Document:

EX-10.4

 Exhibit 10.4 

GRACELL BIOTECHNOLOGIES INC. 

DIRECTOR AGREEMENT 
 This
Director Agreement (the “Agreement”) is made and entered into as of                     , by and between Gracell
Biotechnologies Inc., a Cayman Islands company (the “Company”), and                      (ID Card No.:
                    ) (the “Director”). 
  

	I.	 SERVICES 

A.    Board of Directors. The Director is appointed to serve as a director of the Company’s Board of
Directors (the “Board”), effective as of the date (the “Effective Date”) when the Securities and Exchange Commission (the “SEC”) declares effectiveness the Company’s registration statement on
Form F-1 which was initially submitted to the SEC confidentially on October 19, 2020, until the earlier of (i)
                     year[s] after the Effective Date or (ii) the date of termination of this Agreement in accordance with
Section 5.2 hereof (such earlier date being the “Expiration Date”). The Board shall consist of the Director and such other members as are nominated and elected pursuant to the then-current Memorandum and Articles of Association
of the Company (the “Memorandum and Articles”). 
 B.    Director Services. The
Director’s services to the Company hereunder shall include service on the Board and service on the                      committee of the
Board in accordance with applicable law and stock exchange rules as well as the Memorandum and Articles, and such other services mutually agreed to by the Director and the Company (the “Director Services”). 

 

	II.	 COMPENSATION 

A.    Expense Reimbursement. The Company shall reimburse the Director for all reasonable travel and other out-of-pocket expenses incurred in connection with the Director Services rendered by the Director. 

B.    Compensation to Director. The Director shall receive from the Company compensation pursuant to
Exhibit A hereto. 
 C.    Director and Officer Liability Insurance. The Company shall maintain a
customary director and officer liability insurance policy to insure the Director against any losses incurred in lawsuits or other legal proceedings brought against the Director in connection with the Director Services. 

 

	III.	 DUTIES OF DIRECTOR 

A.    Fiduciary Duties. In fulfilling his/her managerial responsibilities, the Director shall be charged with
a fiduciary duty to the Company. The Director shall be attentive and inform himself/herself of all material facts regarding a decision before taking action. In addition, the Director’s actions shall be motivated solely by the best interests of
the Company. 

 B.    Confidentiality. During the Term of this Agreement,
and for a period of one (1) year after the Expiration Date, the Director shall maintain in strict confidence all information he/she has obtained or shall obtain from the Company that the Company has designated as “confidential” or
that is by its nature confidential, relating to the Company’s business, operations, properties, assets, services, condition (financial or otherwise), liabilities, employee relations, customers (including customer usage statistics), suppliers,
prospects, technology, or trade secrets, except to the extent such information (i) is in the public domain through no act or omission of the Director, (ii) is required to be disclosed by law or a valid order by a court or other
governmental body, or (iii) is independently learned by the Director outside of his/her relationship with the Company and its affiliates (the “Confidential Information”). 

C.    Nondisclosure and Nonuse Obligations. The Director will use the Confidential Information solely to
perform the Director Services for the benefit of the Company. The Director will treat all Confidential Information of the Company with the same degree of care as the Director treats his/her own Confidential Information, and the Director will use
his/her best efforts to protect the Confidential Information. The Director will not use the Confidential Information for his/her own benefit or the benefit of any other person or entity, except as may be specifically permitted in this Agreement. The
Director will immediately give notice to the Company of any unauthorized use or disclosure by or through him/her, or of which he/she becomes aware, of the Confidential Information. The Director agrees to assist the Company in remedying any such
unauthorized use or disclosure of the Confidential Information. 
 D.    Return of the Company Property.
All materials furnished to the Director by the Company, whether delivered to the Director by the Company or made by the Director in the performance of Director Services under this Agreement (the “Company Property”), are the sole and
exclusive property of the Company. The Director agrees to promptly deliver the original and any copies of the Company Property to the Company at any time upon the Company’s request. Upon termination of this Agreement by either party for any
reason, the Director agrees to promptly deliver to the Company or destroy, at the Company’s option, the original and any copies of the Company Property. The Director agrees to certify in writing that the Director has so returned or destroyed
all such Company Property. 
  

