Document:

Exhibit 10.01

    

    

    EQUITY PURCHASE AGREEMENT

    

    

    This Equity Purchase Agreement (this “Agreement”) is entered into as of August 4, 2019 by and among ACM Research, Inc., a Delaware corporation (the “Company”), and

      the several stockholders of the Company party hereto (each a “Holder” and collectively, the “Holders”).

    

    

    A.          The Holders own, or have the right to acquire pursuant to
        outstanding, vested options, shares of the Company’s Class A common stock, $0.0001 par value per share (“Shares”).

    

    

    B.          The Company proposes to conduct a public offering of Shares
        (the “Offering”) pursuant to an underwriting agreement (the “Underwriting Agreement”) to be entered into between the Company and Stifel, Nicolaus & Company, Incorporated, as representative of the underwriters named therein and, pursuant to the Underwriting Agreement,
        proposes to grant the Underwriters a 30-day over-allotment option to purchase additional Shares in a number not greater than 15% of the Shares to be offered in the Offering (the “Over-Allotment Shares”).

    

    

    C.          To the extent any Over-Allotment Shares are issued and sold
        to the Underwriters in accordance with the Underwriting Agreement, the parties to this Agreement intend that the Company apply its proceeds, net of underwriting discount, from the sale of such Over-Allotment Shares to repurchase from the Holders an
        aggregate number of Shares (“Repurchase Shares”) equal to the number of Over-Allotment Shares issued, at a purchase price per share  equal to the public offering price per share paid to the Company to
        acquire the Over-Allotment Shares, net of underwriting discount (the “Purchase Price”), and otherwise in accordance with the terms of this Agreement.

    

    

    Now, Therefore, in consideration of the mutual representations, warranties, covenants and agreements set
      forth herein, and intending to be legally bound hereby, the parties hereto agree as follows:

    

    

    1.          Repurchases.

    

    

    (a)          At or before each closing held under the
        Underwriting Agreement for the issuance and sale by the Company of any Over-Allotment Shares to the Underwriters (each an “Over-Allotment Closing”), the Company shall provide written notice (a “Repurchase Notice”) to each Holder of:

    

    

    
      
        	

              	(i)	
                the number of Repurchase Shares that the Company will purchase from such Holder as the result of the Company’s sale of Shares in connection with such Over-Allotment Closing, as
                  determined in accordance with Schedule I to this Agreement, and

              

      

    

    

    

    
      
        	

              	(ii)	
                a time and date, which date shall be no earlier than three calendar days after delivery of such notice and no later than five calendar days after the date of such Over-Allotment
                  Closing, at which, subject to satisfaction or waiver of the conditions set forth herein, each Holder shall transfer, assign, sell and convey to the Company all of such Holder’s right, title and interest in and to, and the Company shall
                  purchase, the number of Repurchase Shares specified in the Repurchase Notice (each a “Repurchase Closing”)

              

      

    

    

    

    (b)          Each Repurchase Closing shall take place
        remotely via the exchange of documents and signatures at the time and on the date specified in the applicable Repurchase Notice. At a Repurchase Closing:

    

    

    
      
        	

              	(i)	
                each Holder shall deliver to the Company a duly executed stock power relating to the Holder’s Repurchase Shares to be sold, together with such other documents or instruments as the
                  transfer agent for the Shares may request (which request may include a requirement that transfer forms be medallion guaranteed) to effect the transfer of such Repurchase Shares to the Company; and

              

      

    

    

    

    
      
        	

              	(ii)	
                the Company agrees to pay to each such Holder, by either wire transfer (in accordance with written instructions to be provided by the Holder) or check at the election of the
                  Company, an amount in cash (U.S. dollars, unless otherwise expressly agreed upon in writing by the Company and the Holder) equal to the number of Repurchase Shares being sold by the Holder multiplied by the Purchase Price.

              

      

    

    

    

    
      
        

        

      

      1

      
        

      

    

    (c)          Each Holder agrees to pay all stamp, stock transfer and
        similar duties, if any, in connection with its sale of Repurchase Shares to the Company in accordance with this Agreement. The Company shall have the right to withhold from any amount payable pursuant to Section 1(b)(ii) any federal, state, local
        or other taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation. The Company and a Holder may agree that the Company shall withhold additional amounts from the payment to be made
        by the Company pursuant to Section 1(b)(ii), including to offset the exercise price of stock options being exercised in connection with the sale of Repurchase Shares hereunder or to make a repayment of indebtedness of the Holder to the Company that
        is a condition to the proposed sale of Repurchase Shares hereunder.

