Document:

Exhibit 4.01  

   
   

  

   
  THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT
    OF1933.

   
  SUCH SECURITIES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF

   
  SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION OF

   
  THE U.S. SECURITIES ACT OF 1933.

   
   

  

   
  ACM RESEARCH, INC.

   
   

  

   
  Warrant to Purchase Class A Common Stock

   
   

  

   
  	
          Certificate No. A-20-01

        	
          Original Issue Date: July 29, 2020

        

   
  

  

   
  For Value Received, ACM Research, Inc., a
      Delaware corporation (the “Company”), certifies that Shengxin (Shanghai) Management Consulting Limited Partnership or its registered assigns (the “Holder”) is entitled to purchase from the Company a total of 242,681 shares (the “Warrant Shares”) of the Company’s Class A Common Stock, $0.0001 par value per share (“Class A Shares”), at a purchase price per share of $7.50 (subject to adjustment as provided in this Warrant, the “Exercise Price”), all subject to the
      terms, conditions and adjustments set forth below in this Warrant.

   
   

  

   
  1.    Definitions. As used in this Warrant,
      the following terms have the respective meanings set forth below:

   

    

   
  “Aggregate Exercise Price” means $1,820,107.50.

     
   

     

     
  “Business Day” means any day other than (a) a Saturday or Sunday or (b) any day on which either the
    Federal Reserve Bank of New York or the Federal Reserve Bank of San Francisco is closed.

     
   

     

     
  “Exercise Period” has the meaning set forth in Section 2.

     
   

     

     
  “Original Issue Date” means the Original Issue Date set forth above.

     
   

     

     
  “Person” means any individual, sole proprietorship, partnership, limited liability company,
    corporation, joint venture, trust, incorporated organization or government or department or agency thereof.

     
   

     

     
  This “Warrant” means this Warrant and all warrants issued upon division or
    combination of, or in substitution for, this Warrant.

   
   

  

   
  2.    Term. This Warrant may be exercised on
      any Business Day during the period (the “Exercise Period”) beginning immediately after the receipt by the Holder of all approvals required of governmental department and other regulatory bodies of the People’s
      Republic of China, which receipt shall have been confirmed by a certificate of the Holder delivered to the Company, and ending as of 5 P.M., Eastern standard time, on December 31, 2023.

   
   

  

   
  3.    Exercise.

   
   

  

   
  (a)       Manner of Exercise. This Warrant may
      be exercised, on one occasion, in either of the following manners:

   
   

  

   
  (i)       Cash Exercise. The Holder may
      exercise this Warrant for all, but not less than all, of the Warrant Shares by (i) surrendering this Warrant to the Company at the Company’s then principal executive offices and (ii) paying the Aggregate Exercise Price by wire transfer of immediately
      available funds to an account designated in writing by the Company.

   
   

  

   
  
    
      

  

  
  (ii)       Cashless Exercise. The Holder may
      exercise this Warrant in full by instructing the Company to withhold, in payment of the Aggregate Exercise Price, a number of Warrant Shares then issuable upon exercise of this Warrant equal to the quotient (rounded upward to the nearest whole share)
      of (A) the Aggregate Exercise Price divided by (B) the average of the closing prices of the Class A Shares for the five trading days immediately preceding the date of exercise.

   
   

  

   
  (b)     Delivery of Stock Certificates. Upon compliance by the
      Holder with the provisions of Section 3(a), the Company shall, within ten Business Days following the Exercise Time, execute (or cause to be executed) and deliver (or cause to be delivered) to the Holder a certificate representing (i) in the
      case of an exercise in accordance with Section 3(a)(i), all of the Warrant Shares or (ii) in the case of an exercise in accordance with Section 3(a)(ii), all of the Warrant Shares not withheld in payment of the Aggregate Exercise
      Price. The stock certificate so delivered shall be registered in the name of the Holder or, subject to compliance with Section 8, such other Person's name as shall be designated by the Holder in writing. This Warrant shall be deemed to have
      been exercised and such certificate representing Warrant Shares shall be deemed to have been issued, and the Holder or any other Person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares for all
      purposes, as of 5 P.M., Eastern time, on the date of exercise.

