Document:

EX-10.2

 Exhibit 10.2 

I-MAB 

天境生物 
 SECOND AMENDED AND RESTATED 

2018 EMPLOYEE STOCK OPTION PLAN 

Adopted on February 22, 2019 

First Amended and Restated on July 22, 2019 

Second Amended and Restated on December 25, 2019 
  

 I-Mab 

天境生物 

 
  

Second Amended and Restated 2018 Employee Stock Option Plan 
  

 
 PREFACE

 On February 22, 2019, the Company adopted the 2018 Employee Stock Option Plan of I-Mab (the
“Original Plan”). 
 On July 22, 2019, the Original Plan was amended and restated in its entirety by the Company pursuant to the Amended and
Restated Employee Stock Option Plan of I-Mab (the “Amended and Restated Plan”). 
 On December 25,
2019, the Company has adopted the Second Amended and Restated Employee Stock Option Plan of I-Mab (this “Plan”), which amends and restates in its entirety the Amended and Restated Plan. 

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

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

  

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

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

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

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

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

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

		
	 “Employee”
	  	any full-time or part-time employee (including, without limitation, an executive director) of the Group and any consultant or adviser of the Group, and “Employment” has a corresponding meaning;
		
	 “Employing Entity”
	  	any of I-Mab Biopharma
(天境生物科技(上海)有限公司) or I-MAB Biopharma US Limited, as
Subsidiaries of the Company.
		
	 “Employment Commencement Date”
	  	for purposes of this Plan, with respect to any Employee, the effective date of such Employee’s initial Contract with the relevant Employing Entity.

  
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	 “Exercise Net Proceeds”
	  	the amount (if any) by which (i) the net proceeds of sale (e.g., after payment of, without limitation, stamp duty, commissions, brokerage and Stock Exchange transaction levy, and withholding tax amount (if applicable)) of the
Shares, exceeds (ii) the Subscription Price applicable to such Shares;
		
	 “Grantee”
	  	any Employee, or if approved by the Board, designee of any Employee, who accepts an offer in accordance with the terms of this Plan by executing an Offer Letter with the Group, or (where the context so permits) any person who is
entitled to any Option in consequence of the death of the original Grantee or other permitted transfer;
		
	 “Group”
	  	the Company and its Subsidiaries;
		
	 “Hong Kong”
	  	the Hong Kong Special Administrative Region of the People’s Republic of China;
		
	 “Listing”
	  	the listing of all or any part of the Company’s or any of its Subsidiaries’ share capital to a recognised stock or other investment exchange or the grant of permission by any stock or other exchange to deal in the same and
“Listed” has a corresponding meaning;
		
	 “Listing Date”
	  	the day on which dealings in the Shares on the Stock Exchange first commence;
		
	 “Listing Rules”
	  	the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited;
		
	 “Memorandum and Articles”
	  	the memorandum and articles of association of the Company for the time being in force;
		
	 “Offer Letter”
	  	the letter, referred to in paragraph 4(B), the form of which shall be approved by the Board, entered into by and among the Company and a Grantee regarding the offer of an Option;
		
	 “Officer”
	  	means any person designated by the Company as an officer;
		
	 “Option”
	  	a right granted to subscribe for Shares pursuant to this Plan;
		
	 “Option Period”
	  	the period during which the Option can be exercised as set forth in the Offer Letter;
		
	 “Option Shares”
	  	Shares allotted and issued to a Grantee pursuant to the exercise of an Option;

  
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	 “Plan”
	  	this 2018 employee stock option plan in its present form or as amended from time to time in accordance with the provisions hereof;
		
	 “Pre-Listing Option Interests”
	  	has the meaning defined in paragraph 10(A);
		
	 “PRC”
	  	the People’s Republic of China, and for purpose of this Agreement, does not include Hong Kong, the Macau Special Administrative Region of the People’s Republic of China and Taiwan;
		
	 “RMB”
	  	Renminbi, the lawful currency of the People’s Republic of China;
		
	 “Shares”
	  	ordinary shares of US$0.0001 each in the capital of the Company (or of such other nominal amount as shall result from a sub-division, consolidation, redenomination, reclassification or
reconstruction of the share capital of the Company from time to time);
		
