Document:

EX-10.11

 Exhibit 10.11 

ACM RESEARCH, INC. 

STOCK OPTION AGREEMENT 

This Stock Option Agreement (the “Agreement”) is made as of the date first below written, between ACM Research, Inc. (the
“Company”) and [name] (“Optionee”). 
 RECITALS: 

WHEREAS, the Board of Directors of the Company (the “Board”) determined on [date of Board approval] (the
“Grant Date”) to grant to Optionee a stock option to purchase shares of Class [    ] common stock of the Company (“Shares”) on the terms set forth herein; 

WHEREAS, the Company regards Optionee as a valuable Service Provider (as defined below), and has determined that it would be to the advantage
and in the interests of the Company and its shareholders to grant the Option (as defined below) provided for in this Agreement to Optionee as an inducement to remain in the service of the Company and as an incentive for increased efforts during such
service; 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties to this Agreement hereby agree as
follows: 
 1. Definitions. In addition to the terms defined throughout the Agreement, the following capitalized terms shall have the
meanings set forth below: 
 (a) “Affiliate” means any parent corporation or subsidiary corporation, whether now or
hereafter existing, as those terms are defined in Sections 424(e) and (f) respectively, of the Code. 
 (b) “Code”
means the Internal Revenue Code of 1986, as amended. 
 (c) “Committee” means the Compensation Committee of the Board, or
such other committee as determined by the Board. The Compensation Committee of the Board may designate a subcommittee of its members to serve as the Committee (to the extent the Board has not designated another person, committee or entity as the
Committee). Following the Initial Public Offering: (i) the Board shall cause the Committee to satisfy the applicable requirements of any securities exchange on which the Common Stock may then be listed, and (ii) for purposes of an Option
granted to an Optionee who is subject to Section 16 of the Exchange Act, Committee means all of the members of the Compensation Committee who are “non-employee directors” within the meaning of Rule 16b-3 adopted under the Exchange
Act. 
 (d) “Disability” means, as determined by the Company in its sole discretion, Optionee is unable to perform each of
the essential duties of such Optionee’s position by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which can be expected to last for a continuous period of not less than 12
months; provided, however, that, with respect to rules regarding expiration of an incentive stock option following termination of Optionee’s employment, “Disability” means “permanent and total
disability” as set forth in Code Section 22(e)(3). 
 (e) “Exchange Act” means the Securities Exchange Act of
1934. 
 (f) “Initial Public Offering” means the initial public offering of shares of the Company’s common stock
pursuant to a registration statement (other than a Form S-8 or successor forms) filed with, and declared effective by, the United States Securities and Exchange Commission. 

 (g) “Service Provider” means an employee, consultant, advisor, or non-employee
director of the Company or any Affiliate of the Company. 
 2. Option Grant. The Company hereby grants to Optionee the right and
option to purchase from the Company all or any part of an aggregate of [####] Shares (the “Optioned Shares”), on the terms and conditions hereinafter set forth (the “Option”). The purchase price of the Optioned
Shares shall be $[##] per Share (the “Option Price”). This Option is intended to be treated as a non-qualified stock option. 

3. Option Period. This Option shall be exercisable only during the Option Period (as defined below), and during such Option Period, the
exercisability of the Option shall be subject to the limitations of Section 4 hereof. The “Option Period” shall commence on the Grant Date and except as provided in Section 4 hereof, shall terminate (the
“Termination Date”) ten (10) years from the Grant Date. 
 4. Limits on Option Period. The Option Period may end
before the Termination Date, as follows: 
 (a) Termination of Status as Service Provider. Should Optionee cease to be a Service
Provider to the Company for any reason other than Disability or death during the Option Period, the Option Period shall terminate three (3) months after the date when Optionee ceases to be a Service Provider or on the Termination Date,
whichever shall first occur, and the Option shall be exercisable only to the extent exercisable under Section 5 hereof on the date that Optionee ceases to be a Service Provider. Optionee shall be deemed to be a Service Provider so long as
Optionee continues to render services to the Company or any Affiliate of the Company as a Service Provider. 
 (b) Death. If Optionee
dies while acting as a Service Provider, the Option Period shall end twelve (12) months after the date of death or on the Termination Date, whichever shall first occur, and Optionee’s executor or administrator or the person or persons to
whom Optionee’s rights under this Option shall pass by will or by the applicable laws of descent and distribution may exercise this Option on to the extent exercisable under Section 5 hereof on the date of Optionee’s death. 

(c) Disability. If Optionee’s service is terminated by reason of Disability, the Option Period shall end twelve (12) months
after date of Optionee’s cessation of service or on the Termination Date, whichever shall first occur, and the Option shall be exercisable only to the extent exercisable under Section 5 hereof on the date of Optionee’s cessation of
service. 
 (d) Leave of Absence. If Optionee is on a leave of absence from the Company because of his or her Disability, or for the
purpose of serving the government of the country in which the principal place of service of Optionee is located, either in a military or civilian capacity, or for such other purpose or reason as the Committee may approve, Optionee shall not be
deemed during the period of such absence, by virtue of such absence alone, to have terminated service with the Company except as the Committee may otherwise expressly provide. 

5. Vesting of Right to Exercise Option. Subject to other limitations contained in this Agreement, Optionee shall have the right to
exercise the Option such that the Option is fully exercisable as follows: 
 (a) Twenty-five percent (25%) of the Optioned Shares shall
vest after one year from the Grant Date and thereafter the Optioned Shares shall vest on a monthly basis of [#####] of the Optioned Shares per month. Upon the expiration of four years from the Grant Date, subject to Section 4 above, 100% of the
Optioned Shares shall be deemed fully vested. 

  
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 (b) Any portion of the Option that is not exercised shall accumulate and may be exercised at any
time during the Option Period prior to the Termination Date. No partial exercise of this Option may be for less than five percent (5%) of the total number of Optioned Shares then available under this Option. In no event shall the Company be
required to issue fractional Shares. 
 6. Manner of Exercising Option. 