   
   

  

   
  (c)      Representations of the Company. With respect to the
      exercise of this warrant, the Company represents, covenants and agrees:

   
   

  

   
  	

        	(i)	
          this Warrant is, and any Warrant issued in substitution for or replacement of this Warrant will be upon issuance, duly authorized and validly issued;

        

   
   

    

   
  	

        	(ii)	
          at all times during the Exercise Period, the Company will reserve and keep available out of its authorized but unissued Class A Shares or other securities constituting Warrant Shares, solely for the purpose of issuance upon the exercise of
            this Warrant, the maximum number of Warrant Shares issuable upon the exercise of this Warrant; and

        

   
   

    

   
  	

        	(iii)	
          the Warrant Shares will be, upon issuance, and the Company will take all such actions as may be necessary or appropriate in order that the Warrant Shares are, validly issued, fully paid and non-assessable, issued without violation of any
            preemptive or similar rights of any stockholder of the Company and free and clear of all taxes, liens and charges.

        

   
   

  

   
  4.    Adjustment to Exercise Price and Number of Warrant Shares.
      In order to prevent dilution of the purchase rights granted under this Warrant, the Exercise Price and the number of Warrant Shares shall be subject to adjustment from time to time as provided in this Section 4 (in each case, after taking
      into consideration any prior adjustments pursuant to this Section 4).

   
   

  

   
  (a)      Dividend, Distribution, Subdivision or Combination of Class
        A Shares. If the Company shall, at any time or from time to time after the Original Issue Date:

   
   

  

   
  	

        	(i)	
          pay a dividend or make any other distribution upon any capital stock of the Company payable either in Class A Shares or in securities that are convertible into Class A Shares without payment of any consideration; or

        

   
   

    

   
  	

        	(ii)	
          subdivide (by any stock split, recapitalization or otherwise) outstanding Class A Shares into a greater number of shares;

        

   
   

  

   
  
    2

    
      

  

  the Exercise Price in effect immediately prior to any such dividend, distribution or subdivision shall be proportionately reduced and the number of Warrant Shares shall be proportionately increased. If
    the Company at any time combines (by combination, reverse stock split or otherwise) outstanding Class A Shares into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be proportionately increased and
    the number of Warrant Shares shall be proportionately decreased. Any adjustment under this Section 4(a) shall become effective at the close of business on the date the dividend, distribution, subdivision or combination becomes effective.

   
   

  

   
  (b)      Reorganization, Reclassification, Consolidation or Merger.
      In the event of any:

   
   

  

   
  	

        	(i)	
          capital reorganization of the Company;

        

   
   

    

   
  	

        	(ii)	
          reclassification of the stock of the Company (other than a change in par value or from par value to no par value or from no par value to par value or as a result of a stock dividend or subdivision, split-up or combination of shares);

        

   
   

    

   
  	

        	(iii)	
          consolidation or merger of the Company with or into another Person;

        

   
   

    

   
  	

        	(iv)	
          sale of all or substantially all of the Company's assets to another Person; or

        

   
   

    

   
  	

        	(v)	
          other similar transaction (other than any such transaction covered by Section 4(a)),

        

   
   

    

   
  in each case that entitles the holders of Class A Shares to receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Class A Shares, this
    Warrant shall, immediately after such reorganization, reclassification, consolidation, merger, sale or similar transaction, remain outstanding and shall thereafter, in lieu of or in addition to (as the case may be) the Warrant Shares then exercisable
    under this Warrant, be exercisable for the kind and number of shares of stock or other securities or assets of the Company or of the successor Person resulting from such transaction to which the Holder would have been entitled upon such reorganization,
    reclassification, consolidation, merger, sale or similar transaction if the Holder had exercised this Warrant in full immediately prior to the time of such reorganization, reclassification, consolidation, merger, sale or similar transaction and
    acquired the Warrant Shares as a result of such exercise (without taking into account any limitations or restrictions on the exercisability of this Warrant); and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder)
    shall be made with respect to the Holder's rights under this Warrant to ensure that the provisions of this Section 4 shall thereafter be applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets
    thereafter acquirable upon exercise of this Warrant (including, in the case of any consolidation, merger, sale or similar transaction in which the successor or purchasing Person is other than the Company, an immediate adjustment in the Exercise Price
    to the value per share for the Class A Shares reflected by the terms of such consolidation, merger, sale or similar transaction, and a corresponding immediate adjustment to the number of Warrant Shares without regard to any limitations or restrictions
    on exercise, if the value so reflected is less than the Exercise Price in effect immediately prior to such consolidation, merger, sale or similar transaction). The provisions of this Section 4(b) shall similarly apply to successive
    reorganizations, reclassifications, consolidations, mergers, sales or similar transactions. The Company shall not effect any such reorganization, reclassification, consolidation, merger, sale or similar transaction unless, prior to the consummation
    thereof, the successor Person (if other than the Company) resulting from such reorganization, reclassification, consolidation, merger, sale or similar transaction, shall assume, by written instrument substantially similar in form and substance to this
    Warrant and satisfactory to the Holder, the obligation to deliver to the Holder such shares of stock, securities or assets that, in accordance with the foregoing provisions, such Holder shall be entitled to receive upon exercise of this Warrant.
    Notwithstanding anything to the contrary contained in this Warrant, with respect to any corporate event or other transaction contemplated by the provisions of this Section 4(b), the Holder shall have the right to elect, prior to the
    consummation of such event or transaction, to give effect to the exercise rights contained in Section 2 instead of giving effect to the provisions contained in this Section 4(b).