    

    

    2.          Representations and
          Warranties of the Company.

    

    

    The Company hereby represents and warrants to each Holder, as of the date of this Agreement and the date of any Repurchase Closing, as follows:

    

    

    (a)          Existence and Power.
        The Company has been duly organized and is validly existing and in good standing as a corporation under the laws of the State of Delaware, with the requisite corporate power and authority to execute and deliver this Agreement and consummate the
        transactions and perform each of its obligations hereunder.

    

    

    (b)          Authority; Enforceability.
        The execution and delivery of this Agreement by the Company and the consummation by the Company of each of the transactions and the performance by the Company of each of its obligations contemplated hereby have been duly and properly authorized by
        all necessary corporate action on the part of the Company. This Agreement has been duly executed and delivered by the Company and constitutes the valid and legally binding obligation of the Company, enforceable against it in accordance with its
        terms, subject, as to enforceability, to bankruptcy, insolvency, reorganization, moratorium and other similar laws of general applicability relating to or affecting creditors’ rights and to general principles of equity (regardless of whether such
        enforceability is considered in a proceeding in equity or at law).

    

    

    (c)          No Conflicts. The
        compliance by the Company with this Agreement and the consummation of the transactions herein contemplated will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under any
        indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject, or (ii) violate any provision
        of the certificate of incorporation or by-laws, as applicable, of the Company, except, in the case of clause (i), as would not reasonably be expected to have a material adverse effect on the financial position, stockholders’ equity or results of
        operations of the Company, taken as a whole, in the case of each such clause, after giving effect to any consents, approvals, authorizations, orders, registrations, qualifications, waivers and amendments as
        will have been obtained or made as of the date of Closing; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the execution, delivery and
        performance by the Company of its obligations under this Agreement, including the consummation by the Company of the transactions contemplated by this Agreement, except where the failure to obtain or make any such consent, approval, authorization,
        order, registration or qualification would not reasonably be expected to have a material adverse effect on the financial position, stockholders’ equity or results of operations of the Company.

    

    

    
      
        

        

      

      2

      
        

      

    

    3.          Representations and
          Warranties of the Holders.

    

    

    Each Holder, severally but not jointly, represents and warrants to the Company, as of the date of this Agreement and the date of any Repurchase Closing
      at which such Holder sells Repurchase Shares,  as follows:

    

    

    (a)          Enforceability.
        This Agreement has been duly executed and delivered by such Holder and constitutes the valid and legally binding obligation of such Holder, enforceable against such Holder in accordance with its terms, subject, as to enforceability, to bankruptcy,
        insolvency, reorganization, moratorium and other similar laws of general applicability relating to or affecting creditors’ rights and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
        or at law).

    

    

    (b)          No Conflicts. The
        sale of the Repurchase Shares to be sold by such Holder hereunder and the compliance by such Holder with all of the provisions of this Agreement and the consummation of the transactions contemplated herein (i) will not conflict with or result in a
        breach or violation of any of the terms or provisions of, or constitute a default under, any statute, indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which such Holder is a party or by which such Holder is
        bound or to which any of the property or assets of such Holder is subject, (ii) nor will such action result in any violation of the provisions of any statute or any order, rule or regulation of any court or governmental agency or body having
        jurisdiction over such Holder or the property of such Holder; except in the case of clause (i) or clause (ii), for such conflicts, breaches, violations or defaults as would not impair in any material respect
        the consummation of such Holder’s obligations hereunder.

    

    

    (c)          Ownership of Repurchase
          Shares. As of the date hereof and immediately prior to the delivery of Repurchase Shares to the Company at a Repurchase Closing, such Holder is and will be the record and beneficial owner of the Repurchase Shares set forth opposite such
        Holder’s name on Schedule I hereto with full dispositive power thereover, and holds, and will hold, such Repurchase Shares free and clear of all mortgages, pledges, security interests, liens,
        claims, encumbrances, equities or other restrictions. Upon payment for the Repurchase Shares to be sold by such Holder in accordance with the terms and conditions of this Agreement, the
        Company will acquire good and valid title to such shares free and clear of all mortgages, pledges, security interests, liens, claims, encumbrances, equities or other restrictions.

