Document:

Exhibit 10.1
INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

SUPPLEMENTARY AGREEMENT TO THE EXCLUSIVE LICENSE AGREEMENT
This Supplementary Agreement to the Exclusive License Agreement (this “Agreement”), is entered into as of September 29, 2020 (Beijing Time, “Effective Date”), by and between:
(i)        Juventas Cell Therapy Ltd. (合源生物科技(天津)有限公司), a company duly organized and existing under the laws of PRC, having its principal office at Building 5, No.8, No.8, Haitai Development, Huayuan Industrial Zone, Tianjin Binhai High-tech Zone, Tianjin City, China (hereinafter referred to as “Juventas”, which, unless otherwise stipulated herein, shall include the assignee and heir of Juventas); and
(ii)       CASI Pharmaceuticals, Inc., a company duly organized and existing under the laws of Delaware, having its principal office at 9620 Medical Center Drive, Suite 300, Rockville, Maryland 20850 (hereinafter referred to as “CASI”, which, unless otherwise stipulated herein, shall include the assignee and heir of CASI).
(Juventas and CASI are each referred hereto as a “Party” and both the “Parties”.)
WHEREAS
A.                Juventas and CASI have entered into an Exclusive License Agreement (the “License Agreement”) on June 15, 2019, according to which Juventas has granted CASI an exclusive license to Commercialize (as defined below) the Product (as defined below) in the Territory (as defined below). The Product has already come into IND phase I clinical trial and is moving forward to Phase II Clinical Trial (as defined below).
B.                Since the execution of the License Agreement, considering the change of the market circumstances and the Parties’ situation, the Parties intend to enter into this Agreement to further stipulate the updated cooperation relations with regard to Commercializing the Product in the Territory. This Agreement is the supplementary of the License Agreement, and matters not stipulated herein shall still be governed by the License Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing preliminary statements, the mutual agreements and covenants set out herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:
1.     Definitions
Except otherwise defined herein, all capitalized terms used herein shall have the following meanings:
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1.1.    “Affiliate” means any Person that directly or indirectly controls, is controlled by or is under common control with a person or entity, but only for so long as said control shall continue. As used herein, the term “control” or “controlled by” means: (a) ownership, directly or indirectly, of more than 50% of the voting securities of the applicable party; or (b) possession of the power to direct or cause the direction of the business, management and policies of a person whether by ownership, contract or otherwise. Solely for the purpose of defining “Affiliate” herein, Juventas shall not be deemed as an Affiliate of CASI.
1.2.    “Annual Commercialization Cost Budget” has the meaning defined in Section 2.1 (4).
1.3.    “Annual Net Sales” means total Net Sales of the Product in a particular Calendar Year.
1.4.    “Calendar Quarter” means a period of three (3) consecutive months ending on the last day of March, June, September, or December, respectively.
1.5.    “Commercially Reasonable Efforts” means, with respect to the efforts to be exerted by a Party to achieve any objective, the reasonable efforts to accomplish such objective as a similarly situated party in the pharmaceutical industry would normally use to accomplish a similar objective in its own interests under similar circumstances.
1.6.    “Change of Control” means (a) any Person becomes the beneficial owner, directly or indirectly, of 50% or more of the outstanding equity interests of a Party, or (b) a Party ceases to own and control, of record and beneficially, more than 50% of each class of outstanding voting equity interests of the Party.
1.7.    “China Territory” means the People’s Republic of China, and for the purpose of defining “China Territory” only, including Macau and Taiwan and Hong Kong.
1.8.    “Clinical Development” means a human clinical trial of a compound or product for an indication as required prior to the marketing of a medical product.
1.9.    “Commercialize” or “Commercialization” means to sell the Product through certain methods and activities, including but not limited to pricing, reimbursement, distribution, hospital listing, business planning, medical/marketing planning, budget and HC approval, the establishment of Standardized Cell Therapy Centers, clinical research related matters, sales goal and incentive compensation..
1.10.  “Commercialization Costs” means the annual costs determined by JSC for Commercializing the Product and confirmed by Juventas and CASI, including but not limited to costs and expenses for marketing, medical related activities, quality control, sales, market access, etc.
1.11.  “Promotional Costs” means the costs determined by JSC for the Product’s marketing and promotion and confirmed by Juventas and CASI, including but not limited to costs and expenses for marketing, medical related activities, quality control, market access, etc.
1.12.  “Cost of Goods” or “COGS” means Juventas’ (and/or its contract manufacturer’s) costs of (i) materials, excipients, packaging and labeling material (including package insert);
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(ii) direct costs, including direct labor of employees (including basic wages, labor and related payroll taxes and benefits) incurred or spent in the actual production, filling, packaging and labeling of the Product, including without limitation for quality assurance, purchasing and manufacturing facility operations; (iii) overhead (including operating expenses, indirect labor and related payroll taxes and benefits, depreciation, amortization, taxes, insurance, rent, equipment repairs and maintenance, energy costs and supplies) incurred or spent in support of the actual production, filling, packaging and labeling of the Product; and (iv) all customs duties, transportation insurance, transportation costs and any other costs with respect to the manufacture of the Product.
1.13.  “EMEA” means the European Medicines Agency, or any successor entity thereto.
1.14.  “Ex-China Territory” means the rest of the world outside the China Territory.
1.15.  “Field” means all therapeutic uses of the Product.
1.16.  “FDA” means the U.S. Food and Drug Administration, or any successor entity thereto.
1.17.  “First Commercial Sale” means the first sale of the Product in any part of the Territory after Regulatory Approval for the Product has been granted, or otherwise permitted, by a Regulatory Authority of the Territory such as NMPA. For the avoidance of doubt, the First Commercial Sale does not include any sale or supply of any product for the sole purpose of clinical trials.
1.18.  “GMP” means current Good Manufacturing Practices as defined in Parts 210 and 211 of Title 21 of the U.S. Code of Federal Regulations, as may be amended from time to time, or any successor thereto and foreign equivalents thereof, including, where referring to activities in China, the Guidelines on Good Manufacturing Practices specific to the Product, or such practices as may be as otherwise required by the NMPA, including under the Quality Administrative Standard for Drug Manufacturing as well as any requirements issued pursuant to the Regulation of Drug Manufacturing Administrative Procedures issued by the NMPA.
1.19.  “GMP Manufacturing Facility” means any manufacturing facility that meets the GMP.
1.20.  “Governmental or Regulatory Authority” means: (a) the National Medical Products Administration of the People’s Republic of China (the “NMPA”) and any other national, federal, provincial, state, municipal or other governmental body, (b) any international or multi- lateral body, (c) any subdivision, ministry, department, secretariat, bureau, agency, commission, board, instrumentality or authority of any of the foregoing governments or bodies, (d) any quasi- governmental or private body exercising any regulatory, expropriation or taxing authority under or for any of the foregoing governments or bodies, or (e) any international, multi-lateral or multi-national judicial, quasi-judicial, arbitration or administrative court, grand jury, tribunal, commission, board or panel.
1.21.  “Key Target Hospitals” means the target hospitals that shall be covered for the Commercialization of the Product as determined by the JSC.
1.22.  “IND” means any investigational new drug application filed with the FDA, the EMEA
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or the NMPA prior to beginning clinical trials in humans or any comparable application filed with any Governmental or Regulatory Authority within the Territory.
1.23.  “Intellectual Property” means all licensed patents, patent applications, inventions or discoveries (whether or not patentable), copyrights, copyright applications, domain names, Product specifications, data, trade secrets, trade dress, know-how and all other intellectual property rights, and all related documentation or other tangible expressions , including the proprietary information set forth in Exhibit A attached hereto as will be updated from time to time, which are necessary to the Commercialization of the Product within the Territory, but excluding any intellectual property solely relating to the development and manufacture of the Product.
1.24.  “Improvements” means any inventions, discoveries, know-how, clinical data or other proprietary information related to the Product created, generated or acquired by either Party during the Term of this Agreement.
1.25.  “Laws” means: (a) all constitutions, treaties, laws, statutes, codes, ordinances, guidance, orders, decrees, rules, regulations, and municipal by-laws, (b) all judgments, orders, writs, injunctions, decisions, rulings, decrees and awards of any governmental, regulatory or judicial authority, and (c) all policies, practices and guidelines of any governmental or regulatory authority.
1.26.  “Losses” means any and all claims, liabilities, losses, damages, fees, penalties, judgments, awards, interest, costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses and court’s costs) incurred by a Party to this Agreement, or any Affiliate thereof, resulting from a third party Proceeding against either Party.
1.27.  “NDA” means a New Drug Application filed with the FDA, the EMEA, the NMPA and other Regulatory Authorities to obtain approval for commercial sale or use of the Product as a pharmaceutical or medicinal product in any formulation or dosage form (excluding any pricing and reimbursement approvals) or any comparable application filed with any Governmental or Regulatory Authority within the Territory.
1.28.  “Net Sales” means the gross amount invoiced for sales of the Product by CASI, or its Affiliates or its permitted sublicensee to any third party in the Territory, less the following amounts: (i) sales taxes or other taxes separately stated on the Product invoice; (ii) price adjustments, credits, refunds or deductions for returned or defective Product, all to the extent reasonably demonstrated by CASI by written records, provided that such calculation is not in violation of the Generally Accepted Accounting Principles (GAAP) of the United States.  Notwithstanding anything in this Agreement to the contrary, the transfer of the Product between or among CASI and any of its Affiliates and sublicensees will not be considered a sale.
1.29.  “Person” means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein.
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1.30.  “Product” means one developed candidate autologous T-cell therapy product with a scFv specifically binding to CD19, which is identified by Juventas with an internal reference number of CNCT19.
1.31.  “PRC” means People’s Republic of China, including Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan.