	IV.	 COVENANTS OF DIRECTOR 

A.    No Conflict of Interest. During the Term of this Agreement, the Director shall not be employed by, own,
manage, control or participate in the ownership, management, operation or control of any business entity that is competitive with the Company or otherwise undertake any obligation inconsistent with the terms hereof, provided that Director may
continue the Director’s current affiliation or other current relationships with the entity or entities described on Exhibit B (all of which entities are referred to collectively as “Current Affiliations”). This Agreement
is subject to the current terms and agreements governing the Director’s relationship with Current Affiliations, and nothing in this Agreement is intended to be or will be construed to inhibit or limit any of the Director’s obligations to
Current Affiliations. The Director represents that nothing in this Agreement conflicts with the Director’s obligations to Current Affiliations. A business entity shall be deemed to be “competitive with the Company” for purpose of this
Article IV only if and to the extent it engages in the business substantially similar to the Company’s business. If the Director undertakes any duty, investment or other obligation that may present a conflict of interest prohibited under this
Section 4.1, the Director shall inform the Board in advance. If the Board decides such proposed new obligation would present an actual conflict of interest prohibited hereunder and the Director still undertakes the new obligation, the Board
shall have the right to remove the Director from the Board. 

  
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 B.    Noninterference with Business. During the Term of
this Agreement, and for a period of one (1) year after the Expiration Date, the Director agrees not to interfere with the business of the Company in any manner. By way of example and not of limitation, the Director agrees not to solicit or
induce any employee, independent contractor, customer, supplier or business partner of the Company to terminate or breach his/her/its employment, contractual or other relationship with the Company. 

 

	V.	 TERM AND TERMINATION 

A.    Term. This Agreement is effective as of the Effective Date as provided for in Section 1.1 above
and will continue until the Expiration Date (the “Term”). 
 B.    Termination. Either
party may terminate this Agreement at any time upon thirty (30) days prior written notice to the other party, or such shorter period as the parties may agree upon. 

C.    Survival. The rights and obligations contained in Articles III and IV will survive any termination or
expiration of this Agreement. 
  

	VI.	 MISCELLANEOUS 

A.    Assignment. Except as expressly permitted by this Agreement, neither party shall assign, delegate, or
otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party. Subject to the foregoing, this Agreement will be binding upon and inure to the benefit of the parties hereto and their
respective heirs, legal representatives, successors and assigns. 
 B.    No Waiver. The failure of any
party to insist upon the strict observance and performance of the terms of this Agreement shall not be deemed a waiver of other obligations hereunder, nor shall it be considered a future or continuing waiver of the same terms. 

C.    Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered
as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by facsimile transmission upon acknowledgment of receipt of
electronic transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to the addresses set forth on the signature page of this Agreement or such other address as either
party may specify in writing. 
 D.    Governing Law. This Agreement shall be governed in all respects by
the laws of the Cayman Islands without regard to conflicts of law principles thereof. 

  
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 E.    Severability. Should any provisions of this
Agreement be held by a court of law to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. 

F.    Entire Agreement. This Agreement constitutes the entire agreement between the parties relating to this
subject matter and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter. The terms of this Agreement will govern all Director Services undertaken by the Director for the Company. 

G.    Amendments. This Agreement may only be amended, modified or changed by an agreement signed by the
Company and the Director. The terms contained herein may not be altered, supplemented or interpreted by any course of dealing or practices. 

H.    Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
 [The remainder of this page is intentionally left
blank.] 

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

 

					
	Company:	 		 	GRACELL BIOTECHNOLOGIES INC.
	 Address:
 Building 12, 218 Sangtian Road

Suzhou BioBay Park, Suzhou, 215000
 People’s Republic of
China
	 		 	  

By:                         
                                         
                          

Name:
 Title:

			
	 Director:
 Address:
	 		 	[Insert name of director]
	  
	 		 	
	  
	 		 	
	  
	 		 	  

  

  
 [Signature Page to
Director Agreement]EX-10.5

 Exhibit 10.5 

GRACELL BIOTECHNOLOGIES INC. 

EMPLOYMENT AGREEMENT 

This Employment Agreement (the “Agreement”) is made and entered into as of
                        , by and between Gracell Biotechnologies Inc., a Cayman Islands company
(the “Company”), and                      (ID Card No.:
                    ) (the “Employee”). 

ARTICLE 1:      TERM & NATURE 
  

	 	A.	 This Employment
Agreement:                                      
           

 (a)    Is a
fixed term Employment Agreement and, the period of employment commences from                      (YY/MM/DD) (the
“Effective Date”), to                      (YY/MM/DD), and until
                     (YY/MM/DD) shall be the probation period. 

