Document:

Exhibit 4.1

 

MODULAR MEDICAL,
INC. 

AMENDED
2017 EQUITY INCENTIVE PLAN

(Effective
January 23, 2020)

 

1. Purposes of the Plan.

 

      The
purposes of this Equity Incentive Plan are to attract and retain the best available personnel, to provide additional incentive
to Employees, Directors and Consultants and to promote the success of the Company’s business.

 

2. Definitions.

 

      As
used herein, the following definitions shall apply:

 

      (a)
“Administrator” means the Board or any Committee appointed to administer the Plan.

 

      (b)
“Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated
under the Exchange Act.

 

      (c)
“Applicable Laws” means the legal requirements relating to the administration of stock incentive plans, if any, under
applicable provisions of federal securities laws, state corporate and securities laws, the Code, the rules of any applicable stock
exchange or national market system, and the rules of any foreign jurisdiction applicable to Awards granted to residents therein.

 

      (d)
“Award” means the grant of an Option, SAR, Dividend Equivalent Right, Restricted Stock, Performance Unit, Performance
Share, or other right or benefit under the Plan.

 

      (e)
“Award Agreement” means the written agreement evidencing the grant of an Award executed by the Company and the Grantee,
including any amendments thereto.

 

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

 

      (g)
“Cause” means, with respect to the termination by the Company or a Related Entity of the Grantee’s Continuous Service,
that such termination is for “Cause” as such term is expressly defined in a then-effective written agreement between
the Grantee and the Company or such Related Entity, or in the absence of such then-effective written agreement and definition,
is based on, in the determination of the Administrator, the Grantee’s:

 

            (i)
refusal or failure to act in accordance with any specific, lawful direction or order of the Company or a Related Entity;

 

            (ii)
unfitness or unavailability for service or unsatisfactory performance (other than as a result of Disability);

 

            (iii)
performance of any act or failure to perform any act, in bad faith and to the detriment of the Company or a Related Entity;

 

            (iv)
dishonesty, intentional misconduct or material breach of any agreement with the Company or a Related Entity; or

 

            (v)
commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person.

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

 

      (i)
“Committee” means any committee appointed by the Board to administer the Plan.

 

      (j)
“Common Stock” means the common stock of the Company.

 

      (k)
“Company” means Modular Medical, Inc., a Nevada corporation.

 

      (l)
“Consultant” means any person (other than an Employee or a Director, solely with respect to rendering services in such
person’s capacity as a Director) who is engaged by the Company or any Related Entity to render consulting or advisory services
to the Company or such Related Entity.

 

      (m)
“Continuous Service” means that the provision of services to the Company or a Related Entity in any capacity of Employee,
Director or Consultant, is not interrupted or terminated. Continuous Service shall not be considered interrupted in the case of
(i) any leave of absence approved by the Company or Related Entity, (ii) transfers between locations of the Company or among the
Company, any Related Entity, or any successor, in any capacity of Employee, Director or Consultant, or (iii) any change in status
as long as the individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director or Consultant
(except as otherwise provided in the Award Agreement). For purposes of Incentive Stock Options, no such approved leave of absence
may exceed ninety (90) days, unless re-employment upon expiration of such leave is guaranteed by statute or contract.

 

      (n)
“Corporate Transaction” means any of the following transactions:

 

            (i)
a merger or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of
which is to change the state in which the Company is incorporated;

 

            (ii)
the sale, transfer or other disposition of all or substantially all of the assets of the Company (including the capital stock
of the Company’s subsidiary corporations) in connection with the complete liquidation or dissolution of the Company;

 

            (iii)
any reverse merger in which the Company is the surviving entity but in which securities possessing more than eighty percent (80%)
of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different from
those who held such securities immediately prior to such merger; or

 

            (iv) an acquisition
by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial
ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than eighty percent (80%) of the
total combined voting power of the Company’s outstanding securities, but excluding any such transaction that the Administrator
determines shall not be a Corporate Transaction.

 

      (o)
“Director” means a member of the Board or the board of directors of any Related Entity.

 

      (p)
“Disability” means that a Grantee is permanently unable to carry out the responsibilities and functions of the position
held by the Grantee by reason of any medically determinable physical or mental impairment. A Grantee will not be considered to
have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its
discretion.