(a) To exercise the Option with respect to all or any portion of the Optioned Shares for which the Option is at the time exercisable, Optionee
(or in the case of exercise after Optionee’s death, Optionee’s executor, administrator, heir or legatee, as the case may be) must take the following actions: 

(i) Execute and deliver to the Secretary of the Company a notice of exercise and a stock purchase agreement (the “Purchase
Agreement”) upon the Company’s request. 
 (ii) Pay on the exercise date the aggregate Option Price for the purchased Shares
in cash or by check (as well as any applicable withholding or other taxes). 
 (iii) Furnish to the Company appropriate documentation that
the person or persons exercising the Option, if other than Optionee, have the right to exercise the Option. 
 (iv) Complete and furnish to
the Company an Investor Qualification Questionnaire upon the Company’s request at any time. 
 (b) Execution of Agreements.
Optionee (and Optionee’s spouse, if any) shall be required, as a condition precedent to acquiring Shares through exercise of the Option, to execute one or more agreements relating to obligations in connection with ownership of the Shares or
restrictions on transfer of the Shares no less restrictive than the obligations and restrictions to which the other shareholders of the Company are subject at the time of such exercise. 

(c) Investment Representations. If required by the Committee, Optionee shall give the Company satisfactory assurance in writing, signed
by Optionee or his or her legal representative, as the case may be, that such Shares are being purchased for investment and not with a view to the distribution thereof, provided that such assurance shall be deemed inapplicable to (1) any sale
of such Shares by such Optionee made in accordance with the terms of a registration statement covering such sale, which may hereafter be filed and become effective under the Securities Act of 1933, as amended (the “Securities Act”),
and with respect to which no stop order suspending the effectiveness thereof has been issued, and (2) any other sale of such Shares with respect to which in the opinion of counsel for the Company, such assurance is not required to be given in
order to comply with the provisions of the Securities Act. 
 (d) Delivery of Certificates. As soon as practicable after receipt of
the notice required in Section 6(a) above and satisfaction of the conditions set forth in Section 6(b) and 6(c) above, the Company shall, without transfer or issue tax and without other incidental expense to Optionee, deliver to Optionee
at the office of the Company, or such other place as may be mutually acceptable to the Company and Optionee, a certificate or certificates of such Shares, including through the use of book entry at the Company’s election; provided,
however, that the time of such delivery may be postponed by the Company for such period as may be required for it with reasonable diligence to comply with applicable registration requirements under the Securities Act, the Exchange Act, any
applicable listing requirements of any national securities exchange, and requirements under any other law or regulation applicable to the issuance or transfer of such Shares. 

  
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 7. Corporate Transactions. 

(a) Definition. For purposes of this Section 7, a “Corporate Transaction” shall include any of the following
shareholder-approved transactions to which the Company is a party: 
 (i) a merger or consolidation in which the Company is not the
surviving entity, except for (1) a transaction the principal purpose of which is to change the state of the Company’s incorporation, or (2) a transaction in which the Company’s shareholders immediately prior to such merger or
consolidation hold (by virtue of securities received in exchange for their shares in the Company) securities of the surviving entity representing more than fifty percent (50%) of the total voting power of such surviving entity immediately after
such transaction. 
 (ii) the sale, transfer or other disposition of all or substantially all of the assets of the Company unless the
Company’s shareholders immediately prior to such sale, transfer or other disposition hold (by virtue of securities received in exchange for their shares in the Company) securities of the purchaser or other transferee representing more than
fifty percent (50%) of the total voting power of such entity immediately after such transaction; or 
 (iii) any merger in which the
Company is the surviving entity but in which the Company’s shareholders immediately prior to such merger do not hold (by virtue of their shares in the Company held immediately prior to such transaction) securities of the surviving entity (by
virtue of their shares in the Company held immediately prior to such transaction) representing more than fifty percent (50%) of the total voting power of the surviving entity immediately after such transaction. 

(b) Effect. In the event of any Corporate Transaction, all Optioned Shares shall immediately vest and all Optioned Shares shall be
deemed fully vested. 
 8. Right of First Refusal. 

(a) Grant of Right. The Company is hereby granted the right of first refusal (the “First Refusal Right”), exercisable
in connection with any proposed sale or other transfer of the Optioned Shares acquired by Optionee upon exercise of this Option. For purposes of this Section, the term “transfer” shall include any assignment, pledge, encumbrance or
other disposition for value of the Optioned Shares intended to be made by the Owner (defined below), but shall not include any of the permitted transfers under Section 8(f) below. For purposes of this Section, the term “Owner”
shall include Optionee or any subsequent holder of the Optioned Shares who derives his or her chain of ownership through a transfer permitted by Section 8(f) below. 

(b) Notice of Intended Disposition. In the event the Owner desires to accept a bona fide third-party offer for any or all the Optioned
Shares (the Optioned Shares subject to such offer to be hereinafter called, solely for the purposes of this Section, the “Target Shares”), Owner shall promptly deliver to the Secretary of the Company written notice (the
“Disposition Notice”) of the offer and the basic terms and conditions thereof, including the proposed purchase price. 
 (c)
Exercise of Right. The Company (or its assignee) shall, for a period of twenty (20) days following receipt of the Disposition Notice, have the right to repurchase any or all of the Target Shares specified in the Disposition Notice upon
substantially the same terms and conditions specified therein. Such right shall be exercisable by written notice (the “Exercise Notice”) delivered to Owner 

  
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prior to the expiration of the twenty (20) day exercise period. If the Exercise Notice pertains to all the Target Shares specified in the Disposition Notice, then the Company (or its
assignees) shall effect the repurchase of such Target Shares, including payment of the purchase price, not more than five (5) business days after delivery of the Exercise Notice; and at such time Owner shall deliver to the Company the
certificates representing the Target Shares to be repurchased, each certificate to be properly endorsed for transfer. Should the purchase price specified in the Disposition Notice be payable in property other than cash or evidences of indebtedness,
the Company (or its assignees) shall have the right to pay the purchase price in the form of cash equal in amount to the value of such property. If the Owner and the Company (or its assignees) cannot agree on such cash value within ten
(10) days after the Company’s receipt of the Disposition Notice, the valuation shall be made by an appraiser of recognized standing selected by the Owner and the Company (or its assignees) or, if they cannot agree on an appraiser within
twenty (20) days after the Company’s receipt of the Disposition Notice, each shall select an appraiser of recognized standing and the two appraisers shall designate a third appraiser of recognized standing, whose appraisal shall be
determinative of such value. The closing shall then be held on the later of (i) the fifth business day following delivery of the Exercise Notice or (ii) the 15th day after such cash valuation shall have been made. 