(b)    Has a perpetual term of employment without defined expiry or termination date, and the period
of employment commences at (YY/MM/DD). 
 (c)    Has an effective term of
     months on a project basis, with reference to a pre-defined scope of work with effect from
                     (YY/MM/DD). 
  

	 	B.	 Working Hours 

The Employee has
                     taking into account the nature of his senior management position, and therefore shall not be
entitled to any overtime pay. The Company guarantees the Employee the right of adequate rest hours and leave of absence. 
 ARTICLE
2:      JOB CONTENTS 
 A.        Subject to the terms and
provisions of this Agreement, the Employee is hereby employed by the Company as                     
(position/title) of the Company. The Employee shall have full responsibility and authority for such duties as customarily are associated with service as the Chief Financial Officer of the Company at the direction of the Board of Directors of the
Company (the “Board”). The Employee shall faithfully and diligently perform, on a full-time basis, such duties assigned to the Employee. 

B.        Employee shall devote substantially all of his business time, attention, energies,
skills, learning and efforts to the Company’s business. 
 C.        In accordance with
job requirements, the Employee accepts that he/she might be required to travel domestically and internationally. The Employee is expected to abide by the travel policy with the applicable exceptions as agreed to with the Company’s CEO. 

ARTICLE 3:      COMPENSATION 

A.        Base Salary: The Employee ’s annual base salary under this Agreement shall be
USD             (gross) per year (i.e. $            
per month, total 12 months), prorated for any partial year, commencing upon the Effective Date; provided however that the Employee’s Base Salary shall be reviewed annually by the Board of Directors and/or its Compensation Committee and adjusted
based on fair market value. The annual base salary shall be payable monthly in twelve equal instalments prorated from the Effective Date in accordance with the ordinary payroll procedures of the Company. 

  
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 B.        Annual Bonus: The Employee will be
awarded an annual bonus targeted at         % of his/her annual base salary, with the final amount subject to the review and approval made annually by the Board and/or its Compensation Committee (as
applicable) based on the results of annual milestone, the Employee’s performance and company annual target achievements of the whole year. 

C.        The Employee will be granted
                 shares of stock option in total of Gracell Biotechnologies, Inc., with
                 equal installments through
                 years. Option granted to the Employee shall be controlled by the terms and conditions set forth in a Notice of Grant and
Stock Option Agreement approved by the Board of Directors (“Option Agreement”). 

D.        Subject to the submission of application and provision of valid invoices by the
Employee, and pursuant to the Company’s financial procedures, the Company shall reimburse the Employee for: 

(a)    the Employee’s annual housing allowance for which the reimbursable amount shall be
determined in accordance with the invoice amount but no more than USD             in any year. 

(b)    the Employee’s annual transportation allowance, for which the reimbursable amount shall
be determined in accordance with the invoice amount but no more than USD             in any year; and 

(c)    the Employee is eligible to participate in high-end
global Health Insurance plan, for which the reimbursement amount shall be determined in accordance with the invoice amount but no more than
USD                 in any year. 

E.        The Employee shall be entitled to
                 working days paid annual leave during each calendar year (prorated for any partial year) to be taken at times agreed with
the Company and pursuant to the Company’s annual leave policies. 
 F.        During the
term of the employment, the Employee shall be entitled to participate in all of the employee benefit plans and arrangements made available by the Company to its similarly situated employees, including, but not limited to, any retirement plan,
medical insurance plan and travel/holiday policy, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. 

ARTICLE 4:      EDUCATION & TRAINING 

Should the Company sponsor the Employee for professional training courses, the Employee shall serve the Company for a fixed term of service
years and this period is to be determined in accordance with the value of the training curriculum and tangible/intangible investment sum. Otherwise the Employee is required to refund the Company the training cost amortized in accordance with term of
service. The Company and the Employee are required to mutually agree on such details and may enter into a separate “Supplementary Training Agreement” under this Article. 

 ARTICLE 5:      CONDITIONS FOR TERMINATION 

A.        The Agreement can be terminated through mutual agreement between both Parties. 

B.        The Employee may terminate this Agreement by giving to the Company
             days written notice (or payment in lieu of notice). 