    

    

    (d)          Independent Investigation.
        Such Holder has received all of the information that it considers necessary or appropriate for deciding whether to sell the Repurchase Shares and has had the opportunity to ask questions and receive answers from the Company. Such Holder has the
        requisite knowledge, sophistication and experience in order to fairly evaluate a disposition of the Repurchase Shares to be sold by such Holder hereunder, including the risks associated therewith.

    

    

    4.          Conditions to Closing.

    

    

    (a)          Conditions to Obligations
          of the Company. The obligation of the Company to purchase the Repurchase Shares from a Holder at a Repurchase Closing hereunder is subject to the satisfaction or waiver on or prior to the Closing Date of each the following conditions:

    

    

    (i)          No action, claim, suit, hearing, complaint, demand,
        injunction, litigation, judgment, arbitration, order, decree, ruling or governmental investigation or proceeding shall be pending or threatened by any Governmental Entity, and no such Governmental Entity shall have issued any injunction, judgment
        or order, which shall remain in effect, that would prevent the consummation of the transactions contemplated hereby. As used herein, the term “Governmental Entity” means

        any agency, bureau, commission, authority, department, official, political subdivision, tribunal or other instrumentality of any government, whether (A) regulatory, administrative or otherwise; (B) federal, state or local; or (C) domestic or
        foreign.

    

    

    
      
        

        

      

      3

      
        

      

    

    (ii)          The representations and warranties of such Holder
        contained in this Agreement and in any other writing delivered by such Holder pursuant hereto shall be true and correct in all material respects on and as of the date hereof and on and as of the Repurchase Closing, as applicable, as though made on
        and as of such date.

    

    

    (iii)          The Company and the Underwriters shall have entered into
        the Underwriting Agreement and the Underwriters shall have exercised the Over-Allotment Option.

    

    

    (b)          Conditions to Obligations
          of Holders. The obligation of each Holder to sell Repurchase Shares at a Repurchase Closing hereunder is subject to the satisfaction or waiver at or prior to the Repurchase Closing of each the following conditions:

    

    

    (i)          No action, claim, suit, hearing, complaint, demand,
        injunction, litigation, judgment, arbitration, order, decree, ruling or governmental investigation or proceeding shall be pending or threatened by any Governmental Entity, and no such Governmental Entity shall have issued any injunction, judgment
        or order, which shall remain in effect, that would prevent the consummation of the transactions contemplated hereby.

    

    

    (ii)          The Company shall have performed in all material respects
        all of its obligations hereunder required to be performed by it on or prior to the Closing Date.

    

    

    (iii)          The representations and warranties of the Company
        contained in this Agreement shall be true and correct in all material respects on and as of the date hereof and at and as of the Repurchase Closing, as though made on and as of such date.

    

    

    5.          Governmental Filings.
        Each Holder shall make all filings with any Governmental Entity required by such Holder in connection with the execution and delivery by such Holder of this Agreement and the consummation by such Holder of the transactions contemplated hereby,
        including all filings with the Securities and Exchange Commission required pursuant to the Securities Exchange Act of 1934, as amended.

    

    

    6.          General Provisions.

    

    

    (a)          Entire Agreement.
        This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof, and supersedes, terminates, and replaces all prior or contemporaneous negotiations, representations, understandings, discussions, offers,
        and agreements, written or oral, between the parties regarding such subject matter, including the Equity Purchase Agreement dated June 24, 2019 by and among the parties to this Agreement.

    

    

    (b)          Notices. All
        notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of (a) personal delivery to, or other actual receipt by, the party to be notified and (b) when
        sent, if sent by electronic mail during normal business hours of the recipient, or, if not sent during the recipient’s normal business hours, then on the recipient’s next business day. All communications shall be sent to the Company at its address
        or e-mail address as set forth below, to a Holder at the address or e-mail address as set forth opposite the Holder’s signature on the signature page hereto, or to such other address or e-mail address of a party as subsequently modified by written
        notice given in accordance with this Section 6.

    

    

    
      
        

        

      

      4

      
        

      

    

    

    

    	 	
            If to the Company:

          	
            ACM Research, Inc.

          
	 	 	
            42307 Osgood Road, Suite I

          
	 	 	
            Fremont, California 94539

          
	 	 	
            Attention: Vice President of Finance

          
	 	 	
            Email: mark@acmrcsh.com

          

    

    

    (c)          Amendments and Waivers.
        Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the
        waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or
        the exercise of any other right, power or privilege.

    

    

    (d)          Successors and Assigns. The

        provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

    

    

    (e)          Governing Law.
        This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to its conflict of laws principles.

