Non-Interference with Employment Relationships. During Executive’s employment with the Company, and for a period of one year thereafter, Executive shall not, without the Company’s prior written consent, directly or indirectly: (i) induce or attempt to induce any Company employee to terminate his/her employment with the Company; or (ii) interfere with or disrupt the Company’s relationship with any of its employees or independent contractors. The foregoing does not prohibit Executive (personally or as an employee, officer, director, shareholder, partner, equity participant, sole proprietor, independent contractor, consultant or in any other capacity) from hiring or employing an individual that contacts Executive on his/her own initiative without any direct or indirect solicitation by Executive other than customary forms of general solicitation such as newspaper advertisements or internet postings.

		
	(d)
	It is understood and agreed that the scope of each of the covenants contained in this Section 8 is reasonable as to time, area, and persons and is necessary to protect the legitimate business interest of the Company. It is further agreed that such covenants will be regarded as divisible and will be operative as to time, area and persons to the extent that they may be so operative.

		
	9.
	Copyright, Inventions, Patents. The Company shall have all right, title and interest to all intellectual property (including, without limitation, graphic designs, copyrights, trademarks and patents) created by Executive during the course of Executive’s employment with the Company. Executive hereby assigns to Company all copyright ownership and rights to any work product developed by her or at her discretion and reduced to practice for or on behalf of the Company or which relate to the Company’s business during the course of the employment relationship. At the Company’s expense and for a period beginning on the Effective Date and continuing for three years following the termination of her employment, Executive shall use her reasonable best efforts to assist or support the Company to obtain, maintain, and assert its rights in such intellectual property and work product including, without limitation, the giving of evidence in suits and proceedings, and the furnishing and/or assigning of all documentation and other materials relative to the Company’s intellectual property rights.

10.    Termination of Employment.
		
	(a)
	Termination By Company For Cause. The Company may immediately terminate this Agreement and/or Executive’s employment at any time for Cause. Upon any such termination, the Company shall be under no further obligation to Executive hereunder except as otherwise required by law, and the Company will reserve all further rights and remedies available to it at law or in equity.

		
	(b)
	Termination By Executive For Good Reason. Within 30 calendar days after Executive becomes (or should have become) aware of the occurrence of a Good Reason during the Term, Executive may terminate this Agreement (and her employment hereunder) by providing 30 calendar days advance written notice of termination and provided that the condition remains uncured by the end of such 30-day period. After such 30-day period, Executive shall either resign her employment immediately or, if she continues in employment beyond such 30-day period, Executive shall have irrevocably waived and released any right to resign for Good Reason based upon the circumstances identified in her advance notice of termination. In the event of any such termination, Executive shall be entitled to the separation benefits under Section 10(c) as if the Company had terminated her employment without Cause. This provision shall not apply if Executive is terminated by reason of death or Disability.

		
	(c)
	Termination At-Will By Company. Subject to the provisions of (f) below, the Company may terminate this Agreement (and Executive’s employment hereunder) at any time and for any reason. If the termination occurs during the Term and is other than for Cause, Executive shall be entitled to the following (in addition to all accrued compensation and benefits through the date of termination): (i) the Separation Payment, (ii) the costs of continuing family health insurance coverage under COBRA for 12 months following termination of employment, provided, that the Company may, in its sole discretion, (A) pay such amounts directly to the applicable provider or (B) pay an equivalent amount directly to Executive, (iii) the Post-Employment Annual Bonus and (iv) Accelerated Vesting upon termination. This provision shall not apply if Executive is terminated by reason of death or Disability.

		
	(d)
	Termination At-Will By Executive. Executive may terminate this Agreement (and Executive’s employment hereunder) at any time and for any reason (other than death or Disability). If Executive terminates this Agreement and her employment hereunder during the Term, Executive must provide the Company with advance written notice of termination equal to the lesser of three months or the balance of the Term (the “Required Notice”).

		
	(i)
	If Executive terminates her employment during the Term other than for a Good Reason and provides at least three months advance written notice of termination (even if the Required Notice is less than three months), Executive shall be entitled to a single lump sum payment upon termination equal to 50% of her annualized salary at the time the notice of termination is delivered and the costs of continuing family health insurance coverage under COBRA for 12 months following termination of employment, provided, that the Company may, in its sole discretion, (A) pay such amounts directly to the applicable provider or (B) pay an equivalent amount directly to Executive.

		
	(ii)
	If Executive (A) terminates her employment during the Term other than for a Good Reason without providing the Required Notice or (B) fails to render services to the Company in a diligent and good faith manner after the delivery of the Required Notice and continues or repeats such failure after receiving written notice of such failure, she shall receive compensation only in the manner stated in Section 10(a) and the Company may immediately terminate her employment. This Section 10(d)(ii) shall not apply if Executive is terminated by reason of death or Disability.

		
	(e)
	Accelerated Termination After Notice. Nothing herein shall limit the Company’s right to terminate this Agreement and/or Executive’s employment after the Company receives notice of termination from her. However, if the Company receives the Required Notice from Executive and then terminates this Agreement and/or her employment for any reason other than for Cause or under Section 10(d)(ii)(B), her employment shall terminate on (and post-employment provisions of Sections 7, 8(b), 8(c) and 9 shall be effective from) the date on which the Company terminates Executive’s employment but she shall be entitled to a single lump sum payment of the amount of such compensation, bonuses, vesting and other benefits as if her termination had been effective on the earlier of (i) the termination date specified in her notice of termination or (ii) three months following her notice of termination.

