Document:

EX-10.14

 Exhibit 10.14 

认购期权协议 
 Call Option Agreement 

本认购期权协议下称“本协议”)由以下各方于
 2020年 11月
10日在中华人民共和国(下称“中国”)上海签订:

 This Call Option Agreement (this “Agreement”) is executed by and among the following Parties as of
November 10, 2020 in Shanghai, the People’s Republic of China (“China” or the “PRC”): 
 甲方:
亘利生物科技(上海)有限公司 

地址: [***] 

Party A: Gracell Bioscience (Shanghai) Co., Ltd. 
 Address:
[***] 
 乙方:
华晓弥 

身份证号码: [***] 
 Party B: HUA Xiaomi 

Chinese Identification Card No.: [***] 
 丙方:
亘喜生物科技(上海)有限公司 

地址: [***] 

Party C: Gracell Biotechnologies (Shanghai) Co., Ltd. 

Address: [***] 
 在本协议中,甲方、乙方和丙方以下各称“一方”,合称“各方”。 
 In this Agreement, each of Party A, Party B and Party C shall be referred to
as a “Party” respectively, and they shall be collectively referred to as the “Parties”. 

  
 1 

Call Option Agreement 
 认购期权协议 

鉴于:乙方持有丙方
0.1%的股权权益。甲方与丙方签订了技术咨询与服务协议、业务合作合同等一系列控制性协议(“
控制协议”)。 
 Whereas: Party B holds 0.1% of the equity interest in Party C. Party A and
Party C have executed a Technical Consultation and Service Agreement, Business Cooperation Agreement and other control agreements (the “Control Agreements”). 

现各方协商一致,达成如下协议:
 
 Now therefore, upon mutual discussion and negotiation, the
Parties have reached the following agreement: 
  

	1.	 股权买卖

 Sale and Purchase of Equity Interest 

 

	 	1.1	 授予权利

 Option Granted 

鉴于甲方向乙方支付了人民币
1元作为对价,且乙方确认收到并认为该对价足够,乙方在此不可撤销地同意,在中国法律允许的前提下,甲

方可以按照自行决定的行使步骤,并按照本协议第
1.3条所述的价格,要求乙方履行和完成中国法律要求的一切审批和登记手续,使得甲方可以随时一次或多次从乙方购买,或指定一人或多人
(“被指定人”)从乙方购买乙方所持有的丙方的全部或部分股权

(“股权购买权”)。甲方的该股权购买权为独家的。除甲方和被指定人外,任何第三人均不得享有股权购买权或其他与乙方股权有关的权利。丙方特此同意乙方向甲方授予股权购买权。本款及本协议所规定的“人”指个人、公司、合营企业、合伙、企业、信托或非公司组织。
 
 In consideration of the payment of RMB 1 by Party A, the receipt
and adequacy of which is hereby acknowledged by Party B, Party B hereby irrevocably agrees that, on the condition that it is permitted by the PRC laws, Party A has the right to require Party B to fulfill and complete all approval and registration
procedures required under PRC laws for Party A to purchase, or designate one or more persons (each, a “Designee”) to purchase, Party B’s equity interests in Party C, once or at multiple times at any time in part or in whole at
Party A’s sole and absolute discretion and at the price described in Section 1.3 herein (such right being the “Equity Interest Purchase Option”). Party A’s Equity Interest Purchase Option shall be exclusive. Except
for Party A and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase
Option to Party A. The term “person” as used herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non- corporate organizations. 

  
 2 

Call Option Agreement 
 认购期权协议 

	 	1.2	 行使步骤

 Steps for Exercise of Equity Interest Purchase Option 

甲方行使其股权购买权以符合中国法律和法规的规定为前提。甲方行

使股权购买权时,应向乙方发出书面通知(“股权购买通知”),股权购买通知应载明以下事项:
(a)甲方关于行使股权购买权的决定;
(b)甲方拟从乙方购买的股权份额(“被购买股权”);和
(c)被购买股权的购买日/转让日。 

Subject to the provisions of the laws and regulations of China, Party A may exercise the Equity Interest Purchase Option by issuing a written
notice to Party B (the “Equity Interest Purchase Option Notice”), specifying: (a) Party A’s decision to exercise the Equity Interest Purchase Option; (b) the portion of equity interests to be purchased from Party B
(the “Optioned Interests”); and (c) the date for purchasing the Optioned Interests and/or the date for transfer of the Optioned Interests. 
  