    

    

    (f)          Section Headings.
        The captions and headings appearing at the beginning of the various sections of this Agreement are for convenience of reference only and shall not be given any effect whatsoever in the construction or interpretation of this Agreement.

    

    

    (g)          Enforcement. The
        parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be
        entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in any action instituted in any court of the United States or any state thereof having
        jurisdiction over the parties and the matter, this being in addition to any other remedy to which they are entitled at law or in equity.

    

    

    (h)          Severability. Any
        term or provision of this Agreement that is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining
        terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision
        shall be interpreted to be only so broad as is enforceable.

    

    

    (i)          Termination. This
        Agreement may be terminated with respect to any Holder at any time by the mutual written consent of the Company and such Holder. Notwithstanding any provision in this Agreement to the contrary, this Agreement shall terminate (A) in the event that
        the representative of the Underwriters, on the one hand, or the Company, on the other hand, advises the other in writing, prior to the execution of the Underwriting Agreement that it has determined not to
        proceed with the Offering, (B) if the Underwriting Agreement is terminated or (C) if the Underwriting Agreement has not been executed and delivered by the parties thereto on or before September 30, 2019. If this Agreement is terminated, the Company
        will have no obligation to purchase the Repurchase Shares and the Holders will have no obligation to sell the Repurchase Shares hereunder, and no party will have any further obligation hereunder.

    

    

    (j)          Counterparts. This
        Agreement may be executed 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. Any party may execute this Agreement by the delivery of a facsimile signature,
        which signature shall have the same force and effect as an original signature. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

    

    

    
      
        

        

      

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    (k)          Waiver. K&L
        GATES LLP, COUNSEL TO THE COMPANY, DRAFTED THIS AGREEMENT AND SUCH COUNSEL IS ACTING ONLY AS COUNSEL TO THE COMPANY AND NOT AS COUNSEL TO ANY OF THE HOLDERS. EACH OF THE HOLDERS WAS ADVISED TO, AND HAD THE OPPORTUNITY TO, CONSULT WITH THEIR OWN
        INDEPENDENT SEPARATE COUNSEL IN CONNECTION WITH THEIR REVIEW AND EXECUTION OF THIS AGREEMENT.

    

    

    In Witness Whereof, each of the parties hereto has caused this Agreement to be executed as of the date
      first written above.

    

    

    	 	
            ACM Research, Inc.

          
	 	 	 	 
	 	
            By:

          	
            /s/ David H. Wang

          
	 	 	
            Name:

          	
            David H. Wang

          
	 	 	
            Title:

          	
            President and Chief Executive Officer

          
	 	 	 	 
	 	
            Shengxin (Shanghai) Management Consulting Limited Partnership

          
	 	 	 	 
	 	
            By:

          	
            /s/ Jian Wang

          
	 	 	
            Name:

          	
            Wang, Jian

          
	 	 	
            Title:

          	
            General Partner

          
	 	 	 	 
	 	
            Address:

          	
            Redacted

          	 
	 	
            Email:

          	
            Redacted

          	 
	 	 	 	 
	 	
            Sotheara Cheav

          
	 	 	 	 
	 	
            /s/ Sotheara Cheav

          
	 	
            Signature

          	 
	 	 	 	 
	 	
            Address:

          	
            Redacted

          	 
	 	
            Email:

          	
            Redacted

          	 
	 	 	 	 
	 	
            Fuping Chen

          
	 	 	 	 
	 	
            /s/ Fuping Chen

          
	 	
            Signature

          	 
	 	 	 	 
	 	
            Address:

          	
            Redacted

          	 
	 	
            Email:

          	
            Redacted

          	 

    
      
        

        

      

      6

      
        

      

    

    

    

    	 	
            Haiping Dun

          
	 	 	 	 
	 	
            /s/ Haiping Dun

          
	 	
            Signature

          	 
	 	 	 	 
	 	
            Address:

          	
            Redacted

          	 
	 	
            Email:

          	
            Redacted

          	 
	 	 	 	 
	 	
            Chenming Hu

          
	 	 	 	 
	 	
            /s/ Chenming Hu

          
	 	
            Signature

          	 
	 	 	 	 
	 	
            Address:

          	
            Redacted

          	 
	 	
            Email:

          	
            Redacted

          	 
	 	 	 	 
	 	
            Tracy Liu

          
	 	 	 	 
	 	
            /s/ Tracy Liu

          
	 	