		
	(f)
	Separation Release. Notwithstanding anything to the contrary, but subject to any applicable six-month delay required by Section 18 hereof and Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), if a payment is otherwise payable to Executive hereunder, payment of such Separation Payment shall be payable in cash to her at the end of the month following the month in which her separation from service (within the meaning of Section 409A) occurs (or such later date as may be required by law). However, Executive’s right to receive the Separation Payment shall be conditioned upon (i) her execution and delivery to the Company of a Separation Release (and the expiration of any statutorily mandated revocation period) within 30 days (or such longer period as may be required by law) following the separation from service date and (ii) her continued compliance with this Agreement and any other restrictive covenants to which he is bound. If Executive fails to timely execute and deliver the Separation Release or if she timely revokes her acceptance of the Separation Release thereafter (if such revocation is permitted), she shall not be entitled to the Separation Payment and shall repay any Separation Payment received. If the foregoing consideration and revocation periods begin in one taxable year and end in a second taxable year, payment will be made in the second taxable year.

		
	(g)
	Termination upon Disability or Death. In the event that Executive’s employment ceases due to her death or Disability, Executive shall be entitled to the following (in addition to all accrued compensation and benefits through the date of termination): (i) the costs of continuing family health insurance coverage under COBRA for 12 months following termination of employment, provided, that the Company may, in its sole discretion, (A) pay such amounts directly to the applicable provider or (B) pay an equivalent amount directly to Executive, (ii) the Post-Employment Annual Bonus and (iii) Accelerated Vesting upon termination.

(h)    Definitions. The following terms shall have the following meanings as used in this Agreement:
		
	(i)
	“Accelerated Vesting” means the immediate vesting of all unvested equity awards granted to Executive under the Plans. However, any Accelerated Vesting that occurs other than in the context of a Change in Control will apply to unvested (A) performance awards on a prorated basis through the termination of employment, based on actual results evaluated after the close of the applicable performance period and payable in a lump sum at the same time as performance awards are paid to executives of the Company generally and (B) full value equity awards (e.g., restricted stock, restricted stock units and phantom units) and appreciation equity awards (e.g., non-qualified stock options and stock appreciation rights) only to the extent that such awards that would have vested if Executive’s employment had continued during a period equal to the lesser of six months following termination of employment or the balance of the Term.

		
	(ii)
	“Cause” means Executive’s: (A) fraud, gross negligence, willful misconduct involving the Company or its affiliates or willful breach of a fiduciary duty, including, without limitation, Section 7 hereof, owed to the Company or its affiliates, (B) conviction of, or plea of nolo contendere to, a felony or crime involving moral turpitude or (C) deliberate and continual refusal to perform her duties in any material respect on substantially a full-time basis or to act in accordance with any specific and lawful instruction of her supervisor provided that Executive has been given written notice of such conduct and such conduct is not cured within 30 days thereafter.

		
	(iii)
	“Disability” means the inability of Executive to perform the customary duties of her employment or other comparable service with the Company or its affiliates by reason of a physical or mental incapacity or illness that is expected to result in death or to be of indefinite duration, as determined by a duly licensed physician selected by the Company.

		
	(iv)
	“Good Reason” means (A) the Company materially breaches this Agreement (it being acknowledged that any failure to pay any significant compensation or benefits at the times due under this Agreement shall be deemed a material breach), (B) the Company significantly reduces the scope of Executive’s duties under Section 2, (C) the Company reduces Executive’s Base Compensation under Section 3 other than as part of a base compensation reduction plan generally applicable to other similar senior executive employees, (D) the Company pays base compensation to any of Executive’s subordinates at an annualized rate in excess of Executive’s then-current Base Compensation, or (E) the Company requires Executive to relocate to any location that increases her commuting distance by more than 50 miles.

		
	(v)
	“Post-Employment Annual Bonus” shall mean the Annual Bonus to which Executive would have otherwise been entitled if her employment had continued through the end of the bonus year based upon the actual performance of the Company, prorated for the period of actual employment during the bonus year, and paid upon the payment of the annual bonuses to senior executives of the Company pursuant to the Company’s annual bonus programs.

		
	(vi)
	“Release Expiration Date” shall mean the date of the expiration of any and all waiting and revocation periods in the Separation Release.

		
	(vii)
	“Separation Payment” shall mean an amount equal the sum of Executive’s Base Compensation and target Annual Bonus as in effect immediately before any notice of termination multiplied by (A) two in the case of a Change in Control and (B) one in all other cases. The Separation Payment shall be payable in a cash lump sum pursuant to Section 10(f). Executive shall have no responsibility for mitigating the amount of any payment provided for herein by seeking other employment or otherwise, and any such payment will not be reduced in the event such other employment is obtained.

		
	(viii)
	“Separation Release” means a general release of claims against the Company (and its subsidiaries and affiliates) in a form reasonably satisfactory to Executive and the Company that pertains to all claims related to Executive’s employment and the termination of her employment and that contains appropriate anti-disparagement and continuing confidentiality covenants.

