Document:

EX-10.20

 Exhibit 10.20 

Fixed Assets Loan Contract 

No.: 512HT2020104831 
 ☐ This
Contract is a specific Contract under the Credit Extension Agreement numbered     / (If this article is applicable, check the box). 

Lender: China Merchants Bank Co., Ltd. Suzhou Branch (hereinafter referred to as “Party A”) 

Borrower: Suzhou Gracell Biotechnologies Co., Ltd. (hereinafter referred to as “Party B”) 

Through friendly negotiation, Party A and Party B reach a consensus on Party A’s provision of a fixed assets (project) loan to Party B upon Party
B’s application and enter into this Contract, whose content is as follows: 
 Part 1 Basic Conditions for the Loan 

 

	1.	 Type of Loan 

This loan is a fixed assets (project) loan. 
  

	2.	 Currency and Amount of Loan 

RMB (in words) TWENTY-NINE MILLION ONLY. 
  

	3.	 Purpose of Loan 

This loan can only be used for equipment purchase, and shall not be used by Party B for other purposes with the written consent of Party
A. 
 The total investment amount of the project as approved by the competent government department is: RMB
FORTY-ONE MILLION FOUR HUNDRED AND FORTY THOUSAND, including the funds raised by Party B or its shareholders in the amount of RMB TWELVE MILLION FOUR HUNDRED AND FORTY THOUSAND, and a financing
amount of RMB TWENTY-NINE MILLION from the financial institution. 
  

	4.	 Loan Term 

The loan term is 60 months, from June 2, 2020 to June 1, 2025. The drawdown period is from June 2, 2020 to
June 1, 2025, and during this period, Party B may conduct drawdown in a few phases, and Party A will not accept any new drawdown application beyond this period; the grace period is from /     to
/     , and during this period, Party B is only required to pay the interest and is not required to repay the loan principal; the repayment period is from June 2, 2020 to June 1, 2025, and during
this period, Party B shall repay the loan principal based on the frequency of at least once every six months, with interest paid off together with the principal (Party A may also require a higher repayment frequency according to the situation of the
project), and the specific repayment plan shall be the one recorded in the drawdown application. When the drawdown date specified in the drawdown application is different from the one specified in the loan note (or recorded in Party A’s
system), the drawdown date specified in the loan note (or recorded in Party A’s system) shall prevail; if an installment repayment plan is laid out in the drawdown application, Party B has the obligation to repay the loan according to the
installment repayment time and the installment repayment amount recorded in the drawdown application, provided that the final maturity date shall be the one specified in the loan note (or recorded in Party A’s system). The term determined at
the time of the last drawdown shall not exceed the loan term. 

  
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	5.	 Loan Interest Rate and Interest 

 

	5.1	 Interest Rate: 

  

	5.1.1	 This loan is based on (Check the box before the chosen one): 

☑ Fixed interest rate ☐ Floating interest one 
  

	5.1.2	 Determination of the interest rate within the term hereof (If applicable, check the box):

  

	5.1.2.1	 If a RMB loan is granted, 

the benchmark interest rate shall be the interest rate quoted in the loan market (LPR) for a period of☑ne year /☐ more than 5 years
as published by the National Interbank Funding Center 1 working day before the ☑pricing date, ☑ plus / ☐ minus 100 basic points (BPs), or the benchmark interest rate shall be ☐/, ☐ plus / ☐
minus     / basic points (BPs), or ☐ increasing / ☐ decreasing by /%. 
 Floating on the
basis of the benchmark interest rate (hereinafter referred to as the Floating Ratio) or plus or minus basic points (hereinafter referred to as Basic Points) as agreed herein refers to the Floating Ratio and / or Basic Points determined at the time
of signature of this Contract. If the Floating Ratio or Basic Points (BPs) and other interest rate elements agreed in this Contract are inconsistent with the records of the loan note (or Party A’s system), the record of loan note (or Party
A’s system) shall prevail. 
  

	5.1.2.2	 If a foreign currency loan is granted, the benchmark interest rate shall be /    
for the loan in the same currency on the pricing date or 1 or 2 working days before the pricing date, ☐ plus / ☐ minus    /   Basic Points (BPs). Whether the date of determination of the interest rate
shall be the pricing date or 1 or 2 working days before the pricing date shall be determined by Party A by reference to international practices. 

The pricing date refers to the reference date used to determine the benchmark interest rate within the loan period or floating period. If the
loan is based on a fixed interest rate, the pricing date shall be the actual loan granting date (If the loan is extended, it refers to the commencement date of such extension); if the loan is based on a floating interest rate, the pricing date shall
be determined according to the provisions of Article 5.1.3. 

  

					
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	5.1.3	 If this loan is based on a floating interest rate, the floating period shall be / and the benchmark interest
rate applicable in each floating period shall be determined according to the provisions of this article. 

 The actual loan
granting date (If the loan is extended, it refers to the commencement date of such extension) shall be the pricing date of the first floating period, and the first day of each floating period thereafter shall be the pricing date of such floating
period. 
  

	5.1.4	 Party A has the right to regularly or irregularly adjust the benchmark interest rate or interest rate
pricing method in light of the changes of relevant national policies, domestic and foreign markets or Party A’s own credit policies. Such adjustment shall take effect after notification to Party B by Party A (the notification method is to make
an announcement at Party A’s outlets or on the official website of China Merchants Bank, or send a notice to Party B at or by any of the reserved contact addresses / methods in this Contract). The specific benchmark interest rate, Floating
Ratio and / or Basic Points of any loan that is newly withdrawn by Party B and any loan that has been withdrawn by Party B and has not been repaid before such notice takes effect shall be based on the notice of Party A. If Party B does not accept
such adjustment, it may prepay the loan; otherwise Party B shall be deemed to recognize that such notice shall be followed. 

In case of any inconsistency between this section and other relevant provisions of this Contract, the provisions of this section shall
prevail. 
  

	5.1.5	 If Party B fails to use the loan according to the provisions of the Contract, penalty interest shall be charged
for the part of the loan that it fails to use for the purpose agreed herein at the interest rate increasing by 100% on the basis of the original interest rate from the date of change of the purpose of the loan. The original interest rate
refers to the interest rate that is applicable before the purpose of the loan is changed. 

 If Party B fails to repay the
loan on schedule, overdue interest (i.e. penalty interest) shall be charged for the outstanding part of the loan at the interest rate increasing by 50% (interest rate of the overdue loan) on the basis of the original interest rate from the
overdue date. The original interest rate refers to the interest rate that is applicable before the maturity date (including the early maturity date) of the loan (if it is a floating rate, it refers to the interest rate that is applicable in the last
floating period before the maturity date of the loan (including the early maturity date). 
 If the loan is overdue and is not used for the
purpose agreed herein at the same time, the interest shall be calculated according to the higher of the above provisions. 
  

	5.1.6	 If the People’s Bank of China adjusts the loan interest rate during the loan period, relevant provisions
of the People’s Bank of China shall apply. 

  

					
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	5.2	 Interest Calculation: The loan interest shall be calculated according to the actual amount of the granted loan
and the actual number of days of occupation from the date when the loan is deposited into Party B’s account, and the interest date shall be ☐ the 20th day of each month / ☑ the 20th day of the last month of each quarter / ☐
the maturity date of the loan / ☐ other date: /     . The daily interest rate of RMB = annual interest rate / 360, and the conversion method for the daily interest rate of a foreign currency shall be based on
international practices. 

 If the maturity date of the loan is a holiday, the maturity date of the loan will be
automatically extended to the first working day after such holiday, and the interest shall be calculated according to the actual number of days of occupation of loan funds. 
  

	5.3	 Interest Payment: Party B shall pay the interest on each interest date, and Party A may directly deduct the
interest payable from any account of Party B in China Merchants Bank. If the repayment date of the last phase of the loan principal is not an interest date, the repayment date of the last phase of such loan principal shall be the interest payment
date, and the Borrower shall pay off all the interest payable on such loan principal on such date. 

 If Party B fails to
pay the interest on time, Party A has the right to charge compound interest for the outstanding interest (including the penalty interest) according to the interest rate of the overdue loan as specified in this article. 

 

	☑ 6.	 Project-Specific Account 

 

	6.1	 Both parties agree that Party B shall open an account in Party A for loan granting, external payment and
receipt of sales income / operating or rental income (When this item applies, check the box): 

 Account Name: Suzhou
Gracell Biotechnologies Co., Ltd.; 

Name of Account Opening Bank:   /     

Account Number:   /     

The specific requirements that shall be followed by Party B with respect to account monitoring and fund retention are as follows: 

/     
  

	6.2	 Party B shall provide the fund inflow and outflow of the above account each quarter and cooperate with Party A
to monitor the relevant account and the collected funds. 

  

	6.	 3 Party B shall ensure that /% of the total amount of the project or /% of the income cash flow
of Party B is deposited into the project-specific account, and the fund amount of the project-specific account shall not be less than RMB   /     at any time point within the loan period (any foreign currency
shall be converted at the exchange rate announced by Party A at the time of calculation). 

  

					
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 Part 2 Use and Repayment 
  

	7.	 Prepayment 

  

	7.1	 If Party B applies for prepayment, it shall submit a written application to Party A 7 working days before the
planned repayment date, and pay Party A liquidated damages for prepayment. Liquidated damages for prepayment = the amount of prepayment * the percentage of liquidated damages ( / %). After Party A reviews and approves Party B’s
application for prepayment, Party B shall pay Party A liquidated damages for prepayment in full within the time frame required by Party A; otherwise Party A shall still have the right to refuse Party B’s application for prepayment. Party A has
the right, but has not the obligation, to properly reduce the amount of liquidated damages for prepayment payable by Party B at its sole discretion according to relevant factors such as the remaining term of the loan when Party B prepays the loan.

  

	7.2	 After prepaying the liquidated damages for prepayment according to the requirements of Party A, Party B shall
handle the repayment procedures in the reverse order of the repayment phases recorded in the corresponding drawdown application, that is, first repay the last loan that is due, and the rest may be done by analogy. 

 

	7.3	 For the prepaid amount, Party A will calculate the interest payable according to the actual loan term, and
Party B shall pay Party A such interest payable on the prepayment date according to the requirements of Party A. 

  

	8.	 Loan Extension 

If Party B fails to repay the loan for any phase under this Contract on schedule, it shall notify Party A in writing one month before the maturity date of such
loan, and Party A shall determine whether to extend such loan according to its credit policy. If Party A agrees to extend such loan, both parties shall determine the extension repayment plan through negotiation and separately sign a written
extension agreement; if Party A does not agree to such extension, this Contract shall still apply. The loan occupied by Party B and the interest payable shall be paid according to the provisions of this Contract. 

 

	9.	 Drawdown in Phases 

 

	9.1	 Party B shall withdraw the loan hereunder in phases within the drawdown period, and Party A will not accept the
drawdown application of Party B beyond the drawdown period. 

 Party A has the right to consider whether to approve Party
B’s drawdown application in light of its internal management requirements and Party B’s operating conditions, and has the right to unilaterally reject Party B’s drawdown application without assuming any form of legal liability to
Party B. In case of conflict between this section and other provisions, this section shall prevail. 
  

	9.2	 Party A has the right to require Party B to open a special account in Party A for loan granting, external
payment and receipt of sales income / operating or rental income. If such special account is opened, the granting of all the loan funds, external payment and sales income / operating or rental income under this Contract must be handled through such
account. 

  

					
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	9.3	 Party B must satisfy the following conditions when it requests drawdown; otherwise Party A has the right to
refuse its drawdown request: 

  

	9.3.1	 All the materials submitted by Party B at the request of Party A are true, legal and valid;

  

	9.3.2	 All the statements and warranties made by Party B under this Contract are true, legal and valid;

  

	9.3.3	 When Party B plans to pay a single loan amount exceeding or equal to RMB5 million (or an equivalent amount
in a foreign currency) to the same beneficiary when it applies for drawdown, or a single loan amount to be paid to the same beneficiary is greater than or equal to 5% of the total project investment recorded in this Contract and is greater than or
equal to RMB500,000 (or an equivalent amount in a foreign currency), Party B must submit relevant transaction information to Party A according to Party A’s time limit requirements, and entrust Party A with the external payment of the loan fund
for and on behalf of Party B (that is, the entrusted payment of the Lender); 

 The entrusted payment of the Lender refers
to Party A’s payment of a loan fund to Party B’s counterParty According to Party B’s drawdown application and payment entrustment. 
  