1.32.  “Phase II Clinical Trial” means a human clinical trial of a compound or product for an indication conducted in the PRC, the principal purpose of which is a determination of safety and efficacy for such indication or indications in a target patient population over a range of doses and to provide the rational and provide the basis for the design of phase III clinical trial studies and the determination of dosing regimens.
1.33.  “Supply Agreement” has the meaning given to such term in Section 3.2.1 of this Agreement.
1.34.  “Restricted Products” has the meaning given to such term in Section 5.2 of this Agreement.
1.35.  “Standardized Cell Therapy Center” means diagnostic and treatment departments established in medical institutions for carrying out activities related to CNCT19 products, including but not limited to, standardized treatment application, quality control, and medical training.
1.36.  “Territory” means worldwide.
1.37.  “Term” has the meaning given to such term in Section 6 of this Agreement.
1.38.  “Trademark” means any word, phrase, slogan, design, symbol or product packaging used or intended to be used to identify the Product or distinguish it from competitive or related products. For clarification, the “Trademarks” means “合源生物” and “Juventas” and any other trademarks, logos or branding used by Juventas in connection with the Product.
2.     Collaboration for Commercialization
Juventas and CASI will use its respective best reasonable efforts to Commercialize the Product worldwide pursuant to the terms and conditions hereof. On such basis, the Parties agree to arrange their rights and obligations below in accordance with this Agreement:
2.1.    Perfection of the JSC
Juventas and CASI agree that, Section 4 of the License Agreement shall be terminated and the Parties shall perfect the JSC pursuant to the provisions below:
(1)  Juventas and CASI have already jointly established the Joint Steering Committee (“JSC”), which is the decision-making and supervising authority for the Commercialization by the Parties, which shall be comprised of equal number of representatives from either Party and shall determine the matters in relation to the Commercialization of the Product, including but not limited to pricing the Product, deciding whether the Product should be listed on the National Drug Reimbursement
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List and the specific strategies in connection therewith, distribution plan, the hospital listing plan, business planning, medical/marketing planning, budget  and headcount approval, establishing the Standardized Cell Therapy Centers, post-market clinical research related matters, sales goal and incentive compensation, hiring independent experts and consultants and obtaining governmental approvals in relation to the marketing, etc. The Joint Development Committee (“JDC”) will no longer be established and its duties stipulated in the License Agreement will be undertaken by the JSC.
(2)  JSC shall be consisted of 3 representatives designated by each CASI and 3 representatives designated by Juventas. Each Party may replace the JSC representative designated by such Party at any time with prior notice to the other Party, provided that such replacement shall have the same authority and the same scope of responsibility as the person being replaced. Each of CASI and Juventas shall select one of its respective representatives as the joint-chairperson of the JSC, either of which shall be entitled to call meetings. The agenda of the meeting shall be prepared and circulated five (5) days prior to each meeting (such agenda will include all matters requested by either Party), and the minutes shall be prepared and issued of each meeting within fifteen (15) days thereafter. In the event of absence of any representative in any meeting, the representatives attending such meeting can make decisions unanimously.
(3)  In the event that the JSC cannot reach an agreement regarding any matter within a period of five (5) days, then the dispute shall be promptly submitted to the chief executive officer or the general manager of Juventas and CASI for resolution through consultation.
(4)  Subject to Section 2.1(3) above, the JSC shall make decisions on the annual commercialization cost budget (“Annual Commercialization Cost Budget”) for the Commercialization of the Product prior to January 31 of each year.
2.2.    Joint Establishment of Marketing Team
Juventas and CASI shall establish a marketing team together to jointly develop brand positioning, create marketing strategy and carry out promotional activities for Commercializing the Product.
2.3.    Medical Quality Control
Juventas shall be responsible to establish medical team(s), develop medical strategy, conduct post-market clinical research, establish Standardized Cell Therapy Centers (~100) to cover Key Target Hospitals’ cell therapy clinic standardization work, including but not limited to establishing and training of the standardized process for clinic pathway for cell therapy, specific related tests for cell therapy, quality control (cell collection and transfusion, etc.), and patient management (adverse reactions treatment, patients follow-up visits and establishment of database, etc.)
2.4.    Sales
CASI shall be responsible to recruit and establish sale teams, which shall cover all the
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Key Target Hospitals as determined by JSC, to Commercialize the Product.
2.5.    Transportation of the Product
The transportation obligation of the Product shall be borne by Juventas, the details of which shall be set forth in the Supply Agreement.
2.6.    Business Plan
Within six (6) months after the execution of this Agreement, the Parties shall jointly complete a Commercialization plan for the Product to further clarify the responsibilities and obligations of the Parties for Commercializing the Product (“Commercialization Plan”), and submit such Commercialization Plan to the JSC for approval.
2.7.    Communications with Government
CASI shall be responsible for replying to inquiries of, notices from or communications with the Governmental or Regulatory Authorities regarding Commercialization of the Product. Juventas shall be responsible for replying to all other inquiries of, notices from or communications with the Government or Regulatory Authorities regarding the Product. Each of the Parties shall provide the other Party with reasonable assistance in relation to the above-mentioned replies.
2.8.    Regulatory Information
Each Party shall provide the other Party with all reasonable assistance and take all actions reasonably requested by the other Party that are necessary to enable the other Party to comply with any Law applicable to the Product. Such assistance and actions shall include, among other things, keeping the other Party informed, commencing within five (5) business days of notification of any action by, or notification or other information which it receives (directly or indirectly) from any Governmental or Regulatory Authority which: (a) raises any material concerns regarding the safety or efficacy of the Product; (b) indicates or suggests a potential material liability for either Party to third parties arising in connection with the Product or (c) is reasonably likely to lead to a field alert report, recall or market withdrawal of the Product; provided, that neither Party shall be obliged to disclose information in breach of any existing contractual restrictions.
3.     Fees and Payments
This Section 3 shall replace and supersede Section 5 and Section 6 of the License Agreement entirely.
3.1.    Cancellation of Milestone Payment
CASI will be not required to pay to Juventas the milestone payment of RMB 70,000,000 under Section 6.1 of the License Agreement.
3.2.    Supply of Product and Supply Price
3.2.1. Supply of Product
Juventas shall complete the construction of GMP production facilities on its own or
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through designated manufacturers, ensure that such facilities are functional, and commence to produce the Product in accordance with the terms and conditions of this Agreement. According to the applicable terms of the supply agreement to be executed by the Parties separately (the “Supply Agreement”), Juventas or its designated manufacturer shall be the exclusive manufacturer and supplier of CASI’s products. In the event that the GMP production facility has been created and is ready to operate, Juventas shall notify CASI timely. Juventas shall supply the Product to CASI in accordance with the Supply Agreement.
3.2.2. Supply Price
Juventas shall supply CASI with the Product at the supply price (“Supply Price”) equaling to the COGS of the Product with a [***] mark-up rate. The payment period of the Supply Price and the payment method will be otherwise stipulated in the Supply Agreement
3.3.    Promotional Cost
Upon the determination of annual Promotional Cost budget each year, CASI shall pay to Juventas [***] of the annual Promotional Costs (“Juventas Commercialization Costs”) based on the payment schedule as determined by the Parties for the Commercialization responsibilities undertaken by Juventas, including but not limited to commercialization activities such as medical, marketing, testing, quality control, marketing access related activities. The exact amount shall be finally settled based on the actual promotional costs incurred which should be reviewed and approved by the JSC.  The payment period and the payment method will be otherwise determined and agreed by the Parties in a separate agreement.
3.4.    Royalty
CASI shall pay to Juventas the following royalties on the Net Sales within certain period in the Territory, the payment schedule and payment method of which will be determined by the Parties in a separate agreement:
A.      China Territory. CASI will pay to Juventas a royalty on Net Sales of the Product in the China Territory on a quarterly basis at the flat royalty rate of [***].
B.      Ex-China Territory: CASI will pay to Juventas a royalty on Net Sales of the Product in the Territory on a quarterly basis at the following rates:
a)     For the portion of aggregate Annual Net Sales of all Product in the Ex-China Territory equal to or less than [***] in any calendar year, [***] of such portion of such Annual Net Sales;
b)     For the portion of aggregate Annual Net Sales of all Product in the Ex-China Territory more than [***] but no more than [***] in any calendar year, [***] of such portion of such Annual Net Sales;
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c)     For the portion of aggregate Annual Net Sales of all Product in the Ex-China Territory more than [***] but no more than [***] in any calendar year, [***] of such portion of such Annual Net Sales; and
d)     For the portion of aggregate Annual Net Sales of all Product in the Ex-China Territory more than [***] in any calendar year, [***] of such portion of such Annual Net Sales.
3.5.    Profit Distribution Arrangement
The Parties agree that the overall profit obtained by Juventas hereunder shall reach the specific ratio of the Net Profit (“Juventas Target Net Profit”) as listed below in each financial year. In case the profit obtained by Juventas in such year from Section 3.2, Section 3.3 and Section 3.4 hereof (collectively, “Juventas Net Profit”) fails to reach Juventas Target Net Profit, CASI shall pay the difference amount between Juventas Net Profit and Juventas Target Net Profit. The payment schedule and payment method shall be confirmed in a separate agreement executed by the Parties, and CASI shall pay Juventas the difference in profits that should be made up in accordance with such agreement.
“Juventas Net Profit” = [***]
For purposes of the Section, “Product Net Profit” as described below = 
The specific ratio of “Juventas Target Net Profit” =
		(1)
	If the Annual Net Sales of all the Product in the Territory is [***], then Juventas shall obtain [***] of the Product Net Profit and CASI shall obtain [***] of the Product Net Profit, ie. Juventas Target Net Profit shall be [***] of the Product Net Profit.