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      (q)
“Dividend Equivalent Right” means a right entitling the Grantee to compensation measured by dividends paid with respect
to Common Stock.

 

      (r)
“Employee” means any person, including an Officer or Director, who is an employee of the Company or any Related Entity.
The payment of a director’s fee by the Company or a Related Entity shall not be sufficient to constitute “employment”
by the Company.

 

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

 

      (t) “Fair Market Value” means, as of any date, the value of Common Stock determined
as follows:

 

             (i)
Where there exists a public market for the Common Stock, the Fair Market Value shall be (A) the closing price for a Share for
the last market trading day prior to the time of the determination (or, if no closing price was reported on that date, on the
last trading date on which a closing price was reported) on the stock exchange or national market system determined by the Administrator
to be the primary market for the Common Stock, or (B) if the Common Stock is not traded on any such exchange or national market
system, the average of the closing bid and asked prices of a share on the OTC Bulletin Board or other inter-dealer quotation service
for the day prior to the time of the determination (or, if no such prices were reported on that date, on the last date on which
such prices were reported), in each case, as reported in The Wall Street Journal or such other source as the Administrator deems
reliable; or (ii) in the absence of an established market for the Common Stock of the type described in subparagraph (i), above,
the Fair Market Value shall be determined by the Administrator in good faith.

 

      (u)
“Grantee” means an Employee, Director or Consultant who receives an Award pursuant to an Award Agreement under the Plan.

 

      (v)
“Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section
422 of the Code.

 

      (w)
“Non-Qualified Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

 

      (x)
“Officer” means a person who is an officer of the Company or a Related Entity within the meaning of Section 16 of the
Exchange Act and the rules and regulations promulgated thereunder.

 

      (y)
“Option” means an option to purchase Shares pursuant to an Award Agreement granted under the Plan.

 

      (z)
“Parent” means a “parent corporation”, whether now or hereafter existing, as defined in Section 424(e) of
the Code.

 

      (aa)
“Performance Shares” means Shares or an Award denominated in Shares which may be earned in whole or in part upon attainment
of performance criteria established by the Administrator.

 

      (bb)
“Performance Units” means an Award which may be earned in whole or in part upon attainment of performance criteria established
by the Administrator and which may be settled for cash, Shares or other securities or a combination of cash, Shares or other securities
as established by the Administrator.

 

      (cc)
“Plan” means this 2017 Equity Incentive Plan.

 

      (dd)
“Related Entity” means any Parent, Subsidiary and any business, corporation, partnership, limited liability company
or other entity in which the Company, a Parent or a Subsidiary holds a substantial ownership interest, directly or indirectly.

 

      (ee)
“Restricted Stock” means Shares issued under the Plan to the Grantee for such consideration, if any, and subject to
such restrictions on transfer, rights of first refusal, repurchase provisions, forfeiture provisions, and other terms and conditions
as established by the Administrator.

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      (ff)
“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor thereto.

 

      (gg)
“SAR” means a stock appreciation right entitling the Grantee to Shares or cash compensation, as established by the Administrator,
measured by appreciation in the value of Common Stock.

 

      (hh)
“Share” means a share of the Common Stock.

 

      (ii)
“Subsidiary” means a “subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f)
of the Code.

 

      (jj)
“Related Entity Disposition” means the sale, distribution or other disposition by the Company of all or substantially
all of the Company’s interests in any Related Entity effected by a sale, merger or consolidation or other transaction involving
that Related Entity or the sale of all or substantially all of the assets of that Related Entity.

 

3. Stock Subject to the Plan.

 

      (a)
Subject to the provisions of Section 10, below, the maximum aggregate number of Shares which may be issued pursuant to all Awards
(including Incentive Stock Options) is 4,000,000 Shares. The Shares to be issued pursuant to Awards may be authorized, but unissued,
or reacquired Common Stock.

 

      (b)
Any Shares covered by an Award (or portion of an Award) which is forfeited or canceled, expires or is settled in cash, shall be
deemed not to have been issued for purposes of determining the maximum aggregate number of Shares which may be issued under the
Plan. If any unissued Shares are retained by the Company upon exercise of an Award in order to satisfy the exercise price for
such Award or any withholding taxes due with respect to such Award, such retained Shares subject to such Award shall become available
for future issuance under the Plan (unless the Plan has terminated). Shares that actually have been issued under the Plan pursuant
to an Award shall not be returned to the Plan and shall not become available for future issuance under the Plan, except that if
unvested Shares are forfeited, or repurchased by the Company at their original purchase price, such Shares shall become available
for future grant under the Plan.