            Signature

          	 
	 	 	 	 
	 	
            Address:

          	
            Redacted

          	 
	 	
            Email:

          	
            Redacted

          	 
	 	 	 	 
	 	
            David H. Wang

          
	 	 	 	 
	 	
            /s/ David H. Wang

          
	 	
            Signature

          	 
	 	 	 	 
	 	
            Address:

          	
            Redacted

          	 
	 	
            Email:

          	
            Redacted

          	 

    

    

    
      
        

        

      

      7

      
        

      

    

    Schedule I

    

    

    The proceeds, net of underwriting discount, received by the Company from sales of up to an aggregate of 295,826 Over-Allotment Shares, without regard to the number of
      Over-Allotment Closings at which those Over-Allotment Shares were issued and sold, shall be used to purchase Repurchase Shares from the several Holders in accordance with the indicated percentages:

    	
            Holder

          	
            Percentage

          
	
            Sotheara Cheav

          	
            5.0

          	
            %

          
	
            Fuping Chen

          	
            6.7

          	
            %

          
	
            Haiping Dun

          	
            10.7

          	
            %

          
	
            Chenming Hu

          	
            8.3

          	
            %

          
	
            Tracy Liu

          	
            0.8

          	
            %

          
	
            Shengxin (Shanghai) Management Consulting Limited Partnership

          	
            57.8

          	
            %

          
	
            David H. Wang

          	
            10.7

          	
            %

          
	 	
            100.0

          	
            %

          

    If the cumulative number of Over-Allotment Shares issued and sold by the Company exceeds 295,826, then the proceeds, net of underwriting discount, from the sale of any
      additional Over-Allotment Shares shall be used to purchase Repurchase Shares from the following Holders in accordance with the indicated percentage allocations:

    	
            Holder

          	
            Percentage

          
	
            Haiping Dun

          	
            50.0

          	
            %

          
	
            David H. Wang

          	
            50.0

          	
            %

          
	 	
            100.0

          	
            %Exhibit 10.02

    

    

    	 	
            June 12, 2019

          

    

    

    Mark A. McKechnie

  

  [Address]
     

    

    Dear Mark:

    

    

    We are pleased to set forth the terms of your continuing employment in the full-time position of Vice President of Finance of ACM Research, Inc. (“ACM”),
      reporting to ACM’s Chief Executive Officer and President (the “CEO”) and Board of Directors (the “Board”). We are excited about the prospect of having you continue as a
      member of our team.

    

    

    1.          Position and Duties.

    

    

    (a)          As Vice President of Finance of ACM, you
        will continue to undertake and assume the responsibilities, and have those powers and authorities, customarily associated with the position of Vice President of Finance. You agree that you will devote your full working time and efforts to the
        performance of your duties on behalf of ACM and will comply with the written policies of ACM and the directions of the CEO and the Board. On or before December 31, 2019, the Board, in its sole discretion, will determine, based upon your performance
        of your duties as Vice President of Finance, whether to appoint you to the position of Chief Financial Officer of ACM. Your total compensation and employment contract will be adjusted and mutually agreed at that time to reflect the expanded
        responsibilities.

    

    

    (b)          Notwithstanding the foregoing, ACM
        agrees that you may (i) serve on corporate, trade group, civic or charitable boards or committees, (ii) deliver lectures, fulfill speaking engagements or teach at educational institutions or programs, and (iii) passively invest personally in any
        business in a private capacity where no conflict of interest exists between such investment and the business of ACM, so long as such activities described in clauses (i) through (iii) do not, whether individually or in the aggregate, interfere with
        your performance of your obligations under this offer letter.

    

    

    2.          Start Date and Compensation.

    

    

    (a)          Your salary will be at an initial
        monthly rate of US$18,750.00 (an annualized rate of US$225,000.00), paid in accordance with such customary payroll practices of ACM as are established or modified from time to time, except that two-thirds of your salary shall be paid in U.S.
        dollars and one-third of your salary shall be paid in Chinese Renminbi, in such manner as you and ACM shall agree.

    

    

    (b)          You will be entitled to receive a cash
        bonus as follows:

    

    

    (i)          For purposes of this paragraph 2(b):

    

    

    
      
        	

              	(A)	
                “Qualifying Offering” has the meaning set forth in Schedule I hereto; and

              

      

    

    

    

    
      
        	

              	(B)	
                “Unaffiliated Gross Proceeds” means gross proceeds from sales of Shares to persons or entities other than any person or entity who (A)
                  purchased shares of ACM common stock prior to November 7, 2017, (B) purchased Shares in the concurrent private placements completed on November 7, 2017, (C) is an officer or other employee of ACM or any of its subsidiaries, (D) is a
                  member of the board of directors or advisory board of ACM, or (E) is an affiliate of any of the foregoing.