	9.3.4	 The actual progress of the fixed assets project hereunder before drawdown shall match the investment amount;

  

	9.3.5	 No event of default hereunder has occurred. 

 

	9.4	 At the time of drawdown, Party B shall submit to Party A a drawdown application (stamped with Party B’s
official seal or Party B’s reserved seal in Party A), a loan note, and the materials that Party A requires Party B to submit according to different requirements of independent payment and entrusted payment. Otherwise Party A has the right to
refuse Party B’s drawdown application. The installment repayment plan shall be specified in the drawdown application. 

If the loan is a real estate development loan, Party B shall also provide Party A with a project construction Contract, a project progress /
supervision report, actual progress measurement data, relevant agreements signed with equipment and material suppliers, and other materials, which indicate the actual purpose, amount and payee of the loan. 

 

	9.5	 If Party A agrees to grant a loan after receipt and review of a drawdown application and the supporting
documents for the use of the loan fund, the actual granted amount, start and end dates, purpose, interest rate and other matters of each loan / drawdown shall be based on the record of the loan note (or Party A’s system), and the content not
recorded therein shall still be based on the provisions of this Contract. 

  

	9.6	 For any loan fund based on entrusted payment, Party B shall authorize Party A to pay Party B’s
counterparty through Party B’s account on the date of loan granting (no later than the next working day after loan granting). 

  

					
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	10.	 Installment Repayment 

 

	10.1	 Party B shall repay each loan in full and on time on the installment repayment date recorded in the
corresponding drawdown application. 

  

	10.2	 Party B shall reserve sufficient funds in its account opened with Party A before the specified repayment date
for Party A’s direct deduction on such repayment date. 

  

	10.3	 Party B shall make repayment in the same currency as the drawdown. 

Part 3 Guarantee Clause 
  

	11.	 For all the debts owed by Party B to Party A under this Contract, Party B or the third party recognized by
Party A shall provide a property mortgage or pledge guarantee or joint guarantee, and Party B or the third Party As guarantor shall separately issue or sign a guarantee text according to Party A’s requirements. 

If the guarantor provides a real estate mortgage guarantee for all the debts owed by Party B to Party A under this Contract, when Party B knows
that the collateral has been or may be included in the government’s demolition and expropriation plan, Party B shall immediately inform Party A, and urge the guarantor to continue providing a guarantee for Party B’s debts with the
compensation provided by the demolition party according to relevant provisions of the Mortgage Contract and to complete the corresponding guarantee procedures in time, or to provide other safeguard measures recognized by Party A according to Party
A’s requirements. 
 If the circumstance mentioned in the preceding paragraph occurs to the collateral so that it is necessary to re-create a guarantee or take other safeguard measures, the guarantor shall be responsible for the relevant expenses incurred thereby, and Party B shall be jointly and severally liable for such expenses. Party A
shall have the right to directly deduct such expenses from Party B’s account. 
  

	12.	 If the guarantor fails to sign the guarantee text and complete the guarantee procedures according to
relevant provisions, Party A has the right to refuse to grant the loan to Party B. 

 Part 4 Preconditions for the Loan 

 

	13.	 Within 30 days after signature of this Contract, Party B must satisfy the following conditions;
otherwise Party A has no obligation to grant any fund under this Contract to the Borrower: 

  

	13.1	 Party B has complied with the national provisions on the investment project capital system and the special
requirements made by Party A for the capital of the project involved in the specific loan under this Contract, and the project conforms to the relevant national policies on industry, land and environmental protection. 

Under the real estate development loan, the capital of the project is fully paid up before the loan is actually used. 

  

					
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	13.2	 If there is any mortgage / pledge, the mortgage / pledge registration procedures required by relevant laws and
regulations have been properly handled, and the originals of the related property right certificate and the registration certificate have been filed with Party A. 

 

	13.3	 If Party A requires purchase of insurance for the collateral, the insurance procedures with Party A as the
first beneficiary have been completed and the original insurance policy has been filed with Party A. 

  

	13.4	 This Contract and all the subsidiary guarantee contracts hereof have been effectively signed.

  

	13.5	 Party B has opened a settlement account with Party A according to Party A’s requirements.

  

	13.6	 Party A has received the following documents: 

 

	13.6.1	 Copies or duplicates of Party B’s articles of association and business license, whose authenticity,
legality and validity are certified under Party B’s official seal, and specimen signatures of the legal representative and the members of the board of directors registered in the administration for industry and commerce; 

 

	13.6.2	 A copy or duplicate of Party B’s capital verification report issued by a qualified accounting firm, whose
authenticity, legality and validity are certified under an official seal; 

  

	13.6.3	 A duplicate of the ID card of Party B’s legal representative, whose authenticity, legality and validity
are certified under Party B’s official seal; 

  

	13.6.4	 The original of the true, legal and valid resolution on permitting Party A to apply for the loan under this
Contract and accepting the loan conditions required by Party A, which are voted through by the quorum of the members at the meeting held by Party B’s competent organization according to legal procedures; 

 

	13.6.5	 If the project using the loan under this Contract shall be reported for approval or go through other management
procedures according to the provisions or requirements of the competent government department, Party B shall provide Party A with corresponding supporting documents that are true and valid; 

 

	13.6.6	 If there is a third party guarantee, the articles of association and the business license, whose authenticity,
legality and validity are certified under the guarantor’s legal representative’s signature and the guarantor’s official seal, specimen signatures of the legal representative and the members of the board of directors, and the true,
legal and valid resolution made by such guarantor’s competent organization on agreeing to provide a guarantee for the loan under this Contract. 

  

	13.7	 When the loan under this Contract is used for real estate development, the following conditions shall also be
satisfied: 

  

					
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	13.7.1	 Party B has obtained the qualification certificate of the real estate development enterprise as issued by the
competent department or has the qualification to undertake the development and construction of the loan project, and complies with the special qualification requirements specified by Party A. If Party B is a foreign-invested enterprise, it shall
provide Party A with relevant documents for approval of its establishment from the competent department; 

  

	13.7.2	 The real estate project planning to be constructed with the loan under this Contract has been incorporated into
the national or local construction and development plan, and its project approval or filing documents are legal, complete, true and valid; 

  

	13.7.3	 The real estate project planning to be constructed with the loan under this Contract has at least be provided
with a certificate for the use of state-owned land, a construction land planning permit, a construction project planning permit and a construction project construction permit, all of which are legal and valid; 

 

	13.7.4	 The ownership of the land occupied by the real estate project planning to be constructed with the loan under
this Contract is clear. 

  

	13.7.5	 The unused project capital and other funds raised by Party B for the project have been transferred into the
project-specific account; 

  

	13.7.6	 Environmental impact assessment reply issued by the competent government department. 

 

	13.8	 Other legal and valid materials related to the project that have been submitted by Party B to Party A according
to Party A’s requirements. 

  

	14.	 The preconditions for the loan are created to protect the rights and interests of Party A, and Party A has
the right to unilaterally reduce the requirements for the preconditions for the loan. 

 Part 5 Expense Clause 

 

	15.	 If this Contract involves notarization (except compulsory notarization) or other matters entrusted to a third
party based on provision of services, relevant expenses shall be borne by the entrusting party; if both parties jointly act as the entrusting party, both parties shall respectively bear 50% of relevant expenses unless otherwise specified in relevant
national policies and other normative documents. 

 If Party B fails to repay the principal and interest of the loan
hereunder on schedule and pay the expenses payable, Party B shall solely bear the attorney fees, litigation fees, travel expenses and all the other expenses paid by Party A to realize the creditor’s rights, and Party B authorizes Party A to
directly deduct the same from its bank account. If there is any shortfall, Party B guarantees to pay the shortfall in time after receipt of Party A’s notice. 

Part 6 Statements and Warranties 
  

	16.	 Party B makes the following statements and warranties to Party A: 

  

					
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	16.1	 Party B is an entity formally established and legally existing according to Chinese laws and having the legal
personality, the publicity procedures of its registration and annual reports are true, legal and valid, and it has sufficient civil capacity to sign and perform this Contract; 

 

	16.2	 Party B’s signature and performance of this Contract has been effectively authorized by Party B’s
board of directors or other competent organization, and this Contract has legal and valid binding force on Party B as of the date of signature; 

  

	16.3	 The loan project and its loan matters comply with the requirements of laws and regulations, and the loan shall
not be used as project capital or equity capital, or used to pay land transfer fees; the loan project is legally owned or legally controlled by Party B, and there is no third party’s rights and interests that are not disclosed to Party A and
may affect the security of Party A’s loan; the real estate development loan fund shall not be used for demolition compensation and other expenses unrelated to the project, shall not be transferred to the Borrower’s account in the same name
(except for the syndicated loan), and shall not be used to repay other financing or pay the Borrower’s other development project funds without the consent of Party A; 

 

	16.4	 If the Borrower’s independent payment is used for the payment of the loan fund, Party B shall regularly
summarize and report the payment of the loan fund to Party A, and Party A has the right to check whether the loan payment complies with the agreed purpose through account analysis, certificate inspection,
on-site investigation and any other method. 

 The Borrower’s independent
payment means that after Party A grants a loan fund to Party B’s account according to Party B’s drawdown application, Party B will independently pay the loan fund to Party B’s counterparty that complies with the purpose agreed in the
Contract. 
  

	16.5	 Party B shall regularly provide Party A with Party B’s financial reports according to Party A’s
requirements, and ensure the authenticity and validity thereof; if the loan under this Contract is used for project construction, Party B shall also regularly provide Party A with periodic reports on project construction and other relevant materials
according to Party A’s requirements, and ensure the authenticity and validity thereof; 

  

	16.6	 For the real estate development loan, Party B specially warrants as follows: 

 

	16.6.1	 If it is necessary to open a separate account for sales collection at the sales stage of the project, the
account shall be opened with Party A. If the project is operated by Party B itself, the account for collection of operating and rental incomes shall be opened with Party A. Such account shall be managed by reference to the management of the
project-specific account under this Contract. Party B shall ensure that the sales income corresponding to the loan / the operating and rental incomes after the completion of the project will be deposited in the special account opened with Party A.

  

	16.6.2	 From the date when a presale permit is legally obtained for the real estate development project, Party B
guarantees to provide Party A with a sales (presale) information sheet of such project on a monthly basis, including the number of houses sold (presold), house numbers, prices, etc. 

  

					
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	16.6.3	 If the land use right, construction in progress or completed housing corresponding to the real estate
development loan project is mortgaged with Party A as a guarantee for the loan, the said property shall not be mortgaged with any third party other than Party A without the permission of Party A. 

 

	16.6.4	 Party B undertakes that before full payment of the principal and interest of Party A’s development loan
and the completion of the project, Party B’s self-raised project construction funds and presale, sales and rental incomes as well as the real estate development loan granted by Party A can only be used for the development and construction of
the agreed development project under this Contract, and shall not be illegally drawn out, occupied or misappropriated in any form. 