 

4. Administration of the Plan.

 

      (a)
Plan Administrator.

 

            (i)
Administration with Respect to Directors and Officers. With respect to grants of Awards to Directors or Employees who are also
Officers or Directors of the Company, the Plan shall be administered by  (A) the Board or (B) a Committee designated
by the Board, which Committee shall be constituted in such a manner as to satisfy the Applicable Laws and to permit such grants
and related transactions under the Plan to be exempt from Section 16(b) of the Exchange Act in accordance with Rule 16b-3. Once
appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board.

 

            (ii)
Administration With Respect to Consultants and Other Employees. With respect to grants of Awards to Employees or Consultants who
are neither Directors nor Officers of the Company, the Plan shall be administered by (A) the Board or (B) a Committee designated
by the Board, which Committee shall be constituted in such a manner as to satisfy the Applicable Laws. Once appointed, such Committee
shall continue to serve in its designated capacity until otherwise directed by the Board. The Board may authorize one or more
Officers to grant such Awards and may limit such authority as the Board determines from time to time. Except for the power to
amend the Plan as provided in Section 13 and except for determinations regarding Employees who are subject to Section 16 of the
Exchange Act or certain key Employees who are, or may become, as determined by the Board or the Committee, subject to Section
162(m) of the Code compensation deductibility limit, and except as may otherwise be required under applicable stock exchange rules,
the Board or the Committee may delegate any or all of its duties, powers and authority under the Plan pursuant to such conditions
or limitations as the Board of the Committee may establish to any Officer or Officers of the Company.

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            (iii)
Administration Errors. In the event an Award is granted in a manner inconsistent with the provisions of this subsection, such
Award shall be presumptively valid as of its grant date to the extent permitted by Applicable Laws.

 

      (b)
Powers of the Administrator. Subject to Applicable Laws and the provisions of the Plan (including any other powers given to the
Administrator hereunder), and except as otherwise provided by the Board, the Administrator shall have the authority, in its discretion:

 

            (i)
to select the Employees, Directors and Consultants to whom Awards may be granted from time to time hereunder;

 

            (ii)
to determine whether and to what extent Awards are granted hereunder;

 

            (iii) to determine the number of Shares or the amount
of other consideration to be covered by each Award granted hereunder;

 

            (iv)
to approve forms of Award Agreements for use under the Plan;

 

            (v)
to determine the terms and conditions of any Award granted hereunder;

 

            (vi) to amend the terms of any outstanding Award granted
under the Plan, provided that any amendment that would adversely affect the Grantee’s rights under an outstanding Award shall
not be made without the Grantee’s written consent;

 

            (vii)
to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan, including without limitation, any notice
of Award or Award Agreement, granted pursuant to the Plan;

 

            (viii)
to establish additional terms, conditions, rules or procedures to accommodate the rules or laws of applicable foreign jurisdictions
and to afford Grantees favorable treatment under such laws; provided, however, that no Award shall be granted under any such
additional terms, conditions, rules or procedures with terms or conditions which are inconsistent with the provisions of the Plan;
and

 

            (ix)
to take such other action, not inconsistent with the terms of the Plan, as the Administrator deems appropriate.

 

      (c)
Effect of Administrator’s Decision. All decisions, determinations and interpretations of the Administrator shall be conclusive
and binding on all persons.

 

5. Eligibility. Awards other than
Incentive Stock Options may be granted to Employees, Directors and Consultants. Incentive Stock Options may be granted only to
Employees of the Company, a Parent or a Subsidiary. An Employee, Director or Consultant who has been granted an Award may, if
otherwise eligible, be granted additional Awards. Awards may be granted to Employees, Directors or Consultants who are residing
in foreign jurisdictions.