	 “Stock Exchange”
	  	any qualified stock exchange approved by the Board in accordance with the Memorandum and Articles of the Company;
		
	 “Subscription Price”
	  	the price per Share at which a Grantee may subscribe for Shares on the exercise of an Option, as described in paragraph 5;
		
	 “Subsidiary”
	  	a company which is for the time being and from time to time a subsidiary (within the meaning of the Listing Rules) of the Company, irrespective of where the company is incorporated;
		
	 “US$”
	  	US Dollar, the lawful currency of the United States;
		
	 “Vesting Commencement Date”
	  	means, with respect to a Grantee, the vesting commencement date as indicated in his or her Offer Letter; and
		
	 “Vesting Schedule”
	  	the vesting schedule according to which the Option to be issued to the Grantee, as described in paragraph 5.

  

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

 

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

  

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

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

  

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

 

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

 

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

  

	2.	 CONDITION 

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

	3.	 DURATION AND ADMINISTRATION 

 

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

  

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

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

  

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

  

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

  

	4.	 OFFER AND GRANT OF OPTIONS 

 

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

  

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

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

 

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

  

	5.	 SUBSCRIPTION PRICE AND VESTING SCHEDULE 

 

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

  

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

 

	6.	 EXERCISE OF OPTIONS 

 

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

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

  

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

  

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

 

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

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

  

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

  

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

  

	7.	 LAPSE OF OPTION 

 

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

  

	 	(i)	 the expiry of the Option Period; 

 

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

  

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

 

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

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

  

	 	(i)	 the Grantee’s death; or 

 

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

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

 

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

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

  

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

  

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

  

	8.	 MAXIMUM NUMBER OF SHARES SUBJECT TO OPTIONS 

 

	 	(A)	 The maximum number of Shares in respect of which Options may be granted under this Plan shall not, subject to
paragraph 9, exceed 14,005,745 Shares in the aggregate. Notwithstanding the foregoing, solely in connection with the initial public offering of the Company (the “IPO”), the maximum number of Shares in respect of which Options may be
granted under this Plan, shall be adjusted as follows (subject to paragraph 9): 

Max=14,997,680-Q-A, and rounded down to the nearest whole number 

Q=1,446,875 

M=1,371,973 

Z=2,000,000 
 If
C<=3,446,875, then A=C-Q 
 If C>3,446,875 but <= 4,818,848, then A=Z + (C-Q-Z) × 62.10% 
 If C>4,818,848, then A=Z +
M× 62.10% 

  
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 Max: The maximum number of Shares in respect of which Options may be granted under this
Plan 
  

	 	C:	 Total number of ordinary shares to be issued to all the holders of the preferred shares of the Company
immediately prior to the closing of the IPO less the total number of ordinary shares that would have been issued to all the holders of the preferred shares of the Company immediately prior to the closing of the IPO had the conversion ratio been 1:1
for each series of the preferred shares 

  

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

 

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

  

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

  

	9.	 REORGANISATION OF CAPITAL STRUCTURE AND OTHER CORPORATE EVENTS 

 

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

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

 

	 	(ii)	 the Subscription Price; 

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

 

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

 

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

  

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

  
 14 

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

  

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

  

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

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

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

  
 15 

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

  

	10	 RIGHT OF REPURCHASE OF SHARES OR OPTIONS 

 

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

  

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

  

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

 

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

  

	11.	 SHARE CAPITAL 

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

 

	12.	 DISPUTES 

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

  
 16 

	13.	 ALTERATION OF THIS PLAN 

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

	14.	 TAX LIABILITY 

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

	15.	 TERMINATION 

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

	16.	 MISCELLANEOUS 

 

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

 

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

  

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

  
 17 

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

  

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

 

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

  

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

  

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

  

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

  

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

  
 18 

 I-MAB 天境生物 
 2018 EMPLOYEE STOCK OPTION PLAN 

ADDENDUM FOR U.S. GRANTEES 
  

	1.	 Purpose and Applicability 

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

(b) Except as otherwise provided by the U.S. Addendum, all Options granted to U.S. Grantees will be governed by the terms of the Plan, when
read together with the U.S. Addendum. In any case of an irreconcilable contradiction (as determined by the Board) between the provisions of the U.S. Addendum and the Plan, the provisions of the U.S. Addendum will govern. Capitalized terms contained
herein have the same meanings given to them in the Plan, unless otherwise provided by the U.S. Addendum. 
 (c) This Addendum is effective as
of February 22, 2019 (the “Effective Date”). 
  