   
   

  

   
  
    3

    
      

  

  (c)       Certificate as to Adjustment. The Company shall
      furnish to the Holder:

   
   

  

   
  	

        	(i)	
          within ten Business Days following any adjustment of the Exercise Price, a certificate of an executive officer setting forth in reasonable detail such adjustment and the facts upon which it is based and certifying the calculation thereof;
            and

        

   
   

    

   
  	

        	(ii)	
          within ten Business Days following receipt by the Company of a written request by the Holder, a certificate of an executive officer certifying the Exercise Price then in effect and the number of Warrant Shares or the amount, if any, of other
            shares of stock, securities or assets then issuable upon exercise of this Warrant.

        

   
   

    

   
  5.    Restriction on Transfer of Warrant. Neither this Warrant
      nor any right of the Holder under this Warrant is transferable by the Holder without the prior written consent of the Company.

   
   

  

   
  6.    Not Deemed Stockholder. Prior to the issuance of the
      Warrant Shares, the Holder shall not be entitled to vote or receive dividends or be deemed the holder of shares of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, as
      such, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise),
      receive notice of meetings, receive dividends or subscription rights, or otherwise.

   
   

  

   
  7.    Replacement on Loss. Upon receipt of evidence reasonably
      satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement or affidavit of loss of the Holder
      shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu of this Warrant, a new Warrant of like tenor
      and exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated or destroyed, provided that, in the case of mutilation, no indemnity shall be required if this Warrant in
      identifiable form is surrendered to the Company for cancellation

   
   

  

   
  8.    Compliance with Securities Laws. The Holder, by acceptance
      of this Warrant, agrees to comply in all respects with the provisions of this Section 8 and the restrictive legend requirements set forth on the face of this Warrant and further agrees that such Holder shall not offer, sell or otherwise
      dispose of this Warrant or any Warrant Shares to be issued upon exercise of this Warrant except under circumstances that will not result in a violation of the Securities Act of 1933 or of the securities laws of any other applicable jurisdiction. All
      Warrant Shares shall be stamped or imprinted with a legend in substantially the following forms:

   
   

  

   
  THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE
    ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION OF THE U.S. SECURITIES ACT OF 1933.

   

  

   
  THE COMPANY HAS MORE THAN ONE CLASS OF STOCK AUTHORIZED TO BE ISSUED. THE COMPANY WILL FURNISH WITHOUT CHARGE TO THE HOLDER UPON WRITTEN REQUEST A COPY OF THE FULL TEXT OF THE
    PREFERENCES, VOTING POWERS, QUALIFICATIONS AND SPECIAL AND RELATIVE RIGHTS OF THE SHARES OF EACH CLASS OF STOCK AUTHORIZED TO BE ISSUED BY THE COMPANY AS SET FORTH IN THE CERTIFICATE OF INCORPORATION OF THE COMPANY.

   
   

  

   
  9.    Warrant Register. The Company shall keep and properly
      maintain at its principal executive offices books for the registration and any transfers of this Warrant. The Company may deem and treat the Person in whose name this Warrant is registered on such register as the Holder of this Warrant for all
      purposes, and the Company shall not be affected by any notice to the contrary, except any assignment, division, combination or other transfer of the Warrant effected in accordance with the provisions of this Warrant.

   
   

  

   
  
    4

    
      

  

  10.  General.

   
   

  

   
  (a)      Notices. All notices, requests, consents, claims,
      demands, waivers and other communications in connection or accordance with this Warrant shall be in writing and shall be deemed to have been given: (i) when delivered by hand (with written confirmation of receipt); (ii) when received by the addressee
      if sent by a nationally recognized overnight courier (receipt requested); (iii) on the date sent by e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if
      sent after normal business hours of the recipient; or (iv) on the tenth Business Day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the
      addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 10(a)).

   
   

  

   
  	
          If to the Company:

        	
          ACM Research, Inc.