		(2)
	If the Annual Net Sales of all Product in the Territory is more than [***] but no more than RMB [***] in any financial year, then Juventas shall obtain [***] of the Product Net Profit and CASI shall obtain [***] of the Product Net Profit, ie. Juventas Target Net Profit shall be [***] of the Product Net Profit;

		(3)
	If the Annual Net Sales of all Product in the Territory is more than RMB [***] in any financial year, then Juventas shall obtain [***] of the Product Net Profit and CASI shall obtain [***] of the Product Net Profit, ie. Juventas Target Net Profit shall be [***] of the Product Net Profit.

3.6.    Payment Reports
During the Term, following the First Commercial Sale of the Product in any country or region in the Territory, CASI shall furnish to Juventas a written report (each, a “Payment Report”) within [***] after the end of each calendar quarter showing the Net Sales of each Product in China Territory and Ex-China Territory and the royalties payable under this Agreement, along with (i) gross sales of the Product in China Territory and Ex-China Territory, (ii) Net Sales in the relevant Calendar Quarter in China Territory and Ex-China Territory, (iii) all relevant exchange rate conversions in accordance with Section 3.9, (iv) all deductions and (v) the amount of any payment due from CASI to Juventas.
3.7.    Method of Payments
All payments due from CASI to Juventas under this Agreement shall be paid by CASI or its designated party in RMB by wire transfer to a bank account designated in writing by Juventas. With respect to any payment due under this Section 3, Juventas shall provide CASI the original of the invoice for the due payment.
3.8.    Withholding Tax
The royalties shall be paid to Juventas by CASI after deducting all applicable withholding taxes. Before CASI makes any payment to Juventas, CASI shall provide Juventas with all forms verifying Juventas’ tax domicile to apply for any bilateral fiscal convention that provides the reduction of withholding tax rates. Juventas shall return the relevant forms to CASI. If Juventas does not immediately return the relevant qualified completed and signed forms, CASI shall be entitled to declare and pay the withholding tax in accordance
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with the applicable common law rate for corporate income tax, and the relevant tax shall be deducted by CASI in the corresponding payment to Juventas. CASI should pay the withholding tax to the correct tax authority and the payment certificate of the relevant tax should be delivered to Juventas as proof of payment. If any Party believes that the obligations set forth in this Section 3.8 are onerous, the Parties agree to discuss other available options. For the avoidance of doubt, this Section will not apply to the Royalty occurs in PRC, and Juventas shall be solely responsible for the compliance of applicable tax Laws, and CASI will not bear any legal liability arising from Juventas’ violation of the withholding tax regulations.
3.9.     Currency
With respect to sales of the Product invoiced in RMB, the Net Sales and the amounts due hereunder will be expressed in RMB. With respect to sales of Product invoiced in a currency other than RMB, the gross sales, Net Sales and royalties payable shall be expressed in the currency of the invoice issued by the Party making the sale together with the RMB equivalent of the royalty payable and the equivalent in the currency used for calculating the applicable royalty rates, calculated using the rate of exchange published in the Wall Street Journal for such currency on the last Business Day of the relevant Calendar Quarter.
3.10.  Default Payment
In addition to all other rights and remedies hereunder or at law or in equity, CASI shall pay an interest for any and all payment defaulted by CASI under this Agreement. The interest shall accrue on the amount of payment defaulted by CASI, from its due date up to the date of full payment, at a rate of [***] and shall be paid in RMB by wire transfer to a bank account designated by Juventas. Such interest shall accrue from day to day and be computed on the basis of a three hundred and sixty (360) day per year and the actual number of days elapsed. If any payment by CASI is overdue [***], CASI shall be deemed to be in material breach of this Agreement.
3.11.  Audit
Juventas shall have the right during the Term of this Agreement and for [***] months after termination of this Agreement to engage an independent auditor of one of the Big Four to examine the relevant records from time-to-time, as may be necessary to verify compliance with the terms of this Agreement. Such audit shall be requested in writing at least [***] in advance, and shall be conducted during CASI’s normal business hours and otherwise in a manner that minimizes any interference to CASI’s business operations. In order to fulfill the auditing, the independent auditor so selected shall have the right to access, examine, review and copy all books or accounts of CASI, relevant procurement/distribution agreements and other purchase/sales contracts, purchase/sales orders, operation records, tax paid to local government, and itemized tax for the Product, and to discuss the business, operations and conditions of CASI with its respective directors, officers, employees, accounts, auditors, financial advisors, legal counsel and investment bankers, to the extent reasonably deemed by Juventas as
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necessary for determining the accuracy of the report provided by CASI pursuant to Section 3.5. CASI shall not unreasonably restrict the independent auditor’s access to premises of CASI during normal business hours. In the event that any independent auditor discovers an underpayment, CASI shall promptly pay to Juventas the amount of such underpayment. The fees charged by such independent auditor shall be paid by Juventas. However, CASI shall pay such fees, provided that if such auditor uncovers an underpayment of [***] or more by CASI.
4.     Intellectual Properties
4.1.    Intellectual Property
Juventas shall be the sole owner of all Intellectual Properties. Subject to the terms and conditions set forth herein, Juventas hereby grants to CASI during the Term, an exclusive license (the “License”) in the Territory to use the Intellectual Property and Improvements for the Commercialization of the Product based on this Agreement. For the avoidance of doubt, Juventas has no obligation to provide CASI with any information or material that is not necessary for Commercialization of the Product and Juventas retains the right to use the Intellectual Property to develop and Commercialize the Product.
4.2.    Trademarks
Juventas grants to CASI an exclusive license to use the Trademarks in the Territory and solely in connection with the Product. CASI shall use the Trademarks solely in connection with its Commercialization of the Product in the Territory. All use of the Trademarks by CASI shall inure to the purpose of this Agreement. CASI shall not register or attempt to register any of the Trademarks in any jurisdiction in the Territory, or otherwise, without the prior written consent of Juventas, and in the event that CASI does register any of the Trademarks in the Territory (the “Territory Trademarks”), such Territory Trademarks that are identical to, similarly confusing with or use the Trademarks shall be transferred and assigned to Juventas upon the requests of Juventas. However, for clarity purpose, this Section 4.2 does not restrict CASI from developing, creation, registering or using its own trademarks solely to indicate CASI as a distributor of the Product. CASI’s use of the Trademarks shall comply with laws and regulations related to labeling and advertising in the Territory and other applicable Laws.
4.3.    Conversion to Non-Exclusivity
Notwithstanding anything to the contrary contained in this Agreement, subject to that Juventas has fully performed its obligations under this Agreement and has used Commercially Reasonable Efforts to market the Products, if in the first calendar year after the First Commercial Sale and any subsequent calendar year, the Annual Net Sales of the Product in the Territory are less than RMB 50,000,000, and subject to the satisfaction of the following conditions, the exclusive license granted in accordance with this Agreement shall immediately be converted to a non-exclusive license, and any sub-license rights in connection therewith shall be terminated immediately: (1) CASI fails to make Commercially Reasonable Efforts to Commercialize the Product; or (2) after the Product has been launched into the market, the sales volume of CASI is less than 10%
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(ten percent) of the total market share of the products identical with or similar to the Product. The total market share shall be determined on the basis of the market data of IQVIA (formerly IMS Health) or any successor organisation and on the basis of the volume of products sold (based on the packaging sizes, product dosage or intensity and similar factors as reasonably determined by the Parties).
4.4.     Sublicense
CASI shall not sublicense the licensed rights hereunder to its Affiliates, distributors and/or sublicensees or non-affiliates without Juventas’ prior written consent, which shall not be unreasonably withheld. In the event that CASI engages any Affiliate, distributor and/or sublicensee to implement the decisions of the JSC, such Affiliate, distributor and/or sublicensee shall, after obtaining the consent of Juventas, have the right to use the License and the Trademarks subject to the terms and conditions herein and solely in connection with the Product, and the sub-license agreement shall then be negotiated and determined by CASI and Juventas.
4.5.     Ownership and Preservation
Juventas retains ownership of, and all other rights to, the Intellectual Property. Juventas shall use Commercially Reasonable Efforts to preserve and maintain the Intellectual Property in the Territory and shall pay any periodic filing or administrative fees associated therewith. Juventas shall keep CASI informed regarding the prosecution and maintenance of licensed patents or patent applications in the Territory, if any, included in the licensed Intellectual Property. Additionally, in the event that Juventas fails to maintain or keep the Intellectual Property in the Territory and refuses to maintain or keep such Intellectual Property after having received a notice from CASI, then CASI may, at its sole discretion and at its own expense, do all things necessary to ensure such maintenance and servicing.