(d) Non-Exercise of Right. In the event the Exercise Notice is not given to Owner within twenty (20) days following the date of the
Company’s receipt of the Disposition Notice, Owner shall have a period of ninety (90) days thereafter in which to sell or otherwise dispose of the Target Shares upon terms and conditions (including the purchase price) no more favorable to
the third party purchaser than those specified in the Disposition Notice. The Third- party purchaser shall acquire the Target Shares subject to all the terms and provisions of this Agreement. All transferees
of the Target Shares shall be required as a condition of such transfer to agree in writing (in a form satisfactory to the Company) that such transferee shall receive and hold the Target Shares subject to the provisions of this Agreement. In the
event Owner does not sell or otherwise dispose of the Target Shares within the specified ninety (90) day period, the Company’s First Refusal Right shall continue to be applicable to any subsequent disposition of the Target Shares by Owner
until such right lapses in accordance with Section 11 hereof. 
 (e) Partial Exercise of Right. In the event the Company (or its
assignees) makes a timely exercise of the First Refusal Right with respect to a portion, the Owner shall have the Option, exercisable by written notice to the Company delivered within ninety (90) days after the date of the Disposition Notice,
to effect the sale of the Target Shares pursuant to one of the following alternatives: 
 (i) sale or other distribution of all the Target
Shares to a third-party purchaser in compliance with the requirements of Section 8(d) above, as if the Company did not exercise the First Refusal Right hereunder; or 

(ii) sale to the Company (or its assignees) of the portion of the Target Shares which the Company (or its assignees) has elected to purchase,
such sale to be effected in substantial conformity with the provisions of Section 8(c) above. 
 Failure of Owner to deliver timely notification to the
Company under this Section 8(e) shall be deemed to be an election by Owner to sell the Target Shares pursuant to alternative (ii) above. 

(f) Exempt Transfers. The Company’s First Refusal Right under this Section shall not apply to transfers of the Shares by will or
the laws of descent and distribution; provided, however, that all of the terms of this Agreement shall remain in effect as to such transferred Shares to a revocable trust for the sole benefit of Owner, his or her spouse, or his or her
lineal descendants, or to his or her spouse or his or her lineal descendants subject to an irrevocable voting trust of a duration of ten (10) years without 

  
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the written permission of the Company, provided said Owner is trustee and prior written notice (together with a copy of the trust agreement) is give to the Company within thirty (30) days
thereafter. The trustee shall hold such Shares subject to all the provisions hereof, and shall make no further transfers other than as provided therein. Upon the death, total disability, or termination of employment of the transferor Owner, the
successor trustee or any cotrustee (and any subsequent transferee) shall be required to sell, transfer to present said Shares for purchase as provided herein, for the price and on the terms hereafter set forth as if such successor trustee and
subsequent transferee were the transferor Owner. Such transferee shall make no further transfers other than as provided herein, and any attempted transfer in violation of this Section 8 shall be null and void and shall be disregarded by the
Company. All references herein to “Shares” shall be deemed to included Shares owned by any such successor trustee or subsequent transferee, except that payment for such trustee and transferee Shares shall be made to the trustee and
transferee instead of to the original Owner or his or her estate. 
 9. Adjustments for Changes in Stock. If there should be any
change in a class of stock subject to this Option, through merger, consolidation, reorganization, recapitalization, reincorporation, stock split, stock dividend or other change in the capital structure of the Company (except for a Corporate
Transaction described in Section 7 hereof), the Company shall make appropriate adjustments in the number of Optioned Shares and in the Option Price. Any new, substituted or additional securities or property which is distributed with respect to
the Shares shall be immediately subject to the provisions of Section 8, but only to the extent the Shares are at such time covered by such provisions. Any adjustment made pursuant to this Section as a consequence of a change in the capital
structure of the Company shall not entitle Optionee to acquire a number of shares of Company stock or shares of stock of any successor company greater than the number of shares Optionee would receive if, prior to such change, Optionee had actually
held a number of Shares equal to the number of Optioned Shares. Nothing in this Agreement shall affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or
business structure or to merge, consolidate, dissolve or liquidate, or to sell or transfer all or any part of its business or assets. 
 10.
Limitations on Transfer of Option. This Option shall, during Optionee’s lifetime, be exercisable only by Optionee, and neither this Option nor any right hereunder shall be transferable by Optionee by operation of law or otherwise other
than by will or the laws of descent and distribution. In the event of any attempt by Optionee to alienate, assign, pledge, hypothecate, or otherwise dispose of this Option or of any right hereunder, except as provided for in this Agreement, or in
the event of the levy of any attachment, execution, or similar process upon the rights or interest hereby conferred, the Company at its election may terminate this Option by notice to Optionee and this Option shall thereupon be null and void. 

11. Lapse. The Company’s First Refusal Right under Section 8 shall lapse and cease to have effect upon one of the following
events whichever occurs first: 
 (a) the Company is merged into, or sells its assets to, or exchanges stock with, another corporation which
has, after such merger, sale of assets or exchange of stock, consolidated total assets of at least $10,000,000 and is qualified to be listed on NASDAQ, or 

(b) engages in an Initial Public Offering with a minimum share price of $5.00 and total offering proceeds of at least $10,000,000.00. 

12. No Shareholder Rights. Neither Optionee nor any person entitled to exercise Optionee’s rights in the event of his or her death
shall have any of the rights of a shareholder with respect to the Optioned Shares except to the extent the certificates for such shares shall have been issued upon the exercise of this Option. 