          42307 Osgood Road, Suite I

          Fremont, CA 94539

          E-mail: [***]

          Attention: Chief Financial Officer

        
	 	 
	
          with a copy to:

        	
          K&L Gates LLP

          One Lincoln Street

          Boston, MA 02111

          E-mail: [***]

          Attention: Mark L. Johnson

        
	 	 
	
          If to the Holder:

        	
          Shengxin (Shanghai) Management Consulting Limited Partnership

          Rm 210 32, 2nd fl. Building 1, 38 Debao Rd.,

          Pilot Free Trade Zone,

          Shanghai, China

        

   
  	 	E-mail:  

        	 	

        

  	 	Attention:  

        	 	 

   
  

  

   
  (b)      Entire Agreement. This Warrant, together with the Share
      Transfer and Note Cancellation Agreement dated as of April 30, 2020, as amended by Amendment No. 1 thereto dated as of the Original Issue Date, and the Registration Rights Agreement dated as of March 10, 2017 between the Company and certain of its
      securityholders, as amended by the Adoption Agreement dated as of the Original Issue Date between the Company and the Holder, constitute the full and entire understanding and agreement between the parties to this Warrant with respect to the subject
      matter contained in this Warrant, and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter.

   
   

  

   
  (c)      Severability. If any term or provision of this Warrant
      is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term or provision in any other
      jurisdiction.

   
   

  

   
  
    5

    
      

  

  (d)      Amendment and Modification; Waiver. Except as otherwise
      provided in this Warrant, this Warrant may only be amended, modified or supplemented by an agreement in writing signed by the Company and the Holder. No waiver by the Company or the Holder of any of the provisions of this Warrant shall be effective
      unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a
      similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof, nor
      shall any single or partial exercise of any right, remedy, power or privilege of this Warrant preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

   
   

  

   
  (e)      Successors and Assigns. This Warrant and the rights
      evidenced by this Warrant shall be binding upon and shall inure to the benefit of the parties to this Warrant and the successors of the Company and the successors and permitted assigns of the Holder. Each such successor or permitted assign of the
      Holder shall be deemed to be the Holder for all purposes of this Warrant.

   
   

  

   
  (f)      No Third-Party Beneficiaries. This Warrant is for the
      sole benefit of the Company and its successors and the Holder and its successors and permitted assigns. Nothing in this Warrant, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy
      of any nature whatsoever, under or by reason of this Warrant.

   
   

  

   
  (g)      Submission to Jurisdiction; Waiver of Jury Trial.

   
   

  

   
  (i)      Any legal suit, action or proceeding arising
      out of or based upon this Warrant or the transactions contemplated by this Warrant may be instituted in the federal courts of the United States of America or the courts of the State of Delaware in, and each party irrevocably submits to the exclusive
      jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons, notice or other document by certified or registered mail to such party's address set forth in this Warrant shall be effective service of process for any
      suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or
      claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

   
   

  

   
  (ii)      EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
      CONTROVERSY WHICH MAY ARISE UNDER THIS WARRANT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION
      ARISING OUT OF OR RELATING TO THIS WARRANT OR THE TRANSACTIONS CONTEMPLATED BY THIS WARRANT.

   
   

  

   
  (h)      Governing Law. This Warrant shall be governed by and
      construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of
      any jurisdiction other than those of the State of Delaware.

   
   

  

   
  (i)       Interpretation. For purposes of this Agreement:

   
   

  

   
  	

        	(i)	
          headings used in this Agreement are for convenience of reference only and shall not, for any purpose, be deemed a part of this Agreement;

        

   
   

    

   
  	

        	(ii)	
          any references herein to a Section refer to a Section of this Agreement, unless specified otherwise;

        

   
   

    

   
  	

        	(iii)	
          the words “include,” “includes” and “including” as used herein shall not be construed so as to exclude any other thing not referred to or described;

        

   
   

    

   
  	

        	(iv)	
          the word “or” is not exclusive;

        

   
   

    

   
  
    6

    
      

  

  	

        	(v)	
          the definition given for any term in this Agreement shall apply equally to both the singular and plural forms of the term defined;

        

   
   

    

   
  	

        	(vi)	
          whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms;

        

   
   

    

   
  	

        	(vii)	
          unless the context otherwise requires, references herein to a statute means such statute as amended from time to time and includes any successor legislation thereto and any rules and regulations promulgated thereunder; and

        

   
   

    

   
  	

        	(viii)	
          this Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

        

   
   

    

   
  (j)      Counterparts. This Warrant may be executed in
      counterparts, each of which shall be deemed an original, but both of which together shall be deemed to be one and the same agreement. A signed copy of this Warrant delivered by e-mail or other means of electronic transmission shall be deemed to have
      the same legal effect as delivery of an original signed copy of this Warrant.