 

6. Terms and Conditions of Awards.

 

      (a)
Type of Awards. The Administrator is authorized under the Plan to award any type of arrangement to an Employee, Director or Consultant
that is not inconsistent with the provisions of the Plan and that by its terms involves or might involve the issuance of (i) Shares,
(ii) an Option, a SAR or similar right with a fixed or variable price related to the Fair Market Value of the Shares and with
an exercise or conversion privilege related to the passage of time, the occurrence of one or more events, or the satisfaction
of performance criteria or other conditions, or (iii) any other security with the value derived from the value of the Shares.
Such awards include, without limitation, Options, SARs, sales or bonuses of Restricted Stock, Dividend Equivalent Rights, Performance
Units or Performance Shares, and an Award may consist of one such security or benefit, or two (2) or more of them in any combination
or alternative.

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      (b)
Designation of Award. Each Award shall be designated in the Award Agreement. In the case of an Option, the Option shall be designated
as either an Incentive Stock Option or a Non-Qualified Stock Option. However, notwithstanding such designation, to the extent
that the aggregate Fair Market Value of Shares subject to Options designated as Incentive Stock Options which become exercisable
for the first time by a Grantee during any calendar year (under all plans of the Company or any Parent or Subsidiary) exceeds
$100,000, such excess Options, to the extent of the Shares covered thereby in excess of the foregoing limitation, shall be treated
as Non-Qualified Stock Options. For this purpose, Incentive Stock Options shall be taken into account in the order in which they
were granted, and the Fair Market Value of the Shares shall be determined as of the date the Option with respect to such Shares
is granted.

 

      (c)
Conditions of Award. Subject to the terms of the Plan, the Administrator shall determine the provisions, terms, and conditions
of each Award including, but not limited to, the Award vesting schedule, repurchase provisions, rights of first refusal, forfeiture
provisions, form of payment (cash, Shares, or other consideration) upon settlement of the Award, payment contingencies, and satisfaction
of any performance criteria. The performance criteria established by the Administrator may be based on any one of, or combination
of, increase in share price, earnings per share, total stockholder return, return on equity, return on assets, return on investment,
net operating income, cash flow, revenue, economic value added, personal management objectives, or other measure of performance
selected by the Administrator. Partial achievement of the specified criteria may result in a partial payment or vesting as specified
in the Award Agreement.

 

      (d)
Acquisitions and Other Transactions. The Administrator may issue Awards under the Plan in settlement, assumption or substitution
for, outstanding awards or obligations to grant future awards in connection with the Company or a Related Entity acquiring another
entity, an interest in another entity or an additional interest in a Related Entity whether by merger, stock purchase, asset purchase
or other form of transaction.

 

      (e)
Deferral of Award Payment. The Administrator may establish one or more programs under the Plan to permit selected Grantees the
opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other
event that absent the election would entitle the Grantee to payment or receipt of Shares or other consideration under an Award.
The Administrator may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual
of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions,
rules and procedures that the Administrator deems advisable for the administration of any such deferral program.

 

      (f)
Award Exchange Programs. The Administrator may establish one or more programs under the Plan to permit selected Grantees to exchange
an Award under the Plan for one or more other types of Awards under the Plan on such terms and conditions as determined by the
Administrator from time to time.

 

      (g)
Separate Programs. The Administrator may establish one or more separate programs under the Plan for the purpose of issuing particular
forms of Awards to one or more classes of Grantees on such terms and conditions as determined by the Administrator from time to
time.

 

      (h)
Early Exercise. The Award Agreement may, but need not, include a provision whereby the Grantee may elect at any time while an
Employee, Director or Consultant to exercise any part or all of the Award prior to full vesting of the Award. Any unvested Shares
received pursuant to such exercise may be subject to a repurchase right in favor of the Company or a Related Entity or to any
other restriction the Administrator determines to be appropriate.

 

      (i)
Term of Award. The term of each Award shall be the term stated in the Award Agreement, provided, however, that the term of an
Incentive Stock Option shall be no more than ten (10) years from the date of grant thereof. However, in the case of an Incentive
Stock Option granted to a Grantee who, at the time the Option is granted, owns stock representing more than ten percent (10%)
of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option
shall be five (5) years from the date of grant thereof or such shorter term as may be provided in the Award Agreement.