  

	16.7	 All the documents, materials and certificates provided by Party B in connection with Party B, the surety, the
mortgagor (pledgor) and the mortgaged (pledged) property shall be true, accurate, complete and valid during the performance period of this Contract, and shall not contain any material error inconsistent with the fact or omit any material fact;

  

	16.8	 At the time of signature of this Contract, there is no lawsuit, arbitration or criminal or administrative
punishment which causes material adverse consequences to Party B or Party B’s main property, and it is expected that such lawsuit, arbitration or criminal or administrative punishment will not occur during the performance of this Contract; in
case of occurrence thereof, Party B shall immediately notify Party A; 

  

	16.9	 Party B shall strictly observe national laws and regulations in its business activities, carry out all kinds of
business in strict accordance with the business scope stipulated in its Business License of the Legal Person as an Enterprise, and handle the procedures for the registration of the enterprise (legal person), the annual report of the enterprise and
the renewal / extension of the business term on time; 

  

	16.10	 Party B shall maintain or improve the existing operation and management level and ensure the value maintenance
and appreciation of the existing assets, and will not give up any creditor’s rights that fall due, or dispose of the existing major property free of charge or in any other improper way; 

 

	16.11	 Party B warrants that there is no performance under the cross-border guarantee with the guarantor registered
abroad and both the debtor and the creditor registered at home. If there is such circumstance, Party B shall inform Party A in time, and Party A shall have the right to suspend the signature of a new contract related thereto or the handling of new
drawdown; Party B warrants that in case of guarantee performance, the sum of the outstanding principal balance and the existing external liabilities shall not exceed the weighted balance of Party B’s cross-border financing risk, and the risk
arising from the excess of the weighted balance of Party B’s cross-border financing risk shall be borne by Party B; 

  

					
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	16.12	 At the time of signature of this Contract, Party B is not involved in any other major event that may affect the
performance of Party B’s obligations under this Contract. 

  

	16.13	 Party B’s Statements and Warranties on the Management of Environmental and Social Risks

  

	16.13.1	 Party B shall establish and improve the internal management system of environmental and social risks, and
specify in detail the responsibilities, obligations and punishment measures of relevant personnel responsible therefor, and ensure that the internal management documents related to environmental and social risks comply with the requirements of laws
and regulations and are practically implemented; all the behavior and performance related to environmental and social risks are in compliance with relevant provisions, and there is no major litigation case related to environmental and social risks;

  

	16.13.2	 Party B shall establish and improve the emergency response mechanism and measures for environmental and social
risk emergencies, set up a special department and / or designate special personnel to be responsible for environmental and social risk matters; 

  

	16.13.3	 Party B shall cooperate with Party A or the third Party recognized by Party A in the assessment and inspection
of environmental and social risks; 

  

	16.13.4	 In the face of strong queries from the public or other stakeholders on Party B’s performance in
controlling environmental and social risks, Party B shall ensure that an appropriate response will be made or any other necessary action will be taken; 

  

	16.13.5	 Party B shall urge Party B’s important affiliates to strengthen management to prevent their environmental
and social risks from infecting Party B; 

  

	16.13.6	 Party B shall inform Party A of the relevant situation of environmental and social risk control in time,
including but not limited to various permits, approvals and ratifications related to the environment, society and risk in the process of construction commencement, construction, operation and shutdown; assessment and inspection of environmental and
social risks of Party B or its important affiliates by the environmental and social risk supervision organization or its recognized organization; supporting construction and operation of environmental facilities; discharge and compliance of
pollutants; safety and health of Party B’s employees; major complaints and protests from neighboring communities against Party B or its important affiliates; major environmental and social claims; other major situations that Party A deems to be
related to environmental and social risks; 

  

	16.13.7	 Party B shall perform other matters that Party A deems to be related to the control of environmental and social
risks. 

  

	16.14	 With respect to a mortgage loan for a small enterprise, Party B shall ensure that the settlement, payment and
other revenue and expenditure activities are mainly carried out in the bank settlement account opened with Party A. Party B’s settlement transaction share in such account during the loan period shall not be less than the share of Party B’s
financing amount from Party A in Party B’s financing from all the banks. 

  

					
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	16.15	 If the balance of the margin account is less than 95% of the specific loan amount due to the fluctuation
of the exchange rate when Party B provides margin pledge, Party B is obligated to add the corresponding amount of the margin or any other guarantee according to Party A’s requirements. 

 

	16.16	 Party B undertakes that during the loan period, the undistributed profit shall not be distributed to
shareholders as dividends without the approval of Party A. 

  

	16.17	 Party B shall strictly observe and implement relevant national anti-money laundering policies and regulations
in business activities, and observe and implement the provisions of Party A’s anti-money laundering system documents according to Party A’s requirements. 

Part 7 Rights and Obligations 
  

	17.	 Party A’s Rights and Obligations 

 

	17.1	 Party A has the following rights: 

 

	17.1.1	 Party A has the right to require Party B to repay the loan principal and interest on schedule;

  

	17.1.2	 Party A has the right to require Party B to provide various materials related to the loan;

  

	17.1.3	 Party A has the right to know about Party B’s production, operation and financial activities;

  

	17.1.4	 Party A has the right to supervise Party B’s use of the loan for the purpose agreed in this Contract;

  

	17.1.5	 If the loan under this Contract is used for project construction, Party A has the right to supervise the
progress of the project and put forward suggestions and requirements; 

  

	17.1.6	 Party A has the right to supervise the account opened by Party B with Party A and entrust any institution of
China Merchants Bank other than Party A to supervise Party B’s account, and control the payment of loan funds according to the loan purpose and payment scope agreed by both parties; and when it is necessary for business operation, Party A has
the right to unilaterally and directly suspend or restrict the corporate online banking / corporate APP / other online functions of Party B’s account (including but not limited to closing the corporate online banking / corporate APP / other
online functions, and presetting a payment object list / a single payment limit / a stage payment limit or other restrictive measures) and other electronic payment channels, restrict the sale of settlement vouchers, or restrict the non-face-to-face payment and transfer of Party B’s account as well as the payment and withdrawal functions of non-counter channels such as telephone banking and mobile banking; 

  

	17.1.7	 Party A has the right to directly deduct the loan principal and interest and other related expenses from any
account of Party B in China Merchants Bank (when the loan provided by Party A is not RMB, Party A has the right to purchase foreign exchange directly from Party B’s RMB account according to the exchange rate announced by Party A at the time of
deduction, so as to repay the loan principal, interest and expenses); 

  

					
		  	Page 13 of 24	  	

	17.1.8	 Party A has the right to transfer its creditor’s rights against Party B, and has the right to notify Party
B of such transfer by any means it thinks fit, including without limitation fax, mail, personal delivery, or announcement on public media, and demand payment from Party B; 

 

	17.1.9	 If Party B fails to perform the obligations stipulated in this Contract, Party A has the right to take measures
according to the provisions of this Contract; 

  

	17.1.10	 When Party A finds that Party B is involved in any of the circumstances stipulated in Article 18.2.6 of this
Contract, Party A has the right to require Party B to implement the safeguard measures for the safe repayment of the loan principal and interest and all related expenses under the Contract according to Party A’s requirements, and also has the
right to directly take one or more remedial measures stipulated in the “Handling of an Event of Default” in this Contract; 

  

	17.1.11	 Party A has other rights stipulated in this Contract. 

 

	17.2	 Party A bears the following obligations: 

 

	17.2.1	 Party A shall grant the loan to Party B according to the conditions stipulated in this Contract;

  

	17.2.2	 Party A shall maintain the confidentiality of Party B’s debt, finance, production and operation
information, unless otherwise stipulated by laws and regulations, otherwise required by regulatory authorities, or provided to Party A’s higher or subordinate organizations, or external auditors, accountants or lawyers or other professional
organizations that bear the same confidentiality obligations. 

  

	18.	 Party B’s Rights and Obligation 

 

	18.1	 Party B has the following rights: 

 

	18.1.1	 Party B has the right to withdraw and use all the loans according to the provisions of the Contract;

  

	18.1.2	 Party B has the right to require Party A to bear the obligations for the confidentiality of the information
provided by Party B according to the provisions of this Contract. 

  

	18.2	 Party B bears the following obligations: 

 

	18.2.1	 Party B shall truthfully provide the documents and materials required by Party A as well as the information on
all its account opening banks, account numbers and balances of deposits and loans, and cooperate with Party A in investigation, examination and inspection; 

  

	18.2.2	 Party B shall accept the supervision of Party A on its use of credit funds and relevant production, operation
and financial activities; cooperate with Party A in the inspection of financial data and materials related to the fixed assets project under this Contract, facilitate Party A’s on-site inspection of Party
B, and promptly take reasonable handling measures with respect to Party A’s suggestions or requirements; 

  

					
		  	Page 14 of 24	  	

	18.2.3	 Party B shall use the loan according to the purpose agreed in this Contract and comply with Party A’s
requirements on loan fund payment management; and regularly report the loan fund payment to Party A according to Party A’s requirements; 

  

	18.2.4	 The loan principal and interest shall be paid in full and on time according to the provisions of this Contract;

  

	18.2.5	 In case of transfer of all or part of the debts under this Contract to a third party, the written consent of
Party A shall be obtained; 

  

	18.2.6	 In case of any of the following circumstances, Party B shall immediately inform Party A and actively implement
the safeguard measures for full and timely repayment of the loan principal and interest and all other expenses under this Contract according to Party A’s requirements: 

 

	18.2.6.1	 Any major financial loss, asset loss or other financial crisis occurs; 

 

	18.2.6.2	 Party B provides a third party with a loan exceeding RMB ONE MILLION or provides a guarantee for a third
party’s debt exceeding RMB ONE MILLION; 

  

	18.2.6.3	 Its credit situation declines and the profitability of its main business is weakened; 

 

	18.2.6.4	 Its business is suspended, its business license is revoked or canceled, application for bankruptcy or
dissolution is made by or against it, or its important enterprise information is changed, such as change of its enterprise name, registered address, place of operation, beneficial owner and other information; 

 

	18.2.6.5	 Its controlling shareholder, actual controller and other affiliates have a major crisis in terms of operation
or finance, which affects its normal operation; 

  

	18.2.6.6	 The Borrower’s legal representative / main leader, director or important senior executive is changed, or
is punished / restricted in terms of personal freedom by the competent state authorities for violation of laws and discipline, or is missing for more than 7 days, which affects the normal operation of the Borrower; 

 

	18.2.6.7	 The Borrower’s shareholder or equity is changed by more than 1%, or its registered capital is changed, or
its business mode and business scope are significantly adjusted; 

  

	18.2.6.8	 The Borrower has significant related transactions with its controlling shareholder and other affiliates, which
affects its normal operation; 

  

	18.2.6.9	 There is any lawsuit, arbitration or criminal or administrative punishment that causes material adverse
consequences to its business or property status; 

  

	18.2.6.10	 The progress of the project obviously lags behind the progress of fund utilization, or the project demolition
is involved in any major dispute; 

  

	18.2.6.11	 Party B or its actual controller conducts private usury financing; 

  

					
		  	Page 15 of 24	  	

	18.2.6.12	 There occurs any other major event that may affect its solvency. 

 

	18.2.7	 Party B shall not be slack in managing and recovering its creditor’s rights due and payable, or dispose of
the existing main property free of charge or in any other improper way; without the written consent of Party A, Party B shall not create any third party’s rights and interests on the project assets (including but not limited to mortgage,
pledge, transfer, alienation guarantee or financial lease), or use its own property (right) to create any mortgage or pledge to others or provide an external guarantee. 

 

	18.2.8	 Party B shall first obtain the written consent of Party A before occurrence of its merger, division,
reorganization, equity transfer, joint venture (cooperation), property right transfer, shareholding system transformation, foreign investment, substantial increase of debt financing or other major matter;  

 

	18.2.9	 Party B shall regularly report the payment of project construction funds to Party A according to Party A’s
requirements, and ensure that the project construction funds are not in arrears. 

  

	18.2.10	 Party B shall not be involved in land hoarding, land speculation, property hoarding or housing resource
hoarding, default on land transfer fees, participate in the handling of “false mortgage loans”, conduct double financing or excessive financing through the same project, or defraud the bank of loan funds, or otherwise violate laws and
rules. 