  
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 13. NO EFFECT ON TERMS OF EMPLOYMENT OR SERVICE CONTRACT. SUBJECT TO THE TERMS OF ANY
WRITTEN EMPLOYMENT CONTRACT TO THE CONTRARY, THE COMPANY SHALL HAVE THE RIGHT TO TERMINATE OR CHANGE THE TERMS OF EMPLOYMENT OF OPTIONEE AT ANY TIME AND FOR ANY REASON WHATSOEVER, WITH OR WITHOUT CAUSE. FURTHERMORE, NOTHING IN THIS AGREEMENT SHALL
CONFER UPON OPTIONEE ANY RIGHT TO CONTINUE IN THE SERVICE OF THE COMPANY FOR ANY PERIOD OF SPECIFIC DURATION. 
 14. Notice. Any
notice required to be given under the terms of this Agreement shall be addressed to him or her at the address given by him or her beneath his or her signature to this Agreement, or such other address as either party to this Agreement may hereafter
designate in writing to the other. Any such notice shall be deemed to have been duly given when enclosed in a properly sealed envelope or wrapper addressed as aforesaid, express or certified and deposited (postage or certification fee prepaid) in a
post office or branch post office or branch post office regularly maintained by the United States Post Office. 
 15. Lock-up
Agreement. 
 (a) Agreement. Optionee, if requested by the Company and the lead underwriter of any Initial Public Offering (the
“Lead Underwriter”), hereby irrevocable agrees not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of any interest
in any common stock of the Company (the “Common Stock”) or any securities convertible into or exchangeable or exercisable for or any other rights to purchase or acquire Common Stock (except Common Stock included in such Initial
Public Offering or acquired on the public market after such offering) during the 180-day period following the effective date of a registration statement of the Company filed under the Securities Act, or such shorter period of time as the Lead
Underwriter shall specify. Optionee further agrees to sign such documents as may be requested by the Lead Underwriter to effect the foregoing and agrees that the Company may impose stop-transfer instructions with respect to such Common Stock until
the end of such period. The Company and Optionee acknowledge that each Lead Underwriter of an Initial Public Offering, during the period of such Initial Public Offering and for the 180-day period thereafter, is an intended beneficiary of this
Section. 
 (b) Permitted Transfers. Notwithstanding the foregoing, Section 15(a) hereof shall not prohibit Optionee from
transferring any shares of Common Stock or securities convertible into or exchangeable or exercisable for the Company’s Common Stock either during Optionee’s lifetime or on death by will or intestacy to Optionee’s immediate family or
to a trust the beneficiaries of which are exclusively Optionee and/or a member or members of Optionee’s immediate family; provided, however, that prior to any such transfer, each transferee shall execute an agreement pursuant to
which each transferee shall agree to receive and hold such securities subject to the provisions of this Section. For the purposes of this Section, the term “immediate family” shall mean spouse, lineal descendant, father, mother,
brother or sister of the transferor. 
 (c) No Amendment Without Consent of Underwriter. During the period from identification as a
Lead Underwriter in connection with any Initial Public Offering until the earlier of (i) the expiration of the lock-up period specified in Section 15(a) hereof in connection with such offering or (ii) the abandonment of such offering
by the Company and the Lead Underwriter, the Provisions of this Section may not be amended or waived except with the consent of the Lead Underwriter. 

16. Taxes. The Committee shall determine the amount of any withholding or other tax required by law to be withheld or paid by the
Company with respect to any income recognized by 

  
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Optionee with respect to the Option. It is intended that the Agreement and the Option will be exempt from (or in the alternative will comply with) Section 409A of the Code, and the Agreement
shall be administered accordingly and interpreted and construed on a basis consistent with such intent. This Section 16 shall not be construed as a guarantee of any particular tax effect for Optionee’s benefits under the Agreement and the
Company does not guarantee that any such benefits will satisfy the provisions of Section 409A of the Code or any other provision of the Code. 

17. Board and Committee Discretion. The Board shall have such powers and authorities related to the administration of the Agreement as
are consistent with the Company’s certificate of incorporation and bylaws and applicable law. The Board shall have the power and authority to delegate its responsibilities hereunder to the Committee, which shall have full authority to act in
accordance with its charter (as in effect from time to time), and with respect to the power and authority of the Board to act hereunder, all references to the Board shall be deemed to include a reference to the Committee, unless such power or
authority is specifically reserved by the Board. Except as otherwise may be required by applicable law, regulatory requirement or the certificate of incorporation or the bylaws of the Company, the Board shall have full power and authority to take
all actions and to make all determinations required or provided for under the Agreement and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and
provisions of the Agreement that the Board deems to be necessary or appropriate to the administration of the Agreement. Following the Initial Public Offering, the Committee shall administer the Agreement; provided, however, the Board
shall retain the right to exercise the authority of the Committee to the extent consistent with applicable law and the applicable requirements of any securities exchange on which the Shares may then be listed. All actions, determinations and
decisions by the Board or the Committee under the Agreement shall be in the sole discretion of the Board and shall be final, binding and conclusive on all persons. No member of the Board or of the Committee shall be liable for any action or
determination made in good faith with respect to the Agreement. 
 18. Amendment. The Board may, at any time and from time to time,
amend the Agreement. An amendment shall be contingent on approval of the Company’s shareholders to the extent stated by the Board, required by applicable law or required by applicable securities exchange listing requirements. No amendment,
suspension or termination of the Agreement shall, without the consent of Optionee, materially impair rights or obligations under the Agreement. 

19. Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company. Where the
context permits, “Optionee” as used in this Agreement shall include Optionee’s executor, administrator or other legal representative or the person or persons to whom Optionee’s rights pass by will or the applicable laws of
descent and distribution. 
 20. Clawbacks. The Agreement, the Option, and the Optioned Shares shall be subject to clawback,
cancellation, recoupment, rescission, payback, reduction or other similar action in accordance with the terms of any Company clawback or similar policy or any applicable law related to such actions, as may be in effect from time to time.
Optionee’s acceptance of the Option shall be deemed to constitute Optionee’s acknowledgement of and consent to the Company’s application, implementation and enforcement of any applicable Company clawback or similar policy that may
apply to Optionee, whether adopted prior to or following the Grant Date, and any provision of applicable law relating to clawback, cancellation, recoupment, rescission, payback or reduction of compensation, and Optionee’s agreement that the
Company may take such actions as may be necessary to effectuate any such policy or applicable law, without further consideration or action. 