	 	1.3	 股权买价

 Equity Interest Purchase Price 

被购买股权的买价(“基准买价”)应为中国法律所允许的最低价格。如果在甲方行权时中国法律要求评估股权,各方通过诚信原则另行商

定,并在评估基础上对该股权买价进行必要调整,以符合当时适用之任
 何中国法律之要求(统称“股权买价”)。如果由于适用法律要求,导致甲方向乙方实际支付的股权买价非为零元,则乙方应当按照甲方的

要求,并以合法的形式将乙方取得的股权买价立即返还给甲方或被指
 定人。 

The purchase price of the Optioned Interests (the “Base Price”) shall be the lowest price allowed by the laws of China. If
appraisal is required by the laws of China at the time when Party A exercises the Equity Interest Purchase Option, the Parties shall negotiate in good faith and based on the appraisal result make necessary adjustment to the Equity Interest Purchase
Price so that it complies with any and all then applicable laws of China (collectively, the “Equity Interest Purchase Price”). If the Equity Interest Purchase Price actually paid by Party A is not nil pursuant to the requirements of
applicable laws, Party B shall immediately return to Party A or its Designee the Equity Interest Purchase Price received by Party B at the instruction of Party A and in compliance with applicable laws. 

  
 3 

Call Option Agreement 
 认购期权协议 

	 	1.4	
转让被购买股权 

Transfer of Optioned Interests 

甲方每次行使股权购买权时:
 
 For each exercise of the Equity Interest Purchase Option: 

 

	 	1.4.1	
乙方应责成丙方及时召开股东会会议,在该会议上,应通过批准

乙方向甲方和/或被指定人转让被购买股权的决议;
 

 Party B shall cause Party C to promptly convene a shareholders’ meeting, at which a resolution shall be
adopted approving Party B’s transfer of the Optioned Interests to Party A and/or the Designee(s); 
  

	 	1.4.2	
乙方应就其向甲方和/或被指定人转让被购买股权取得丙方其他
股东同意该转让并放弃优先购买权的书面声明; 

Party B shall obtain written statements from the other shareholders of Party C giving consent to the transfer of the equity interest to Party
A and/or the Designee(s) and waiving any right of first refusal related thereto; 
  

	 	1.4.3	
乙方应与甲方和/或(在适用的情况下)被指定人按照本协议及

股权购买通知的规定,为每次转让签订股权转让合同;

 Party B shall execute a share transfer contract with respect to each transfer with Party A and/or each Designee
(whichever is applicable), in accordance with the provisions of this Agreement and the Equity Interest Purchase Option Notice regarding the Optioned Interests; 
  

	 	1.4.4	
有关方应签署所有其他所需合同、协议或文件,取得全部所需的

政府批准和同意,并采取所有所需行动,在不附带任何担保权益

的情况下,将被购买股权的有效所有权转移给甲方和/或被指定
人并使甲方和/或被指定人成为被购买股权的登记在册所有人。

为本款及本协议的目的,“担保权益”包括担保、抵押、第三方权利或权益,任何购股权、收购权、优先购买权、抵销权、所有权扣留或其他担保安排等;但为了明确起见,不包括在本协议、乙方股权质押合同项下产生的任何担保权益。本款及本协议所规定的“乙方股权质押合同”指甲方,乙方和丙方于本协议签署之日签订的股权质押协议(下称
“乙方股权质押合同”),根据乙方股权质押合同,乙方为担保丙方能履行丙方与甲方签订的控制协议项下的义务,而向甲方质押其在丙方的全部乙方股权。
 