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      (j)
Transferability of Awards. Except as otherwise provided in this Section, all Awards under the Plan shall be nontransferable and
shall not be assignable, alienable, saleable or otherwise transferable by the Grantee other than by will or the laws of descent
and distribution except pursuant to a domestic relations order entered by a court of competent jurisdiction. Notwithstanding the
preceding sentence, the Board or the Committee may provide that any Award of Non-Qualified Stock Options may be transferable by
the recipient to family members or family trusts established by the Grantee. The Board or the Committee may also provide that,
in the event that a Grantee terminates employment with the Company to assume a position with a governmental, charitable, educational
or similar non-profit institution, a third party, including but not limited to a “blind” trust, may be authorized by
the Board or the Committee to act on behalf of and for the benefit of the respective Grantee with respect to any outstanding Awards.
Except as otherwise provided in this Section, during the life of the Grantee, Awards under the Plan shall be exercisable only
by him or her except as otherwise determined by the Board or the Committee. In addition, if so permitted by the Board or the Committee,
a Grantee may designate a beneficiary or beneficiaries to exercise the rights of the Grantee and receive any distributions under
the Plan upon the death of the Grantee.

 

      (k)
Time of Granting Awards. The date of grant of an Award shall for all purposes be the date on which the Administrator makes the
determination to grant such Award, or such other date as is determined by the Administrator. Notice of the grant determination
shall be given to each Employee, Director or Consultant to whom an Award is so granted within a reasonable time after the date
of such grant.

 

7. Award Exercise
or Purchase Price, Consideration, Taxes and Reload Options.

 

      (a)
Exercise or Purchase Price. The exercise or purchase price, if any, for an Award shall be as follows:

 

            (i)
In the case of an Incentive Stock Option: (A) granted to an Employee who, at the time of the grant of such Incentive Stock Option
owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or
Subsidiary, the per Share exercise price shall be not less than one hundred ten percent (110%) of the Fair Market Value per Share
on the date of grant; or (B) granted to any Employee other than an Employee described in the preceding clause, the per Share exercise
price shall be not less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant.

 

            (ii)
In the case of a Non-Qualified Stock Option, the per Share exercise price shall be not less than one hundred percent (100%) of
the Fair Market Value per Share on the date of grant unless otherwise determined by the Administrator.

 

            (iii)
In the case of other Awards, such price as is determined by the Administrator.

 

            (iv)
Notwithstanding the foregoing provisions of this Section 7(a),in the case of an Award issued pursuant to Section 6(d), above,
the exercise or purchase price for the Award shall be determined in accordance with the principles of Section 424(a) of the Code.

 

      (b)
Consideration. Subject to Applicable Laws, the consideration to be paid for the Shares to be issued upon exercise or purchase
of an Award including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock
Option, shall be determined at the time of grant). In addition to any other types of consideration the Administrator may determine,
the Administrator is authorized to accept as consideration for Shares issued under the Plan the following, provided that the portion
of the consideration equal to the par value of the Shares must be paid in cash or other legal consideration permitted by the applicable
laws of the jurisdiction in which the Company is then incorporated.

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            (i)
cash;

 

            (ii)
check;

 

            (iii)
delivery of Grantee’s promissory note with such recourse, interest, security, and redemption provisions as the Administrator determines
is appropriate;

 

            (iv)
surrender of Shares or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may require
including withholding of Shares otherwise deliverable upon exercise of the Award) which have a Fair Market Value on the date of
surrender or attestation equal to the aggregate exercise price of the Shares as to which said Award shall be exercised (but only
to the extent that such exercise of the Award would not result in an accounting compensation charge with respect to the Shares
used to pay the exercise price unless otherwise determined by the Administrator);

 

            (v)
with respect to options, payment through a broker-dealer sale and remittance procedure pursuant to which the Grantee (A) shall
provide written instructions to a Company designated brokerage firm to effect the immediate sale of some or all of the purchased
Shares and remit to the Company, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate
exercise price payable for the purchased Shares and (B) shall provide written directives to the Company to deliver the certificates
for the purchased Shares directly to such brokerage firm in order to complete the sale transaction; or

 

            (vi)
with respect to options provided there is then an established market for the Common Stock, by a “cashless exercise”
as a result of which the Grantee shall be entitled to receive that number of shares of Common Stock equal to the quotient of (i)
the number of Options surrendered for exercise and (ii) the difference between the Fair Market Value (determined in accordance
with clause (i) of Section 2(t) hereof) and the exercise price of the Option, in which case the number of Options surrendered
for exercise shall be cancelled;

 

            (vii)
any combination of the foregoing methods of payment.