4.6.     Improvements
Parties agree that all right, title and interest in and to the Improvements shall be the sole and exclusive property of Juventas. CASI shall, and shall cause their employees to make full and prompt disclosure to Juventas of all Improvements. CASI hereby assign and transfer, without additional consideration, to Juventas all right, title and interest that CASI and their employees may have in and to any and all Improvements throughout the world. CASI shall and shall cause their employees to timely execute, or cause to be executed, all papers necessary to effect and perfect the assignment and transfer of all right, title and interest that CASI and their employees may have in and to any and all Improvements to Juventas.
For the avoidance of doubt, nothing in this Agreement shall be construed to confer any rights upon CASI to modify or reversely engineer the Product. Without prior written consent of Juventas, CASI shall not further develop or file regulatory filing for the Product. Any and all information, materials, data and results developed by CASI in violation of this provision shall be solely owned by Juventas.
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4.7.    Preferred Right to Negotiate
(1)  The Parties acknowledge and agree that, during the Term of this Agreement, if a combination of the Product and other active pharmaceutical ingredients is deemed as a new product from a regulatory perspective and Juventas intends to grant to any third party the right to commercialize such new product, CASI shall have the right to negotiate with Juventas regarding the right to commercialize such new product in the Territory in preference to any third party, and the specific terms and conditions shall be subject to further negotiation between CASI and Juventas. If the Parties fail to reach an agreement within sixty (60) days from the date on which Juventas informs CASI that such new product can be commercialized in the Territory, Juventas may grant the right to commercialize the new product in the Territory to any third party.
(2)  Juventas agrees to grant to CASI an exclusive license for Commercializing the new product, CD19/CD20 Biantibodies, in the Field and in the Territory on terms and conditions same as those set out in this Agreement and License Agreement, providing that a non-refundable milestone payment of RMB 70,000,000 shall be paid to Juventas upon the initiation of the first Phase II Clinical Trial with the new product.
5.     Representation, Warranties and Covenants
5.1.    Juventas Representations, Warranties and Covenants
As from the effective date of this Agreement, Juventas hereby represents and warrants to CASI as follows, while the representations and warranties with respect to Juventas under Section 7.1 of the License Agreement shall survive:
(1)  the execution, delivery and performance by Juventas of this Agreement and the consummation of the transactions contemplated hereby are within Juventas’ corporate powers and have been duly authorized by all necessary corporate action on the part of Juventas. This Agreement constitutes the legal, valid and binding obligation of Juventas, enforceable against Juventas after duly signed by the Parties;
(2)  the execution, delivery and performance of this Agreement by Juventas will not violate: (i) any Laws or any order of any Governmental or Regulatory Authority; or (ii) any provision of Juventas’ certificate of incorporation or other organizational documents.
5.2.    CASI Representations, Warranties and Covenants
CASI hereby represents and warrants to Juventas as follows, while the representations and warranties with respect to CASI under Section 7.2 of the License Agreement shall survive:
(1)  the execution, delivery and performance of this Agreement by CASI and the consummation of the transactions contemplated hereby are within CASI’s corporate powers and have been duly authorized by all necessary corporate action on the part of CASI. This Agreement constitutes the legal, valid and binding obligations of CASI, enforceable against CASI in accordance with its terms;
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(2)  CASI will be properly registered, licensed and qualified, and have all requisite power and authority under its organizational documents and in accordance with applicable Laws to market and sell Product in the Territory, and to conduct its business and perform its obligations hereunder and, during the Term and any extensions thereof, it shall take all action as may be required and necessary to obtain and keep current any governmental licenses, permits, registrations and approvals that are necessary for it to develop, make, market and sell the Product and carry out its other activities hereunder;
(3)  the execution, delivery and performance of this Agreement by CASI will not violate: (i) any Laws or any order of any Governmental or Regulatory Authority; or (ii) any provision of CASI’s certificate of incorporation or other organizational documents;
(4)  CASI shall carry out its obligations and activities under this Agreement (including without limitation the marketing, promotion, distribution and sale of the Product) in accordance with: (i) the terms hereof and (ii) all applicable Laws;
(5)  CASI and its employees have never been (i) debarred or (ii) convicted of a crime for which a Person can be debarred under Section 306(a) of the U.S. Generic Drug Enforcement Act of 1992 (Section 306(a) or (b) or similar Laws of any other jurisdiction; and
(6)  CASI irrevocably and unconditionally agrees with and undertakes to Juventas that, unless with prior written consent of Juventas or specially permitted by this Agreement, during the Term of this Agreement and three (3) years thereafter, (1) CASI shall not engage in Commercialization of any T-cell therapy product specifically binding to CD19 (“Restricted Products”) other than the Product; and (2) CASI shall not market or sell any Restricted Products in the Territory.
6.     Term and Termination
6.1.    Term
Unless terminated in accordance with Section 6.2, the term of this Agreement shall be 10 years.
6.2.    Termination
(1)  Termination for Material Breach. Either Party may terminate this Agreement for a material breach of this Agreement by the other Party if the breaching Party fails to cure any such breach within [***] after receipt of written notice from the non-breaching Party specifying such breach.
(2)  Termination for Insolvency or Bankruptcy. Either Party may immediately terminate this Agreement upon written notice to the other Party in the event that: (i) the other Party is declared insolvent or bankrupt by a court of competent jurisdiction; (ii) a voluntary petition of bankruptcy or reorganization is filed in any court of competent jurisdiction by such other Party; (iii) this Agreement is assigned by such other Party for the benefit of creditors; or (iv) an involuntary petition of bankruptcy or
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reorganization is filed against the other Party or its assets and such petition is not dismissed within [***] of filing.
(3)  Either Party may terminate this Agreement upon [***] prior written notice in the event that any Governmental or Regulatory Authority takes any action or raises any objection that prevents CASI from making, having made, marketing, promoting, importing, purchasing or selling Product, or that has the effect of making any of the transactions contemplated by this Agreement unlawful.
(4)  Termination due to change in control. Either Party may terminate this Agreement upon  [***] prior written notice in the event of a change of control of the other Party.
6.3.    Effect of Termination
On the date of termination or expiration of this Agreement, (a) all rights and obligations granted under or imposed by this Agreement will cease and terminate, except as set forth herein and in Section 6.4, (b) all license granted to CASI under this Agreement shall terminate, (c) CASI shall cease its use and, upon request, within 30 days either return to Juventas or destroy (and certify as to such destruction) all Juventas’ Confidential Information, including any copies thereof, (d) CASI shall promptly deliver to Juventas all information, documents and other materials, which belong to the Improvements or are necessary for Juventas to Commercialize the Product and (e) CASI or its Affiliates shall not engage in development, marketing or sale of the Product in the Territory before the [***] anniversary of the termination or expiration of this Agreement. Notwithstanding the foregoing, unless this Agreement was terminated by Juventas due to CASI’s breach of this Agreement, CASI shall have the right to sell and distribute its existing inventory of Product, not including Products in process of manufacture, subject to the terms of this Agreement and payment of applicable royalties to Juventas as set forth in Section 3 above. Such expiration or termination shall not affect any claim, demand, liability or right of a Party arising pursuant to this Agreement prior to the expiration or termination hereof. For the avoidance of doubt, termination or expiration of this Agreement shall not affect a Party’s right to seek damages from the responsible Party for actions or omissions occurring prior to such termination or expiration.
6.4.    Survival
The following provisions shall survive any termination or expiration of this Agreement: Section 4.4, Section4.5, Section 5.2(6), Section 6.3, Section 7, Section 8 and Section 9.
7.     Confidentiality and Press Release
7.1.    Confidential Information
Except to the extent otherwise agreed in writing, the Parties agree that the receiving Party (the “Receiving Party”) shall keep confidential and shall not publish or otherwise disclose or use for any purpose other than as provided for in this Agreement any confidential and proprietary information and materials, patentable or otherwise, in any form (written, oral, photographic, electronic, magnetic, or otherwise) which is disclosed