 The relevant Parties shall execute all other necessary contracts, agreements or documents, obtain all necessary
government licenses and permits and take all necessary actions to transfer valid ownership of the Optioned Interests to Party A and/or the Designee(s), unencumbered by any security interests, and cause Party A and/or the Designee(s) to become the
registered owner(s) of the Optioned Interests. For the purpose of this Section and this Agreement, “security interests” shall include securities, mortgages, third party’s rights or interests, any stock options, acquisition right,
right of first refusal, right to offset, ownership retention or other security arrangements, but shall be deemed to exclude any security interest created by this Agreement and Party B’s Equity Pledge Agreement. “Party B’s Equity
Pledge Agreement” as used in this Section and this Agreement shall refer to the Equity Pledge Agreement (“Party B’s Equity Pledge Agreement”) executed by and among Party A, Party B and Party C as of the date hereof,
whereby Party B pledges all of its equity interests in Party C to Party A, in order to guarantee Party C’s performance of its obligations under the Control Agreements executed by and between Party C and Party A. 

  
 4 

Call Option Agreement 
 认购期权协议 

	2.	 承诺 

Covenants 
  

	 	2.1	
有关丙方的承诺 

Covenants regarding Party C 
 乙方(作为丙方的股东)和丙方在此承诺: 
 Party B (as the shareholders of Party C) and Party C hereby covenant as
follows: 
  

	 	2.1.1	
未经甲方的事先书面同意,不以任何形式补充、更改或修改丙方

公司章程文件,增加或减少其注册资本,或以其他方式改变其注
 册资本结构; 

Without the prior written consent of Party A, they shall not in any manner supplement, change or amend the articles of association and bylaws
of Party C, increase or decrease its registered capital, or change its structure of registered capital in other manners; 
  

	 	2.1.2	
按照良好的财务和商业标准及惯例,保持其公司的存续,审慎地
 及有效地经营其业务和处理事务; 

They shall maintain Party C’s corporate existence in accordance with good financial and business standards and practices by prudently and
effectively operating its business and handling its affairs; 
  

	 	2.1.3	
未经甲方的事先书面同意,不在本协议签署之日起的任何时间出

售、转让、抵押或以其他方式处置丙方的任何资产、业务或收入

的合法或受益权益,或允许在其上设置任何其他担保权益;
 

 Without the prior written consent of Party A, they shall not at any time following the date hereof, sell,
transfer, mortgage or dispose of in any manner any assets of Party C or legal or beneficial interest in the business or revenues of Party C, or allow the encumbrance thereon of any security interest; 

  
 5 

Call Option Agreement 
 认购期权协议 

	 	2.1.4	
未经甲方的事先书面同意,不得让丙方发生、继承、保证或容许

存在任何债务,但(i)正常或日常业务过程中产生而不是通过借

款方式产生的债务;和(ii)已向甲方披露和得到甲方书面同意的
 债务除外; 

 Without the
prior written consent of Party A, they shall not cause Party C to incur, inherit, guarantee or suffer the existence of any debt, except for (i) debts incurred in the ordinary course of business other than through loans; and (ii) debts
disclosed to Party A for which Party A’s written consent has been obtained; 
  

	 	2.1.5	
一直在正常业务过程中经营所有业务,以保持丙方的资产价值,
 不进行任何足以影响其经营状况和资产价值的作为/不作为; 

 They shall always operate all of
Party C’s businesses during the ordinary course of business to maintain the asset value of Party C and refrain from any action/omission that may affect Party C’s operating status and asset value; 

 

	 	2.1.6	
未经甲方的事先书面同意,不得让丙方签订任何重大合同,但在

正常业务过程中签订的合同除外(就本段而言,如果一份合同的
 总金额超过人民币
100,000元,即被视为重大合同); 

Without the prior written consent of Party A, they shall not cause Party C to execute any major contract, except the contracts in the ordinary
course of business (for purpose of this subsection, a contract with a price exceeding RMB 100,000 shall be deemed a major contract); 
  