 

      (c)
Taxes. No Shares shall be delivered under the Plan to any Grantee or other person until such Grantee or other person has made
arrangements acceptable to the Administrator for the satisfaction of any foreign, federal, state, or local income and employment
tax withholding obligations, including, without limitation, obligations incident to the receipt of Shares or the disqualifying
disposition of Shares received on exercise of an Incentive Stock Option. Upon exercise of an Award, the Company shall withhold
or collect from Grantee an amount sufficient to satisfy such tax obligations.

 

      (d)
Reload Options. In the event the exercise price or tax withholding of an Option is satisfied by the Company or the Grantee’s employer
withholding Shares otherwise deliverable to the Grantee, the Administrator may issue the Grantee an additional Option, with terms
identical to the Award Agreement under which the Option was exercised, but at an exercise price as determined by the Administrator
in accordance with the Plan.

 

8. Exercise of Award.

 

      (a)
Procedure for Exercise; Rights as a Stockholder.

 

            (i)
Any Award granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator under
the terms of the Plan and specified in the Award Agreement.

 

            (ii)
An Award shall be deemed to be exercised upon the later of (x) receipt by the Company of written notice of such exercise in accordance
with the terms of the Award by the person entitled to exercise the Award and (y) full payment for the Shares with respect to which
the Award is exercised, including, to the extent selected, use of the broker-dealer sale and remittance procedure to pay the purchase
price as provided in Section 7(b)(v).

 

            (iii)
Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of
the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a stockholder
shall exist with respect to Shares subject to an Award, notwithstanding the exercise of an Option or other Award. The Company
shall issue (or cause to be issued) such stock certificate promptly upon exercise of the Award. No adjustment will be made for
a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in
the Award Agreement or Section 10, below.

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      (b) Exercise of Award Following Termination
of Continuous Service.

 

            (i)
An Award may not be exercised after the termination date of such Award set forth in the Award Agreement and may be exercised following
the termination of a Grantee’s Continuous Service only to the extent provided in the Award Agreement.

 

            (ii)
Where the Award Agreement permits a Grantee to exercise an Award following the termination of the Grantee’s Continuous Service
for a specified period, the Award shall terminate to the extent not exercised on the last day of the specified period or the last
day of the original term of the Award, whichever occurs first.

 

            (iii)
Any Award designated as an Incentive Stock Option to the extent not exercised within the time permitted by law for the exercise
of Incentive Stock Options following the termination of a Grantee’s Continuous Service shall convert automatically to a Non-Qualified
Stock Option and thereafter shall be exercisable as such to the extent exercisable by its terms for the period specified in the
Award Agreement.

 

      (c)
Buyout Provisions. The Administrator may at any time offer to buy out for a payment in cash or Shares, an Award previously granted,
based on such terms and conditions as the Administrator shall establish and communicate to the Grantee at the time that such offer
is made.

 

9. Conditions Upon Issuance of Shares.

 

      (a)
Shares shall not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery
of such Shares pursuant thereto shall comply with all Applicable Laws, and shall be further subject to the approval of counsel
for the Company with respect to such compliance.

 

      (b)
As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant
at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to
sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required by any Applicable
Laws.

 

10. Adjustments Upon Changes in Capitalization.
Subject to any required action by the stockholders of the Company, the Administrator may, in its discretion, proportionately adjust
the number of Shares covered by each outstanding Award, and the number of Shares which have been authorized for issuance under
the Plan but as to which no Awards have yet been granted or which have been returned to the Plan, the exercise or purchase price
of each such outstanding Award, as well as any other terms that the Administrator determines require adjustment for (a) any increase
or decrease in the number of issued Shares resulting from a stock split, reverse stock split, stock dividend, combination or reclassification
of the Shares, (b) any other increase or decrease in the number of issued Shares effected without receipt of consideration by
the Company, or (c) as the Administrator may determine in its discretion, any other transaction with respect to Common Stock to
which Section 424(a) of the Code applies; provided, however that conversion of any convertible securities of the Company shall
not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Administrator
and its determination shall be final, binding and conclusive. Except as the Administrator determines, no issuance by the Company
of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment
by reason hereof shall be made with respect to, the number or price of Shares subject to an Award.