  
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 21. Restrictive Legends. All certificates for the Optioned Shares shall bear the following
legends, in addition to any other legends required by applicable state securities law and securities commissioners: 
 “THE SHARES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND
MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THESE SECURITIES UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF LEGAL COUNSEL
SATISFACTORY TO THE COMPANY THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND APPLICABLE STATE SECURITIES LAWS.” 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED UNDER THE LIMITED OFFERING EXEMPTION PROVIDED BY SECTION 25102(f) OF THE
CALIFORNIA CORPORATIONS CODE.” 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE COMPANY’S RIGHT OF FIRST
REFUSAL AND ONE HUNDRED EIGHTY (180) DAYS LOCK-UP RESTRICTION PROVIDED IN THE COMPANY’S STOCK OPTION AGREEMENT.” 
 22.
Construction. This Agreement and the Option evidenced hereby are made and granted pursuant to terms set forth herein. All decisions of the Committee with respect to any question or issue arising under this Agreement shall be conclusive and
binding on all persons having an interest in the Option. 
 23. Delays or Omissions. Except as expressly provided herein, no delay or
omission to exercise any right, power or remedy accruing to the Company, upon any breach of Optionee under this Agreement, shall impair any such right, power or remedy of such Company nor shall it be construed to be a waiver of any such breach or
default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any
waiver, permit, consent or approval of any kind of character on the part of the Company of any breach or default under this Agreement, or any waiver on the part of any holder of the provisions or conditions of this Agreement, must be in writing and
shall be effective only to the extent specifically set forth in such writing. 
 24. Entire Agreement. This Agreement constitutes the
entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes all prior oral or written agreements, arrangements, and understandings with respect any options to purchase options to purchase Company stock
approved by the Board on the Grant Date. No representation, promise, inducement, statement or intention has been made by any party hereto that is not embodied herein, and no party shall be bound by or liable for any alleged representation, promise,
inducement, or statement not so set forth herein. 
 25. California Law. The interpretation, performance and enforcement of this
Agreement shall be governed by the laws of the State of California. 
 [signature page follows] 

  
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 IN WITNESS WHEREOF, this Agreement is entered into by Optionee and the Company as of
                    . 
  

									
	“Company”	 		 	“Optionee”
			
	ACM RESEARCH, INC.	 		 	

									
					
	By:	 	 	 		 	Name:	 	 

									
	Name: David Hui Wang	 		 		 	
	Title: President	 		 		 	

 [signature page to Option Agreement]EX-10.12

 Exhibit 10.12 

ACM RESEARCH, INC. 

1998 STOCK OPTION PLAN 
 Adopted by
the Board of Directors on April 30, 1998 for ACM Research, Inc., (the “Company”). 
 1. PURPOSES. 

(a) The purpose of the Plan is to provide a means by which selected Employees and Directors of and Consultants to the Company, and its
Affiliates, may be given an opportunity to purchase stock of the Company. 
 (b) The Company, by means of the Plan, seeks to retain the
services of persons who are now Employees or Directors of or Consultants to the Company, to secure and retain the services of new Employees, Directors and Consultants, and to provide incentives for such persons to exert maximum efforts for the
success of the Company or any present or future parent company and/or subsidiary. 
 (c) The Company intends that the Options issued under
the Plan shall, in the discretion of the Board or any Committee to which responsibility for administration of the Plan has been delegated pursuant to subsection 3(c), be either Incentive Stock Options or Nonstatutory Stock Options. All Options shall
be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and in such form as issued pursuant to section 6, and a separate certificate or certificates will be issued for shares purchased on exercise of each
type of Option. 
 2. DEFINITIONS. 
 (a)
“Affiliate” means any parent corporation or subsidiary corporation, whether now or hereafter existing, as those terms are defined in Sections 424(e) and (f) respectively, of the Code. 

(b) “Board” means the Board of Directors of the Company. 

(c) “Code” means the Internal Revenue Code of 1986, as amended. 

(d) “Committee” means a Committee appointed by the Board in accordance with subsection 3(c) of the Plan. 

(e) “Company” means ACM Research Inc., a California corporation. 

(f) “Consultant” means any person, including an advisor, engaged by the Company or an Affiliate to render consulting services
and who is compensated for such services, provided that the term “Consultant” shall not include Directors who are paid only a director’s fee by the Company or who are not compensated by the Company for their services as Directors.

 (g) “Continuous Status as an Employee, Director or Consultant” means the

  
 1 

 
employment or relationship as a Director or Consultant is not interrupted or terminated by the Company or any Affiliate. The Board, in its sole discretion, may determine whether Continuous Status
as an Employee, Director or Consultant shall be considered interrupted in the case of: (i) any leave of absence approved by the Board, including sick leave, military leave, or any other personal leave; provided, however, that for purposes of
Incentive Stock Options, any such leave may not exceed ninety (90) days, unless reemployment upon the expiration of such leave is guaranteed by contract (including certain Company policies) or statute; or (ii) transfers between locations
of the Company or between the Company, Affiliates or its successor. 
 (h) “Director” means a member of the Board. 

(i) “Disinterested Person” means a Director: (i) who was not during the one year prior to service as an administrator of
the Plan granted or awarded equity securities pursuant to the Plan or any other plan of the Company or any of its affiliates entitling the participants therein to acquire equity securities of the Company or any of its affiliates except as permitted
by Rule 16b-3(c)(2)(i); or (ii) who is otherwise considered to be a “disinterested person” in accordance with Rule 16b-3(c)(2)(i), or any other applicable rules, regulations or interpretations of the Securities and Exchange
Commission. 
 (j) “Employee” means any person, including Officers and Directors, employed by the Company or any Affiliate
of the Company. Neither service as a Director nor payment of a director’s fee by the Company shall be sufficient to constitute “employment” by the Company. 