   
   

  

   
  In Witness Whereof, the Company has duly executed this Warrant on the Original Issue
      Date.

   
  

  

   
  	 	
          ACM RESEARCH, INC.

        
	 	 	 
	 	
          By:

        	
          /s/ Hui Wang

        
	 	 	
          Name: Hui Wang

        
	 	 	
          Title: CEO

        

   
  Accepted and agreed:

   
  

  

   
  SHENGXIN (SHANGHAI) MANAGEMENT

   
  CONSULTING LIMITED PARTNERSHIP

   
  

  

   
  	
          By:

        	

        	
          , General Partner

        
	 	 	 

   
  	 	
          By: /s/ Steven Huang

        

   
  

  

   
  

  

   
  7Exhibit 10.21(b)

    

     

    

    Amendment No. 1

    to

    Share Transfer and Note Cancellation Agreement

     

       

    This Amendment No. 1 to Share Transfer and Note Cancellation Agreement (this “Amendment”) is made as of the date set forth on the signature page hereto by and between ACM Research, Inc. (“ACM”) and Shengxin (Shanghai) Management Consulting Limited
        Partnership (“SMC,” and together with ACM, the “Parties”), with respect to their Share Transfer and Note Cancellation Agreement dated as of April 30, 2020 (the “Agreement”). Capitalized terms defined in the Agreement but not in this Amendment are used herein with the respective
          meanings ascribed to them in the Agreement.

     

        

    Recitals

     

       

    A.       Pursuant to Section 1.1 of the
        Agreement, SMC assigned and surrendered the Remaining Warrant Shares, which consisted of 242,681 shares of Class A Common Stock, to ACM for consideration to be determined as described in the Agreement.

     

      

    B.      ACM wishes to deliver, and SMC wishes to
        accept, the Alternative A Consideration, as set forth in Section 1.2(a) of the Agreement and as otherwise set forth below, in full satisfaction and payment for the Remaining Warrant Shares surrendered to ACM in accordance with Section 1.1 of the
        Agreement.

    In consideration of the mutual covenants and agreements set forth in this Amendment and for other good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, the Parties agree as follows:

     

       

    1.       Consideration
          for Remaining Warrant Shares.

     

      

    1.1    Cancellation of SMC Note. Effective as of the execution and delivery of this Amendment, ACM hereby cancels the SMC Note, with the intention and purpose of
        irrevocably and unconditionally releasing and forever discharging SMC of and from any and all rights, obligations, promises, agreements, debts, losses, controversies, claims, causes of action, liabilities, damages and expenses of any nature
        whatsoever, whether known or unknown and whether asserted or unasserted, that ACM ever had or may have against SMC arising under the SMC Note. ACM shall mark the original, executed copy of the SMC Note by writing or stamping the word “CANCELED” on
        each page thereof and shall promptly send such marked copy to SMC by personal delivery in accordance with Section 5.6 of the Agreement.

     

      

    1.2    Issuance of Warrant. Contemporaneously with the execution and delivery of this Agreement, ACM is executing, and delivering to SMC, a warrant in the form of Exhibit A to this Amendment (the “New Warrant”) to purchase, at
          a purchase price per share of US$7.50, the New Warrant Shares, which shall consist of the 242,681 shares of Class A Common Stock formerly comprising the Remaining Warrant Shares and which have been held by ACM as treasury stock following the
          surrender of the Remaining Warrant Shares pursuant to Section 1.1 of the Agreement. The Warrant provides, among other things, that any exercise of the Warrant by SMC at any time shall be subject to all Regulatory Approvals.

     

      

    1.3    Amendment of Registration Rights Agreement. Contemporaneously with the execution and delivery of this Agreement, ACM and SMC are entering into an Adoption Agreement in the form
          of Exhibit B (the “Adoption Agreement”), which will
          amend the Registration Rights Agreement in order to grant to SMC certain incidental, or piggyback, rights to offer and sell any or all of the New Warrant Shares pursuant to a registration statement filed under the Securities Act.

     

      

    
      
        

    

    
    2.      Economic Effects.
        It is the intention of the Parties that the delivery of the Alternative A Consideration, as set forth in Section 1, as of the date hereof shall, to the maximum extent feasible and permitted by law, shall have the economic effects as if such
        Alternative A Consideration had been delivered contemporaneously with SMC’s assignment and surrender of the Remaining Warrant Shares on April 30, 2020. Without limiting the foregoing, notwithstanding any provision of the SMC Note, no interest shall
        be deemed to have accrued after April 30, 2020 with respect to any principal of or interest on the SMC Note.