	 	2.1.7	
未经甲方的事先书面同意,丙方不得向任何人提供贷款或信贷;
 

 Without the prior written consent of Party A, they shall not cause Party C to provide any person with any loan
or credit; 
  

	 	2.1.8	
应甲方要求,向其提供所有关于丙方的营运和财务状况的资料;
 

 They shall provide Party A with information on Party C’s business operations and financial condition at
Party A’s request; 
  

	 	2.1.9	
如甲方提出要求,丙方应从甲方接受的保险公司处购买和持有有关其资产和业务的保险,该保险的金额和险种应与经营类似业务的公司一致;
 

 If requested by Party A, they shall procure and maintain insurance in respect of Party C’s assets and
business from an insurance carrier acceptable to Party A, at an amount and type of coverage typical for companies that operate similar businesses; 

  
 6 

Call Option Agreement 
 认购期权协议 

	 	2.1.10	
未经甲方的事先书面同意,丙方不得与任何人合并或联合,或对
 任何人进行收购或投资; 

Without the prior written consent of Party A, they shall not cause or permit Party C to merge, consolidate with, acquire or invest in any
entity; 
  

	 	2.1.11	
将发生的或可能发生的与丙方资产、业务或收入有关的诉讼、仲
 裁或行政程序立即通知甲方; 

They shall immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings
relating to Party C’s assets, business or revenue; 
  

	 	2.1.12	
为保持丙方对其全部资产的所有权,签署所有必要或适当的文件,采取所有必要或适当的行动和提出所有必要或适当的控告或对
 所有索偿进行必要和适当的抗辩; 

To maintain the ownership by Party C of all of its assets, they shall execute all necessary or appropriate documents, take all necessary or
appropriate actions and file all necessary or appropriate complaints or raise necessary and appropriate defenses against all claims; 
  

	 	2.1.13	
未经甲方事先书面同意,不得以任何形式派发股息予各股东,但一经甲方要求,丙方应立即将其所有可分配利润全部立即分配给其各股东;及
 

 Without the prior written consent of Party A, they shall ensure that Party C shall not in any manner distribute
dividends to its shareholders, provided that upon Party A’s written request, Party C shall immediately distribute all distributable profits to its shareholders; and 
  

	 	2.1.14	
根据甲方的要求,委任由其指定的任何人士出任丙方的董事;未
 经甲方事先书面同意,不得更换丙方的董事。 

At the request of Party A, they shall appoint any persons designated by Party A as directors of Party C; without the prior written consent of
Party A, they shall not replace the directors of Party C. 

  
 7 

Call Option Agreement 
 认购期权协议 

	 	2.2	 乙方的承诺

 Covenants of Party B 

乙方承诺: 
 Party B hereby covenants as follows: 

 

	 	2.2.1	
未经甲方的事先书面同意,不出售、转让、抵押或以其他方式处置其拥有的丙方的股权的合法或受益权益,或允许在其上设置任何其他担保权益,但根据乙方股权质押合同在该股权上设置的质押则除外;
 

 Without the prior written consent of Party A, Party B shall not sell, transfer, mortgage or dispose of in any
other manner any legal or beneficial interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon of any security interest, except for the pledge placed on these equity interests in accordance with Party B’s
Equity Pledge Agreement; 
  

	 	2.2.2	
促使丙方股东会和/或董事会不批准在未经甲方的事先书面同意 的情况下,出售、转让、抵押或以其他方式处置任何乙方持有之

丙方的股权的合法权益或受益权,或允许在其上设置任何其他担

保权益,但批准根据乙方股权质押合同在乙方股权上设置的质押
 则除外; 

 Party B shall cause
the shareholders’ meeting and/or the board of directors of Party C not to approve the sale, transfer, mortgage or disposition in any other manner of any legal or beneficial interest in the equity interests in Party C held by Party B, or allow
the encumbrance thereon of any security interest, without the prior written consent of Party A, except for the pledge placed on these equity interests in accordance with Party B’s Equity Pledge Agreement; 