	2.	 Definitions 

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

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

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

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

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

  
 19 

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

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

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

(a) Minimum Subscription Price. Subject to the provisions of paragraph 4(e) below regarding Grantees who are Ten Percent Shareholders,
the Subscription Price of each Option will be not less than 100% of the fair market value of the Stock on the date the Option is granted. Notwithstanding the foregoing, an Option may be granted with a Subscription Price lower than 100% of the fair
market value of the Shares if such Option is granted pursuant to an assumption of or substitution for another option pursuant to a Corporate Transaction and in a manner consistent with the provisions of Section 409A of the Code and, if
applicable, Section 424(a) of the Code. 
 (b) Grants to Consultants. A consultant, contractor or advisor and that is a resident
of the U.S. is not an Employee for the grant of an Option if, at the time of grant, either the offer or sale of the Option to such person is not exempt under Rule 701 of the Securities Act because the consultant is not a natural person, the services
that the consultant is providing to the Company are in connection with a capital raising transaction or directly or indirectly serve to promote or maintain a market for the Company’s securities, or because of any other provision of Rule 701 of
the Securities Act, unless the Company determines that such grant need not comply with the requirements of Rule 701 of the Securities Act and will satisfy another exemption under the Securities Act as well as comply with the securities laws
of the U.S. state of residence of the consultant and all other applicable jurisdictions. 
 (c) No Cash Settlement on Exercise of
Options. The Board may not grant to any U.S. Grantee an Option where the U.S. Grantee may receive a cash payment upon exercise of the Option in lieu of Shares if such Option would result in a violation of Section 457A of the Code. For
clarity, this provision does not prohibit the Board for providing for the cancellation of Options pursuant to paragraph 9(C) of the Plan in connection with a Corporate Transaction. 

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

  
 20 

	3.	 Provisions Applicable to Incentive Stock Options 

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

(b) Designation of ISO Status. The Board action approving the grant of an Option to a U.S. Grantee and the Offer Letter must specify
that such Option is intended to be an Incentive Stock Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify
as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. 
 (c)
Maximum Shares Issuable On Exercise of ISOs. Subject to the adjustment pursuant to the provisions of paragraphs 8(A) and (C) of the Plan, the maximum aggregate number of Shares that may be subject to Options that are designated as
Incentive Stock Options is 14,005,745 Shares. Notwithstanding the foregoing, solely in connection with the initial public offering of the Company (the “IPO”), the maximum aggregate number of Shares that may be subject to Options
that are designated as Incentive Stock Options may be granted under this Plan, shall be adjusted as follows: 
 Max=14,997,680-Q-A, and rounded down to the nearest whole number 

Q=1,446,875 

M=1,371,973 

Z=2,000,000 
 If
C<=3,446,875, then A=C-Q 
 If C>3,446,875 but <= 4,818,848, then A=Z + (C-Q-Z) × 62.10% 
 If C>4,818,848, then A=Z +
M× 62.10% 
 Max: The maximum number of Shares in respect of which Options may be granted under this Plan 

C: Total number of ordinary shares to be issued to all the holders of the preferred shares of the Company immediately prior to the closing
of the IPO less the total number of ordinary shares that would have been issued to all the holders of the preferred shares of the Company immediately prior to the closing of the IPO had the conversion ratio been 1:1 for each series of the preferred
shares 