11.    Change in Control.
		
	(a)
	If Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason within two years following a Change in Control, the termination of her employment shall be deemed to have occurred in the context of a Change in Control, and she shall be entitled to the separation benefits set forth in Section 10(c); provided, however, that if the separation benefits would result in an excess parachute payment under Internal revenue Code Section 280G(a), the separation benefits shall be reduced so as not to result in an excess parachute payment.

(b)    For purposes of this Agreement, a “Change in Control” of the Company shall mean any of the following:
		
	(i)
	Any “person” (as defined in Section 13(h)(8)(E) of the Exchange Act), other than the Company or any of its subsidiaries or any employee benefit plan of the Company or any of its subsidiaries, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company (or any successor to all or substantially all of the Company’s assets) representing more than 30% of the combined voting power of the Company’s (or such successor’s) then outstanding voting securities that may be cast for the election of directors of the Company (other than as a result of an issuance of securities initiated by the Company (or such successor) in the ordinary course of business);

		
	(ii)
	As the result of, or in connection with, any cash tender or exchange offer, merger or other business combination or contested election, or any combination of the foregoing transactions, less than 51% of the combined voting power of the then outstanding securities of the Company or any successor company or entity entitled to vote generally in the election of the directors of the Company or such other corporation or entity after such transaction are held in the aggregate by the holders of the Company’s securities entitled to vote generally in the election of directors of the Company immediately prior to such transaction;

		
	(iii)
	All or substantially all of the assets of the Company are sold, exchanged or otherwise transferred;

		
	(iv)
	The Company’s stockholders approve a plan of liquidation or dissolution of the Company; or

		
	(v)
	During any 12-month period within the Term, Continuing Directors cease for any reason to constitute at least a majority of the Board. For this purpose, a “Continuing Director” is any person who at the beginning of the Term was a member of the Board, or any person first elected to the Board during the Term whose election, or the nomination for election by the Company’s shareholders, was approved by a vote of at least two-thirds of the Continuing Directors then in office, but excluding any person (A) initially appointed or elected to office as result of either an actual or threatened election and/or proxy contest by or on behalf of any “person” or “group” (within the meaning of Section 13(d) of the Exchange Act) other than the Board, or (B) designated by any “person” or “group” (within the meaning of Section 13(d) of the Exchange Act) ) who has entered into an agreement with the Company to effect a transaction described in Section 11(b)(i) through (iv).

For the avoidance of doubt, a Change in Control shall not be deemed to have occurred under subparagraphs (i)-(v) above unless such event also constitutes a “change in control event” as such term is defined in Section 409A.
		
	12.
	Survival of Terms. The provisions of Sections 7, 8(b), 8(c), 9 and 10 shall survive the termination or expiration of this Agreement and will continue in effect following the termination of Executive’s employment for the periods described therein. If a Change in Control occurs during the Term, the provisions of Section 11 shall survive the termination or expiration of this Agreement and will continue in effect following the Change in Control for the periods described therein. The provisions of Section 8(a) shall survive the termination (but not the expiration) of this Agreement.

		
	13.
	Assignment. This Agreement shall not be assignable by either party without the written consent of the other party except that the Company may assign this Agreement to a subsidiary or affiliate of the Company. Any failure by the Company to assign this Agreement to an unaffiliated third party successor upon the Company’s sale or transfer of all or substantially all of its business will be considered the termination of Executive’s employment in the context of a Change in Control effective upon the closing of the applicable transaction without an assignment to the successor, which closing constitutes a Change in Control. Any failure by Executive to consent to the assignment of this Agreement to such unaffiliated third party successor will be considered the termination of her employment for a Good Reason other than in the context of a Change in Control effective upon the closing of the applicable Change in Control transaction without any assignment to the successor. For the avoidance of doubt, the parties acknowledge that the payment of any benefits under this Section 13 shall be made in accordance with the applicable provision of Section 10 or 11 of this Agreement within 30 days of the closing date of the Change in Control transaction, and no payments will be made pursuant to this Section 13 if a Change in Control transaction does not occur.

		
	14.
	No Inducement / Agreement Voluntary. Executive represents that (a) she has not been pressured, misled, or induced to enter into this Agreement based upon any representation by Company or its agents not contained herein, (b) she has entered into this Agreement voluntarily, after having the opportunity to consult with legal counsel and other advisors of her own choosing, and (c) her assent is freely given.

		
	15.
	Interpretation. Any Section, phrase or other provision of this Agreement that is determined by a court, arbitrator or arbitration panel of competent jurisdiction to be unreasonable or in conflict with any applicable statute or rule, shall be deemed, if possible, to be modified or altered so that it is not unreasonable or in conflict or, if that is not possible, then it shall be deemed omitted from this Agreement. The invalidity of any portion of this Agreement shall not affect the validity of the remaining portions. Unless expressly stated to the contrary, all references to “days” in this Agreement shall mean calendar days.

		
	16.
	Prior Agreements / Amendments. This Agreement (a) represents the entire agreement between the parties in relation to the employment of Executive by the Company on, and subsequent to, the Effective Date and (b) revokes and supersedes all prior agreements pertaining to the subject matter herein, whether written and oral. However, this Agreement does not nullify or otherwise affect any prior equity awards granted to Executive. This Agreement shall not be subject to modification or amendment by any oral representation, or any written statement by either party, except for a dated writing signed by Executive and the Company.