     

      

    3.       Representations
          and Warranties of ACM. ACM represents and warrants to SMC as follows:

     

      

    3.1      SMC Note.
        Immediately prior to the execution and delivery of this Agreement, ACM was the sole owner and holder of the SMC Note and held beneficial and legal title to the SMC Note free and clear of any and all liens or other encumbrances. 

     

    

    3.2    Authorization.
        All corporate action required to be taken to authorize ACM to enter into and perform this Amendment, including the cancelation of the SMC Note and the execution and delivery of the New Warrant and the Adoption Agreement, the issuance has been
        taken.

     

    

    3.3    Binding

          Obligation. Each of this Amendment, the New Warrant and the Adoption Agreement constitutes a valid and legally binding obligation of ACM, enforceable against ACM in accordance with its terms except as limited by (a) applicable bankruptcy,
        insolvency, reorganization, moratorium, fraudulent conveyance or other laws of general application relating to or affecting the enforcement of creditors’ rights generally or (b) laws relating to the availability of specific performance, injunctive
        relief or other equitable remedies.

     

    

    3.4    Valid Issuance of Class A Common Stock. The New Warrant Shares, if and when issued, sold and delivered in accordance with the terms and for the consideration set forth
          in the New Warrant, will be validly issued, fully paid and nonassessable, and free of restrictions on transfer other than restrictions on transfer under this Amendment and applicable U.S. federal and
            state securities laws.

     

        

    3.5    Governmental

          Consents and Filings. Except as required by the Required Approvals (including all applicable U.S. federal and state securities laws), no consent, approval, order or
          authorization of, or registration, qualification, designation, declaration or filing with, any national, provincial or local governmental authority of any jurisdiction is required to be obtained by ACM in connection with the consummation of the
          transactions contemplated by this Amendment.

     

      

    3.6     Compliance with Other Instruments. ACM’s execution, delivery and performance of this Amendment, the New Warrant and the Adoption Agreement will not result in (a) any violation, or be in conflict with or constitute, with or without the
        passage of time and giving of notice, default, (i) of any provisions of its organizational documents, (ii) of any instrument, judgment, order, writ or decree, (iii) under any note, indenture or mortgage, or (iv) under any lease, agreement, contract
        or purchase order to which it is a party or by which it is bound, or, to its knowledge, of any provision of any statute, rule or regulation applicable to ACM, the violation of which would have a material
        adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or operating results of ACM or (b) an event that results in the creation of any lien, charge or encumbrance upon any assets of ACM or
        the suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to ACM.

     

    

    4.        Representations

          and Warranties of SMC. SMC represents and warrants to ACM as follows:

     

    

    4.1     Authorization. All corporate action required to be taken to authorize SMC to enter into and perform this Amendment has been taken.

     

    

    
      2

      
        

    

    4.2    Binding

          Obligation. This Amendment constitutes a valid and legally binding obligation of SMC, enforceable against SMC in accordance with its terms except as limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
        conveyance or other laws of general application relating to or affecting the enforcement of creditors’ rights generally or (b) laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

     

    

    4.3    Governmental

          Consents and Filings. Except as required by the Required Approvals, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any national, provincial or local governmental
        authority of any jurisdiction is required to be obtained by SMC in connection with the consummation of the transactions contemplated by this Amendment.

     

    

    4.4     Compliance with Other Instruments. SMC’s execution, delivery and performance of this Amendment and the Adoption Agreement will not result in (a) any violation, or be in conflict with or constitute, with or without the passage of time
        and giving of notice, default, (i) of any provisions of its organizational documents, (ii) of any instrument, judgment, order, writ or decree, (iii) under any note, indenture or mortgage, or (iv)under any lease, agreement, contract or purchase
        order to which it is a party or by which it is bound, or, to its knowledge, of any provision of any statute, rule or regulation applicable to SMC, the violation of which would have a material adverse effect
        on the business, assets (including intangible assets), liabilities, financial condition, property or operating results of SMC or (b) an event that results in the creation of any lien, charge or encumbrance upon any assets of SMC or the suspension,
        revocation, forfeiture, or nonrenewal of any material permit or license applicable to SMC.