  
 21 

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

(e) Additional Limits for Ten Percent Stockholders. As provided by Section 422(c)(5) of the Code, a person is a Ten Percent
Shareholder will not be eligible for the grant of an Incentive Stock Option unless (i) the exercise price is at least 110% of the fair market value of a Share on the date of grant and (ii) such Incentive Stock Option by its terms is
not exercisable after the expiration of five (5) years from the date of grant. 
 (f) US $100,000 Limit. As provided by
Section 422(d) of the Code and applicable regulations thereunder, to the extent that the aggregate fair market value (determined at the time of grant) of Shares with respect to which Incentive Stock Options are exercisable for the first time by
any U.S. Grantee during any calendar year (under all plans of the Company and any Affiliates) exceeds US$100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options
or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Offer
Letter(s). 
 (g) Post-Termination Exercise Period. To obtain the U.S. federal income tax advantages associated with an Incentive
Stock Option, the U.S. Internal Revenue Code requires that at all times beginning on the date of grant and ending on the day three months before the date of exercise of the Option, the U.S. Grantee must be an employee of the Company or a Parent or a
Majority-Owned Subsidiary (except in the event of the Grantee’s death or disability, in which case longer periods may apply). Any Incentive Stock Option that provides for a post-termination exercise period in excess of three months from the
termination of the U.S. Grantee’s employment status will automatically be treated as Nonstatutory Stock Option following such three month period. 

(h) Leave of Absence. As provided by Section 422 of the Code and applicable regulations thereunder, if a U.S. Grantee is on an
approved leave of absence that exceeds three months (unless reemployment upon expiration of such leave is required by statute or contract), then on the date six months following the first day of such leave, any Incentive Stock Option held by a U.S.
Grantee shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. 
 (i)
Loss of ISO Status Upon a Reorganisation or Repricing. In connection with the adjustment of Options in connection with a reorganisation as provided in paragraph 9(A) of the Plan, or a repricing where the Subscription Price of such Options is
higher than the the-current fair market value of the Shares, the Board may provide for the adjustment of Options in a manner that results in the loss of Incentive Stock Option status without the consent of the
U.S. Grantee, provided that such adjustment or repricing (i) complies with Section 409A of the Code, and (ii) the loss of Incentive Stock Option status is the only adverse change to the Option. 

 

	4.	 Shareholder Approval of U.S. Addendum 

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

  
 22 

	5.	 Term, Amendment and Termination 

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

  
 23 

 Schedule I 

[Date] 

[                ] 

I-Mab天境生物 
 Dear Sir, 

Re: Employee Stock Option Plan 
 I hereby
give notice that the Option granted to me under the 2018 Employee Stock Option Plan (the “Plan”) of I-Mab
天境生物 adopted on February 22, 2019 as amended from time to time in accordance with the provisions thereof is hereby exercised in respect of
[                ] Shares. 
 [The Option to which this notice
relates is hereby exercised pursuant to paragraph 6(D) of the Plan. I enclose the remittance of US$[                ], being the aggregate amount of the Subscription
Price multiplied by the number of Shares in respect of which the Share Option is exercised.] [The Option to which this notice relates is hereby exercised pursuant to paragraph 6(E) of the Plan.]1
I hereby undertake to the Company that I have complied in full with paragraph 6(B) of the Plan. 
 Words and expressions not otherwise defined in this
letter shall have the same meanings ascribed to them in the Plan. 
 Yours faithfully, 

 
 ..........................................

 [name of Grantee] 
  

	1 	 If exercising by way of the “Sell All” mode, delete the first sentence of the paragraph; if
exercising by way of the “Hold All mode, delete the second sentence of the paragraph.Exhibit 10.1

 

SHARE PURCHASE AGREEMENT

 

THIS SHARE PURCHASE
AGREEMENT, dated as of January 3, 2020 (the “SPA”), is made by and among Sichuan Wuge Network Games Co.,
Ltd., a PRC limited liability company (the “Wuge”), shareholders listed in the Exhibit A, (each a “Shareholder,”
and collectively the “Shareholders”) who owns 100% equity interests of Wuge and TMSR Holding Company Limited.,
a Company incorporated under the laws of the State of Nevada (“TMSR”) (individually a “Party”
or collectively “Parties”).