 Part 8 Default Clause 
  

	19.	 Event of Default 

  

	19.1	 If any of the following circumstances occurs to Party B, an event of default shall be deemed to have occurred:

  

	19.1.1	 Party B fails to withdraw and use the loan according to the provisions of this Contract, or fails to repay the
principal, interest and expenses of the loan in full and on time according to the provisions of this Contract, or Party B fails to receive and pay the project fund according to the requirements of Party A, or fails to accept the supervision of Party
A, or fails to make corrections immediately according to the requirements of Party A; 

  

	19.1.2	 Party B fails to satisfy the requirements of the statements and warranties in this Contract, or breaches the
provisions of this Contract, and fails to make corrections immediately according to the requirements of Party A; 

  

	19.1.3	 Party B fails to carefully fulfill / fails to satisfy the statements and warranties on the management of
environmental and social risks, or is punished by the relevant government departments due to poor management of environmental and social risks, or receives strong queries from the public and / or the media due to poor management of environmental and
social risks, or is involved in any other event of default related to environmental and social risk management agreed with Party A, including cross-default events; 

  

					
		  	Page 16 of 24	  	

	19.1.4	 Party B breaks through all the financial index limits stipulated in this Contract and fails to make corrections
within 1 month after Party B breaks through such limits; 

  

	19.1.5	 Party B fails to report the payment of project construction funds according to the requirements of Party A, and
Party A requires Party B to make corrections within a time limit, but Party B fails to do so within the time limit; or Party A deems that the safe recovery of Party A’s loan is affected by serious default on project construction funds;

  

	19.1.6	 Party B is involved in a material default matter under the legal and valid contract signed with another
creditor of Party B, and fails to solve such matter satisfactorily within three months from the date of occurrence of such default. 

A material default matter means that Party B’s default entitles its creditors to claim compensation in the amount of more than RMB ONE MILLION.

  

	19.1.7	 Party B uses the loan by “breaking up the whole into parts” to avoid the requirement that Party B
should entrust Party A to pay the loan fund to the third party according to the requirements of this Contract; 

  

	19.1.8	 Party B’s financial indices fail to continuously comply with the requirements of this Contract; or any of
the preconditions (if any) agreed herein with respect to Party A’s provision of the loan / financing to Party B are not continuously satisfied. 

  

	19.1.9	 Party B’s business activities may bring anti-money laundering or sanction compliance risks to Party A;

  

	19.1.10	 Party B breaches other obligations stipulated in this Contract, or is involved in any other circumstance that
Party A has the reasonable ground to deem affects its legal rights and interests. 

  

	19.2	 If any of the following circumstances occurs to the surety, Party A requires Party B to make corrections within
a time limit, or requires Party B to add or replace the guarantee conditions, but the surety or Party B fails to cooperate, an event of default shall be deemed to have occurred: 

 

	19.2.1	 One of the circumstances similar to those mentioned in Articles 18.2.6, 18.2.7 and 18.2.8 of the Contract
occurs; 

  

	19.2.2	 When a letter of guarantee is issued, Party B conceals its actual ability to undertake the guarantee liability,
or fails to obtain the authorization of the competent authority; 

  

	19.2.3	 Party B fails to handle the procedures for registration, the annual report of the enterprise and / or the
renewal / extension of the business term on time; 

  

	19.2.4	 Party B is slack in managing and recovering its creditor’s rights due and payable, or dispose of the
existing main property free of charge or in any other improper way. 

  

	19.3	 If one of the following circumstances occurs to the mortgagor (or the pledgor), Party A requires the mortgagor
(or the pledgor) to make corrections within a time limit, or requires Party B to add or replace the guarantee conditions, but the mortgagor (or the pledgor) or Party B does not cooperate, an event of default shall be deemed to have occurred:

  

					
		  	Page 17 of 24	  	

	19.3.1	 There is no ownership of or disposition right to the mortgaged (or pledged) property, or the ownership is
disputed; 

  

	19.3.2	 The mortgaged (or pledged) property has not gone through the mortgage / pledge registration procedures, or has
been leased, sealed up, detained or supervised, and has the priority of common ownership / legal precedence (including but not limited to the priority of construction project funds), and / or conceals the occurrence of such circumstance;

  

	19.3.3	 The mortgagor transfers, leases, re-mortgages or disposes of the
mortgaged property in any improper way without the written consent of Party A; or, although the mortgagor has obtained the written consent of Party A, the proceeds from the disposal of the mortgaged property are not used to repay the debts owed by
Party B to Party A according to the requirements of Party A; 

  

	19.3.4	 The mortgagor fails to properly keep, maintain and repair the mortgaged property, which causes the value of the
mortgaged property to be obviously reduced; the act of the mortgagor directly endangers the mortgaged property, which causes the value of the mortgaged property to be obviously reduced; 

 

	19.3.5	 During the mortgage period, the mortgagor fails to purchase / renew the insurance for the mortgaged property
according to the requirements of Party A; 

  

	19.3.6	 When the risk of expropriation and demolition occurs or may occur to the mortgaged property, the mortgagor
fails to inform Party A immediately and perform the relevant obligations according to the provisions of the mortgage contract ; 

  

	19.3.7	 If the mortgagor provides a residual value mortgage guarantee for the business under this Contract with its
property mortgaged with China Merchants Bank, the mortgagor settles his personal mortgage loan in advance without the consent of Party A before Party B pays off the debts under this Contract. 

 

	19.3.8	 If the pledgor has pledged financial products, the source of subscription funds for such financial products is
illegal / non-compliant. 

  

	19.3.9	 Any other matter that affects the value of the mortgaged (pledged) property or Party A’s mortgage (pledge)
right occurs or may occur. 

  

	19.4	 When the guarantee under this Contract includes the pledge of accounts receivable, if the debtor of the
accounts receivable debtor is involved in obvious business deterioration, transfers property / illegally withdraws funds to evade debts, colludes with the pledgor of the accounts receivable to change the collection path so that the collected amount
of the accounts receivable is not deposited in the special collection account, loses its business reputation, loses or may lose the ability to perform the contract or is involved in any other material matter affecting its solvency, Party A has the
right to require Party B to provide a corresponding guarantee or provide new effective accounts receivable for the pledge; if Party B fails to provide, an event of default shall be deemed to have occurred. 

  

					
		  	Page 18 of 24	  	

	20.	 Handling of an Event of Default 

Once any such event of default occurs, Party A has the right to take any of the following measures simultaneously or respectively, and Party B
has no objection to that: 
  

	20.1	 Stop granting the unused loan of Party B; 

 

	20.2	 Recover the loan principal and interest and related expenses in advance; 

 

	20.3	 Directly freeze / deduct the deposits in the settlement account or other accounts of Party B, and entrust other
institutions of China Merchants Bank to freeze / deduct the deposits of Party B in such institutions, so as to pay off all the debts of Party B under this Contract, or stop opening new settlement accounts for Party B, and stop opening new credit
cards for Party B’s representative; 

  

	20.4	 Submit Party B’s default and credit breach information to the credit organization and the banking
association, and have the right to share such information among banking institutions and even publicize such information the public by appropriate means; 

  

	20.5	 Dispose of the mortgaged / pledged property and / or claim compensation from the surety according to the
provisions of the guarantee text; 

  

	20.6	 Change the entrusted payment conditions of the loan fund and cancel Party B’s use of the loan in the
manner of “independent payment”; 

  

	20.7	 Party A may also directly require Party B to provide other property acceptable to Party A as a new guarantee.
If Party B fails to provide a new guarantee as required, it shall bear liquidated damages equivalent to 30% of the loan amount under this Contract. 

  

	20.8	 Conduct recourse according to the provisions of this Contract. 

 

	21.	 The amount recovered by Party A shall be repaid in the order from the last to the first according to the
maturity date of the loan of each phase. The specific repayment order of the loan of each phase shall be in the order of expenses, liquidated damages, compound interest, penalty interest, interest and finally the loan principal until all the
principal and interest and all the related expenses thereof are paid off. 

 Party A has the right to unilaterally adjust
the above repayment order unless otherwise required by laws and regulations. 
 Part 9 Change and Rescission of the Contract 

 

	22.	 This Contract may be changed or terminated after both parties reach a consensus through negotiation and enters
into a written agreement. Before a written agreement is entered into, this Contract shall remain valid. Neither party may unilaterally change, modify or terminate this Contract without authorization. 

  

					
		  	Page 19 of 24	  	

 Part 10 Miscellaneous 
  

	23.	 Changes in Circumstances and Force Majeure 

 

	23.1	 If Party A’s loan behavior under this Contract becomes illegal due to the change of applicable laws or
policies, Party A has the right to terminate this Contract and announce that all the loans granted are due ahead of schedule, and Party B shall immediately repay such loans according to the requirements of Party A. 

 

	23.2	 If Party A’s performance of the loan obligations under this Contract results in additional costs due to
the change of applicable laws and policies, Party A shall be responsible for reimbursing the additional costs incurred by Party A according to the requirements of Party A. 

 

	23.3	 If one party or both parties encounter an event of force majeure during the performance hereof, the party
suffering from the event of force majeure is not required to bear compensation liability for the losses hence suffered by the other party, but it is obligated to inform the other party in time and take reasonable measures to prevent the losses from
increasing; otherwise such party is obligated to compensate the other party for the increased losses. 

  

	24.	 Reservation of Rights 

During the term of this Contract, Party A’s tolerance, grace or deferred performance of its interests or rights hereunder to any breach or
delay of Party B shall not damage, affect or restrict all the interests and rights that shall be enjoyed by Party A as a creditor according to this Contract and relevant laws and regulations, or be treated as Party A’s permission or recognition
of any breach of this Contract, or deemed as Party A’s waiver of the right to take action against the existing or future breach. 
  

	25.	 Partial Invalidity 

If this Contract becomes legally invalid for any reason or some clauses become invalid, Party B shall still perform all the repayment
responsibilities. If the said circumstance occurs, Party A has the right to terminate this Contract, announce that all the loans granted are due ahead of schedule, and immediately recover the loan principal and interest and other relevant funds
hereunder from Party B. 
  

	26.	 Notice 

  

	26.1	 Any notice, demand or other document between Party A and Party B in connection with this Contract shall be sent
in writing (including but not limited to letters, faxes, e-mails, corporate online banking / corporate APP and other electronic platforms, SMS or WeChat, etc.). If it is delivered by hand (including but not
limited to the service of lawyers / notaries, express delivery, etc.), it shall be deemed to have been served at the time of receipt by the receiver (If the receiver rejects it, it shall be deemed to have been served on the rejection date / return
date or seven days after the mailing date (whichever is earlier); if it is delivered by postal letter, it shall be deemed to have been served seven days after mailing; if it is sent by fax, e-mail, Party
A’s electronic platform notice, SMS or WeChat or other electronic means, the date when the sender’s corresponding system displays the successful sending thereof shall be deemed as the date of service. 

  

					
		  	Page 20 of 24	  	

 If Party A notifies Party B of the transfer of the creditor’s rights or demands payment
from Party B by means of announcement on the public media, such notice shall be deemed to have been served on the date of announcement. 
 If
either party changes its contact address, e-mail address, fax number or mobile phone number, WeChat number, etc., it shall notify the other party of the changed information within five working days from the
date of such change; otherwise the other party has the right to deliver the information according to the original contact address or contact information. If unsuccessful service results from the change of the contact address or information, the date
of return or three days after sending (whichever is earlier) shall be deemed as the date of service. The changing party shall solely bear the loss that may be caused thereby, which does not affect the legal effect of service. 

 

	26.2	 The contact addresses, e-mail addresses, fax numbers, mobile phone
numbers, We-Chat numbers, etc. listed in this Contract shall also be used as their respective addresses for service of notarial instruments and judicial instruments (including but not limited to the pleadings
/ arbitration application, evidence, summons, the notice of response to action, the notice of proof, the notice of court trial, the hearing notice, the judgment / award, the written ruling, the letter of mediation, the notice of performance within a
time limit, and other legal instruments at the stages of trial and performance), and when the accepting court or the notary office delivers any such instrument to such service address in the manner specified in this Contract, such instrument shall
be deemed to have been effectively served (For the specific service standard, refer to the provisions of the preceding paragraph). 

  

	27.	 Components of the Contract 

Any written supplementary agreement entered into by Party A and Party B with respect to any matters not covered herein and any changed matters
through negotiation, the attachments under this Contract, the drawdown application, the loan note and other business documents constitute an integral part of this Contract. 

Both parties agree that for the specific drawdown application, the loan note and other business documents and vouchers, it is sufficient that
Party B affixes the reserved seal in Party A with the consent of Party A, and both parties recognize the validity of such seal. 
  