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to it by the other Party (the “Disclosing Party”) or is otherwise received, accessed or developed by a Receiving Party in the course of performing its obligations under this Agreement, including, but not limited to, all information concerning the Intellectual Property, the Product, the contents of this Agreement and any other technical and business information of whatever nature (collectively, “Confidential Information”). Without limiting the generality of the foregoing, the Receiving Party may disclose the Confidential Information only to the Receiving Party’s officers, employees, consultants, agents (the “Representatives”) who have a need to know the Confidential Information in connection with the transaction contemplated hereby and which Representatives are contractually or otherwise legally bound to hold and use the Confidential Information in substantial accordance with the terms herein. The Receiving Party shall guarantee the full performance by the Representatives of the confidentiality obligation set forth herein. Intellectual Property and Improvements shall be the Juventas’ Confidential Information.
7.2.     Exclusions
The obligations of confidentiality and non-use set forth in Section 7.1 shall not apply to any portion of the Confidential Information which the Receiving Party is able to establish by competent proof: (i) was already legally in the possession of the Receiving Party, at the time of disclosure by the Disclosing Party, other than pursuant to the License Agreement and this Agreement; (ii) was generally available to the public or otherwise part of the public domain at the time of its disclosure to the Receiving Party; (iii) became generally available to the public or was otherwise part of the public domain after its disclosure and other than through any act or omission of the Receiving Party in breach of this Agreement; or (iv) was disclosed to the Receiving Party by a third party provided that the Confidential Information was disclosed by such third party in non-violation of any confidentiality obligation.
7.3.     Exceptions
The obligations of this Section 7 shall not apply to Confidential Information that: (i) is submitted to a Governmental or Regulatory Authority to facilitate the issuance of any registrations for the Product or the Intellectual Property, provided that the Disclosing Party is informed of such submission and the required Confidential Information in advance of the disclosure and reasonable measures shall be taken to assure confidential treatment of such information where permitted; (ii) is provided by the Receiving Party to third parties under confidentiality agreements having provisions at least as stringent as those in this Agreement, and solely for consulting, funding, merger or acquisition activity, external testing and marketing trials with respect to any of the subject matter of this Agreement; or (iii) is otherwise required to be disclosed in compliance with applicable Laws (including, without limitation and for the avoidance of doubt, the requirements of any securities regulatory authorities or any stock exchange on which securities issued by a Party are traded) or order by a court or other governmental or regulatory authority having competent jurisdiction; provided, that, if a Party is required to make any such disclosure of the other Party’s Confidential Information such Party will give reasonable advance written notice to the other Party of such disclosure requirement
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and will use its best efforts to secure confidential treatment of such Confidential Information required to be disclosed.
7.4.    Remedies
Each Party shall be entitled, in addition to any other right or remedy it may have, at law or in equity, to seek an injunction from any court of competent jurisdiction, without the posting of any bond or other security, enjoining or restraining the other Party from any violation or threatened violation of this Section 7.
7.5.    Duration
All obligations of confidentiality, limited use and non-disclosure imposed by this Section 7 with respect to any and all items of Confidential Information shall survive the termination of this Agreement for a period of 5 years, unless a longer period is prescribed by Law.
7.6.    Press Releases
Except as required by Law (including requirements of applicable securities administrators or any other stock exchange on which securities issued by a Party are traded) or any governmental or regulatory authority, neither Party shall make any press release or other public announcement relating to the Agreement or the transactions described herein without the prior written consent of the other Party, which consent will not be unreasonably withheld. Subject to the foregoing, each Party shall use Commercially Reasonable Efforts to provide the other Party an opportunity to review any press release or similar public statement related to this Agreement or Product prior to publicly releasing such press release.
8.     Indemnification
Each Party (the “Breaching Party”) shall defend, indemnify and hold harmless the other Party, its Affiliates, officers, directors, employees and agents against any and all Losses arising out of, in connection with or attributable to the Breaching Party’s breach under this Agreement. The detailed agreement shall refer to Section 10 of the License Agreement
9.     Miscellaneous
9.1.    Governing Law
This Agreement shall be governed by and construed exclusively in accordance with the laws of Hong Kong, without regard to conflicts of law rules. Except as specifically provided below, any disputes, controversy or claims arising from or related to this Agreement or violation of this Agreement shall be resolved through negotiation between the Parties. If the negotiations do not resolve such dispute to the reasonable satisfaction of both Parties, such dispute shall be resolved by arbitration according to Section 9.2 below.
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9.2.    Arbitration
Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non- contractual obligations arising out of or relating to it, shall be referred to and finally resolved by arbitration at the Hong Kong International Arbitration Centre (HKIAC) in accordance with its rules as at present in force when the notice of arbitration is submitted. Each Party shall pay its own arbitration fees, but the losing party shall bear the fees in relation to the arbitrator
9.3.    Effectiveness and Entire Agreement
(1)  This Agreement shall become effective upon duly signed by the Parties.
(2)  Except as otherwise stipulated in hereunder, upon the effectiveness of this Agreement, this Agreement is a supplementary agreement to the License Agreement. If both this Agreement and the License Agreement have provisions regarding the same matter and there is a discrepancy between this Agreement and the License Agreement, this Agreement shall prevail.
(3)  The Parties entered into a Term Sheet dated September 22, 2020. If there is a discrepancy between this Agreement and the Term Sheet, this Agreement shall prevail.
9.4.    Waiver
The waiver by any Party of a breach of any provision of this Agreement shall not operate, or be construed, as a waiver of any subsequent breach.
9.5.    Force Majeure
If the actual performance of any obligations under this Agreement is prevented by any act of God (such as fire, flood, earthquake or other natural cause), terrorist events, riots, insurrections, declared or undeclared war or national emergency, any epidemic, pandemic or disease outbreak (including COVID-19), governmental action or inaction unrelated to Product or the Parties’ acts or omissions, or other similar event outside the reasonable control of a Party, the Party affected by such event (a “Force Majeure”) shall be excused on a day-by-day basis to the extent of the prevention; provided, that such Party notifies the other Party as soon as practicable of the nature and expected duration of the claimed Force Majeure, uses all Commercially Reasonable Efforts to avoid or remove the causes of nonperformance and resumes performance promptly after the causes have been removed.
9.6.    Modification
No change, modification, or waiver of any terms of this Agreement shall be valid unless it is in writing and signed by both Parties.
9.7.    Assignment
CASI shall not be entitled to assign its rights or delegate its obligations hereunder in whole or in part without the express prior written consent of Juventas.
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9.8.     Independent Contractor
This Agreement shall not be construed as constituting a partnership, joint venture or any other form of legal association that would impose liability upon one Party for the act or failure to act of the other Party, or as providing either Party with the right, power or authority (express or implied) to create any duty or obligation of the other Party.
9.9.     Headings
The headings have been inserted for convenience only and are not to be considered when interpreting the provisions of this Agreement.
9.10.  Counterparts
This Agreement may be executed in multiple counterparts, each of which will be deemed an original, but all of which together shall constitute one and the same instrument.
9.11.  Severability
Each provision of this Agreement will to the extent possible be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.
9.12.  Notices
All notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing to the address set forth below, and shall be conclusively deemed to have been duly given (a) when hand-delivered to the other Parties, upon delivery; (b) when sent by electronic mail, upon such mail being sent unless the sending Party subsequently learns that such electronic mail was not successfully delivered; (d) five (5) Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid; or (e) three (3) Business Days after deposit with an overnight delivery service, postage prepaid with next-business-day delivery guaranteed, provided that the sending Party receives a confirmation of delivery from the delivery service provider. A Party may change or supplement the addresses given above, or designate additional addresses, for purposes of this Section 9.12, by giving the other Parties written notice of the new address in the manner set forth above.
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	If to Juventas:

	Juventas Cell Therapy Ltd.

	Attn:

	Yiping Deng (邓一平)

	Address:

	1103, Building No.3, Huamao Center, 77 Jianguo Road, Chaoyang District, Beijing, China 100025

	Email:

	[***]

	Tel:

	[***]

	If to CASI:

	CASI Pharmaceuticals, Inc.

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	Attn:

	Larry Zhang (张炜)

	Address:

	9620 Medical Center Drive, Suite 300
Rockville, Maryland 20850

	Email:

	[***]

	Tel:

	[***]

​
All such notices shall be effective upon receipt.
9.13.  Language
This Agreement will be made in both English and Chinese version. In case of any discrepancy between the English version and the Chinese version, the provision of the English version shall prevail.
** REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK **
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IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to execute this Agreement as of the date first above written.
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Juventas Cell Therapy Ltd. (合源生物科技(天津)有限公司) (Seal)
​
	Signed by:
	  /s/ Lulu Lv
	​

	​
	​

	Name: Lulu Lv
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	Title: Legal Representative
	​

​
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IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to execute this Agreement as of the date first above written.
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	CASI Pharmaceuticals, Inc.
	​

	​
	​

	Signed by:
	  /s/ Larry (Wei) Zhang
	​

	Name:  WEI ZHANG
	​

	Title:  PRESIDENT
	​

​

22Exhibit 10.2
​
INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

INVESTMENT AGREEMENT
​
THIS INVESTMENT AGREEMENT (this “Agreement”), dated September 22, 2020 (Beijing time, the “Execution Date”), is entered into by and between:
​
1.    JUVENTAS CELL THERAPY LTD (合源生物科技(天津)有限公司) (the “Company” or the “Target Company”), a company with limited liability established under the laws of the PRC, with its registered office at Building 5, No.8, Haitai Development Third Road, Huayuan Industrial District (Outer Ring), Binhai High-Tech Zone, Tianjin; and
2.    CASI Biopharmaceuticals (WUXI) Co., Ltd. (凯信生物医药(无锡)有限公司) (the “Investor”), a company with limited liability established under the laws of the PRC, with its registered office at C10402, No. 1699, Huishan Avenue, Huishan Economic Development Zone, Wuxi.
3.     [***], a limited partnership validly organized and legally existing under the PRC laws, [***];
4.     [***], a limited partnership validly organized and legally existing under the PRC laws, [***];
5.     [***], a limited partnership validly organized and legally existing under the PRC laws, [***];
​
(each party referenced above, a “Party” and collectively, the “Parties”).
​
WHEREAS:
(A)       The Company is a company with limited liability duly organized and validly existing under the laws of the PRC engaged in research, development, manufacturing and selling of any technology or product in relation to cellular immunotherapy, including without limitation CAR-T, CAR-NK, and TIL (the “Business”).
(B)        The Company desires to increase new registered capital of [***]. The Investor is an existing Shareholder of the Company and the Investor desires to subscribe for all the Increased Capital pursuant to the terms and conditions set forth in this Agreement (the “Transaction”).
(C)        The Company and the Investor agree to consummate the Transaction pursuant to the terms and conditions set forth in this Agreement.
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NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereto agree as follows:
​
1.          Definition and Interpretation
1.1          Unless the context otherwise requires, the following words and expressions shall have the following meanings:
​
	​

	​

	“Agreement”
	has the meaning given to such term in the preamble of this Agreement;

​
​
​

​

INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

​
	​

	​

	“Applicable Law”
	means, with respect to any subject person, all applicable (i) constitutions, treaties, statutes, laws (including the common law), codes, rules, regulations, ordinances or orders issued by any Governmental Authority, and (ii) notices, orders, decisions, injunctions, judgments, awards and decrees issued by, or agreements with, any Governmental Authority;

	“Business”
	has the meaning given to such term in the recitals of this Agreement;

	“Business Day” 
	means any day other than a Saturday or Sunday or a public holiday in the PRC;

	“CIETAC”
	has the meaning given to such term in Section 11.2 of this Agreement;

	“Closing” 
	has the meaning given to such term in Section 2.2 of this Agreement;

	“Confidential Information”
	has the meaning given to such term in Section 8 of this Agreement;

	“Encumbrance”
	means a mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, third-party right or interest, other encumbrance or security interest of any kind, or any other type of preferential arrangement having similar effect (including, without limitation, a title transfer or retention arrangement);

	“Equity Interest”
	means, with respect to any Person, such Person’s capital stock, Equity Share, membership interests, partnership interests, registered capital, joint venture or other ownership interests or any options, warrants or other securities that are directly or indirectly convertible into, or exercisable or exchangeable for, such capital stock, membership interests, partnership interests, registered capital, joint venture or other ownership interests (whether or not such derivative securities are issued by such Person);

	“Target Company/Company”
	means JUVENTAS CELL THERAPY LTD;

	“Group Members”
	means the Target Company and enterprises directly or indirectly controlled by it through, among others, equity investment or VIE structure;

	“Equity Share”
	means the Equity Interests issued by a limited liability company pursuant to the PRC laws;

	“Existing CASI License Agreement”
	means the Exclusive Licence Agreement entered into by and between the Company and CASI Pharmaceuticals, Inc. on June 15, 2019;

	“Execution Date”
	has the meaning given to such term in the preamble of this Agreement;

	“Filing Procedure”
	has the meaning given to such term in Section 6 of this Agreement;

​
​

​

INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

	​

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	“Governmental Authority”
	means any court, tribunal, arbitrator, authority, agency, commission, official or other instrumentality of the PRC, and any domestic or foreign legislative institution of any state, county, city or other political sub-division related to this Agreement;

	“Increased Capital”
	has the meaning given to such term in the recitals of this Agreement;

	“Investor”
	has the meaning given to such term in the preamble of this Agreement;

	“Material Adverse Effect” 
	means any change, event or effect that (i) is or would be materially adverse to the business, operations, assets, liabilities, conditions (financial or otherwise) or results of operations or prospects of the Company, (ii) is or would materially impair the validity or enforceability of this Agreement, or (iii) is or would materially and adversely affect the ability of the Company to perform its obligations under this Agreement, or otherwise in connection with the transaction contemplated hereunder;

	“Co-Marketing Agreement”
	means the Co-Marketing Agreement entered into by and between the Company and CASI Pharmaceuticals, Inc. in substance consistency with the Term Sheet set forth in Exhibit IV of the Series B Investment Agreement;

	“Serie A+ Investment Agreement”
	means the Investment Agreement entered into by and among the Company, the Founding Shareholders, the Series A Investors and the Series A+ Investors. For the purpose of this definition, [***].

	“Party(ies)”
	has the meaning given to such term in the preamble of this Agreement;

	“Person”
	means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust, estate, other entity or governmental bureau;

	“PRC”
	means the People’s Republic of China, which, for the purpose of this Agreement, does not include Hong Kong Special Administration Region (“Hong Kong”), Macao Special Administration Region (“Macao”) and Taiwan;

	“RMB”
	means Renminbi, the lawful currency of the PRC;

	“Shareholder”
	means the shareholder of the Company holding Equity Shares of the Company;

	“Subscription Price”
	means the consideration for the Increased Capital payable by the Investor to the Company pursuant to the terms and conditions of this Agreement;

	“Transaction”
	has the meaning given to such term in the preamble of this Agreement;

	“Series B Financing”
	means an equity financing by a third party investor with pre money valuation of the Company at [***] and the investment amount of no less than [***];

​
​

​

INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

	​

	​

	“Series B Transaction Documents”
	means any document to facilitate and complete the Series B Financing, including but not limited to certain investment agreement, shareholders agreement reflecting the rights and obligations of the shareholders post the Series B Financing, requisite resolutions., etc.;

	“Series B Investment Agreement”
	means the Investment Agreement on Juventas Cell Therapy Ltd. entered into by and among the Company, [***] and other related parties on Sept. 22, 2020 with regard to Series B Financing.