		
	17.
	Notices. All notices of any kind to be delivered in connection with this Agreement shall be in writing and shall be deemed to have been duly given if personally delivered or if sent by nationally-recognized overnight courier (e.g., FedEx, UPS, DHL, etc.) or by registered or certified mail, return receipt requested and postage prepaid, addressed to the Company at 7102 Commerce Way, Brentwood, Tennessee 37027, Attn: Chief Financial Officer, to Executive at her then-existing payroll address, or to such other address as the party to whom notice is to be given may have furnished to the other in writing in accordance with the provisions of this Section. Any such notice or communication shall be deemed to have been received: (a) if by personal delivery or nationally-recognized overnight courier, on the date of such delivery and (b) if by registered or certified mail, on the third postal service day following the date postmarked.

		
	18.
	Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Tennessee without giving effect to its principles of conflicts of law. The state and federal courts for Davidson County, Tennessee shall be the exclusive venue for any litigation based in significant part upon this Agreement.

		
	19.
	Mediation / Arbitration.

		
	(a)
	Any dispute concerning a legally cognizable claim arising out of this Agreement or in connection with the employment of Executive by Company, including, without limitation, claims of breach of contract, fraud, unlawful termination, discrimination, harassment, retaliation, defamation, tortious infliction of emotional distress, unfair competition, arbitrability and conversion (collectively a “Legal Dispute”) shall be resolved according to the following protocol:

		
	(i)
	The parties shall first submit the Legal Dispute to mediation under the auspices of the American Arbitration Association (“AAA”) and pursuant to the mediation rules and procedures promulgated by the AAA. The Company shall pay the expenses associated with the mediation.

		
	(ii)
	In the event mediation is unsuccessful in fully resolving the Legal Dispute, binding arbitration shall be the method of final resolution. The parties expressly waive their rights to bring action against one another in a court of law except as expressly provided herein. In addition to remedies at law, the parties acknowledge that failure to comply with this provision shall entitle the non-breaching party to injunctive relief to enjoin the actions of the breaching party. Any Legal Dispute submitted to Arbitration shall be under the auspices of the AAA and pursuant to the “National Rules for the Resolution of Employment Disputes,” or any similar identified rules promulgated at such time the Legal Dispute is submitted for resolution. All mediation and arbitration hearings shall take place in either Davidson or Williamson County, Tennessee. The Company shall pay the filing expenses associated with the arbitration. All other expenses and fees associated with the arbitration shall be determined in accordance with the AAA rules.

		
	(b)
	Notice of submission of any Legal Dispute to mediation shall be provided no later than one year following the date the submitting party became aware, or should have become aware of, the conduct constituting the alleged claims. Failure to do so shall result in the irrevocable waiver of the claim made in the Legal Dispute.

		
	(c)
	Notwithstanding that mediation and arbitration are established as the exclusive procedures for resolution of any Legal Dispute, (i) either party may apply to an appropriate judicial or administrative forum for injunctive relief and (ii) claims by Company arising in connection with Sections 7, 8, 9, 10 and/or 11 may be brought in any court of competent jurisdiction.

		
	(d)
	With respect to any breach or attempted breach of Sections 7, 8 and/or 9 of this Agreement, each party acknowledges that a remedy at law will be inadequate, agrees that the Company will be entitled to specific performance and injunctive and other equitable relief and agrees not to use as a defense that any party has an adequate remedy at law. This Agreement shall be enforceable in a court of equity, or other tribunal with jurisdiction, by a decree of specific performance, and appropriate injunctive relief may be applied for and granted in connection herewith. Such remedy shall not be exclusive and shall be in addition to any other remedies now or hereafter existing at law or in equity, by statute or otherwise. No delay or omission in exercising any right or remedy set forth in this Agreement shall operate as a waiver thereof or of any other right or remedy and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other right or remedy.

20.    Section 409A.
		
	(a)
	It is intended that each installment of the payments provided under this Agreement, if any, is a separate “payment” for purposes of Section 409A and the payments satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(9)(iii) and 1.409A-1(b)(9)(v). Notwithstanding any other provision to the contrary, a termination of employment with the Company shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of “deferred compensation” (as such term is defined in Section 409A and the Treasury Regulations promulgated thereunder) upon or following a termination of employment unless such termination is also a “separation from service” from the Company within the meaning of Section 409A and Section 1.409A-1(h) of the Treasury Regulations and, for purposes of any such provision of this Agreement, references to a “separation,” “termination,” “termination of employment” or like terms shall mean “separation from service.”

		
	(b)
	Notwithstanding anything to the contrary in this Agreement, if the Company determines (i) that on the date her employment with the Company terminates or at such other time that the Company determines to be relevant, Executive is a “specified employee” (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the Company and (ii) that any payments to be provided to her pursuant to this Agreement are or may become subject to the additional tax under Section 409A(a)(1)(B) or any other taxes or penalties imposed under Section 409A if provided at the time otherwise required under this Agreement, then such payments shall be delayed until the date that is six months after the date of her “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)) with the Company, or, if earlier, the date of her death. Any payments delayed pursuant to this Section shall be made in a lump sum on the first business day of the seventh month following Executive’s “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)), or, if earlier, the date of her death.