              

      

    

    

    

    
      
        

        

      

      
        

      
        2

      

    

    (ii)          If the firm-commitment portion of a
        Qualifying Offering is closed by December 31, 2019 and you continue to be employed by ACM as of the date of such closing, then you will be entitled to receive, within 15 days after closing, a cash bonus in the amount of 0.5% of the aggregate
        Unaffiliated Gross Proceeds received by ACM upon (A) the closing of the firm-commitment portion of the Qualifying Offering and (B) one or more closings held by January 31, 2020 for sales of Shares by ACM pursuant to an over-allotment option granted
        to the underwriters of such Qualifying Offering.

    

    

    (iii)          If a Qualifying Offering is not closed
        by December 31, 2019 and either (A) the lead underwriter of a proposed Qualifying Offering has advised ACM that market conditions were the reason a Qualifying Offering was not closed by December 31, 2019 or (B) ACM’s total revenue for 2019 is less
        than $100,000,000, then the Board will consider and determine, in its discretion, whether to continue to seek to complete a Qualifying Offering and, if so, whether to extend the timeline of your bonus agreement in paragraph 2(b)(ii) from December
        31, 2019 to a date no later than March 29, 2020.

    

    

    (c)          ACM will pay or reimburse you for
        reasonable non-air travel and for entertainment or other expenses incurred by you in the furtherance of or in connection with the performance of your duties as Vice President of Finance in accordance with ACM's policies and practices as in effect
        from time to time. In addition, ACM will pay to you:

    

    

    
      
        	

              	(i)	
                on the last day of each calendar month, a total of RMB6,000 (or, for the first and last month of employment, a pro rata portion thereof) for expenses associated with rental housing
                  in Shanghai; and

              

      

    

    

    

    
      
        	

              	(ii)	
                upon request made in connection with your booking of round-trip airline tickets for your travel between the United States and Shanghai for non-business purposes, the cost to you of
                  such ticket (booked in accordance with ACM’s travel policies and practices as in effect from time to time) of up to two such tickets in 2019 and up to three such tickets in each succeeding calendar year.

              

      

    

    

    

    All expense reimbursements shall be subject to ACM’s expense reimbursement policies and practices as in effect from time to time.

    

    

    3.          Benefits. You will be eligible to participate in
        benefits programs to the same extent as, and subject to the same terms, conditions and limitations applicable to, other similarly situated ACM employees. In addition, ACM agrees that it will obtain supplemental insurance in the United States for
        your benefit for any health-related costs you incur, including those incurred in order to utilize the services of a health care provider in the United States of your choice, to the extent such costs are not covered by ACM’s benefit plans. Your
        participation in ACM’s benefits plans will be subject to (a) the terms and conditions of the applicable plan documents, (b) generally applicable ACM policies, and (c) the discretion of the Board or any administrative or other committee provided for
        in, or contemplated by, each such plan. ACM may alter, add to, modify or delete its employee benefits plans at any time it determines in its sole judgment to be appropriate. You will be entitled, in addition to the holidays during which ACM is
        closed and for which ACM employees are paid, to fifteen days of paid vacation for each full calendar year of employment with ACM, to be accrued and subject to ACM’s vacation policies and practices as in effect from time to time.

    

    

    
      
        

        

      

      
        

      
        3

      

    

    4.          At-Will Employment. Your employment with ACM will be
        on an “at-will” basis, which means that either you or ACM may terminate the employment relationship at any time, for any or no reason, with or without cause, and with or without prior notice. Notwithstanding the preceding sentence, this offer
        letter is intended to create a binding agreement of the parties regarding the employment relationship, including the benefits and stock rights described in this offer letter.

    

    

    5.          Severance. If your employment is terminated by ACM
        other than for Cause (as defined below) prior to December 31, 2019, then you will be entitled to receive

    

    

    
      
        	

              	(a)	
                within 15 days after termination, a payment in cash equal to $56,250 less the amount of any bonus paid to you pursuant to paragraph 2(b); and

              

      

    

    

    

    
      
        	

              	(b)	
                to the extent available under ACM’s medical plan, an extension of medical benefits (including, if so available, spousal or family coverage for which you are enrolled as of the date
                  of termination) for six months in the form of COBRA reimbursements.