	28.	 Business Operation 

In order to facilitate business handling, Party A’s operations related to the loan (including but not limited to acceptance of the
application, review of materials, loan granting, transaction confirmation, deduction, inquiry, receipt printing, collection, deduction of funds and various notices) may be handled by any business outlet under Party A’s jurisdiction, and
relevant correspondence will be generated, issued or provided by such business outlet; the business operation and correspondence of the outlet under Party A’s jurisdiction shall be deemed as the behavior of Party A and shall be binding upon
Party B. 

  

					
		  	Page 21 of 24	  	

	29.	 Other Agreements 

 

	29.1	 Before each drawdown, Party B shall ensure that the project capital, self-raised funds and the drawdown amount
are in place according to the following requirements: The capital contribution percentage of the self-owned funds shall not be less than 30%, and shall be in place in the same proportion as the fixed assets loan; 

 

	29.2	 Party B shall ensure that all the financial indices of Party B during the loan period shall not be lower than
the following requirements: 

 The asset-liability ratio is not higher than :   /, and the total financing
amount does not exceed:   /   
  

	29.3	 The content and form of the supporting documents for the use of the loan fund as submitted by Party B at the
time of entrusted payment shall comply with the following requirements in content and form:   /   

  

	29.4	 The special requirements made by Party A for the project capital of the project related to the specific loan
under the Contract are as follows:   /   

  

	29.5	 Other Agreed Matter: During the credit extension period, Party B’s clinical trial data, financing
progress, listing process and other important business information shall be reported to Party A in time. If Party B’s clinical trial is declared to fail or Party B’s equity financing is not in place as of March 31, 2021, Party B shall
be deemed to have breached the Contract, and Party A has the right to take various remedial measures stipulated in this Loan Contract against such breach. 

Part 11 Governing Law and Dispute Resolution 
  

	30.	 Governing Law 

The conclusion, interpretation and dispute resolution of this Contract shall be governed by the laws of the People’s Republic of China
(excluding the laws of Hong Kong, Macao and Taiwan), and the rights and interests of Party A and Party B shall be protected by the laws of the People’s Republic of China. 

 

	31.	 Dispute Resolution 

 

	31.1	 In case of any dispute between Party A and Party B during the performance of this Contract, both parties shall
endeavor to resolve such dispute through negotiation. If such negotiation fails, either party may act as follows (Check the box before the chosen one): 

  

	☑31.1.1	 File a lawsuit with the people’s court with jurisdiction in the place where Party A is located;

  

	☐31.1.2	 File a lawsuit with the people’s court with jurisdiction in the place where the Contract is signed, and
such place is:   / ; 

  

					
		  	Page 22 of 24	  	

	☐31.1.3	 Apply to /   (Insert the name of the arbitration institution) for arbitration according to its
arbitration rules in force at that time. The place of arbitration is   /   . 

  

	31.2	 After this Contract has been notarized by both parties with the force of enforcement, in order to claim the
mature debts owed by Party B under this Contract, Party A may directly apply to the people’s court with jurisdiction for enforcement. 

  

	32.	 Effectiveness of the Contract 

This Contract shall come into force on the date when the legal representatives / leaders of both parties or their authorized agents sign /
affix their official seals / contract-specific seals to this Contract, and shall automatically become invalid until all the loan principal and interest and all other relevant expenses under this Contract are paid off. 

 

	33.	 Supplementary Provisions 

This Contract is made in two copies, and both copies have the same force. Each Party, / and     /
holds one copy. 
 Note: 
 All the clauses of this
Contract have been fully negotiated by both parties. Party A has drawn Party B’s special attention to clauses with respect to exemption or limitation of Party A’s liabilities, Party A’s unilateral possession of certain rights,
increase of Party B’s liabilities or limitation of Party B’s rights, and has caused Party B to have a full and accurate understanding thereof. Party A has explained the said clauses at the request of Party B. Both parties hereto have an
identical understanding of the causes of this Contract. 
 (The remainder of this page is intentionally left blank) 

  

					
		  	Page 23 of 24	  	

 (The following are the signature columns of the Fixed Asset Loan Contract numbered 512HT2020104831)

  

			
	 Party A
	  	
	  	  
 /s/ China Merchants Bank Co., Ltd. Suzhou
Branch            
 China Merchants Bank Co., Ltd. Suzhou
Branch

	  	

 Main Leader or Authorized Agent (Signature / Name Seal):     

Contact Address: CMB Building, 36 Wansheng Street, Suzhou Industrial Park, Jiangsu Province 

Bank E-mail Box:   /   

Bank Fax Number:   /   
 Contact
Person’s Mobile Phone Number:   /                         

Bank WeChat Number:   /         

 

			
	 Party B
	  	
	
		  	  
 /s/ Suzhou Gracell Biotechnologies Co.,
Ltd.            

		  	 Suzhou Gracell Biotechnologies Co., Ltd.

 Legal Representative / Head or Authorized Agent (Signature / Name Seal): 

Contact Address: Building No. 12, Area B, Phase II, Biomedical Industrial Park, 218 Sangtian Street, Suzhou Industrial Park, Jiangsu Province 

Company E-mail Box:   /   

Company Fax Number:   /   
 Contact
Person’s Mobile Phone Number:   /   
 Company WeChat Number: / 

Date: July 24, 2020 

  

					
		  	Page 24 of 24EX-10.21

 Exhibit 10.21 

EXCLUSIVE LICENSE AGREEMENT 

[***] = Certain confidential information contained in this document, marked by brackets, has been omitted because Gracell Biotechnologies
Inc. has determined it is not material and would be competitively harmful if publicly disclosed. 
 THIS AGREEMENT is made and entered into on
        April 19th        , 2017 (hereinafter “EFFECTIVE DATE”) by and between ProMab Biotechnologies, Inc. a
                             corporation, whose address is 2600 Hilltop Drive, Building B, Suite C320,
Richmond, CA 94806 USA (hereinafter “PROMAB”) and Unitex Capital Ltd., a BVI limited liability company, whose address is 1208 E. Arques Ave., Sunnyvale, CA 94085 (hereinafter “LICENSEE”). PROMAB and LICENSEE are sometimes
hereinafter referred to individually as a “Party” and collectively as the “Parties”. 
 WHEREAS, in the course of
research conducted at PROMAB, certain employees of PROMAB (“Inventor”) has produced a list of Chimeric Antigen Receptor T cells (CAR-T) intellectual properties for cancer immune therapies (CAR-T IP); 
 WHEREAS, PROMAB wishes to have the invention claimed in the LICENSED TECHNOLOGIES
and any resulting patents commercialized to benefit the public good; 
 WHEREAS, LICENSEE is experienced in developing and
commercializing products similar to the LICENSED TECHNOLOGY and shall act diligently to develop and commercialize the LICENSED TECHNOLOGY for public use throughout the LICENSED TERRITORY (as defined below); and 

WHEREAS, PROMAB is willing to grant an exclusive license to its rights in the LICENSED TECHNOLOGIES to LICENSEE and LICENSEE desires to
receive such an exclusive license to the LICENSED TECHNOLOGIES solely for the market of LICENSED TERRITORY, subject to the terms and conditions of this Agreement. 

WHEREAS, under a certain “CAR-T Cell Therapy Phase I Collaborative Clinical Trail ([***])
agreement” executed between PROMAB and First Affiliated Hospital of Harbin Medical University as attached in Appendix C, PROMAB had provided part of the LICENSED TECHNOLOGY to [***]. 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises herein made and exchanged, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, PROMAB and LICENSEE agree as follows: 
 ARTICLE 1 INCORPORATION OF
RECITALS AND DEFINITIONS 
 1.1. The foregoing recitals are hereby incorporated herein by reference and acknowledged as true and
correct. Unless specifically set forth to the contrary in this Agreement, the following terms, whether used in the singular or plural, shall have the respective meanings set forth below. 

  

					
	ProMab-Unitex	  	1	  	

 1.2. “AFFILIATE” shall mean any entity or person that directly or indirectly
controls, is controlled by or is under common control with LICENSEE or PROMAB. For purposes of this definition, “control” means possession of the power to direct the management of such entity or person, whether through ownership of more
than fifty percent (50%) of voting securities, by contract or otherwise 
 1.3. “CHANGE OF CONTROL” shall mean 

 

	 	1)	 any consolidation, merger, combination, reorganization or other transaction in which the party is not the
surviving entity other than a transaction, the principal purpose of which is to effect a change in domicile or the form of entity of the party; 

  

	 	2)	 the shares of stock of the party constituting in excess of fifty percent (50%) of the voting power are
exchanged for or changed into other stock or securities, cash, and/or other property other than in the context of a financial transaction; or 

  

	 	3)	 a sale or other disposition of all or substantially all of the assets of the party, or the permitted assignment
of this Agreement pursuant to Article 16.6. 

 1.4. “COMPASSIONATE USE” means legally permitted use of a LICENSED
TECHNOLOGY in a market where the LICENSED TECHNOLOGY has not been approved for commercial sale, for purposes of (i) treating patients in a single patient trial; or (ii) providing expanded access outside of a clinical trial to patients with
serious or life-threatening conditions who do not meet the enrollment criteria for a clinical trial. 
 1.5. “CONFIDENTIAL
INFORMATION” shall mean all information disclosed by one party to the other during the negotiation of or under this Agreement in any manner, whether orally, visually or in tangible form, that relates to LICENSED TECHNOLOGIES, or the Agreement
itself, unless such information is subject to an exception described in Article 7.2. CONFIDENTIAL INFORMATION shall include, without limitation, the following, whether or not patentable: materials, know-how
and data (whether technical or non-technical), trade secrets, inventions, methods and processes. Notwithstanding any other provisions of this Article 1.5, CONFIDENTIAL INFORMATION of LICENSEE that is subject
to Article 7 of this Agreement is limited to information that LICENSEE supplies pursuant to LICENSEE’s obligations under Articles 6 and 8 of this Agreement, unless otherwise mutually agreed to in writing by the parties. PROMAB Confidential
Information may include certain Confidential Information of other third- parties that is obtained by PROMAB in accordance with one or more agreements between PROMAB and the applicable third party. 

1.6. INTENTIONALLY LEFT BLANK. 

1.7. “EFFECTIVE DATE” is defined in the introductory paragraph of this Agreement. 

1.8. “FIELD” shall mean Human Therapeutics. 

  

					
	ProMab-Unitex	  	2	  	

 1.9. “FIRST COMMERCIAL SALE” shall mean (a) a NET SALE, as defined below,
made after the LICENSED TECHNOLOGY has received regulatory approval for commercial sale, (ii) the sale is a for-profit sale, and (iii) a minimum of ten (10) different patients have been treated
as a result of such for-profit sales. For the avoidance of doubt, a COMPASSIONATE USE, whether the result of a sale or not, shall not constitute and shall not be considered a FIRST COMMERCIAL SALE. 

1.10. “IMPROVEMENTS” shall mean, including but not limited to, any improvements, derivative works, inventions, enhancements,
technical advances, modifications, adaptations, new models, or data, including data resulting from failed or successful tests or trials, created based upon or derived from the LICENSED TECHNOLOGY. 

1.11. “INDEPENDENTLY DEVELOPED IP” shall mean any and all patents, patent applications, inventions (whether patentable or not),
copyrights, works of authorship, trade secrets, know-how, and all other proprietary or confidential information conceived or developed by an employee(s) or agent(s) of LICENSEE independently of PROMAB, that
are not based on or derived from the LICENSED TECHNOLOGY, and that are not conceived or developed in performance of the LICENSEE’S obligations under this Agreement. 

1.12. “INTELLECTUAL PROPERTY RIGHTS” means rights in all inventions, patents or patent applications (including all kinds of the same
such as utility, process, method, or design), copyrights, trademarks, service marks, trade dress, trade secrets, know-how, utility models, industrial designs, mask works, moral rights, works, or other data or
information whether or not protectable under any applicable law of the United States or a foreign country, including the right to file for registration or protection for the same and all renewals, continuations, divisionals, reexaminations, and
extensions thereof, whether or not such rights have been applied-for, patented or registered in any jurisdiction . 

1.13. “LICENSE” refers to the license granted under Article 2.1. 