		
	(c)
	In addition, to the extent that any reimbursement, fringe benefit or other, similar plan or arrangement in which Executive participates during the term of her employment under this Agreement or thereafter provides for a “deferral of compensation” within the meaning of Section 409A, then such amount shall be reimbursed in accordance with Section 1.409A-3(i)(1)(iv) of the Treasury Regulations, including (i) the amount eligible for reimbursement or payment under such plan or arrangement in one calendar year may not affect the amount eligible for reimbursement or payment in any other calendar year (except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed or paid), (ii) subject to any shorter time periods provided herein or the applicable plans or arrangements, any reimbursement or payment of an expense under such plan or arrangement must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and (iii) the right to any reimbursement or in-kind benefit is not subject to liquidation or exchange for another benefit.

		
	(d)
	For the avoidance of doubt, any payment due under this Agreement within a period following Executive’s termination of employment or other event, shall be made on a date during such period as determined by the Company in its sole discretion.

		
	(e)
	Notwithstanding any other provision to the contrary, in no event shall any payment under this Agreement that constitutes “deferred compensation” for purposes of Section 409A and the Treasury Regulations promulgated thereunder be subject to offset by any other amount unless otherwise permitted by Section 409A.

		
	(f)
	This Agreement is intended to comply with the applicable requirements under Section 409A and the related Treasury Regulations and guidance issued by the Department of the Treasury, as modified from time to time, including exceptions and exemptions provided for therein (the “409A Requirements”). Accordingly, this Agreement shall be administered, construed and interpreted in a manner to comply with the 409A Requirements. Specifically, and without limiting the foregoing, if any terms set forth in this Agreement are considered to be ambiguous, such terms shall be administered, construed and interpreted in a manner to comply with the 409A Requirements.

In witness whereof, the parties have executed this Agreement as of the 24th day of October, 2017.

	
		
	COMPANY:
	EXECUTIVE:

	

DELEK US HOLDINGS, INC.

/s/ Jared P. Serff
Jared P. Serff
EVP - Human Resources
	

/s/ Melissa M. Buhrig
MELISSA M. BUHRIG

	

/s/ Kevin L. Kremke
Kevin L. Kremke
EVP & Chief Financial OfficerEX-10.19

 Exhibit 10.19 

Credit Line Agreement 

Number:

 2017 
 Party A: ACM Research (Shanghai), Inc.  

Business license No.: 91310000774331663A 

Legal representative/person in charge: Hui Wang 

Domicile: Building 4, No.1690 Cailun Road, China (Shanghai) Pilot Free Trade Zone 201203 

Deposit bank and account No.: Zhangjiang High-tech Park Branch of Bank of China 

Telephone:
50808868                        Fax: 50808860 

Party B: Shanghai Pudong Development Zone Branch of Bank of China Limited 

Legal representative/person in charge: Sheng Zhenzhou  

Domicile: No.58 Xinjinqiao Road, Shanghai 201203 

Telephone:
20512666                        Fax: 50302277 

For the purpose of a friendly and reciprocal cooperation relationship, Party A and Party B hereby enter into the following agreement after
negotiations by adhering to the principles of voluntariness, equality, mutual benefit and integrity. 
 ARTICLE 1 BUSINESS SCOPE 

Party B will provide the credit line to Party A pursuant to this Agreement, and Party A may apply for the cycle, adjustment or single use of
the credit line with Party B for the purposes of short-term loan, corporation overdraft, bank acceptance bill, trade financing, letter of guarantee, capital business and other credit businesses (collectively “Individual Credit
Business”) on the precondition that this Agreement and related Individual Agreements are complied with. 
 For the purpose of this
Agreement, the trade financing business includes opening an international L/C, opening a domestic L/C, import negotiation, shipping guarantee, packing credit, export negotiation, export discounting under L/C, buyer negotiation under domestic L/C,
seller negotiation under domestic L/C, domestic L/C negotiation and other international and domestic trade financing businesses. 
 The
so-called business of letter of guarantee hereunder includes opening a letter of guarantee /standby L/C and other international and domestic businesses relating to letter of guarantee. 

  

Page 1 / 9 

 ARTICLE 2 TYPE AND AMOUNT OF CREDIT LINE 

Party B agrees to provide the following credit line to Party A: 

Currency: RMB 
 Amount:
(Written): THIRTY MILLION RENMINBI ONLY; 
 (Figures) ¥30,000,000.00 

The specific type and amount are as follows: 
  

	 	1.	Credit line: RMB30,000,000 or equivalent in USD, of which: 

  

	 	(1)	Credit line of working capital: RMB30,000,000 

 ARTICLE 3 USE OF CREDIT LINE 

1. Within the term of the credit line specified herein, Party A may use the credit line by the way of (1) while not exceeding the
scope of Individual Credit Business stipulated herein: 
 (1) Cash Cycle use. The specific type of credit includes: line
of credit for working capital: RMB30,000,000 or USD equivalent 
 (2) Single use, and the line and type are:
            /            . 

If Party A intends to adjust the usage of the line of credit specified in Article 2, Party A shall submit a formal written
proposal to Party B. Party B will decide whether to accept the proposal as well as the adjustment method and notify through a formal written response. 