              

      

    

    

    

    For these purposes, “Cause” means the occurrence of any of the following events: (i) you being convicted of any felony or any crime
      involving fraud, dishonesty or moral turpitude; (ii) your theft or embezzlement of funds of ACM or any of its subsidiaries; (iii) your material violation of a material term of this offer letter, the Invention and Non-Disclosure Agreement referenced
      in paragraph 8, any policy of ACM of which you had been provided notice, or any statutory duty owed to ACM; (iv) your unauthorized use or disclosure of confidential information or trade secrets that causes material harm to ACM; or (v) your gross
      misconduct that causes material harm to ACM.

    

    

    6.          Indemnification. You will be entitled to
        indemnification to the fullest extent permitted by Delaware law and subject to ACM’s certificate of incorporation and bylaws, as amended and/or restated from time to time. Your existing Indemnification Agreement with ACM, dated July 9, 2018, shall
        continue in full force and effect after the date hereof, in accordance with its terms.

    

    

    7.          No Further Obligations/Taxes. Except as set forth in
        this offer letter or other applicable agreements, ACM will have no other obligations to you upon the cessation of your employment other than payment for (a) any accrued but unused vacation through the termination date, (b) reimbursement for any
        outstanding business or other expenses reimbursable as expressly set forth in this offer letter, subject to this offer letter and ACM’s reimbursement policies and practices as then in effect, and (c) any other compensation, bonus and benefits
        earned but not yet received by you, subject to any applicable benefit plans, policies or practices. All payments and benefits described in this offer letter will be subject to applicable tax withholdings.

    

    

    8.          No Conflicting Obligations/Invention and Non-Disclosure
          Agreement. You hereby verify that the performance of your duties as Vice President of Finance of ACM does not and will not breach any agreement entered into by you prior to employment with ACM (that is, you have not entered into any
        agreements with previous employers or other third parties that are in conflict with your obligations to ACM). Your existing Invention and Non-Disclosure Agreement, dated July 9, 2018, in favor of ACM, shall continue in full force and effect after
        the date hereof, in accordance with its terms.

    

    

    
      
        

        

      

      
        

      
        4

      

    

    9.          Arbitration.

    

    

    (a)          To the fullest extent permitted by
        applicable law, all disputes, controversies, or claims between you and ACM whether arising prior to your employment with ACM, during employment, or after termination of your employment, including the construction or application of the terms of this
        offer letter and whether any dispute, controversy or claim is subject to arbitration hereunder, will be resolved by binding arbitration governed by the Federal Arbitration Act, in accordance with the substantive laws of the State of California for
        agreements made and to be performed in California. The arbitration will be administered by JAMS pursuant to its Employment Arbitration Rules and Procedures (the “Rules”) as then in effect, except as
        otherwise provided herein. A current copy of the Rules, including any modifications to the Rules, can be reviewed at https://www.jamsadr.com/rules-employment-arbitration/. By signing this offer letter, you
        confirm that you can and are able to access the Rules such that appending them to this offer letter is not necessary and that failing to append them will not affect enforceability of this offer letter. The arbitration procedures described herein
        apply to all disputes between you and ACM.

    

    

    (b)          The disputes covered by this arbitration
        provision include claims of breach of contract (express or implied), wrongful termination, harassment, discrimination (including race, color, religion, sex, national origin, age, disability, sexual orientation, marital status and pregnancy),
        violation of public policy, compensation and benefits claims, tort claims, such as defamation, fraud and invasion of privacy, unfair competition, misappropriation of trade secrets and claims for violation of any federal, state or local law,
        statute, regulation or ordinance, including the Fair Employment and Housing Act of the State of California, the California Labor Code, the California Wage Orders, Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act, the
        Age Discrimination in Employment Act, the Family and Medical Leave Act, the California Family Rights Act, the Equal Pay Act and the Employee Retirement Income Security Act (ERISA).

    

    

    (c)          Notwithstanding the foregoing, these
        arbitration procedures do not apply to Workers' Compensation claims, to any claims or charges that may be filed under the National Labor Relations Act, Employment Development Department claims, or any claims that may not be subject to resolution by
        binding arbitration under state or federal law. In addition, nothing herein shall prevent you from filing and pursuing proceedings before the California Department of Fair Employment and Housing, or the United States Equal Employment Opportunity
        Commission (although if such a claim is pursued following the exhaustion of such administrative remedies, that claim would be subject to these arbitration provisions). Further, if either party’s claim is within the jurisdictional limit of the small
        claims court at the time of filing the claim (currently $10,000), the party asserting such claim may opt out of these arbitration procedures and elect to pursue the claim in small claims court.