 

RECITALS

 

NOW, THEREFORE,
for and in consideration of the foregoing premises, the mutual covenants and agreements contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound,
hereby agree as follows:

 

SECTION I

PURCHASE OF TMSR SHARES AND DELIVERY

 

1.1 The Parties
agree that TMSR shall issue 4,000,000 shares of TMSR’s common stock (“TMSR
Shares”), valued at $1.00 per share, to the Shareholders with individual
amount set forth in the Exhibit A, in exchange for the Shareholder’s agreement to enter into, and cause Wuge to, enter
into certain VIE Agreements (“VIE Agreements”) with Tongrong Technology (Jiangsu) Co., Ltd. (“WFOE”),
through which the WFOE has the right to control, manage and operate Wuge in return for a service fee approximately equal to 100%
of Wuge’s net income. The VIE Agreements consist of Consulting Services Agreement, Equity Pledge Agreement, Call Option Agreement,
Voting Rights Proxy Agreement and Operating Agreement. 

 

1.2 Upon closing
of the transactions contemplated by this SPA (the “Closing,”), TMSR shall deliver to instruction letters to
TMSR’s transfer agent to issue the TMSR Shares to the Shareholders.

 

1.3 Upon execution
of this SPA, the Shareholders shall deliver to TMSR the VIE Agreements executed by Wuge and the Shareholders.

 

1.4 The Closing
shall occur within three (3) business days after Nasdaq Stock Market approves the transactions.

 

    1

     

    

 

SECTION II

SHAREHOLDERS’ REPRESENTATIONS AND

WARRANTIES.

 

The Shareholders and
Wuge hereby acknowledge, represent and warrant to, and agree with, TMSR and its affiliates as follows:

 

2.1 The Shareholders
are acquiring the TMSR Shares for their own account, not as a nominee or agent, for investment purposes only, and not with a view
to, or for, resale, distribution or fractionalization thereof in whole or in part and no other person has a direct or indirect
beneficial interest in such Common Stock or any of the components of the Common Stock, other than the Shareholders. Further, none
of the Shareholders has any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations
to such person or to any third person, with respect to any of the TMSR Shares.

 

2.2 The Shareholders
and Wuge have full power and authority to enter into this SPA, the execution and delivery of this SPA have been duly authorized,
if applicable, and this SPA constitutes a valid and legally binding obligation of each Shareholder and Wuge.

 

2.3 The Shareholders
acknowledge their understanding that the offering and sale of the Common Stock is intended to be exempt from registration under
the Securities Act of 1933, as amended (the “Securities Act”) by virtue of Section 4(2) of the Securities Act and the
provisions of Regulation S promulgated thereunder (“Regulation S”). In furtherance thereof, the Shareholders and
Wuge represent and warrant and agree that they are not U.S. persons or affiliates of any U.S. persons as defined in Rule
501(b) under the Securities Act.

 

2.4 The Shareholders:

 

	 	(i)	Have been furnished with any and all documents which may have been made available upon request for a reasonable period of time prior to the date hereof;

 

	 	(ii)	Have been given the opportunity for a reasonable period of time prior to the date hereof to ask questions of, and receive answers from, the TMSR or its representatives concerning the terms and conditions of the offering of the Common Stock and other matters pertaining to this investment, and have been given the opportunity for a reasonable period of time prior to the date hereof to obtain such additional information necessary to verify the accuracy of the information provided in order for them to evaluate the merits and risks of purchase of the TMSR Shares to the extent the TMSR possesses such information or can acquire it without unreasonable effort or expense;

 

	 	(iii)	Have not been furnished with any oral representation or oral information in connection with the offering of the TMSR Shares which is not contained herein; and

 

	 	(iv)	Have determined that acquiring the TMSR Shares is a suitable investment for the Shareholders and Wuge and that at this time the Shareholders and Wuge could bear a complete loss of such investment.

 

2.5 The Shareholders
represent, warrant and agree that they will not sell or otherwise transfer the TMSR Shares without registration under the Securities
Act or an exemption therefrom and fully understands and agrees that they must bear the economic risk of their purchase because,
among other reasons, the TMSR Shares have not been registered under the Securities Act or under the securities laws of any state
and, therefore, cannot be resold, pledged, assigned or otherwise disposed of unless they are subsequently registered under the
Securities Act and under the applicable securities laws of such states or an exemption from such registration is available. In
particular, the Shareholders and Wuge are aware that the TMSR Shares are “restricted securities,” as such term is defined
in Rule 144 promulgated under the Securities Act (“Rule 144”), and they may not be sold pursuant to Rule 144 unless
all of the conditions of Rule 144 are met. The Shareholders and Wuge also understand that TMSR is under no obligation to register
the TMSR Shares on their behalf or to assist them in complying with any exemption from registration under the Securities Act or
applicable state securities laws. The Shareholders and Wuge further understand that sales or transfers of the TMSR Shares
are further restricted by state securities laws and the provisions of this SPA.