(k) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(l) “Fair Market Value” means, as of any date, the value of the common stock of the Company determined as follows: 

(1) If the common stock is listed on any established stock exchange or a national market system, including without limitation
the National Market System of the National Association of Securities Dealers, Inc. Automated Quotation (“NASDAQ”) System, the Fair Market Value of a share of common stock shall be the closing sales price for such stock ( or Low closing
bid, if no sales were reported) as quoted on such system or exchange ( or the exchange with the greatest volume of trading in common stock) on the last market trading day prior to the day of determination, as reporting in the Wall Street Journal or
such other source as the Board deems reliable; 
 (2) If the common stock is quoted on the NASDAQ System (but not on the
National Market System thereof) or is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a share of common stock shall be the mean between the high bid and high asked prices for the
common stock on the last market trading day prior to the day of determination, as reported in the Wall Street Journal or such other source as the Board deems reliable; 

(3) In the absence of an established market for the common stock, the Fair Market Value shall be determined in good
faith by the Board. 
 (m) “Incentive Stock Option” means an Option intended to qualify as an incentive stock option
within the meaning of Section 422 of the Code and the regulations promulgated thereunder; 

  
 2 

 (n) “Nonstatutory Stock Option” means an Option not intended to qualify as an
Incentive Stock Option. 
 (o) “Officer” means a person who is an officer of the Company within the meaning of
Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
 (p) “Option” means a stock
option granted pursuant to the Plan. 
 (q) “Stock Option Agreement” means a written agreement between the Company and an
Optionee evidencing the terms and conditions of an individual Option grant, whether it be an Incentive or Nonstatutory Stock Option Agreement. The Option Agreements are subject to the terms and conditions of the Plan and attached hereto as
Exhibit A.  
 (r) “Stock Purchase Agreement” means a written agreement between the Company and an Optionee
exercising his/her options evidencing the terms and conditions of the Company’s right of first refusal and repurchase rights and other terms and conditions of the sale of the Company’s stock and attached hereto as Exhibit B. 

(s) “Optioned Stock” means the common stock of the Company subject to an Option. 

(t) “Optionee” means an Employee, Director or Consultant who holds an outstanding Option. 

(u) “Plan” means this 1998 Stock Option Plan. 

(v) “Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being
exercised with respect to the Plan. 
 3. ADMINISTRATION. 

(a) The Plan shall be administered by the Board unless and until the Board delegates administration to a Committee, as provided in subsection
3(c). 
 (b) The Board shall have the power, subject to, and within the limitations of the express provisions of the Plan: 

(1) To determine from time to time which of the persons eligible under the Plan shall be granted Options; when and how the Option shall be
granted; whether the Option will be an Incentive Stock Option or a Nonstatutory Stock Option; the provisions of each Option granted (which need not be identical), including the time or times such Option may be exercised in whole or in part; and the
number of shares for which an Option shall be granted to each such person. 
 (2) To construe and interpret the Plan and Options granted
under it, and to establish, amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Option Agreement, in a manner and to the
extent it shall deem necessary or expedient to make the Plan fully effective. 

  
 3 

 (3) To amend the Plan as provided in Section 11. 

(c) The Board may delegate administration of the Plan to a committee composed of not fewer than two (2) members (the
“Committee”), all of the members of which Committee shall be disinterested persons, if required and as defined by the provisions of subsection 3(d). If administration is delegated to a Committee, the Committee shall have, in connection
with the administration of the Plan, the powers theretofore possessed by the Board (and references in this Plan to the Board shall thereafter be to the Committee), subject, however, to such resolutions, not inconsistent with the provisions of the
Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. Additionally, prior to the date of the first registration of an equity security of the
Company under Section 12 of the Exchange Act, and notwithstanding anything to the contrary contained herein, the Board may delegate administration of the Plan to any person or persons and the term “Committee” shall apply to any person
or persons to whom such authority has been delegated. 
 (d) Any requirement that an administrator of the Plan be a Disinterested Person
shall not apply (i) prior to the date of the first registration of an equity security of the Company under Section 12 of the Exchange Act, or (ii) if the Board or the Committee expressly decided that such requirement shall not apply.
Any Disinterested Person shall otherwise comply with the requirements of Rule 16b-3. 
 4. SHARES SUBJECT TO THE PLAN. 

(a) Subject to the provisions of Section 10 relating to adjustments upon changes in stock, the stock that may be sold pursuant to Options
shall not exceed in the aggregate of six hundred thousand (600,000) shares of the Company’s common stock. If any Option shall for any reason expire or otherwise terminate without having been exercised in full, the stock not
purchased under such Option shall again become available for the Plan. 
 (b) The stock subject to the Plan may be unissued shares or
reacquired shares, bought on the market or otherwise. 
 5. ELIGIBILITY. 

(a) Incentive Stock Options may be granted only to Employees. Nonstatutory Stock Options may be granted only to Employees, Directors or
Consultants. 
 (b) A Director shall in no event be eligible for the benefits of the Plan unless at the time discretion is exercised in the
selection of the Director as a person to whom Options may be granted, or in the determination of the number of shares which may be covered by Options granted to the Director: (i) the Board has delegated its discretionary authority over the Plan
to a Committee which consists solely of Disinterested Persons; or (ii) the Plan otherwise complies with the requirements of Rule 16b-3. The Board shall otherwise comply with the requirements of Rule 16b-3. This subsection 5(b) shall not apply
(i) prior to the date of the first registration of an equity security of the Company under Section 12 of the Exchange Act, or (ii) if the Board or Committee expressly declares that it shall not apply. 

(c) No person shall be eligible for the grant of an Option if, at the time of grant, such 

  
 4 

 
person owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the
Company or of any of its Affiliates unless the exercise price of such Option is at least one hundred ten percent (110%) of the Fair Market Value of such stock at the date of grant and the Option is not exercisable after the expiration of five
(5) years from the date of grant. 
 6. OPTION PROVISIONS. 

Each Option shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. The provisions of separate
Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions: 

(a) Term. No Option shall be exercisable after the expiration of ten (10) years from the effective date of the Plan. 