1.14. “LICENSED TECHNOLOGY” or “LICENSED TECHNOLOGIES” shall mean any process(es), product(s), machine(s), manufacture,
composition of matter, apparatus, kit, or any part thereof, which incorporate, embody, utilize, or are claimed in (i) any patent application and patent listed in Appendix A, which is incorporated into this Agreement; (ii) any
continuations, divisionals, and continuations-in-part, to the extent the claims of any such patent applications are directed to subject matter specifically described in
the patents and patent applications listed in (i) and any patents that issue therefrom; (iii) any patents or patent applications that claim priority to any of the patents or patent applications listed in (i) or (ii); (iv) any
reissues, re-examinations, extensions or substitutions of the patents listed in (i), (ii) or (iii); and (v) the relevant international equivalents of any of the foregoing; provided, however, INDEPENDENTLY
DEVELOPED IP shall be excluded. 
 1.15. “LICENSED TERRITORY” shall mean Greater China, including the People’s Republic of
China (PRC), Taiwan, Hong Kong, Macau and all of China’s Special Administrative Regions (SAR). 

  

					
	ProMab-Unitex	  	3	  	

 1.16. “NET SALES” shall mean net sales as defined by United States Generally
Accepted Accounting Principles (U.S GAAP), namely, the total dollar amount invoiced on sales of LICENSED TECHNOLOGY by LICENSEE and SUBLICENSEE(s), less the deduction of returns, allowances for damaged or missing goods, and any discount customary in
the trade and actually allowed. For avoidance of double, NET SALES shall not include the gross invoice price for LICENSED TECHNOLOGIES used by, sold to, or leased to, any AFFILIATE or SUBLICENSEE unless such AFFILIATE or SUBLICENSEE is the final
customer of such LICENSED TECHNOLOGIES, in which case such NET SALES shall be calculated using the average gross invoice price charged to third parties who are not AFFILIATES or SUBLICENSEES during the same quarter. For the avoidance of doubt, any
COMPASSIONATE USES, whether the result of a sale or not, shall not constitute and shall not be considered NET SALES. 
 1.17. “PHASE I
CLINICAL TRIAL” shall mean a human clinical trial approved by appropriate regulatory bodies, the principal purpose of which is to determine toxicity, absorption, metabolism and/or safe dosage range in patients with the disease target being
studied as required in 21 C.F.R. §312.21(a) or its foreign equivalent. 
 1.18. “PHASE II CLINICAL TRIAL” shall mean a human
clinical trial approved by appropriate regulatory bodies, the principal purpose of which is to evaluate the effectiveness of a drug for a particular indication in patients with the disease and to determine the common short-term side effects and
risks associated with the drug as required in 21 C.F.R. §312.21(b) or its foreign equivalent. 
 1.19. “PHASE III CLINICAL
TRIAL” shall mean expanded controlled and uncontrolled human clinical trials approved by appropriate regulatory bodies, performed after preliminary evidence suggesting effectiveness has been obtained, and is intended to gather the additional
information about effectiveness and safety that is needed to evaluate the overall benefit-risk relationship of the drug and to provide an adequate basis for physician labeling, as required in 21 C.F.R. §312.21(c) or its foreign equivalent. 

1.20. “REASONABLE COMMERCIAL EFFORTS” shall mean documented efforts that are consistent with those utilized by companies of similar
size and type to LICENSEE that have successfully developed products and services similar to LICENSED TECHNOLOGIES in the FIELD. 
 1.21.
“SUBLICENSEE” shall mean any third party sublicensed by LICENSEE or otherwise granted any other right, license, privilege or immunity to make, have made, use, sell, have sold, import or export any LICENSED TECHNOLOGY. 

1.22. “TERM” is defined in Article 2.4. 

ARTICLE 2 LICENSE GRANT AND TERM 

2.1. Subject to all the terms and conditions of this Agreement, PROMAB hereby grants to LICENSEE an exclusive license to its rights under the
LICENSED TECHNOLOGIES, with the right to grant sublicenses, to make, have made, use, sell, have sold, import or export LICENSED TECHNOLOGIES within the FIELD in the LICENSED TERRITORY (the “LICENSE”) provided this Agreement is in effect
and LICENSEE is not in material breach of its obligations hereunder. 

  

					
	ProMab-Unitex	  	4	  	

 i. In the event that PROMAB develops any IMPROVEMENTS to the LICENSED TECHNOLOGY that may be
useful to LICENSEE’S efforts to commercialize the LICENSED TECHNOLOGY, PROMAB will promptly notify LICENSEE of such IMPROVEMENTS and disclose such IMPROVEMENTS to LICENSEE. PROMAB shall not disclose or license any such IMPROVEMENTS to a third
party until after LICENSEE had the opportunity to evaluate the same for purposes of licensing such IMPROVEMENTS. 
 ii. In the event PROMAB
or a third party desires to describe in a scholarly or scientific publication, prior to taking any steps to publishing any such publication, PROMAB will first consult with LICENSEE so that LICENSEE can determine whether any CONFIDENTIAL INFORMATION
of LICENSEE’S is at risk of disclosure or publication. LICENSEE has thirty (30) days to review and determine whether any CONFIDENTIAL INFORMATION of LICENSEE’S should be redacted. PROMAB agrees to redact LICENSEE’S CONFIDENTIAL
INFORMATION in such proposed disclosure or publication. 
 2.2. Unless terminated earlier as provided in Article 12, the term of the LICENSE
(“the TERM”) shall commence on the EFFECTIVE DATE and shall automatically expire on the later of: (a) the date on which the last of the claims of the patents described in the LICENSED TECHNOLOGIES expires, lapses or is declared to be
invalid by a final, non-appealable decision of a court of competent jurisdiction through no fault or cause of LICENSEE; or (b) twenty (20) years after the EFFECTIVE DATE. 

ARTICLE 3 SUBLICENSES 
 3.1.
LICENSEE shall have the right to grant sublicenses to SUBLICENSEES under this Agreement solely for the market of LICENSED TERRITORY without PROMAB’s prior written consent. Any agreement granting SUBLICENSEE shall state that the SUBLICENSE is
subject to the terms and conditions of this Agreement and to the termination of this Agreement. 
 ARTICLE 4 PAYMENTS/CONSIDERATION

 4.1. License Issue Fee 

LICENSEE shall pay to PROMAB a non-refundable license issue fee of [***] within three (3) days of
the EFFECTIVE DATE. 
 4.2. Delivery Payment 

LICENSEE shall pay to PROMAB a non-refundable license delivery fee of [***] within six month of the
EXECUTIVE DATE, provided that: [***]; 
 4.3. Additional Sub-License Fee 

  

					
	ProMab-Unitex	  	5	  	

 LICENSEE shall pay to PROMAB a non-refundable sub-licensee fee of [***] for an additional exclusive sub-license of GITR as CAR-T costimulatory molecule [***] from PROMAB to LICENSEE
for use in the FIELD in the LICENSED TERRITORY. PROMAB will make due effort to assist LICENSEE to [***]. 
 4.4. Milestone Payment: 

In addition to all other payment required under this Agreement, LICENSEE agrees to pay PROMAB milestone payments upon complete execution of
Article 4.2, as follows: 
 i. a non-refundable milestone payment of [***] 60 days after IND filing
of [***], whichever occurs first; 
 ii. a non-refundable milestone payment of [***] after LICENSEE
successfully treated [***] patients in a PHASE I CLINICAL TRIAL with [***]; 
 iii. a non-refundable
milestone payment of [***] when LICENSEE successfully treated [***] patients in a PHASE I CLINICAL TRIAL with [***] and achieved [***]; 

iv. a non-refundable milestone payment of [***] 60 days after IND approval for [***], in no event shall
the aggregate be more than [***] 
 v. a non-refundable milestone payment of [***] when LICENSEE
obtains the China Food and Drug Administration (CFDA) approval for [***]; 
 ARTICLE 5 INTENTIONALLY LEFT BLANK 

ARTICLE 6 DUE DILIGENCE 

6.1. LICENSEE shall use all REASONABLE COMMERCIAL EFFORTS to develop, commercialize, and market the LICENSED TECHNOLOGY with diligent research
and development, testing, government approval, manufacturing, marketing and sale or lease of LICENSED TECHNOLOGY. 
 6.2. LICENSEE shall use
all REASONABLE COMMERCIAL EFFORTS to implement the clinical trials and to obtain regulatory approval for the LICENSED TECHNOLOGY, and to diligently commercialize and develop markets for the LICENSED TECHNOLOGY. 

  

					
	ProMab-Unitex	  	6	  	

 6.3. LICENSEE shall deliver to PROMAB all records required by regulatory authorities to be
maintained with respect to the sale and use of the LICENSED TECHNOLOGY, all documents, data and information related to clinical trials and other studies of LICENSED TECHNOLOGY, any other data, techniques,
know-how and other information developed or generated that relate to the LICENSED TECHNOLOGIES or LICENSED TECHNOLOGY, and all copies and facsimiles of such materials, documents, information and files. 

6.4. If at any time LICENSEE abandons or suspends its research, development, or marketing of the LICENSED TECHNOLOGY, or its intent to
research, develop and market such products or methods, or otherwise fails to comply with its due diligence obligations under this Article for a period exceeding [***], LICENSEE shall immediately notify PROMAB giving reasons and a statement of its
intended actions. 
 6.5. Provided that the CFDA has published executable guideline of CAR-T cell
therapy new drug IND application (REGULATION DATE), LICENSEE agrees that PROMAB shall be entitled to terminate this Agreement pursuant to Article 12.1(b), and subject to LICENSEE’S right to cure as provided therein, upon the occurrence of any
of the following: 
 i. LICENSEE has failed to initiate a PHASE I CLINICAL TRIAL for a LICENSED TECHNOLOGY within [***] of the REGULATION
DATE; or 
 ii. LICENSEE has failed to initiate a PHASE II CLINICAL TRIAL for a LICENSED TECHNOLOGY within [***] of the REGULATION DATE; or

 iii. LICENSEE has failed to initiate a PHASE III CLINICAL TRIAL for a LICENSED TECHNOLOGY within [***] of the REGULATION DATE; or 

iv. LICENSEE has failed to achieve a FIRST COMMERCIAL SALEFIRST COMMERCIAL SALE within [***] of the REGULATION DATE. 

ARTICLE 7 CONFIDENTIALITY AND PUBLICITY 

7.1. Subject to the parties’ rights and obligations pursuant to this Agreement, PROMAB and LICENSEE agree that during the term of this
Agreement and for ten (10) years thereafter, each of them: 
 i. will keep confidential and will cause their AFFILIATES and, in the case
of LICENSEE, its SUBLICENSEES, to keep confidential, CONFIDENTIAL INFORMATION disclosed to it by the other party, by taking whatever action the party receiving the CONFIDENTIAL INFORMATION would take to preserve the confidentiality of its own
CONFIDENTIAL INFORMATION, which in no event shall be less than reasonable care; and 

  

					
	ProMab-Unitex	  	7	  	

 ii. will only disclose that part of the other’s CONFIDENTIAL INFORMATION to its
officers, employees or agents that is necessary for those officers, employees or agents who need to know to carry out its responsibilities under this Agreement; and 

iii. will not use the other party’s CONFIDENTIAL INFORMATION other than as expressly set forth in this Agreement or disclose the
other’s CONFIDENTIAL INFORMATION to any third parties under any circumstance without advance written permission from the other party; and 

iv. will, within sixty (60) days of termination of this Agreement, return all the CONFIDENTIAL INFORMATION disclosed to it by the other
party pursuant to this Agreement except for one copy which may be retained by the recipient for monitoring compliance with this Article 7. 