​
1.2          Unless otherwise provided in this Agreement or otherwise defined by the context, the following terms referred to in this Agreement shall be interpreted as follows:
(a)     Directly or Indirectly. The term “directly or indirectly” means, directly, or through one or more intermediate persons or through contractual or other arrangements, and “direct or indirect” has the correlative meaning;
(b)     Headings. Headings are included for convenience only and shall not affect the construction of any provision of this Agreement;
(c)     Include not Limiting. “Include,” “including,” “are inclusive of” and similar expressions are not expressions of limitation and shall be construed as if followed by the words “without limitation”;
(d)     References to Documents. References to this Agreement include the Exhibits, which form an integral part hereof. The words “hereof,” “hereunder” and “hereto,” and words of like import, unless the context requires otherwise, refer to this Agreement as a whole and not to any particular Section hereof or Exhibit hereto. A reference to any document (including this Agreement) is to that document as amended, consolidated, supplemented, novated or replaced from time to time;
(e)     Time. If a period of time is specified and dates from a given day or the day of a given act or event, such period shall be calculated exclusive of that day;
(f)     Writing. References to writing and written include any mode of reproducing words in a legible and non-transitory form including emails and faxes.
2.          Transaction
2.1          Subscription
Subject to and on the terms and conditions of this Agreement, the Company shall increase, and the Investor shall subscribe for, the Increased Capital free of any Encumbrance on the Closing Date. Subject to and on the terms and conditions of this Agreement, the Investor shall pay the Subscription Price in the amount of RMB 70,000,000 to the Company on the Closing Date. [***] of the Subscription Price shall pay up the Increased Capital and the remaining of the Subscription Price shall be calculated as “capital surplus” of the Company.
Immediately after the Closing, the Increased Capital held by the Investor shall represent [***]% of the total Equity Interests of the Company (on a fully diluted basis) and shall enjoy the same shareholder’s right as those held by the Investor under Serie A+ Investment Agreement.
2.2          Closing
Subject to the terms and conditions of this Agreement, the consummation of the Transaction (the “Closing”) shall take place remotely via the exchange of documents and signatures, on a date mutually agreed by the Company and the Investor, which shall be no later than the twentieth Business Day after the Execution Date (the “Long Stop Date”).
2.3          Closing Deliveries
(a)        On the Closing Date, the Company shall deliver to the Investor: (i) a duly signed capital

​

INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

contribution certificate (出资证明书) evidencing that the Increased Capital has been registered in the name of the Investor; and (ii) a duly issued Shareholders’ Register (股东名册) of the Company, evidencing the valid subscription of the Increased Capital by the Investor in accordance with Section 2.1 of this Agreement.
(b)        The Investor shall pay to the Company the Subscription Price. Given that the shareholder loan in an aggregate amount of RMB70,000,000 is still outstanding and repayable by the Company to the Investor, the Company and the Investor agree that, upon satisfaction of the Conditions Precedent, the Investor shall pay the capital increase price to the Company in an amount equal to the repaid amount by the Company on or prior to the second Business Day after the date of repayment of the shareholder loan by the Company to the Investor. The date on which the full Subscription Amount has been paid to the Company shall be the closing date (the “Closing Date”)
2.4          Use of Proceeds
Subject to the terms and conditions hereof, the Parties agree that the Subscription Price shall only be used by the Company as working capital for the Business and for other related capital expenditure.
3.          Representations and Warranties
3.1          Each of the Parties hereto represents and warrants to the other Party as follows:
3.1.1     Existence/Authority
Each Party is duly organised and validly existing under the laws of its place of incorporation, and such Party has the power and authority to enter into this Agreement and perform its obligations contemplated hereby; such Party has the capacity to enter into and perform its obligations contemplated under this Agreement.
3.1.2     Authorisation
Each Party has the full power and authority to enter into, execute and deliver this Agreement and to perform the transactions contemplated hereby. The execution and delivery by such Party of this Agreement and the performance by such Party of the transactions contemplated hereby have been duly authorized by all necessary corporate action of such Party. Assuming the due authorization, execution and delivery of this Agreement by the other Party hereto, this Agreement constitutes the legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally.
3.1.3     No Conflict
The execution, delivery and performance of this Agreement by such Party do not and will not:
(a)      violate, conflict with or constitute a default under any provision of such Party’s constitutional documents;
(b)      conflict with or result in a breach of any agreement to which such Party is a party or by which its properties are bound;
(c)      violate any judgment, order, injunction, decree or award of any court, administrative agency or governmental body against, or binding upon, such Party or its properties; or
(d)      constitute a violation of any Applicable Laws applicable to such Party or its properties.
3.2          Representations and Warranties of the Target Company and the Founding Shareholders
The Target Company and the Founding Shareholders jointly and severally make and ensure that the representations, statements and warranties set forth in Schedule 1 are authentic, complete and accurate. The Target Company and the Founding Shareholders unanimously acknowledge
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INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

that, for the purpose of matters in Schedule 1, representations, statements and warranties made by them with respect to matters involving the Target Company shall  apply both to the Target Company and other Group Members.
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4.          Conditions Precedent to Closing
4.1          The obligations of the Target Company to consummate the Closing under Section 2.2 of this Agreement are subject to the satisfaction of the following conditions on or prior to the Closing Date:
4.1.1     The representations and warranties made by the Investor under Section 3.1 hereof are true, correct and complete on the Closing Date.
4.1.2     The Co-Marketing Agreement have been duly executed by the parties thereto, amending, restating, superseding and replacing the Existing CASI License Agreement.
4.1.3     All the Series B Transaction Documents agreed by the Company have been duly executed by the Investor.
4.2          Unless waived by the Investor in writing, the obligations of the Investor to consummate the Closing under Section 2.2 of this Agreement are subject to the satisfaction of the following conditions on or prior to the Closing Date:
4.2.1     The Co-Marketing Agreement have been duly executed by the parties thereto, amending, restating, superseding and replacing the Existing CASI License Agreement.
4.2.2     All Existing Shareholders have signed the Shareholders Resolutions, by which the Investor’s entitlement to the rights as Series A + Shareholders has been approved.
4.2.3     The Parties have signed this Agreement.
4.2.4     Neither the Founding Shareholders nor the Companies have violated the representations, representations and warranties made in Schedule 1 hereto or  have committed any act in breach of the Transaction Documents.
4.2.5     This Transaction shall have been approved by the board of directors and shareholders’ meeting of the Company.
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5.          Mutual Covenants and Pre-Closing Covenants
5.1          Mutual Covenants
Each Party agrees to use its reasonable commercial efforts to take or cause to be taken all actions and do or cause to be done all things necessary, proper or advisable to satisfy the terms and conditions of this Agreement and to procure the Closing.
5.2          Pre-Closing Covenants
Until Closing Date, the Founding Shareholders shall cause the Company to continue to operate in the Ordinary Course of Business. The Founding Shareholders shall cause the Company not to take any action that is inconsistent with the past business practices or sound business judgment.
5.3          Timely Notification
If, at any time prior the Closing Date, any of the Founding Shareholders or the Company becomes aware of any the following facts or events, such Founding Shareholders or the Company shall promptly notify the Investors in writing: (i) there is material discrepancy between the information disclosed by the Founding Shareholders and the Company to the Investors and the actual circumstances; and (ii) there is any material discrepancy between any representations, warranties or covenants hereunder and the actual circumstances, or any such representations, warranties or covenants are misleading in any material respect.
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INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

6.          Post-Closing Covenants
​
The Company shall be in charge of the change of registration and filing of the Transaction with the competent Governmental Authorities (the “Filing Procedure”) and the Filing Procedure shall be completed prior to the expiration of the tenth Business Day after the Closing Date. The Investor shall provide necessary cooperation in connection with the Filing Procedure.
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7.          Assignments and Transfers
The rights and obligations of any Party hereunder shall not be assigned, transferred or otherwise disposed to a third party without the prior written consent of other Parties.
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8.          Confidentiality
The existence and the terms and conditions of this Agreement or any agreement in connection herewith (collectively, the “Confidential Information”) shall be considered confidential information and, without the written approval of the Company and the Investor, shall not be disclosed by (a) any press release or public announcement, or (b) otherwise by any of the Parties to any other Person except that (i) each Party, as appropriate, may disclose any of the Confidential Information to its current or bona fide prospective investors, investors, limited partners, fund managers, prospective permitted transferees, employees, investment bankers, lenders, agents, accountants, professional advisors and attorneys, in each case only where such Persons are under appropriate nondisclosure obligations; (ii) if any Party is requested or becomes legally compelled (including without limitation, pursuant to securities laws or the rules of any stock exchange) to disclose the existence or content of any of the Confidential Information in contravention of the provisions of this Section 8, such Party shall promptly provide the other Party with written notice of that fact so that such other Parties may seek a protective order, confidential treatment or other appropriate remedy and in any event shall furnish only that portion of the information that is legally required and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information.
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9.          Default and Indemnification
9.1          In the event any Party is in breach of this Agreement which will cause a Material Adverse Effect, the other Party shall be entitled to an indemnification for its losses caused by such breach, in addition to any other rights such Party are entitled to under this Agreement.
9.2          Notwithstanding anything to the contrary herein, this Section 9 shall survive the termination of this Agreement.
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10.        Termination
10.1        Term
This Agreement shall become effective as of the Execution Date and continue to be valid during the existence of the Company unless otherwise terminated earlier in accordance with this Agreement.
10.2        Termination
This Agreement may be terminated:
(a)    immediately by unanimous agreement in writing of the Company and the Investor; or
(b)    by the Company upon written notice to the Investor, in the event the Investor fails to perform its obligation to pay the Subscription Price as agreed; or
(c)    The Closing is not occurred prior to the Long Stop Date and the Parties fail to agree to extend the Long Stop Date.
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INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