 

	 	2.2.3	
未经甲方的事先书面同意的情况下,对于丙方与任何人合并或联合,或对任何人进行收购或投资,乙方将促成丙方股东会或董事会不予批准;
 

 Party B shall cause the shareholders’ meeting or the board of directors of Party C not to approve the
merger or consolidation with any person, or the acquisition of or investment in any entity, without the prior written consent of Party A; 
  

	 	2.2.4	
将发生的或可能发生的任何关于其所拥有的股权的诉讼、仲裁或行政程序立即通知甲方;
 

 Party B shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration or administrative proceedings relating to the equity interests in Party C held by Party B; 
  

	 	2.2.5	
促使丙方股东会或董事会表决赞成本协议规定的被购买股权的转让并应甲方之要求采取其他任何行动;
 

 Party B shall cause the shareholders’ meeting or the board of directors of Party C to vote their approval
of the transfer of the Optioned Interests as set forth in this Agreement and to take any and all other actions that may be requested by Party A; 

  
 8 

Call Option Agreement 
 认购期权协议 

	 	2.2.6	
为保持其对股权的所有权,签署所有必要或适当的文件,采取所

有必要或适当的行动和提出所有必要或适当的控告或对所有索偿进行必要和适当的抗辩;
 

 To the extent necessary to maintain Party B’s ownership in Party C, Party B shall execute all necessary or
appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints or raise necessary and appropriate defenses against all claims; 

 

	 	2.2.7	
应甲方的要求,委任由其指定的任何人士出任丙方的董事和
/或
执行董事;未经甲方事先书面同意,不得更换丙方的董事;
 

 Party B shall appoint any designee of Party A as director and/or executive director of Party C, at the request
of Party A; without the prior written consent of Party A, they shall not replace the directors of Party C; 
  

	 	2.2.8	
应甲方的要求,不时向甲方和
/或其指定的个人出具授权委托书,授权甲方和/或其指定的个人行使与丙方有关的股东表决权; 

Party B shall issue such power of attorney as Party A may request from time to time, to authorize Party A and/or the individual designated by
Party A to exercise Party B’s voting rights as a shareholder in Party C; 
  

	 	2.2.9	
经甲方随时要求,应向其指定的代表在任何时间无条件地根据本

协议的股权购买权立即转让其股权,并放弃其对另一现有股东进行其相应股权转让所享有的优先购买权(如有的话);和
 

 At the request of Party A at any time, Party B shall promptly and unconditionally transfer its equity interests
in Party C to Party A’s Designee(s) in accordance with the Equity Interest Purchase Option under this Agreement, and Party B hereby waives its right of first refusal to the respective share transfer by the other existing shareholder of Party C
(if any); and 
  

	 	2.2.10	
严格遵守本协议及乙方、丙方与甲方共同或分别签订的其他合同

的各项规定,切实履行该等合同项下的各项义务,并不进行任何
 足以影响该等合同的有效性和可执行性的作为/不作为。如果乙
方对于本协议项下或本协议各方签署的乙方股权质押合同项下或对甲方和
/或其指定的个人出具的授权委托书中的股权,还留存有任何权利,除非甲方书面指示,否则乙方仍不得行使该权利。
 

 Party B shall strictly abide by the provisions of this Agreement and other contracts jointly or separately
executed by and among Party B, Party C and Party A, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. If Party B retains any additional rights other
than those rights provided for under this Agreement, Party B’s Equity Pledge Agreement and the powers of attorney issued to Party A and/or the individual designated by Party A, Party B shall not exercise such rights without Party A’s
written direction. 