    

    

    (d)          Any arbitration will be held in San
        Jose, California, before one independent and neutral arbitrator selected by the parties or appointed per the Rules. Consistent with the efficiencies of arbitration, the arbitrator may allow for the hearing of any motions, including motions for
        summary judgment or summary adjudication of any claims being pursued by you or ACM. Resolution of the dispute will be based solely upon the law governing the claims and defenses pleaded. Fees and costs charged by JAMS or the arbitrator will be
        borne by ACM, except if you initiate arbitration, you will be required to pay an arbitration fee equivalent to the cost of filing a civil complaint in the Superior Court of the County in which the arbitration is to occur to the extent such payment
        can be made without rendering this Section 9 unenforceable. Nothing herein, however, will preclude the arbitrator from awarding fees and costs at the conclusion of the arbitration in accordance with law or contract.

    

    

    
      
        

        

      

      
        

      
        5

      

    

    (e)          The parties will be entitled to
        discovery reasonably sufficient to adequately arbitrate the claims and defenses, including access to essential documents and witnesses. The arbitrator will have the power to grant any relief to the parties that they would otherwise have available
        to them in a court of law, including an award of monetary damages, temporary, preliminary or permanent injunctive relief, or any extraordinary relief where necessary and appropriate. The arbitrator will issue a written arbitration decision that
        will reveal the essential findings and conclusions on which the award is based. Subject to limited judicial review as may be required by law for binding arbitrations, the award of the arbitrator will be final and judgment may be entered upon it in
        accordance with applicable law in any court having jurisdiction thereof.

    

    

    (f)          Except as otherwise required under
        applicable law,

    

    

    
      
        	

              	(i)	
                you and ACM expressly intend and agree that class action and representative action procedures will not be asserted, nor will they apply, in any arbitration pursuant to this
                  provision;

              

      

    

    

    

    
      
        	

              	(ii)	
                you and ACM agree that each will not assert class action or representative action claims against the other in arbitration or otherwise; and

              

      

    

    

    

    
      
        	

              	(iii)	
                you and ACM will only submit your own, individual claims in arbitration and will not seek to represent the interests of any other person or entity.

              

      

    

    

    

    (g)          Any demand for arbitration must be in
        writing and made within a reasonable time after the claim, dispute or other matter in question has arisen. In no event shall the demand for arbitration be made after the date that institution of legal or equitable proceedings based upon such claim,
        dispute or other matter would be barred by the applicable statute of limitations. EACH OF YOU AND ACM KNOWINGLY WAIVES THE RIGHT TO A JURY TRIAL.

    

    

    10.          Miscellaneous.

    

    

    (a)          This offer letter, together with the
        Indemnification Agreement referenced in paragraph 6 and the Invention and Non-Disclosure Agreement referenced in paragraph 8, set forth the complete and sole understanding regarding the terms of your employment and supersede any and all other
        agreements, negotiations, discussions, proposals or understandings, whether oral or written, previously entered into, discussed or considered by the parties. This letter may not be modified except by a written agreement signed by you and approved
        by the Board.

    

    

    (b)          This offer letter may not be amended or
        modified except by a written agreement signed by you and duly authorized officers (other than you) of ACM.

    

    

    (c)          This offer letter shall be governed by
        and construed in accordance with the laws of the State of California (without reference to the conflicts of laws provisions thereof).

    

    

    (d)          This offer letter may be executed in
        counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S.
        federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all
        purposes.

    

    

    
      
        

        

      

      
        

      
        6

      

    

    (e)          For purposes of this offer letter, (i)
        headings used in this offer letter are for convenience of reference only and shall not, for any purpose, be deemed a part of this offer letter and (ii) the words “include” and “including” shall not be construed so as to exclude any other thing not
        referred to or described.

    

    

    	 	
            Sincerely,

          
	 	 
	 	
            /s/ David H. Wang

          
	 	
            David H. Wang

          
	 	
            Chief Executive Officer and President

          

    

    

    Accepted and Agreed:

    

    

    	
            /s/ Mark A. McKechnie

          	 

    Mark A. McKechnie

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