7.2. The obligations of confidentiality described above shall not pertain to that part of the CONFIDENTIAL INFORMATION that as established by
written records: 
 i. is already in the recipient’s possession prior to receipt from the disclosing party; or 

ii. is in the public domain by use and/or publication at the time of receipt from the disclosing party, or enters into the public domain
through no improper act of the receiving party; or 
 iii. is developed independently by the receiving party without reference to the
information of the disclosing party; or 
 iv. is properly obtained by receiving party from a third party with a valid legal right to
disclose such information and such third party is not under a confidentiality obligation to such information to the disclosing party; or 

v. is required to be disclosed by law in the opinion of recipient’s attorney, but only after the disclosing party is given prompt written
notice and an opportunity to seek a protective order. 
 7.3. Except as required by law, or as may be necessary to obtain advice from its
respective attorneys, financial advisors, or accountants or for such individuals to perform their duties, neither party may disclose the financial terms of this Agreement without the prior written consent of the other party. 

ARTICLE 8 REPORTS 
 8.1. LICENSEE
shall, within thirty (30) days after the calendar quarter in which NET SALES first occur, provide PROMAB with a written report, detailing the NET SALES and uses, if any, made by LICENSEE, its SUBLICENSEES and AFFILIATES of LICENSED TECHNOLOGY.
NET SALES of LICENSED TECHNOLOGY shall be deemed to have occurred on the date of invoice for such LICENSED TECHNOLOGY. Each such report shall be signed by an officer of LICENSEE (or the officer’s designee), and must include names and addresses
of all SUBLICENSEES and the type and amount of any SUBLICENSE income received from each SUBLICENSEE. 

  

					
	ProMab-Unitex	  	8	  	

 ARTICLE 9 PATENT PROTECTION AND OWNERSHIP OF IMPROVEMENTS 

9.1. To the extent of the trade secret is a bass for any patents or patent application, PROMAB shall advise LICENSEE in writing at such time as
the applicable patent application is filed and any patent is subsequently allowed and issued. If LICENSEE believes that the LICENSED TECHNOLOY including any inventions that are or may be patentable in the LICENSED TERRITOTY, LICENSEE shall notify
PROMAB, and the parties together shall consider the further actions that may be advisable to secure applicable patents. 
 9.2. PROMABM
agrees that to the extent that LICENSEE developed or created any IMPROVEMENTS to or based upon the LICENSED TECHNOLOGIES following the EFFECTIVE DATE of this Agreement, namely April 19, 2017, in the LICENSED TERRITORY,
LICENSEE is the sole owner of such IMPROVEMENTS, including all INTELLECTUAL PROPERTY RIGHTS therein. 
 9.3. Following the EFFECTIVE DATE of
this Agreement, LICENSEE develops or creates any IMPROVEMENTS to or based upon the LICENSED TECHNOLOGY, including but not limited to any data or other information, LICENSEE shall be the sole owner of such IMPROVEMENTS or derivatives, including and
comprising all INTELLECTUAL PROPERTY RIGHTS therein, with all rights to apply for and prosecute any applications for patents, trademarks and copyrights covering the same in the LICENSED TERRITORY. Cost for preparing and prosecuting such application
shall be incurred by LICENSEE. RPOMAB agrees that, if necessary, and at LICENSEE’S expense, it shall reasonably cooperate with LICENSEE in perfecting LICENSEE’S ownership in such IMPROVEMENTS by, including but not limited to executing and
all further documents requested by LICENSEE that may be necessary or advisable to effectuate or perfect LICENEE’s ownership in such IMPROVEMENTS. 

9.4. PROMAB agrees to delegate to LICENSEE the responsibility to direct the filing, prosecution and maintenance of such patent applications and
patents using independent patent counsel selected by LICENSEE in the LICENSED TERRITORY. Said independent patent counsel shall represent LICENSEE. LICENSEE shall have such responsibility to direct the filing, prosecution and maintenance of such
patent applications and patents. The relevant cost shall include, but not limited to any future taxes, annuities, working fees, maintenance fees, renewal and extension charges. Payment of such cost shall be made by LICENSEE directly to the patent
counsel. 
 9.5. With respect to any patent applications and patents contained in the LICENSED TECHNOLOGIES, the party responsible for
directing prosecution (the “Prosecuting Party”) and patent counsel shall (a) consult with the other party (the “Non-prosecuting Party”) and keep the
Non-prosecuting Party fully informed of the progress of the preparation, filing, prosecution and maintenance of such patent applications and patents, (b) consult with the
Non-prosecuting Party and keep the Non-prosecuting Party fully informed about patent strategy with respect to such patent applications and patents, (c) provide to
the Non-prosecuting Party advance copies of documents relevant to preparation, filing, prosecution and maintenance of such patent applications and patents sufficiently in advance of filing to allow the Non-prosecuting Party a reasonable opportunity to review and comment on such documents, (d) consider and implement all the Non-prosecuting Party’s reasonable comments on such patent filings, and
(e) provide the Non-prosecuting Party with final copies of such documents. The Prosecuting Party agrees to use commercially reasonable efforts to obtain broad and strong patent protection in the best
interest of itself and the Non-prosecuting Party. The Prosecuting Party will not finally abandon any patent application, or make decisions that would have a material impact on the nature or scope of any claims
without the Non-prosecuting Party’s prior written consent. 

  

					
	ProMab-Unitex	  	9	  	

 9.6. LICENSEE shall apply, and shall require SUBLICENSEES to apply, the patent marking
notices required by the law of any country where such LICENSED TECHNOLOGY are made, sold, used or shipped, including, but not limited to, the applicable patent laws of that country. 

ARTICLE 10 INFRINGEMENT AND LITIGATION 

10.1. Each party shall promptly notify the other in writing in the event that (a) it obtains knowledge of activity by third parties
infringing or otherwise violating the INTELLECTUAL PROPERTY RIGHTS in the LICENSED TECHNOLOGIES, or (b) it is sued or threatened with an infringement suit, in any country in the LICENSED TERRITORY as a result of activities that concern the
LICENSED TECHNOLOGIES, and shall supply the other party with documentation of the infringing activities that it possesses. 
 10.2. During
the TERM of this Agreement: 
 i. LICENSEE shall have the first right, but not the obligation, to assert and defend rights in the LICENSED
TECHNOLOGIES respecting infringement or other violation of INTELLECTUAL PROPERTY RIGHTS in the LICENSED TECHNOLOGIES by third parties in the FIELD and in the LICENSED TERRITORY using counsel of its own selection. This right includes bringing any
legal action for infringement and defending any counter claim of a third party respecting the LICENSED TECHNOLOGIES such as a counter claim or declaratory judgment for invalidity, non-infringement, or
unenforceability. If, in the reasonable opinion of LICENSEE’s counsel, PROMAB is required to be a named party to any such suit for standing purposes, LICENSEE may join PROMAB as a party; provided, however, that (i) PROMAB
shall not be the first named party in any such action, (ii) the pleadings and any public statements about the action shall state that the action is being pursued by LICENSEE and that LICENSEE has joined PROMAB as a party; and
(iii) LICENSEE shall keep PROMAB reasonably apprised of all developments in any such action. LICENSEE may settle such suits only with PROMAB’s prior written consent, which shall not be unreasonably withheld, conditioned, or delayed.
LICENSEE shall bear the expense of such legal actions, including PROMAB’s expenses. Except for providing reasonable assistance, at the request and expense of LICENSEE, including but not limited to cooperating with LICENSEE in any such action
with respect to discovery, production of evidence, or attendance in court proceedings, PROMAB shall have no obligation regarding the legal actions described in Article 10.2 unless required to participate by law. However, PROMAB shall have the right
to participate in any such action through its own counsel and at its own expense. Any recovery shall first be applied to LICENSEE’s out of pocket expenses and second shall be applied to PROMAB’s out of pocket expenses, including legal
fees. PROMAB shall recover [***] of any excess recovery over those expenses. 

  

					
	ProMab-Unitex	  	10	  	

 ii. In the event LICENSEE fails to initiate and pursue or participate in the actions
described in the preceding paragraph (a) within sixty (60) days of LICENSEE first becoming aware of an infringement or other violation of INTELLECTUAL PROPERTY RIGHTS in the LICENSED TECHNOLOGIES or (b) upon notice by LICENSEE to
PROMAB that it does not intend to initiate, pursue or participate in such action(s), whichever is earlier, PROMAB shall have the right to initiate or take over such legal action at its own expense and PROMAB may use the name of LICENSEE as a party
in such action. In such case, LICENSEE shall provide reasonable assistance to PROMAB if requested to do so. PROMAB shall keep LICENSEE reasonably apprised of all developments in any such action. PROMAB may settle such actions solely through its own
counsel. However, in the event that any such settlement may have a material effect on the LICENSE rights granted to LICENSEE under this Agreement, PROMAB shall not settle any such action without first consulting with LICENSEE and obtaining
LICENSEE’s prior written consent, which shall not be unreasonably withheld. Any recovery shall be split between PROMAB and LICENSEE on a pro rata basis as determined by the relative total out of pocket and legal expenses incurred by each party
in pursuing the legal action solely through PROMAB’s counsel and settled in favor of PROMAB. 
 10.3. In the event LICENSEE is
permanently enjoined from exercising its LICENSE under this Agreement pursuant to an infringement action brought by a third party, or if both LICENSEE and PROMAB elect not to undertake the defense or settlement of a suit alleging infringement for a
period of six (6) months from notice of such suit, then either party shall have the right to terminate this Agreement in the country where the suit was filed with respect to the licensed patent following thirty (30) days’ written
notice to the other party in accordance with the terms of Article 14. 
 ARTICLE 11 USE OF PROMAB’S NAMES 

LICENSEE shall not use the name “PROMAB Biotechnologies, Inc.,” nor any variation or adaptation thereof, nor any trademark, tradename
or other designation owned by PROMAB, nor the names of any of its directors, officers, employees or agents, for any purpose without the prior written consent of the appropriate party in each instance, except that LICENSEE may state that it has
exclusively licensed from PROMAB one or more of the patents and/or applications within the LICENSED TECHNOLOGIES in connection with, including but not limited to investor reports and strategic partner discussions. 

ARTICLE 12 TERMINATION 

12.1. PROMAB shall have the right, at its option, upon written notice to LICENSEE (a) to terminate this Agreement or (b) to convert
all exclusive licenses granted herein to nonexclusive licenses, in either case in the event LICENSEE: 
 i. fails to make any payment
whatsoever not disputed in good faith due and payable pursuant to this Agreement unless LICENSEE shall make all such payments within the sixty (60) day period after receipt of written notice from PROMAB, or within the sixty (60) day period
after resolution of any disputed amounts; or 

  

					
	ProMab-Unitex	  	11	  	

 ii. commits a material breach of any other provision of this Agreement which is not cured
(if capable of being cured) within the sixty (60) day period after receipt of written notice thereof from PROMAB, or upon receipt of such notice if such breach is not capable of being cured; or 

iii. challenges, directly or indirectly urging of a third party on behalf of the LICENSEE, whether as a claim, a cross-claim, counterclaim, or
defense, the validity or enforceability of any patents or patent applications included within the LICENSED TECHNOLOGIES before any court, arbitrator, or other tribunal or administrative agency in any jurisdiction. 

12.2. Notwithstanding any provision herein to the contrary, this Agreement shall terminate automatically without any notice to LICENSEE in the
event LICENSEE shall cease to carry on its business or becomes insolvent or a petition in bankruptcy is filed against LICENSEE and is consented to, acquiesced in or remains undismissed for sixty (60) days, or LICENSEE makes a general assignment
for the benefit of creditors, or a receiver is appointed for LICENSEE. 
 12.3. LICENSEE shall have the right to terminate this Agreement
upon written notice to PROMAB: 
 i. at any time without cause, and without incurring any additional obligation, liability or penalty, on two
(2) months’ written notice to PROMAB, provided LICENSEE is not in material breach and upon payment of all undisputed amounts due PROMAB throughout the effective date of termination; 

ii. in the event PROMAB commits a material breach of any of the provisions of this Agreement, including but not limited to breach of any of the
Presentations and Warranties clauses, and such material breach is not cured (if capable of being cured) within the sixty (60) day period after receipt of written notice thereof from LICENSEE, or upon receipt of such notice if such breach is not
capable of being cured. PROMAB shall unconditionally return to the LICENSEE the full amount of consideration which has been paid in accordance with Article 4. 

iii. in the event of a FORCE MAJEURE EVENT as set forth in Article 17.8; or 

iv. at any time in the event it is determined that none of the LICENSED TECHNOLOGIES are patentable subject matter by a non-appealable decision of a court of competent jurisdiction or applicable patent office administrative tribunal, or all the patents included within LICENSED TECHNOLOGIES are declared invalid by a non-appealable decision of a court of competent jurisdiction or applicable patent office administrative tribunal. 