  
 9 

Call Option Agreement 
 认购期权协议 

各方签署了《股东表决权委托协议》,约定乙方不可撤销地委托甲方或甲方

指定的个人行使其在丙方中享有的表决权。各方在此确认,若甲方在行使委

托表决权后致使乙方违反本协议第
2.1、2.2条中的承诺,则不应视为乙方违
 反本合同约定。

 The Parties signed the Voting Rights Proxy Agreement and agreed that Party B unconditionally entrust Party A or Party A’s
designee to vote on its behalf at the shareholders’ meeting of Party C. The Parties hereby confirms that if Party A’s entrustment causes Party C in violation of Covenants in Articles 2.1, 2.2 of this Agreement, Party B shall not be
regarded as in breach of this Agreement. 
  

	3.	 陈述和保证

 Representations and Warranties 

乙方和丙方特此在本协议签署之日向甲方共同及分别陈述和保证如下:
 
 Party B and Party C hereby represent and warrant to Party A,
jointly and severally, as of the date of this Agreement that: 
  

	 	3.1	
其具有签订和交付本协议和其为一方的、根据本协议为每一次转让被

购买股权而签订的任何股权转让合同(各称为“
转让合同”),并履行
其在本协议和任何转让合同项下的义务的权力和能力。乙方和丙方同

意在甲方行使购买权时,他们将签署与本协议条款一致的转让合同。本

协议和其是一方的各转让合同一旦签署后,构成或将对其构成合法、有

效及具有约束力的义务并可按照其条款对其强制执行;

 They have the authority to execute and deliver this Agreement and any share transfer contracts to which they are
parties concerning the Optioned Interests to be transferred thereunder (each, a “Transfer Contract”), and to perform their obligations under this Agreement and any Transfer Contracts. Party B and Party C agree to enter into Transfer
Contracts consistent with the terms of this Agreement upon Party A’s exercise of the Equity Interest Purchase Option. This Agreement and the Transfer Contracts to which they are parties constitute or will constitute their legal, valid and
binding obligations and shall be enforceable against them in accordance with the provisions thereof; 

  
 10 

Call Option Agreement 
 认购期权协议 

	 	3.2	
无论是本协议或任何转让合同的签署和交付还是其在本协议或任何转

让合同项下的义务的履行均不会:(i)导致违反任何有关的中国法律;

(ii)与丙方章程或其他组织文件相抵触;(iii)导致违反其是一方或对其

有约束力的任何合同或文件,或构成其是一方或对其有约束力的任何

合同或文件项下的违约;(iv)导致违反有关向任何一方颁发的任何许可或批准的授予和
(或)继续有效的任何条件;或(v)导致向任何一方颁发
的任何许可或批准中止或被撤销或附加条件; 

The execution and delivery of this Agreement or any Transfer Contracts and the obligations under this Agreement or any Transfer Contracts
shall not: (i) cause any violation of any applicable laws of China; (ii) be inconsistent with the articles of association, bylaws or other organizational documents of Party C; (iii) cause the violation of any contracts or instruments
to which they are a party or which are binding on them, or constitute any breach under any contracts or instruments to which they are a party or which are binding on them; (iv) cause any violation of any condition for the grant and/or continued
effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation of or imposition of additional conditions to any licenses or permits issued to either of them; 

 

	 	3.3	
乙方对其在丙方拥有的股权拥有良好和可出售的所有权,除乙方股权

质押合同外,乙方在上述股权上没有设置任何担保权益;
 

 Party B has a good and merchantable title to the equity interests in Party C he holds. Except for Party
B’s Equity Pledge Agreement, Party B has not placed any security interest on such equity interests; 
  

	 	3.4	
丙方对所有资产拥有良好和可出售的所有权,丙方在上述资产上没有
 设置任何担保权益; 

Party C has a good and merchantable title to all of its assets, and has not placed any security interest on the aforementioned assets; 

 

	 	3.5	
丙方没有任何未偿还债务,除
(i)在其正常的业务过程中发生的债务,
及(ii)已向甲方披露及经甲方书面同意债务除外;
 

 Party C does not have any outstanding debts, except for (i) debt incurred in the ordinary course of
business; and (ii) debts disclosed to Party A for which Party A’s written consent has been obtained. 
  