C.        The Company may terminate this Agreement by giving to the Employee three months
written notice (or payment in lieu of notice). 
 D.        The Company may without notice
terminate this Agreement if the Employee: 
 (a)    willfully disobeys a lawful and reasonable
order of the Company; 
 (b)    misconducts himself, such conduct being inconsistent with the due
and faithful discharge of his duties; 
 (c)    is guilty of fraud or dishonesty; or 

(d)    is habitually neglectful in his duties. 

ARTICLE 6:      REPRESENTATIONS AND WARRANTIES 

The Employee hereby represents and warrants to Company that as of the date of execution of this Agreement: 

A.        this Agreement will not cause or require the Employee to breach any obligation to, or
agreement or confidence with, any other person; 
 B.        The Employee is not
representing, or otherwise affiliated in any capacity with, any other research organizations, lines of products, manufacturers, vendors or customers of the Company; and 

C.        The Employee has not been induced to enter into this Agreement by any promise or
representation other than as expressly set forth in this Agreement. 
 ARTICLE
7:      NON-SOLICITATION, NON-COMPETITION AND AVOIDANCE OF CONFLICTS 

During the term of this Agreement, the Employee agrees that, without the prior written consent of the Company, the Employee will not, directly
or indirectly, on its, his or her behalf or on behalf of any other person or entity: 

A.        call upon, solicit, divert or take away or attempt to solicit, divert or take away
any of the customers, vendors, business or patrons of the Company; 
 B.        solicit or
attempt to solicit for employment or consultancy any person who is an employee of or consultant to the Company; or 

 C.        own, operate, manage, join,
control, participate in the ownership, management, operation or control of, or be paid or employed by, or acquire any securities of, or otherwise become associated with or provide assistance to, as an employee, consultant, director, officer,
shareholder, partner, agent, associate, principal, representative or in any other capacity, any business entity which engages in any competitive line of business in which the Company is engaged. 

The Employee further agrees that the obligations under above Article 7A&B shall survive the termination of this
Contract for any reason and last until the expiry of                  years following the termination of employment. 

ARTICLE 8:      CONFIDENTIALITY 

A.        The Employee hereby acknowledges that the Company has made and will make available to
The Employee certain customer lists, product design information, performance standards and other confidential and/or proprietary information of the Company or licensed to the Company, including without limitation trade secrets, copyrighted materials
and/or financial information of the Company (or any of its Affiliates), including without limitation, financial statements, reports and data (collectively, the “Confidential Material”); however, Confidential Material does not
include any of the foregoing items which has become publicly known or made generally available through no wrongful act of the Employee or of others who were under confidentiality obligations as to the item or items involved. 

B.        Except as essential to the Employee’s obligations under this Agreement or for
the purpose of seeking professional advice, the Employee shall not make any disclosure of this Agreement, the terms of this Agreement, or any of the Confidential Material nor to make any duplication or other copy of any of the Confidential Material.
Immediately upon request from the Company, the Employee shall return to the Company all Confidential Material. The Employee shall notify each person to whom any disclosure is made that such disclosure is made in confidence that the Confidential
Material shall be kept in confidence by such person. Nothing contained in this Article 8 shall be construed as preventing The Employee from providing Confidential Material in compliance with a valid court order issued by a court of competent
jurisdiction, provided that the Employee takes reasonable steps to prevent dissemination of such Confidential Material. 
 ARTICLE
9:      PROPRIETARY INFORMATION 
 A.        For purposes of
this Agreement, “Proprietary Information” shall mean any information, observation, data, written material, record, document, software, firmware, invention, discovery, improvement, development, tool, machine, apparatus, appliance,
design, promotional idea, customer list, practice, process, formula, method, technique, trade secret, product and/or research related to the actual or anticipated research, marketing strategies, pricing information, business records, development,
products, organization, business or finances of the Company. 

 B.        Proprietary Information shall not
include information in the public domain as of execution of this Agreement except through any act or omission of the Employee. All right, title and interest of every kind and nature whatsoever in and to the Proprietary Information made, discussed,
developed, secured, obtained or learned by the Employee during the term of this Agreement shall be the sole and exclusive property of the Company for any purposes or uses whatsoever, and shall be disclosed promptly by the Employee to the Company.

 C.        The covenants set forth in the preceding sentence shall apply regardless of
whether any Proprietary Information is made, discovered, developed, secured, obtained or learned (a) solely or jointly with others, (b) during the usual hours of work or otherwise, (c) at the request and upon the suggestion of the
Company or otherwise, or (d) with the Company’s materials, tools, instruments or on the Company’s premises or otherwise. All Proprietary Information developed, created, invented, devised, conceived or discovered by the Employee that
is subject to copyright protection is explicitly considered by the Employee and the Company to be works made for hire to the extent permitted by law. 