     

    

    4.5    Purchase Entirely for Own Account. SMC is acquiring the New Warrant, and shall acquire (if and when acquired) the New Warrant Shares, for investment for its own account, not as a nominee or agent and not with a view to the resale or distribution of any interest in the New Warrant or the New Warrant Shares. SMC has no present intention of selling, granting any participation in or otherwise distributing any interest in the New Warrant or the New Warrant Shares. SMC does not presently have any contract, undertaking, agreement or arrangement with any individual or entity to sell, transfer or grant participations to either such individual or entity or any third party, with
          respect to the New Warrant or the New Warrant Shares, as applicable.

     

      

    4.6    Disclosure of Information. SMC has had an opportunity to discuss with ACM’s management the business, management and financial affairs of ACM and ACM Shanghai and the terms and
          conditions of the offering of the New Warrant and SMC has had an opportunity to review ACM Shanghai’s facilities. The foregoing, however, does not limit or modify the representations and warranties of ACM in Section 2 or the right of SMC to rely thereon.

     

      

    4.7     Restricted Securities. SMC understands the New Warrant has not been and will not be registered under the Securities Act and, if and when issued, the New Warrant Shares will not have been, and will not be, registered under the Securities Act, in each case by reason of a specific exemption from the registration provisions of the
          Securities Act that depends upon, among other things, the bona fide nature of the investment intent and the accuracy of SMC’s representations as expressed in this Amendment. SMC understands that the New Warrant and, if and when issued, the New Warrant Shares shall constitute “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to those laws, SMC must hold the Warrant and the
          New Warrant Shares, as applicable, indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an
          exemption from such registration and qualification requirements is available, including a transfer outside of the United States in an offshore transaction in compliance with Rule 904 under the Securities Act (if applicable). SMC acknowledges that
          ACM has no obligation to register or qualify for resale the New Warrant or the New Warrant Shares, except as contemplated by the Registration Rights Agreement with
          respect to the New Warrant Shares, pursuant to the Adoption Agreement. SMC further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including the time and manner of
          sale, the holding period for the New Warrant or the New Warrant Shares, as applicable, and on requirements relating to ACM that are outside of SMC’s control and that
          ACM is under no obligation, and may not be able, to satisfy.

     

      

    
      3

      
        

    

    4.8     Legends. SMC understands that the New Warrant and, if and when issued, the New Warrant Shares, which will be held in book-entry form, may be notated with restrictive legends as ACM and its counsel deem necessary or advisable under applicable law or pursuant to this Amendment or the New
          Warrant, including a legend substantially to the following effect:

     

      

    “THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933. SUCH SECURITIES MAY NOT BE SOLD,
      PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION OF THE U.S. SECURITIES ACT OF 1933.”

     

       

    4.9    Investor Status. SMC is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act and is not a
          U.S. person as defined in Regulation S under the Securities Act. SMC understands and confirms that the New Warrant has not been, and the New Warrant Shares
          will not be, offered or sold within the United States as defined under the Securities Act. At the time of the origination of discussion regarding the offer and sale of the New Warrant and the date of the execution and delivery of this Amendment, SMC was at all times outside of the United States. SMC has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any
          invitation to receive the New Warrant or the New Warrant Shares, as applicable, or any use of this Amendment, including (a) the legal requirements within its
          jurisdiction for the purchase of the New Warrant or the New Warrant Shares, as applicable, (b) any foreign exchange restrictions applicable to such purchase, (c) any
          governmental or other consents that may need to be obtained, (d) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the New Warrant or the New Warrant Shares, as applicable, and (e) SMC’s receipt and continued beneficial ownership of the New Warrant or the New Warrant Shares, as applicable, will not violate any applicable securities or other laws of SMC’s jurisdiction.

     

      

    5.        Miscellaneous.

     

    

    5.1    Survival.
        Unless otherwise set forth in this Amendment, the representations and warranties of each Party contained in this Amendment shall survive the execution and delivery of this Amendment and shall in no way be affected by any investigation or knowledge
        of the subject matter thereof made by or on behalf of the other Party.

     

    

    5.2    Successors

          and Assigns. The terms and conditions of this Amendment shall inure to the benefit of and be binding upon the respective successors and assigns of the Parties. Nothing in this Amendment, express or implied, is intended to confer upon any
        party other than the Parties to this Amendment or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Amendment, except as expressly provided in this Amendment.

     

    

    
      4

      
        

    

    5.3    Governing

          Law. This Amendment and any controversy arising out of or relating to this Amendment shall be governed by and construed in accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to
        all other matters shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of
        Delaware.