 

    2

     

    

 

2.6 No representations
or warranties have been made to the Shareholders by TMSR, or any officer, employee, agent, affiliate or subsidiary of TMSR, other
than the representations of TMSR contained herein, and in acquiring the TMSR Shares the Shareholder are not relying upon any
representations other than those contained herein.

 

2.7 Any information
which the Shareholders have heretofore furnished to TMSR with respect to their financial position and business experience is correct
and complete as of the date of this SPA and if there should be any material change in such information they will immediately furnish
such revised or corrected information to TMSR.

 

2.8 The Shareholders
understand and agree that the certificates for the TMSR Shares shall bear the following legend until (i) such securities shall
have been registered under the Securities Act and effectively been disposed of in accordance with a registration statement that
has been declared effective; or (ii) in the opinion of counsel for TMSR such securities may be sold without registration under
the Securities Act as well as any applicable “Blue Sky” or state securities laws:

 

“THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED,
ASSIGNED OR TRANSFERRED EXCEPT (i) PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES ACT WHICH HAS BECOME EFFECTIVE AND
IS CURRENT WITH RESPECT TO THESE SECURITIES, OR (ii) PURSUANT TO A SPECIFIC EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
BUT ONLY UPON A HOLDER HEREOF FIRST HAVING OBTAINED THE WRITTEN OPINION OF COUNSEL TO THE CORPORATION, OR OTHER COUNSEL REASONABLY
ACCEPTABLE TO THE CORPORATION, THAT THE PROPOSED DISPOSITION IS CONSISTENT WITH ALL APPLICABLE PROVISIONS OF THE SECURITIES ACT
AS WELL AS ANY APPLICABLE “BLUE SKY” OR SIMILAR SECURITIES LAW.”

 

2.9 The Shareholder
understand that an investment in the TMSR Shares is a speculative investment which involves a high degree of risk and the potential
loss of their entire investment.

 

    3

     

    

 

SECTION III

 TMSR REPRESENTATIONS AND WARRANTIES.

 

TMSR hereby acknowledges, represents and
warrants to, and agrees with the Shareholders and Wuge (which representations and warranties will be true and correct as of the
date of the Closing as if they were made on the date of Closing) as follows:

 

3.1 TMSR has been
duly organized, is validly existing and is in good standing under the laws of the State of Nevada. TMSR has full corporate power
and authority to enter into this SPA. This SPA, has been duly and validly authorized, executed and delivered by TMSR and are valid
and binding obligations of TMSR, enforceable against TMSR in accordance with their terms, except as such enforcement may be limited
by the United States Bankruptcy Code and laws effecting creditors rights, generally.

 

3.2 Subject to
the performance by the Shareholders and Wuge of their respective obligations under this SPA and the accuracy of the representations
and warranties of the Shareholders and Wuge, the offering and sale of the TMSR Shares will be exempt from the registration requirements
of the Securities Act.

 

3.3 The execution
and delivery by TMSR of, and the performance by TMSR of its obligations hereunder in accordance with its terms will not contravene
any provision of the charter documents of TMSR.

 

3.4 The TMSR Shares
have been duly authorized and, when issued and delivered as provided by this SPA, will be validly issued and fully paid and non-assessable,
and the TMSR Shares are not subject to any preemptive or similar rights.

 

3.5 Except as
otherwise disclosed in its SEC filings, TMSR is not in violation of its charter or bylaws and is not in material default in
the performance of any bond, debenture, note or any other evidence of indebtedness or any indenture, mortgage, deed of trust, license,
contract, lease or other instrument to which TMSR is a party or by which it is bound, or to which any of the property or assets
of TMSR is subject, except such as have been waived or which would not, singly or in the aggregate, prevent TMSR from
discharging its obligations under this SPA.