D.        Save as provided by law, the Employee shall make no claims against the Company and
its respective officers, directors and employees, for additional remuneration arising out of, or relating to, any Proprietary Information. The Employee shall execute any documents and take any action the Company may deem necessary or appropriate to
effectuate the provisions of this Agreement, including without limitation assisting the Company in obtaining and/or maintaining patents, copyrights or similar rights to any Proprietary Information assigned to the Company, if the Company, in its sole
discretion, requests such assistance. The Employee shall comply with any reasonable rules established from time to time by the Company for the protection of the confidentiality of any Proprietary Information. 

E.        The Employee agrees to perform all acts necessary to obtain and/or maintain patents,
copyrights and similar rights to any Proprietary Information assigned by the Employee to the Company under this Agreement. 

F.        The Employee shall promptly disclose to the Company, in confidence (a) all
Proprietary Information that the Employee creates during the term of this Agreement, and (b) all patent applications, copyright registrations or similar rights filed or applied for by the Employee within six months after termination of this
Agreement. Any application for a patent, copyright registration or similar right filed by the Employee within six months after termination of this Agreement shall be presumed to relate to Proprietary Information created by the Employee during the
term of this Agreement, unless the Employee can prove otherwise. 
 G.        Nothing
contained in this Agreement shall be construed to preclude the Company from exercising all of its rights and privileges as sole and exclusive owner of all of the Proprietary Information owned by or assigned to the Company under this Agreement. The
Company, in exercising such rights and privileges with respect to any particular item of Proprietary Information, may decide not to file any patent application or any copyright registration on such Proprietary Information, may decide to maintain
such Proprietary Information as secret and confidential, or may decide to abandon such Proprietary Information or dedicate it to the public. The Employee shall have no authority to exercise any rights or privileges with respect to the Proprietary
Information owned by or assigned to the Company under this Agreement. 

 ARTICLE 10:    BUSINESS OPORTUNITIES 

Not applicable. 
 ARTICLE
11:    MISCELLANEOUS 
 A.        Section Headings. The section
headings or captions in this Agreement are for convenience of reference only and do not form a part hereof, and do not in any way modify, interpret or construe the intent of the parties or affect any of the provisions of this Agreement. 

B.        Survival. Should any one or more of the provisions of this Agreement be
determined to be illegal or unenforceable in any relevant jurisdiction, then such illegal or unenforceable provision shall be modified by the proper court, if possible, but only to the extent necessary to make such provision enforceable, and such
modified provision and all other provisions of this Agreement shall be given effect separately from the provision or portion thereof determined to be illegal or unenforceable and shall not be affected thereby; provided that, any such modification
shall apply only with respect to the operation of this Agreement in the particular jurisdiction in which such determination of illegality or unenforceability is made. 

C.        Employment Policies. The Employee acknowledges and agrees that he will be
bound to follow all Company Policies as may be implemented by the Company from time to time, and as may be revised in the Company’s sole discretion from time to time. 

D.        Drafting Ambiguities; Conflicts. Each party to this Agreement has reviewed and
revised this Agreement. The rule of construction that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or of any amendments or exhibits to this Agreement. To the extent the
Employee has entered into a separate employment agreement with an operating subsidiary of the Company and there is any conflict between such employment agreement and this Agreement, the terms under such employment agreement shall prevail. 

E.        Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

F.        Governing Law; Dispute Resolution. This Agreement is made in accordance with
and shall be governed by and construed according to the laws of Hong Kong (excluding the conflict of law provisions thereof). To the extent that any part of this agreement is deemed invalid, the remainder of this agreement will remain in force as
written. The Parties agree to submit to the non-exclusive jurisdiction of the Labour Tribunal and Courts of Hong Kong in respect of any dispute arising in connection with this employment. 

[The remainder of this page is intentionally left blank.] 

 IN WITNESS WHEREOF, the Agreement has been executed as of the date first written above. 

 

			
	 COMPANY:
	  	 GRACELL BIOTECHNOLOGIES INC.
 a Cayman
Islands exempted company

		
		  	By:                                     
                                         
                    
		  	Name:
		  	Title:
		
	 EXECUTIVE:
  
	  	                                     
                                         
                          
		  	Name:
		  	Address:

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