     

    

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

     

    

    5.5     Interpretation. For purposes of this Amendment:

     

    

    	

             	(a)	
            headings used in this Amendment are for convenience of reference only and shall not, for any purpose, be deemed a part of this Amendment;

          

     

    

    	

             	(b)	
            references to a Section or Subsection refer to a Section or Subsection of this Amendment, unless specified otherwise;

          

     

    

    	

             	(c)	
            the words “include” and “including” shall not be construed so as to exclude any other thing not referred to or described;

          

     

    

    	

             	(d)	
            the word “or” is not exclusive;

          

     

    

    	

             	(e)	
            the definition given for any term shall apply equally to both the singular and plural forms of the term defined;

          

     

    

    	

             	(f)	
            unless the context otherwise requires otherwise, references (i) to an agreement, instrument or other document (including this Amendment) mean such agreement, instrument or other document as amended, supplemented
              and modified from time to time to the extent permitted by the provisions thereof and (ii) to a statute mean such statute as amended from time to time and include any successor legislation thereto and any rules and regulations promulgated
              thereunder; and

          

     

    

    	

             	(g)	
            this Amendment shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

          

     

      

    5.6     Notices. All notices and other communications given or made pursuant to this Amendment shall be in writing and shall be deemed effectively given upon the earlier of (a) personal delivery to, or other actual receipt by, the Party to be
        notified and (b) when sent, if sent by electronic mail during normal business hours of the recipient, or, if not sent during the recipient’s normal business hours, then on the recipient’s next business day. All communications shall be sent to the
        respective Parties at their addresses or e-mail addresses as set forth on the signature page, or to such address or e-mail address as subsequently modified by written notice given in accordance with this Subsection 5.6. If notice is given
        to ACM, a copy shall also be sent to Mark L. Johnson at K&L Gates LLP, State Street Financial Center, 1 Lincoln Street, Boston, Massachusetts 02111.

     

    

    5.7    Attorneys’

          Fees. If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of this Amendment, the prevailing Party shall be entitled to reasonable attorneys’ fees, costs and disbursements in addition
        to any other relief to which such Party may be entitled.

     

    

    
      5

      
        

    

    5.8    Amendments.
        Any term of this Amendment may be amended or terminated only with the written consent of the Parties.

     

    

    5.9    Severability.
        In case any one or more of the provisions contained in this Amendment is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this
        Amendment, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law.

     

    

    5.10  Entire

          Agreement. The Agreement, as amended by this Amendment, together with the New Warrant and the Adoption Agreement, constitute the full and entire understanding and agreement between the Parties with respect to the subject matter of this
        Amendment, and any other written or oral agreement relating to the subject matter of this Amendment existing between the Parties is expressly canceled.

     

    

    5.11   Dispute

          Resolution.

     

    

    (a)      The Parties (a) irrevocably and unconditionally submit to the jurisdiction of the state courts of the State of Delaware and to the jurisdiction of the U.S. District Court for the District of Delaware for the purpose of any suit, action or
        other proceeding arising out of or based upon this Amendment, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Amendment except in the state courts of Delaware or

        the U.S. District Court for the District of Delaware, and (c) waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of
        the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Amendment
        or the subject matter of this Amendment may not be enforced in or by such court.

     

    

    (b)      Waiver of Jury Trial: Each Party waives its rights to a jury trial of any claim or cause of action based upon or arising out of this Amendment or the subject matter of this
          Amendment. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this transaction, including contract claims, tort claims (including
          negligence), breach of duty claims, and all other common law and statutory claims. This Subsection 5.11(b) has been fully discussed by each of the Parties and these provisions will not be subject to any exceptions. Each Party further warrants and
          represents that it has reviewed this waiver with its legal counsel, and that such Party knowingly and voluntarily waives its jury trial rights following consultation with legal counsel.

     

      

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      6

      
        

    

    In Witness Whereof, the Parties have executed this Amendment as of July 29, 2020.

     

       

    	 	
            ACM Research, Inc.

          
	 	 	 
	 	
            By:

          	
            /s/ Hui Wang

          
	 	 	
            Name: Hui Wang

          
	 	 	
            Title: CEO

          

    

       

    	 	
            Address:

          	
            42307 Osgood Road, Suite I

          
	 	 	
            Fremont, CA 94539

          
	 	 	
            United States of America

          

    

       

    	 	
            Shengxin (Shanghai) Management

          
	 	
            Consulting Limited Partnership

          

    

       

    	 	
            By:

          	
            /s/ Steven Huang

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

       

    	 	
            Address:

          	
            Rm. 210-32, 2nd Fl. Building 1

          
	 	 	
            38 Debao Rd.

          
	 	 	
            Pilot Free Trade Zone

          
	 	 	
            Shanghai, China

          

    

       

    

       

    7

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