	 	3.6	
丙方遵守适用于股权、资产的收购的所有法律和法规;和
 

 Party C has complied with all laws and regulations of China applicable to equity or asset acquisitions; and

  

	 	3.7	
目前没有悬而未决的或构成威胁的与股权、丙方资产有关的或与丙方有关的诉讼、仲裁或行政程序。
 

 There are no pending or threatened litigation, arbitration or administrative proceedings relating to the equity
interests in Party C, assets of Party C or Party C. 

  
 11 

Call Option Agreement 
 认购期权协议 

	4.	 生效日 

Effective Date 
  

	 	4.1	
本协议于下述条件全部满足之日起生效:
 

 This Agreement shall become effective upon satisfaction of all the following conditions: 

 

	 	a)	
每一方均已签署了本协议,以及
 

 Each Party has duly executed this Agreement, and 

 

	 	b)	
乙方登记为丙方股东。 

 Party B is registered as the shareholder of the Party C.

  

	 	4.2	
本协议在乙方拥有的全部丙方股权根据本协议的约定依法转让至甲方和
/或被指定人名下后终止。 

This Agreement shall remain effective until all the equity interest owned by Party B in Party C has been legally transferred to Party A or the
Designee(s) in accordance with this Agreement. 
  

	5.	
适用法律与争议解决

 Governing Law and Resolution of Disputes 

 

	 	5.1	 适用法律

 Governing law 

本协议的订立、效力、解释、履行、修改和终止以及争议解决均适用中国正式公布并可公开得到的法律。对中国正式公布并可公开得到的法

律没有规定的事项,将适用国际法律原则和惯例。 
 The execution, effectiveness, construction, performance, amendment and
termination of this Agreement and the resolution of disputes hereunder shall be governed by the formally published and publicly available laws of China. Matters not covered by formally published and publicly available laws of China shall be governed
by international legal principles and practices. 

  
 12 

Call Option Agreement 
 认购期权协议 

	 	5.2	
争议的解决方法 

Methods of Resolution of Disputes 

因解释和履行本协议而发生的任何争议,本协议各方应首先通过友好

协商的方式加以解决。如果在一方向其他方发出要求协商解决的书面
 通知后 30 天之内争议仍然得不到解决,则任何一方均可将有关争议提

交给位于上海的上海国际经济贸易仲裁委员会,由该会按照其仲裁规

则仲裁解决。仲裁应在上海进行,使用之语言为中文。仲裁裁决是终局性的,对各方均有约束力。
 
 In the event of any dispute with respect to the construction and
performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party’s request to the other Parties for
resolution of the dispute through negotiations, either Party may submit the relevant dispute to the Shanghai International Economic and Trade Arbitration Commission for arbitration, in accordance with its Arbitration Rules. The arbitration shall be
conducted in Shanghai, and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties. 
  

	6.	 税款、费用

 Taxes and Fees 

根据中国法律因准备和签署本协议和各转让合同以及完成本协议和各转让合同拟定的交易而由该方发生的或对其征收的任何和全部的转让和注册的税、花费和费用,应由丙方承担。
 
 All transfer and registration tax, expenses and fees incurred
thereby or levied thereon in accordance with the laws of China in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation of the transactions contemplated under this Agreement and the
Transfer Contracts shall be borne by Party C. 
  

	7.	 通知 

Notices 
  

	 	7.1	
本协议项下要求或发出的所有通知和其他通信应通过专人递送、挂号

邮寄、邮资预付或商业快递服务或传真的方式发到该方下列地址。每一

通知还应再以电子邮件送达。该等通知视为有效送达的日期按如下方
 式确定: 

 All notices and other
communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission to the address of such Party set
forth below. A confirmation copy of each notice shall also be sent by email. The dates on which notices shall be deemed to have been effectively given shall be determined as follows: 

 

	 	7.1.1	
通知如果是以专人递送、快递服务或挂号邮寄、邮资预付发出的,

则以于设定为通知的地址在签收或拒收之日为有效送达日。
 

 Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed
effectively given on the date of acceptance or refusal at the address specified for notices. 