2. On the date which this Agreement goes into effect, all credit balance incurred from previous {Line of Credit Agreements} or similar
agreements between the two parties will be deemed as part of this current agreement. 
 Thus, all previously incurred credit which uses up
credit balance will be considered using up credit balance from the current line of credit agreement. 
 3. Unless specified, the following
business activities are deemed not to take up the line of credit: 
 (1)    Export negotiation with documents in
compliance with L/C; 
 (2)    Negotiation or financing handled based on draft or amount under an export L/C or a
domestic L/C accepted/honored/confirmed/certified by an issuing bank or certifying bank acceptable to Party B; 

(3)    If Party A can provide security deposit, national debts, deposit receipt issued by Party B or bank acceptance bill,
letter of guarantee, standby L/C acceptable to Party B, the amount corresponding to the guarantee will be excluded from line of credit; 

(4)    Other business activities confirmed by the both parties through written proposal that do not take up the line of
credit 
 Individual Agreements whose business activity is subjected to this Agreement but do not take up the line of credit, constitute a
part of this Agreement and will be subjected to this Agreement, unless specified otherwise. 

  

Page 2 / 9 

 ARTICLE 4 AGREEMENTS TO BE SIGNED FOR INDIVIDUAL CREDIT LOAN 

To apply for Individual Credit Loan under this Agreement with Party B, Party A shall submit corresponding application to Party B and/or sign
related contracts/agreements with Party B (collectively “Individual Agreements”). 
 ARTICLE 5 USE TERM OF CREDIT LINE 

The term of credit line specified in Article 2 shall begin on the effective date of this Agreement till the 30th of July 2018 
 If Party B wishes to continue to provide a line of credit to Party A
when the term of credit line stated above expires, the two Parties may negotiate and enter into a supplementary agreement. The agreement will be submitted through a formal written propose which specifies a new line of credit, terms for the agreement
and other related matters. Supplementary agreements constitutes as an integral part of this Agreement. Anything not covered in this Agreement but are covered in the supplementary agreement will have the same legal effect as this Agreement. 

The expiry of the term of credit line does not affect the legal effect of this Agreement or constitute a cause of termination of this
Agreement. The Individual Credit Activity that has been conducted by both parties pursuant to this Agreement will continue to perform according to this Agreement and related Individual Agreements, and the obligations and rights that have occurred
shall be completed. 
 ARTICLE 6 PRECONDITIONS FOR INDIVIDUAL CREDIT BUSINESS 

To carry out Individual Credit Business, Party A shall comply with the following conditions as required by Party B: 

1.    To submit to Party B the company documents, receipts, seals, list of related persons, signatures of people related to
this Agreement and Individual Agreements, and fill out related certificates; 
 2.    To open accounts necessary for
carrying out the Individual Credit Activity; 
 3.    The guarantee specified by this Agreement and Individual Agreements
has been validly established; 
 4.    Other preconditions specified by Individual Agreements as necessary for carrying
out the business. 
 5.    Other conditions Party B requires Party A to comply with. 

ARTICLE 7 GUARANTEES 
 The Parties agree
to tender a guarantee for Party A’s debts to Party B based on this Agreement and Individual Agreements by the following ways: 

1.    Maximum pledge 

(1)    ACM Research (Shanghai), Inc. provides the maximum pledge and signs related contracts. 

Party B may be affected by Party A or the guarantor’s ability to perform; guarantee contract becomes invalid or is
cancelled or rescinded; Party A or the guarantor suffers deteriorating financial situation or is involved in major litigation/arbitration cases or other events that affect performance; the 

  

Page 3 / 9 

 
guarantor breaches the guarantee contract or other contracts with Party B; or the collateral depreciates, is damaged, lost or seized, which causes the guaranteed value to decrease. In the above
events, Party B has the right to require Party A to provide a new guarantee or to replace the guarantor to guarantee the debts under this Agreement 

ARTICLE 8 REPRESENTATIONS AND UNDERTAKINGS 
 Party A
states that: 
 1.    Party A is legally incorporated, exists legally, and has full legal capacity to signing and
performing this Agreement; 
 2.    This Agreement and Individual Agreements are signed and performed based on Party
A’s true intent. Party A has legal and valid authorization to enact this Agreement based on Party A’s Article of Association, other internal management procedures, as well as other agreements, contracts, and other legal agreement binding
Party A from legally accepting this Agreement. Party A will obtain all related approval, license, filing or registration necessary for signing and performing this Agreement 

3.    All documents, financial statements, certificates and other materials provided by Party A to Party B under this
Agreement and Individual Agreements are true, complete, accurate and valid; 
 4.    The activity of the business for
which Party A applies with Party B is true and legal and is not for money laundering; 
 5.    Party A does not conceal
from Party B any matters that may affect the financial situation and the performance capacity of Party A and the guarantor. 
 Party A agrees to: 

1.    To submit its financial statements (including but not limited to yearly, quarterly and monthly statements) and other
related materials to Party B periodically or in a timely manner as required by Party B; 
 2.    To accept and cooperate
with Party B’s inspection and supervision over the use of the line of credit, including related production, operation and financial activities; 

3.    If Party A signs a Counter Guarantee Contract or similar contract with the guarantor hereunder with respect to its
guarantee obligation, such contract will not damage any right of Party B hereunder; 
 4.    To notify Party B
immediately if any event that may affect the financial situation and ability of performance of Party A or the guarantor occurs, including but not limited to separation or merger in any form, joint operation, joint venture or operation with foreign
merchants, contract operation, reorganization, restructuring, planned listing and other changes in mode of operation, reduction of registered capital, transfer of major assets or equity, burden of major liabilities, new guarantee over the
collateral, seizure of collateral, dissolution, cancellation, application for bankruptcy, or involvement in major litigation or arbitration cases; 

5.    To handle any matters that are not specified in this Agreement or Individual Agreements according to Party B’s
related regulations and business practices; 
 6.    To properly handle the pledge procedures for the patent for the
invention “removal methods and devices of barrier layer” (patent No.: ZL 200910050835.7), carry out the pledge contract and the claim amount of pledge guarantee shall not be less than Party B’s total credit. 