 

SECTION IV

GENERAL PROVISIONS

 

4.1 Survival. All
representations, warranties, covenants, and obligations in this SPA shall survive until the expiration of the applicable statute
of limitation with respect to the underlying claim to which such representation, warranty, covenant, or obligation relates.

 

4.2 Written
Changes. Neither this SPA nor any provision hereof may be changed, waived, discharged or terminated orally, except
by a statement in writing signed by the Party against which enforcement of the change, waiver, discharge or termination is sought.

 

    4

     

    

 

4.3 Delays
or Omissions. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing
to any party under this SPA shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver
of any such breach or default, or an acquiescence thereto, or of a 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 or character on the part of any party hereto of any breach or default under this
SPA, or any waiver on the part of any party of any provisions or conditions of this SPA, must be in writing and shall be effective
only to the extent specifically set forth in such writing.

 

4.4 Entire
Agreement. This SPA constitutes the entire understanding and agreement of the Parties with respect to the subject
matter hereof and supersedes all prior and contemporaneous agreements or understandings, inducements or conditions, express or
implied, written or oral, between the Parties with respect hereto. The express terms hereof control and supersede any course
of performance or usage of the trade inconsistent with any of the terms hereof.

 

4.5 Severability. Should
any one or more of the provisions of this SPA or of any agreement entered into pursuant to this SPA be determined to be illegal
or unenforceable, all other provisions of this SPA and of each other agreement entered into pursuant to this SPA, shall be given
effect separately from the provision or provisions determined to be illegal or unenforceable and shall not be affected thereby. The
Parties further agree to replace such void or unenforceable provision of this SPA with a valid and enforceable provision which
will achieve, to the extent possible, the economic, business and other purposes of the void or unenforceable provision.

 

4.6 Successors
and Assigns. The terms and conditions of this SPA shall inure to the benefit of and be binding upon and be enforceable
by the successors and assigns of the Parties.

 

4.7 Governing
Law. The validity, terms, performance and enforcement of this SPA shall be governed and construed by the provisions
hereof and in accordance with the laws of the State of Nevada applicable to agreements that are negotiated, executed, delivered
and performed in the State of Nevada.

 

4.8 Counterparts. This
SPA may be executed concurrently in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument and shall become effective when counterparts have been signed by each Party and delivered
to the other Party.

 

4.9 Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this SPA and the consummation of the transactions contemplated
hereby.

 

4.10 Third
Party Beneficiaries. Nothing expressed or implied in this SPA is intended, or shall be construed, to confer upon or
give any person other than the Parties any rights or remedies under or by reason of this SPA.

 

4.11 Headings. The
headings of this SPA are for convenience of reference and shall not form part of, or affect the interpretation of, this SPA.

 

[SIGNATURE PAGES TO FOLLOW]

 

    5

     

    

 

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

 

	THE SHAREHOLDERS 	 
	 	 	 
	/s/
    Wei Xu	 
	Wei Xu	 
	 	 	 
	/s/
    Bibo Lin	 
	Bibo Lin	 
	 	 	 
	Jiangsu Lingkong Network Joint Stock
    Co., Ltd.	 
	 	 	 
	/s/
    Wei Xu	 
	Name:	Wei
    Xu	 
	Title:	Authorized
    Representative	 
	 	 	 
	Anhui Shuziren Network Technology
    Co., Ltd.	 
	 	 	 
	/s/
    Wei Xu	 
	Name:	Wei
    Xu	 
	Title:	Authorized
    Representative	 

 

	WUGE	 
	 	 
	/s/ Bibo Lin	 
	Name:	Bibo Lin	 
	Title:	Authorized Representative	 
	 	 	 
	TMSR	 
	 	 	 
	TMSR Holding Company Limited	 
	 	 	 
	/s/ Yimin Jin	 
	Name:	Yimin Jin	 
	Title:	CEO	 

 

    6

     

    

 

EXHIBIT
A

 

WUGE SHAREHOLDERS

 

	Name	 	TMSR Shares	 
	Wei Xu	 	 	2,000,000	 
	Bibo Lin	 	 	1,200,000	 
	Jiangsu Lingkong Network Joint Stock Co., Ltd.	 	 	400,000	 
	Anhui Shuziren Network Technology Co., Ltd.	 	 	400,000

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