(b) Price. The option price of each Incentive Stock Option shall be not less than one hundred percent (100%) of the fair market
value of the stock subject to the Option on the date the Option is granted. The option price of each Nonstatutory Stock Option shall be not less than eighty-five percent (85%) of the fair market value of the stock subject to the Option on the
date the Option is granted, unless otherwise determined by the Board. 
 (c) Consideration. The purchase price of stock acquired
pursuant to an Option shall be paid, to the extent permitted by applicable statutes and regulations, either (i) in cash at the time the option is exercised, or (ii) at the discretion of the Board or the Committee, either at the time of the
grant or exercise of the Option, (A) by delivery to the Company of other common stock of the Company, (B) according to a deferred payment or other arrangement (which may include, without limiting the generality of the foregoing, the use of
other common stock of the Company) with the person to whom the Option is granted or to whom the Option is transferred pursuant to subsection 6(d), or (C) in any other form of legal consideration that may be acceptable to the Board. 

In the case of any deferred payment arrangement, interest shall be payable at least annually and shall be charged at the minimum rate of
interest necessary to avoid the treatment as interest, under any applicable provisions of the Code, of any amounts other than amounts stated to be interest under the deferred payment arrangement. 

(d) Transferability. An Incentive Stock Option shall not be transferable except by will or by the laws of descent and distribution, and
shall be exercisable during the lifetime of the person to whom the Incentive Stock Option is granted only by such person. A Nonstatutory Stock Option shall not be transferable except by will or by the laws of descent and distribution or pursuant to
a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act, or the rules thereunder (a “QDRO”), and shall be exercisable during the lifetime of the Person to whom the Option is
granted only by such person or any transferee pursuant to a QDRO. 
 (e) Vesting. The total number of shares of stock subject to an
option may, but need not, be allotted in periodic installments (which may, but need not, be equal) as determined by the Board or the Committee. The Option Agreement may provide that from time to time during each of such installment periods, 

  
 5 

 
the Option may become exercisable (“vest”) with respect to some or all of the shares allotted to that period, and may be exercised with respect to some or all of the shares allotted to
such period and/or any prior period as to which the Option became vested but was not fully exercised. During the remainder of the term of the Option (if its term extends beyond the end of the installment periods), the option may be exercised from
time to time with respect to any shares then remaining subject to the Option. The provisions of this subsection 6(c) are subject to any option provisions governing the minimum number of shares as to which an option may be exercised. 

(f) Securities Law Compliance. The Company may require any Optionee, or any person to whom an Option is transferred under subsection
6(d), as a condition of exercising any such Option, (1) to give written assurances satisfactory to the Company as to the Optionee’s knowledge and experience in financial and business matters and/or to employ a purchaser representative
reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters, and that he or she is capable of evaluating, alone or together with the purchaser representative, the merits and risks of exercising the
Option; and (2) to give written assurances satisfactory to the Company stating that such person is acquiring the stock subject to the Option for such person’s own account and not with any present intention of selling or otherwise
distributing the stock. These requirements, and any assurances given pursuant to such requirements, shall be inoperative if (i) the issuance of the shares upon the exercise of the Option has been registered under a then currently effective
registration statement under the Securities Act of 1933, as amended (the ‘Securities Act’), or (ii) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the
circumstances under the then applicable securities laws. 
 (g) Termination of Employment or Relationship as a Director or Consultant.
In the event an Optionee’s Continuous Status as an Employee, Director or Consultant terminates ( other than upon the Optionee’s death or disability), the Optionee may exercise his or her Option, but only within such period of time as
is determined by the Board, and only to the extent that the Optionee was entitled to exercise it at the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Option Agreement). In the case of
an Incentive Stock Option, the Board shall determine such period of time (in no event to exceed three (3) months from the date of termination) when the Option is granted. If, at the date of termination, the Optionee is not entitled to exercise
his or her entire Option, the shares covered by the unexercisable portion of the Option shall revert to the Plan. If, after termination, the Optionee does not exercise his or her Option within the time specified in the Option Agreement, the Option
shall terminate, and the shares covered by such Option shall revert to the Plan. 
 (h) Disability of Optionee. In the event an
Optionee’s Continuous Status as an Employee, Director or Consultant terminates as a result of the Optionee’s disability, the Optionee may exercise his or her Option, but only within twelve (12) months from the date of such termination
(or such shorter period specified in the Option Agreement), and only to the extent that the Optionee was entitled to exercise it at the date of such termination (but in no event later than the expiration of the term of such Option as set forth in
the Option Agreement). If, at the date of termination, the Optionee is not entitled to exercise his or her entire Option, the shares covered by the unexercisable portion of the Option shall revert to the Plan. If, after termination, the Optionee
does not exercise his or her Option within the time specified herein, the Option shall terminate, and the shares covered by such Option shall revert to the Plan. 

(i) Death of Optionee. In the event of the death of an Optionee, the Option may be exercised, at any time within twelve (12) months
following the date of death (or such shorter period specified in the Option Agreement) (but in no event later than the expiration of the term of such Option as set forth in the 

  
 6 

 
Option Agreement), by the Optionee’s estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent the Optionee was entitled to
exercise the Option at the date of death. If, at the time of death, the Optionee was not entitled to exercise his or her entire Option, the shares covered by the unexercisable portion of the Option shall revert to the Plan. If, after death, the
Optionee’s estate or a person who acquired the right to exercise the Option by bequest or inheritance does not exercise the Option within the time specified herein, the Option shall terminate, and the shares covered by such Option shall revert
to the Plan. 
 (j) Early Exercise. The Option may, but need not, include a provision whereby the Optionee may elect at any time while
an Employee, Director or Consultant to exercise the Option as to any part or all of the shares subject to the Option prior to the full vesting of the Option. Any unvested shares so purchased may be subject to a repurchase right in favor of the
Company or to any other restriction the Board determines to be appropriate. 
 (k) Withholding. To the extent provided by the terms of
an Option Agreement, the Optionee may satisfy any federal, state or local tax withholding obligation relating to the exercise of such Option by any of the following means or by a combination of such means: (1) tendering a cash payment;
(2) authorizing the Company to withhold shares from the shares of the common stock otherwise issuable to the participant as a result of the exercise of the Option; or (3) delivering to the Company owned and unencumbered shares of the
common stock of the Company. 
 7. COVENANTS OF THE COMPANY. 