  

Page 4 / 9 

 7.    To operate Party B’s loan of working capital by reference to order
financial mode with the credit products under the order financial line limited to the purchase of raw materials under the sales contract signed by Party A in 2017, and grant the line on the strength of true and valid purchase
contracts/orders/invoices and sales contracts/orders/invoices by the way of entrusted payment. The advance payment certificate shall be provided if advance payment is specified in the sales order. The total financial amount shall not exceed 60% of
the amount of sales order and the term of single fund shall not exceed 6 months. Before granting, related certificates (including confirmation by the other party’s email) with corresponding money return account is with Party B shall be
provided, and after return Party B’s financial shall be offset first and the circulation shall be closed. 

8.    Party A and its Board of Directors meeting undertake that, the orders for Party B’s order financing credit
business shall not be refinanced and without Party B’s consent the rerun account shall not be changed or cancelled; during the credit period, for any newly-added bank credit Party B’s consent must be obtained in advance and Party B’s
credit guarantee conditions shall not be inferior to the industry; if the return of loan under Party B’s order financing credit business is not timely, Party A agrees to return Party B’s order financing first with its own funds. 

9.    Fifteen million RMB or equivalent USD will be authorized first. The remaining line of credit will not be authorized
until the following requests are accomplished: (1) Party A provides no less than one hundred million RMB worth of sales contracts (new contracts signed during 2017) and indicates that the money from these sales contracts will be wired to an
account under Party B (2) Party A’s Income statement shows a total revenue of more than hundred thirty million (3) Party A’s operating cash flow for this year is positive. 

10.    Party A’s account receivable status will be monitored closely to effectively strengthen post-lending
management, monitor borrower’s daily capital flow, and lower Party B’s credit exposure. One week prior to the expiration of a single loan contract, Party A should have funds no less than the principal and interest in the account with Party
B. 
 11.    The financial subsidy obtained by Party A in 2017 being less than fifteen million RMB, or the annual
invoicing income in 2017 being less than two hundred forty million RMB (subject to the tax return data), or Party A’s bank financing balance exceeding fifty five million RMB, then Party B’s financing may not exceed twenty million RMB. 

12.    During the credit term, if Article 8 of “Party A’s undertaking” is not complied with, Party B has the
right to announce the maturity of loan ahead of schedule. 
 Article 9 Disclosure of internal related parties and related transactions in Party A’s
group 
 The Parties agree that the provision of Paragraph 1 applies: 

1.    Party B does not identify Party A as part of a conglomerate according to the {Management Guidelines on
Conglomerate Client Credit Risks of Commercial Banks (“Guidelines”).} 
 2.    If Party A is identified as
part of a conglomerate by Party B according to above guidelines, then according to Article 17 of the {Guidelines} Party B shall immediately report all related transactions that are more than 10% of net assets to Party B. Information that needs to be
disclosed includes the relationship of the transaction, transaction items, nature, amount or proportion of transaction, and pricing policies (including transactions that have no amount or just have a symbolic amount). 

  

Page 5 / 9 

 Article 10 Breach of contract and treatment 

Any of the following events constitutes or is deemed as a breach of contract by Party A under this Agreement and Individual Agreements: 

1.    Party A fails to perform its obligations of payment and clearing-off to Party B as specified by this Agreement and
Individual Agreements; 
 2.    Party A fails to use the assets obtained for the agreed purposes as specified by this
Agreement and Individual Agreements; 
 3.    The representations made by Party A under this Agreement and the Individual
Agreements are untrue or Party A violates its undertaking made under this Agreement and Individual Agreements; 

4.    If the circumstances stated in Article 8.2.4 of this Agreement occur, Party B deems that the financial situation or
ability of performance of Party A or the guarantor is affected while Party A does not provide a new guarantee or replace the guarantor; 

5.    Party A stops business or is subject to dissolution, cancellation or bankruptcy; 

6.    Party A breaches other provisions on the rights and obligations of the related parties in this Agreement and the
Individual Agreements; 
 7.    Party A breaches other contracts signed with Party B or other organizations of Bank of
China Limited; 
 8.    The guarantor breaches the guarantee contract or other contracts signed with Party B or other
organizations of Bank of China Limited; 
 In case of defaults specified above, Party B has the right to take the following measures separately or jointly,
as the case may be: 
 1.    To require Party A and the guarantor to correct their breaches within a time limit; 

2.    To reduce, suspend or terminate all or part of credit line to Party A; 

3.    To suspend or terminate all or part of business applications made by Party A under this Agreement, the Individual
Agreements or other agreements signed by and between Party A and Party B; suspend or terminate the granting of the outstanding loans and the handling all or part of trade financing and letter of guarantee businesses that have not completed; 

4.    To announce immediate maturity of all or part of the outstanding loans, trade financing amount, advance principal and
interest and other payables under this Agreement, the Individual Agreements or other agreements signed by and between Party A and Party B; 