10.3        Consequences
When this Agreement is terminated by any Party pursuant to Section 10.2 of this Agreement, no Party shall have any rights or claims against the others, save for those in respect of a breach of this Agreement prior to such termination.
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11.        Dispute Resolution and Governing Law
11.1        Governing Law
The terms of this Agreement shall be governed by and construed and enforced in accordance with the laws of PRC without regard to its principles of conflicts of laws.
11.2        Dispute Resolution
Any dispute arising from or in connection with this Agreement shall be submitted to China International Economic and Trade Arbitration Commission (the “CIETAC”) for arbitration which shall be conducted in accordance with the CIETAC's arbitration rules in effect at the time of applying for arbitration. The place of arbitration shall be Beijing. The arbitral award shall be in writing and final and binding upon the Parties. Except for the matters in dispute, the Parties shall continue to perform the provisions of relevant agreements.
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12.        Miscellaneous
12.1        Entire Agreement
This Agreement with all its Exhibits and Schedules constitute the entire agreement among the Parties relating to the transaction contemplated hereof and supersede any prior agreements, understandings or discussions among the Parties.
12.2        Succession and Assignment
The terms and conditions of this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may directly or indirectly transfer or assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other Party.
12.3        Notice
All notices and other communications transmitted to any Party pursuant hereto shall be in writing in both Chinese and English and delivered by hand or by prepaid courier (in each case the recipient shall execute the return receipt) to the mailing address set forth below, or by email as set forth below, or to such other mailing address or email as a Party may from time to time notify the other Party pursuant to this Section 12.3:
To Investor:
Address:             1701-1702 Tower 1, China Central Place, No. 81 Jianguo Street, Chaoyang district, Beijing, 100025, China
Telephone:         [***]
Fax:                     /
Attention:           Larry (Wei) Zhang
Email:                 [***]
To the Company:
Address:    Room 1707-1708, South Tower of Wisdom Hill, No. 20, Kaihua Road, Huayuan
Industrial Park, Tianjin
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INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

​
Telephone:         [***]
Fax:                     /
Attention:           Fu Ding
Email:                 [***]
Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Section 12.3 shall be conclusively deemed to have been duly given (i) when hand delivered to the other party, upon delivery; (ii) seven (7) Business Days after deposit in the mail as air mail or certified mail, receipt requested, postage prepaid and addressed to the other party as set forth above; (iii) three (3) Business Days after deposit with an overnight delivery service, postage prepaid, addressed to the parties as set forth above with next-business-day delivery guaranteed, provided that the sending party receives a confirmation of delivery from the delivery service provider; or (iv) when sent by e-mail if sent to the address set forth above, and a receipt of the e-mail is requested and received.
12.4        Amendments and Waivers
No amendment of any provision of this Agreement shall be valid unless the same is made in writing and duly signed by all the Parties. No waiver by any Party of any default, misrepresentation, or breach of warranty or covenant under this Agreement, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant under this Agreement or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.
12.5        Costs
Each Party shall bear its own fees and expenses incurred in relation to this transaction contemplated herein.
12.6        Counterparts
This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument.
12.7        Severability
If any term or provision of this Agreement is or becomes invalid or unenforceable in any event or in any jurisdiction, nothing shall affect the validity or enforceability of the remaining terms and provisions of this Agreement, and nothing shall affect the validity or enforceability of such term or provision in any other event or in any other jurisdiction.
12.8        Language
This Agreement is executed in English and Chinese and in case of any discrepancy between the Chinese version and the English version, the Chinese version shall prevail.
 (THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK)
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INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized representatives to execute this Agreement as of the date and year first above written:
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JUVENTAS CELL THERAPY LTD (合源生物科技(天津)有限公司) (Official Chop)
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	Signature:
	/s/ Lulu Lv
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	Name:  Lulu Lv
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	Title:    Authorized Representative
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​
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(SIGNATURE PAGE OF INVESTMENT AGREEMENT in respect of JUVENTAS CELL
THERAPY LTD. (合源生物科技(天津)有限公司))

INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized representatives to execute this Agreement as of the date and year first above written:
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CASI Biopharmaceuticals (WUXI) Co., Ltd. (凯信生物医药(无锡)有限公司) (Official Chop)
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	Signature:
	/s/ Larrv (Wei) Zhang
	​

	Name:  Larrv (Wei) Zhang
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	Title:     Authorized Representative
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​
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(SIGNATURE PAGE OF INVESTMENT AGREEMENT in respect of JUVENTAS CELL
THERAPY LTD. (合源生物科技(天津)有限公司))

INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized representatives to execute this Agreement as of the date and year first above written:
​
	[***]
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	​
	​

	​
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	Signature:
	   /s/ [***]
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	Name:  [***]
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	Title:     [***]
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​
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(SIGNATURE PAGE OF INVESTMENT AGREEMENT in respect of JUVENTAS CELL
THERAPY LTD. (合源生物科技(天津)有限公司))

INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized representatives to execute this Agreement as of the date and year first above written:
​
	[***]
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	​
	​

	​
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	Signature:
	   /s/ [***]
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	Name:  [***]
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	Title:     [***]
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​
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(SIGNATURE PAGE OF INVESTMENT AGREEMENT in respect of JUVENTAS CELL
THERAPY LTD. (合源生物科技(天津)有限公司))

INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

IN WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized representatives to execute this Agreement as of the date and year first above written:
​
	[***]
	​

	​
	​

	​
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	Signature:
	   /s/ [***]
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	Name:  [***]
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	Title:     [***]
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​
​
​

(SIGNATURE PAGE OF INVESTMENT AGREEMENT in respect of JUVENTAS CELL
THERAPY LTD. (合源生物科技(天津)有限公司))

INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

SCHEDULE 1
REPRESENTATIONS AND WARRANTIES OF THE TARGET COMPANY AND THE FOUNDING SHAREHOLERS
1.     Valid Existing of Target Company. The Target Company is a legally incorporated and validly existing entity. As of the Signing Date, according to the provisions of the AOA of Target Company, except for registered capital of the Target Company subscribed but not paid-up by [***] and[***], the registered capital of the Target Company has been paid on time and in full in accordance with its articles of association, and complies with the requirements of the PRC Laws, and there is no unpaid capital, delay in payment of capital, false registered capital, capital not paid in or withdrawal of registered capital. The articles of association of the Target Company have been legally and validly registered (if required), and are valid and enforceable.
2.     Undisclosed Debts. The Target Company has no other debts that are not reflected in the balance sheet provided to the Investor, and unless otherwise disclosed to the Investor, the Target Company has not provided guarantee or other security for others, or set up any mortgage, pledge or other security interest on its properties.
3.     Share Capital Structure. As of the Execution Date, the equity structure of the registered capital of the Target Company set forth in the articles of association and amendments to the articles of association registered and filed with the AMR is completely in consistent with that set forth in Schedule 2 attached hereto and the AOA of the Target Company and the amendments to the articles of association provided by the Target Company to the Investor, and has truly, completely and accurately reflected the share capital structure of the Company, without any false capital contribution. As of the closing date of the Series B Financing, the equity structure of the registered capital of the Target Company set forth in the articles of association and amendments to the articles of association registered and filed with the AMR is completely in consistent with that set forth in Schedule 3 attached hereto. As of the Closing Date, except as otherwise stipulated in the Series B Transaction Documents or as otherwise disclosed t the Investor, the Target Company has not promised to issue or actually issued in any way and to any person any equity, shares, convertible bonds, warrants, stock option or interest of the same or similar nature other than the said shareholder’s equity.
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INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

SCHEDULE 2
SHAREHOLDING STRUCTURE PRIOR TO INVESTMENT
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[***]
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INFORMATION IN THIS EXHIBIT IDENTIFIED BY BRACKETS IS CONFIDENTIAL AND HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10)(IV) OF REGULATION S-K BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO CASI PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.
*** Triple asterisks denote omissions

SCHEDULE 3
SHAREHOLDING STRUCTURE AFTER COMPLETION OF INVESTMENT
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[***]

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