12.4. Upon termination of this Agreement, for any reason, all rights and licenses granted 

to LICENSEE under the terms of this Agreement are terminated. Upon such termination, LICENSEE shall cease to manufacture or sell LICENSED TECHNOLOGY. 

  

					
	ProMab-Unitex	  	12	  	

 12.5. Within sixty (60) days of the effective date of termination LICENSEE shall return
to PROMAB: 
 i. All materials relating to or containing the LICENSED TECHNOLOGIES, and all CONFIDENTIAL INFORMATION disclosed by PROMAB;

 ii. the last report required under Article 8; 

iii. all payments incurred up to the effective date of termination; and 

(d) PROMAB shall return to LICENSEE all of LICENSEE’S CONFIDENTIAL INFORMATION disclosed by LICENSEE, or destroy all of LICENSEE’S
CONFIDENTIAL INFORMATION disclosed by LICENSEE, except for copies to be kept for PROMAB’s records. 
 12.6. Upon the termination of this
Agreement, nothing herein shall be construed to release either party from any obligation that matured prior to the effective date of such termination. LICENSEE shall remain obligated to make payment to PROMAB specified by Article 4 to the date of
termination. The following provisions shall survive any termination: Article 7, Article 11, this Article 12.5, Article 12.8, Article 13, Article 14, Article 15.1, Article 16. 

12.7. The rights provided in this Article 12 shall be in addition and without prejudice to any other rights and remedies under the law which
the parties may have with respect to any breach of the provisions of this Agreement. 
 12.8. Waiver by either party of one or more defaults
or breaches shall not deprive such party of the right to terminate because of any subsequent default or breach. 
 12.9. Upon termination of
this Agreement for any reason other than breach by PROMAB, LICENSEE shall permit PROMAB and their future licensees to utilize, reference and otherwise have the benefit of all regulatory approvals of, or clinical trials or other studies conducted on,
and all filings made with regulatory agencies with respect to, the LICENSED TECHNOLOGY. 
 ARTICLE 13 REPRESENTATIONS AND WARRANTIES

 13.1. PROMAB represents and warrants to the best of its knowledge that: (i) it is the sole and exclusive legal and beneficial
owner of the patent application listed on Appendix A hereto and other patents and patent applications included in the LICENSED TECHNOLOGIES; (ii) it has the unconditional right, power and authority to grant the LICENSE under this Agreement, and
will retain such right, power and authority throughout the TERM; (iii) aside from the agreement attached on Appendix C, it has not granted and will not grant any rights to any third party under the patent application listed on Appendix A hereto
or otherwise to the LICENSED TECHNOLOGIES. 
 13.2. PROMAB represents and warrants that the LICENSED TECHNOLOGY is advanced, practical and
reliable without abuse, misappropriation of any third party’s intellectual property or other legal rights, and there is no conflict with any third party’s intellectual property rights. There have never been any circumstances where any
third party raises objections or claims on the ground of infringements by the LICENSED TECHNOLOGIES. 

  

					
	ProMab-Unitex	  	13	  	

 13.3. By signing this Agreement, to PROMAB’s knowledge, no entity has been engaging in
any activities in violation of any intellectual property rights of the LICENSED TECHNOLOGY. The LICENSED TECHNOLOGY and the INTELLECTUAL PROPERTY RIGHTS associated are not subject to any rulings or orders of any nature, and there are no pending or
potential objections, litigation, investigations, complaints, claims or requests that are of adverse impact to the legality, enforceability, right of use or ownership of INTELLECTUAL PROPERTY RIGHTS of the LICENSED TECHNOLOGY of PROMAB. 

13.4. PROMAB represents and warrants that it will not grant license to others in the LICESED TERRITORY to use, make or sell products or
processes, not covered by the LICENSED TECHNOLOGY, which may be similar and/ or compete with the LICENSED TECHNOLOGIES. 
 13.5. PROMAB
warrants to provide LICENSEE and its affiliated parties the LICENSED TECHNOLOGIES in full and in a timely manner in accordance with Article 4.1 and Article 4.2 

13.6. PROMAB warrants to provide the LICENSEE and its affiliates parties with technical support and training, ensuring that LICENSEE and its
affiliated parties (i) fully grasp the LICENSED TECHNOLOGY; (ii) are able to repeat certain key experiments listed in Appendix B under PROMAB’s guidance within 12 months; and (iii) are capable of independent application of LICENSED
TECHNOLOGY. 
 13.7. PROMAB warrants that it will not use any data LICENSEE provided in accordance with Article 6.3 for any publications or
third party use. 
 13.8. Each party hereby represents and warrants to the other party that: (i) it is duly authorized to execute and deliver
this Agreement and to perform its obligation hereunder; (ii) this Agreement is a legal and valid obligation binding upon it and enforceable in accordance with its terms; (iii) the execution, delivery and performance of this Agreement do no
conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound, nor violate any law or regulation of any court, government body or administrative or other agency having jurisdiction over
it. 
 ARTICLE 14 LIMITATION OF LIABILITY 

14.1. EXCEPT FOR LIABILITY FOR BREACH OF CONFIDENTIALITY OR FOR INFRINGEMENT OR MISAPPROPRIATION, NEITHER PARTY SHALL BE ENTITLED TO RECOVER
FROM THE OTHER PARTY ANY INDIRECT, SPECIAL, INCIDENTIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO, LOST PROFITS, ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH
DAMAGES. IN NO EVENT SHALL RPOMAB’S LIABILITY HEREIN EXCEED THE AGGREGATE AMOUNTS ACTUALLY PAID OR PAYABLE TO RPOMAB UNDER THS AGREEMENT. 

  

					
	ProMab-Unitex	  	14	  	

 ARTICLE 15 NOTICES 

15.1. Any payment, notice or other communication required by this Agreement (a) shall be in writing, (b) may be delivered personally,
sent via electronic mail, or sent by reputable overnight courier with written verification of receipt or by registered or certified first class United States Mail, postage prepaid, return receipt requested, (c) shall be sent to the following
addresses or to such other address as such party shall designate by written notice to the other party, and (d) shall be effective upon receipt: 
  

			
	 FOR PROMAB:
 CEO

2600 Hilltop Drive, Bldg. B, Ste C320,
 Richmond, CA 92806

Tampa, Florida 33612
 [***]
	  	 FOR LICENSEE:
 CEO

Unitex Capital Ltd.
 1208 E. Arques Ave.

Sunnyvale, CA 94085
 [***]

 ARTICLE 16 LAWS, FORUM AND REGULATIONS 

16.1. This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of California without
reference to conflict of laws principles or statutory rules of arbitration included therein. Any dispute or proceeding under this Agreement shall be subject to the exclusive jurisdiction and venue of the court in and for Contra Costa County,
California and the parties hereby consent to the exclusive personal jurisdiction and venue of these courts. 
 16.2. LICENSEE shall comply,
and shall cause its SUBLICENSEES to comply, with all local laws, regulations, rules and orders applicable to the testing, production, transportation, packaging, labeling, export, sale and use of the LICENSED TECHNOLOGY in the LICENSED TERRITORY.

 ARTICLE 17 MISCELLANEOUS 

17.1. This Agreement shall be binding upon and inure to the benefit of the parties and their respective legal representatives, successors and
permitted assigns. 
 17.2. This Agreement constitutes the entire agreement of the parties relating to the LICENSED TECHNOLOGIES, and all
prior representations, agreements and understandings, written or oral, are merged into it and are superseded by this Agreement. 
 17.3. The
provisions of this Agreement shall be deemed separable. If any part of this Agreement is rendered void, invalid, or unenforceable, such determination shall not affect the validity or enforceability of the remainder of this Agreement unless the part
or parts which are void, invalid or unenforceable shall substantially impair the value of the entire Agreement as to either party 

  

					
	ProMab-Unitex	  	15	  	

 17.4. Article headings are inserted for convenience of reference only and do not form a part
of this Agreement. 
 17.5. No person not a party to this Agreement, including any employee of any party to this Agreement, shall have or
acquire any rights by reason of this Agreement. The relationship between the parties is that of independent contractors. Nothing contained in this Agreement shall be construed as creating any agency, partnership, joint venture or other form of joint
enterprise, employment, or fiduciary relationship between the parties, and neither party shall have authority to contract for or bind the other party in any manner whatsoever. 

17.6. This Agreement may not be amended or modified except by written agreement executed by each of the parties. Neither this Agreement nor any
right or obligation hereunder may be assigned or otherwise transferred by either party without written consent of the other party, which consent shall not be unreasonably withheld, conditioned, or delayed, except each party may, without consent of
the other party, assign or otherwise transfer this Agreement and its rights and obligations hereunder in whole or in part: (a) to any AFFILIATE; or (b) in connection with a CHANGE OF CONTROL. Any permitted assignee shall assume in writing
all assigned obligations of its assignor under this Agreement. The party making any assignment or other transfer permitted under this Article 16.6 shall provide prompt written notice to the other party of such assignment or transfer. Notwithstanding
any provision herein to the contrary, PROMAB shall be entitled to assign its rights to receive payments under this Agreement to a third party. Any attempted assignment in contravention of this Article 16.6 shall be null and void ab initio and shall
constitute a material breach of this Agreement. 
 17.7. The failure of any party hereto to enforce at any time, or for any period of time,
any provision of this Agreement shall not be construed as a waiver of either such provision or of the right of such party thereafter to enforce each and every provision of this Agreement. 

17.8. Neither party shall be liable or responsible to the other party, nor be deemed to have defaulted under or breached this Agreement, for
any failure or delay in fulfilling or performing any term of this Agreement, including any obligation to timely make any payment hereunder, when and to the extent such failure or delay is caused by: (a) acts of nature; (b) flood, fire, or
explosion; (c) war, terrorism, invasion, riot, or other civil unrest; (d) embargoes or blockades in effect on or after the EFFECTIVE DATE of this Agreement; (e) national or regional emergency; (f) strikes, labor stoppages or
slowdowns, or other industrial disturbances; (g) any passage of law or governmental order, rule, regulation or direction, or any action taken by a governmental or public authority, including imposing an embargo, export or import restriction,
quota, or other restriction or prohibition; or (h) national or regional shortage of adequate power or telecommunications or transportation facilities (each of the foregoing, a FORCE MAJEURE EVENT), in each case, provided that (i) such
event is outside the reasonable control of the affected party; (ii) the affected party provides prompt notice to the other party, stating the period of time the occurrence is expected to continue; and (iii) the affected party uses diligent
efforts to end the failure or delay and minimize the effects of such FORCE MAJEURE EVENT. LICENSEE may terminate this Agreement if a FORCE MAJEURE EVENT affecting PROMAB continues substantially uninterrupted for a period of ninety (90) days or
more. Unless LICENSEE terminates this Agreement pursuant to the preceding sentence, all dates by which LICENSEE must perform any act or on which a LICENSEE obligation is due shall automatically be extended for a period up to the duration of the
FORCE MAJEURE EVENT. 

  

					
	ProMab-Unitex	  	16	  	

 16.10 The Parties agree that this Agreement may be executed and delivered by facsimile,
electronic mail, internet, or any other suitable electronic means, and the Parties agree that signatures delivered by any of the aforementioned means shall be deemed to be original, valid, and binding upon the Parties. 

IN WITNESS to their Agreement, the parties have caused this Agreement to be executed by their duly authorized representatives. 

 

									
	PROMAB BIOTECHNOLOGIES, Inc.	  		  	UNITEX CAPITAL, LTD.
					
	By:	  	 /s/ John Wu
	  		  	By:	  	 /s/ Wei (William) Cao

			
	Name: John Wu	  	        	  	Name: Wei (William) Cao
	Title: CEO	  		  	Title: CEO

  

					
	ProMab-Unitex	  	17

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