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11. Corporate Transactions
and Related Entity Dispositions. Except as may be provided in an Award Agreement:

 

      (a)
The Administrator shall have the authority, exercisable either in advance of any actual or anticipated Corporate Transaction or
Related Entity Disposition or at the time of an actual Corporate Transaction or Related Entity Disposition and exercisable at
the time of the grant of an Award under the Plan or any time while an Award remains outstanding, to provide for the full automatic
vesting and exercisability of one or more outstanding unvested Awards under the Plan and the release from restrictions on transfer
and repurchase or forfeiture rights of such  Awards in connection with a Corporate Transaction or Related Entity Disposition,
on such terms and conditions as the Administrator may specify. The Administrator also shall have the authority to condition any
such Award vesting and exercisability or release from such limitations upon the subsequent termination of the Continuous Service
of the Grantee within a specified period following the effective date of the Corporate Transaction or Related Entity Disposition.
Effective upon the consummation of a Corporate Transaction or Related Entity Disposition, all outstanding Awards under the Plan,
shall remain fully exercisable until the expiration or sooner termination of the Award.

 

      (b)
The portion of any Incentive Stock Option accelerated under this Section 11 in connection with a Corporate Transaction or Related
Entity Disposition shall remain exercisable as an Incentive Stock Option under the Code only to the extent the $ 100,000 dollar
limitation of Section 422(d) of the Code is not exceeded. To the extent such dollar limitation is exceeded, the accelerated excess
portion of such Option shall be exercisable as a Non-Qualified Stock Option.

 

12. Effective Date and Term of Plan.
The Plan shall become effective upon the earlier to occur of its adoption by the Board or its approval by the stockholders of
the Company. It shall continue in effect for a term of ten (10) years unless sooner terminated. Subject to Section 13 below, and
Applicable Laws, Awards may be granted under the Plan upon its becoming effective.

 

13. Amendment, Suspension or Termination
of the Plan.

 

      (a)
The Board may at any time amend, suspend or terminate the Plan. To the extent necessary to comply with Applicable Laws, the Company
shall obtain stockholder approval of any Plan amendment in such a manner and to such a degree as required.

 

      (b)
No Award may be granted during any suspension of the Plan or after termination of the Plan.

 

      (c)
Any amendment, suspension or termination of the Plan (including termination of the Plan under Section 12, above) shall not affect
Awards already granted, and such Awards shall remain in full force and effect as if the Plan had not been amended, suspended or
terminated, unless mutually agreed otherwise between the Grantee and the Administrator, which agreement must be in writing and
signed by the Grantee and the Company.

 

14. Reservation of Shares.

 

      (a)
The Company, during the term of the Plan, will at all times reserve and keep available such number of Shares as shall be sufficient
to satisfy the requirements of the Plan.

 

      (b)
The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the
Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability
in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained.

 

15. No Effect on Terms of Employment/Consulting
Relationship. The Plan shall not confer upon any Grantee any right with respect to the Grantee’s Continuous Service, nor shall
it interfere in any way with his or her right or the Company’s right to terminate the Grantee’s Continuous Service at any time,
with or without cause.

 

16. Unfunded Plan.
Unless otherwise determined by the Board or the Committee, the Plan shall be unfunded and shall not create (or construed to create)
a trust or a separate fund or funds. The Plan shall not establish any fiduciary relationship between the Company and any Grantee
or other person. To the extent any person holds any rights by virtue of an Award granted under the Plan, such right (unless otherwise
determined by the Board or the Committee) shall be no greater than the right of an unsecured general creditor of the Company.

    	10

    	 

    

17. No Effect on Retirement and Other
Benefit Plans. Except as specifically provided in a retirement or other benefit plan of the Company or a Related Entity, Awards
shall not be deemed compensation for purposes of computing benefits or contributions under any retirement plan of the Company
or a Related Entity, and shall not affect any benefits under any other benefit plan of any kind or any benefit plan subsequently
instituted under which the availability or amount of benefits is related to level of compensation. The Plan is not a “Retirement
Plan” or “Welfare Plan” under the Employee Retirement Income Security Act of 1974, as amended.