(a) During the terms of the Options, the Company shall keep available at all times the number of shares of stock required to satisfy such
Options. 
 (b) The Company shall seek to obtain from each regulatory commission or agency having jurisdiction over the Plan
such authority as may be required to issue and sell shares of stock upon exercise of the Options; provided, however, this undertaking shall not require the Company to register under the Securities Act either the Plan, any Option or any stock issued
or issuable pursuant to any such Option. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of
stock under the Plan, the Company shall be relieved from any liability for failure to issue and sell stock upon exercise of such Options unless and until such authority is obtained. 

8. USE OF PROCEEDS FROM STOCK. 

Proceeds from the sale of stock pursuant to Options shall constitute general funds of the Company. 

9. MISCELLANEOUS. 

(a) Neither an Optionee nor any person to whom an Option is transferred under subsection 6( d) shall be deemed to be the holder
of, or to have any of the rights of a holder with respect to, any shares subject to such Option unless and until such person has satisfied all requirements for exercise of the Option pursuant to its terms. 

(b) Nothing in the Plan or any instrument executed or Option granted pursuant thereto shall confer upon any Employee, Director, Consultant or
Optionee any right to continue in the employ of the 

  
 7 

 
Company or any Affiliate ( or to continue acting as a Director or Consultant) or shall affect the right of the Company or any Affiliate to terminate the employment or relationship as a Director
or Consultant of any Employee, Director, Consultant or Optionee with or without cause. 
 (c) To the extent that the aggregate Fair Market
Value (determined at the time of grant) of stock with respect to which Incentive Stock Options granted after 1986 are exercisable for the first time by any Optionee during any calendar year under all plans of the Company and its Affiliates exceeds
one hundred thousand dollars ($100,000), the Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as Nonstatutory Stock Options. 

10. ADJUSTMENTS UPON CHANGES IN STOCK. 

(a) If any change is made in the stock subject to the Plan, or subject to any Option (through merger, consolidation, reorganization,
recapitalization, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or otherwise), the Plan and outstanding Options will be appropriately
adjusted in the class(es) and maximum number of shares subject to the Plan and the class(es) and number of shares and price per share of stock subject to outstanding Options. 

(b) In the event of: (1) a merger or consolidation in which the Company is not the surviving corporation except for (i) a transaction
the principal purpose of which is to change the state of the Company’s incorporation, or (ii) a transaction in which the Company’s shareholders immediately prior to such merger or consolidation hold (by virtue of securities received
in exchange for their shares in the Company) securities of the surviving entity representing more than fifty percent (50%) of the total voting power of such surviving entity immediately after such transaction, or (2) the sale, transfer or
other disposition of all or substantially all of the Company’s assets unless the Company’s shareholders immediately prior to such sale, transfer or other disposition hold (by virtue of securities received in exchange for their shares in
the Company) securities of the purchaser or other transferee representing more than fifty percent (50%) of the total voting power of such entity immediately after such transaction, or (3) any merger in which the Company is the surviving
entity but in which the Company’s shareholders immediately prior to such merger do not hold (by virtue of their shares in the Company held immediately prior to such transaction) securities representing more than fifty percent (50%) of the
total voting power of the surviving entity immediately after such transaction, then to the extent permitted by applicable law: (i) any surviving corporation shall assume any Options outstanding under the Plan or shall substitute similar Options
for those outstanding under the Plan, or (ii) in the event any surviving corporation refuses to assume or continue such Options, or to substitute similar options for those outstanding under the Plan, then such Options shall be terminated if not
exercised prior to such event. In the event of a dissolution or liquidation of the Company, any Options outstanding under the Plan shall terminate if not exercised prior to such event. 

11. AMENDMENT OF THE PLAN. 
 (a) The
Board at any time, and from time to time, may amend the Plan. However, except as provided in Section 10 relating to adjustments upon changes in stock, no amendment shall be effective unless approved by the stockholders of the Company within
twelve (12) months before or after the adoption of the amendment, where the amendment will: 
 (1) Increase the number
of shares reserved for options under the Plan; 
 (2) Modify the requirements as to eligibility for participation in the Plan
(to the extent such modification requires stockholder approval in order for the Plan to satisfy the requirements of Section 422 of the Code); or 

  
 8 

 (3) Modify the Plan in any other way if such modification requires stockholder
approval in order for the Plan to satisfy the requirements of Section 422 of the Code or to comply with the requirements of Rule 16b-3. 

(b) It is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable to provide Optionees
with the maximum benefits provided or to be provided under the provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock Options and/or to bring the Plan and/or Incentive Stock Options granted under it into
compliance therewith. 
 (c) Rights and obligations under any Option granted before amendment of the Plan shall not be altered or impaired by
any amendment of the Plan unless (i) the Company requests the consent of the person to whom the Option was granted and (ii) such person consents in writing. 

12. TERMINATION OR SUSPENSION OF THE PLAN. 

(a) The Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on April 29, 2008
(ten years after its adoption). No Options may be granted under the Plan while the Plan is suspended or after it is terminated. 
 (b)
Rights and obligations under any Option granted while the Plan is in effect shall not be altered or impaired by suspension or termination of the Plan, except with the consent of the person to whom the Option was granted. 

13. EFFECTIVE DATE OF PLAN 
 The Plan shall
become effective as of April 30, 1998, but no Options grants under the Plan shall be exercised unless and until the Plan has been approved by the stockholders of the Company, and, if required, an appropriate permit has been issued by the
Commissioner of Corporations of the State of California. 
 14. ENTIRE ENGAGEMENT 

This Agreement represents the entire agreement between the parties and supersedes all prior representations, discussions, negotiations and
agreements, whether written or oral. 

  
 9 

 DECLARATION 

I further declare under penalty of perjury that the 1998 Stock Option Plan has been duly approved and adopted by the Board of Directors of the
Company set forth herein. 
  

	
	Executed at Fremont, California.
	
	Dated: April 30, 1998
	
	/s/ Hui Wang
	Hui Wang, President ACM Research, Inc.

  
 10

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