5.    To rescind or terminate this Agreement, rescind or terminate all or part of the Individual Agreements and other
agreements signed by and between Party A and Party B; 
 6.    To require Party A to compensate for the losses caused to
Party B due to its breach of contract, including but not limited to the legal fee, attorney’s fee, notarization fee, enforcement fee and other related expenses for realizing the claims; 

7.    To deduct Party A’s amount in the account opened with Party B to offset all or part of Party A’s
indebtedness to Party B. The undue amount in the account is deemed as premature. If the currency of account is different from Party B’s money of account, the amount will be converted by the rate of foreign exchange settlement and sale
applicable to Party B in deduction; 

  

Page 6 / 9 

 8.    To exercise the guarantee real right; 

9.    To require the guarantor to assume the guarantee liability; 

10.    Other measures Party B deems as necessary. 

ARTICLE 11 RESERVATION OF RIGHT 
 If one party fails to
exercise part or all of rights under this Agreement and the Individual Agreements, or fails to require the other party to perform or assume part or all of obligations and liability, it does not constitute such party’s waiver of the right or the
obligation or liability. 
 Any tolerance, extension or delay in exercising the rights under this Agreement or the Individual Agreements granted by one
party to the other party does not affect any of its right entitled according to this Agreement, the Individual Agreements, laws and regulations, or is deemed as its waiver of the right. 

ARTICLE 12 ALTERNATIONS, MODIFICATION, TERMINATION AND PARTIAL INVALIDITY 

The Parties may alter or modify this Agreement in writing after negotiations, and any alternation or modification shall constitute an integral part of this
Agreement. 
 This Agreement shall not be terminated before all the rights and obligations under it and its Individual Agreements are executed, unless
otherwise specified by laws, regulations or agreed by the Parties. 
 The invalidity of any provisions of this Agreement does not affect the legal effect of
other provisions, unless otherwise specified by laws and regulations or agreed by the Parties. 
 ARTICLE 13 APPLICABLE LAWS AND SETTLEMENT OF DISPUTES

 This Agreement and the Individual Agreements are governed by the laws of the People’s Republic of China, unless otherwise agreed by the Parties.

 After the effectiveness of this Agreement and the Individual Agreements, all the disputes arising from or in respect of the signing and performing of
this Agreement and the Individual Agreements shall be settled by the Parties through negotiation, unless otherwise agreed by the Parties, any party may settle the disputes by the way of (2): 

1.    To submit the disputes to the     /     Arbitration Committee
for an arbitration award. 
 2.    To file a lawsuit with the people’s court of the place where Party B or Bank of
China Limited or other organizations that exercise the rights and obligations according to this Agreement and the Individual Agreements are located. 

3.    To file a lawsuit with the people’s court with jurisdiction. 

During the period of dispute settlement, if the disputes do not affect the performance of other provisions of this Agreement and the Individual Agreements,
such other provisions shall be continued to perform. 

  

Page 7 / 9 

 ARTICLE 14 ATTACHMENTS 

The following appendix and other attachments and Individual Agreements confirmed by the Parties jointly constitute an integral part of this Agreement and have
the same legal effect his Agreement. 
 ARTICLE 15 MISCELLANEOUS 

1.    Without Party B’s written consent, Party A shall not transfer any of its obligations and rights under this
Agreement and the Individual Agreements to a third party. 
 2.    Party A acknowledges that Party B may entrust other
organizations of Bank of China Limited to perform the rights and obligations under this Agreement and the Individual Agreements out of business needs; such organizations of Bank of China Limited authorized by Party B have the right to exercise all
the rights under this Agreement and the Individual Agreements and to file a lawsuit with the court or apply for an arbitration award with an arbitration agency for the disputes arising from this Agreement and the Individual Agreements. 

3.    This Agreement is legally binding upon the Parties and their respective legal successors and assignees without
damaging other provisions of this Agreement and the Individual Agreements. 
 4.    The Parties assign the domiciles
stated in this Agreement as the mailing and contact addresses and undertake to notify the other party in writing in case of changes in the mailing and contact addresses, unless otherwise agreed. 

5.    The titles and business names in this Agreement are just for the convenience of reference and shall not be used for
interpretation of the clause content and the rights and obligations of the Parties. 
 6.    If Party B cannot perform
this Agreement or perform as specified by this Agreement due to changes in laws, regulations and regulatory provisions or requirement by the regulatory departments, Party B has the right to terminate this Agreement or modify this Agreement and its
Individual Agreements for performance according to the changes in laws, regulations and regulatory provisions or requirement of the regulatory departments. Party B is exempted from liability for the termination of this Agreement or its failure to
perform this Agreement or to perform as specified by this Agreement due to the above reason. 
 Article 16 Effectiveness 

This Agreement shall become effective as of the date when it is signed and stamped by the legal representatives, persons in charge or authorized signatories of
the Parties. 
 Three copies of the Agreement is made; Party A, Party B and the guarantor each holding one copy, all of the copies have the same
legal effect. 

  

Page 8 / 9 

 Party A: ACM Research (Shanghai), Inc. (seal) 

Authorized signatory: Hui Wang (seal) /s/ Hui Wang 

August 21, 2017 
 Party B: Shanghai Pudong
Development Zone Branch of Bank of China Limited (seal) 
 Authorized signatory: Hu Yisheng (seal) /s/ Hu Yisheng 

August 21, 2017 

  

Page 9 / 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]