 

18. Stockholder Approval.
The grant of Incentive Stock Options under the Plan shall be subject to approval by the stockholders of the Company within twelve
(12) months before or after the date the Plan is adopted by the Board excluding Incentive Stock Options issued in substitution
for outstanding Incentive Stock Options pursuant to Section 424(a) of the Code. Such stockholder approval shall be obtained in
the degree and manner required under Applicable Laws. The Administrator may grant Incentive Stock Options under the Plan prior
to approval by the stockholders, but until such approval is obtained, no such Incentive Stock Option shall be exercisable. In
the event that stockholder approval is not obtained within the twelve (12) month period provided above, all Incentive Stock Options
previously granted under the Plan shall be exercisable as Non-Qualified Stock Options.

    	11Exhibit 4.01  

   
   

  

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

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

   
  SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION OF

   
  THE U.S. SECURITIES ACT OF 1933.

   
   

  

   
  ACM RESEARCH, INC.

   
   

  

   
  Warrant to Purchase Class A Common Stock

   
   

  

   
  	
          Certificate No. A-20-01

        	
          Original Issue Date: July 29, 2020

        

   
  

  

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

   
   

  

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

   

    

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

     
   

     

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

     
   

     

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

     
   

     

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

     
   

     

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

     
   

     

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

   
   

  

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

   
   

  

   
  3.    Exercise.

   
   

  

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

   
   

  

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

   
   

  

   
  
    
      

  

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

   
   

  

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

   
   

  

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

   
   

  

   
  	

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

        

   
   

    

   
  	

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

        

   
   

    

   
  	

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

        

   
   

  

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

   
   

  

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

   
   

  

   
  	

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

        

   
   

    

   
  	

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

        

   
   

  

   
  
    2

    
      

  

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

   
   

  

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

   
   

  

   
  	

        	(i)	
          capital reorganization of the Company;

        

   
   

    

   
  	

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

        

   
   

    

   
  	

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

        

   
   

    

   
  	

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

        

   
   

    

   
  	

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

        

   
   

    

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

   
   

  

   
  
    3

    
      

  

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

   
   

  

   
  	

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

        

   
   

    

   
  	

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

        

   
   

    

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

   
   

  

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

   
   

  

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

   
   

  

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

   
   

  

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

   

  

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

   
   

  

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

   
   

  

   
  
    4

    
      

  

  10.  General.

   
   

  

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

   
   

  

   
  	
          If to the Company:

        	
          ACM Research, Inc.

          42307 Osgood Road, Suite I

          Fremont, CA 94539

          E-mail: [***]

          Attention: Chief Financial Officer

        
	 	 
	
          with a copy to:

        	
          K&L Gates LLP

          One Lincoln Street

          Boston, MA 02111

          E-mail: [***]

          Attention: Mark L. Johnson

        
	 	 
	
          If to the Holder:

        	
          Shengxin (Shanghai) Management Consulting Limited Partnership

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

          Pilot Free Trade Zone,

          Shanghai, China

        

   
  	 	E-mail:  

        	 	

        

  	 	Attention:  

        	 	 

   
  

  

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

   
   

  

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

   
   

  

   
  
    5

    
      

  

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

   
   

  

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

   
   

  

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

   
   

  

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

   
   

  

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

   
   

  

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

   
   

  

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

   
   

  

   
  (i)       Interpretation. For purposes of this Agreement:

   
   

  

   
  	

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

        

   
   

    

   
  	

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

        

   
   

    

   
  	

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

        

   
   

    

   
  	

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

        

   
   

    

   
  
    6

    
      

  

  	

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

        

   
   

    

   
  	

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

        

   
   

    

   
  	

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

        

   
   

    

   
  	

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

        

   
   

    

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

   
   

  

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

   
  

  

   
  	 	
          ACM RESEARCH, INC.

        
	 	 	 
	 	
          By:

        	
          /s/ Hui Wang

        
	 	 	
          Name: Hui Wang

        
	 	 	
          Title: CEO

        

   
  Accepted and agreed:

   
  

  

   
  SHENGXIN (SHANGHAI) MANAGEMENT

   
  CONSULTING LIMITED PARTNERSHIP

   
  

  

   
  	
          By:

        	

        	
          , General Partner

        
	 	 	 

   
  	 	
          By: /s/ Steven Huang

        

   
  

  

   
  

  

   
  7

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