  
 13 

Call Option Agreement 
 认购期权协议 

	 	7.1.2	
通知如果是以传真发出的,则以成功传送之日为有效送达日(应
 以自动生成的传送确认信息为证)。 

Notices given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an
automatically generated confirmation of transmission). 
  

	 	7.2	
为通知的目的,各方地址如下:
 

 For the purpose of notices, the addresses of the Parties are as follows: 

 

			
	甲方:	  	亘利生物科技(上海)有限公司
		
	Party A:	  	Gracell Bioscience (Shanghai) Co., Ltd.
		
	地址:	  	[***]
		
	Address:	  	[***]
		
	收件人:	  	曹卫
		
	Attn:	  	CAO Wei
		
	电邮:	  	[***]
		
	Email:	  	[***]
		
	乙方:	  	华晓弥
		
	Party B:	  	HUA Xiaomi
		
	地址:	  	[***]
		
	Address:	  	[***]
		
	电邮:	  	
		
	Email:	  	
		
	丙方:	  	亘喜生物科技(上海)有限公司
		
	Party C:	  	Gracell Biotechnologies (Shanghai) Co., Ltd.
		
	地址:	  	[***]
		
	Address:	  	[***]
		
	收件人:	  	曹卫
		
	Attn:	  	CAO Wei
		
	电邮:	  	[***]
		
	Email:	  	[***]

  
 14 

Call Option Agreement 
 认购期权协议 

	 	7.3	
任何一方变更接收通知的地址或联系人的,应按本条规定给另一方发出通知。
 

 If any Party change its address for notices or its contact person, a notice shall be delivered to the other
Party in accordance with the terms hereof. 
  

	8.	 保密责任

 Confidentiality 

各方承认及确定有关本协议、本协议内容,以及彼此就准备或履行本协议而

交换的任何口头或书面资料均被视为保密信息。各方应当对所有该等保密信

息予以保密,而在未得到另一方书面同意前,不得向任何第三者披露任何保
 密信息,惟下列信息除外:(a)公众人士知悉或将会知悉的任何信息(惟并非由接受保密信息之一方擅自向公众披露);
(b)根据适用法律法规、股票交易规则、或政府部门或法院的命令而所需披露之任何信息;或
(c)由任何一方就本协议所述交易而需向其股东、投资者、法律或财务顾问披露之信息,而该股东、法律或财务顾问亦需遵守与本条款相类似之保密责任。如任何一方工作人员或聘请机构的泄密均视为该方的泄密,需依本协议承担违约责任。无论本协议以任何理由终止,本条款仍然生效。
 
 The Parties acknowledge that the existence and the terms of this
Agreement and any oral or written information exchanged between the Parties in connection with the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such
confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be in the public domain
(other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities;
or (c) is required to be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or financial
advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information by the staff members or agencies hired by any Party shall be deemed disclosure of such confidential
information by such Party, which Party shall be held liable for breach of this Agreement. This Section shall survive the termination of this Agreement for any reason. 

  
 15 

Call Option Agreement 
 认购期权协议 

	9.	 进一步保证

 Further Warranties 

各方同意迅速签署为执行本协议的各项规定和目的而合理需要的或对其有利的文件,以及为执行本协议的各项规定和目的而采取合理需要的或对其有利的进一步行动。
 
 The Parties agree to promptly execute documents that are
reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this
Agreement. 
  

	10.	 其他 

Miscellaneous 
  

	 	10.1	
修订、修改与补充

 Amendment, change and supplement 

对本协议作出修订、修改与补充,必须经每一方签署书面协议。
 
 Any amendment, change and supplement to this Agreement shall
require the execution of a written agreement by all of the Parties. 
  

	 	10.2	 完整合同

 Entire agreement 

除了在本协议签署后所作出的书面修订、补充或修改以外,本协议构

成本协议各方就本协议标的物所达成的完整合同,取代在此之前就本

协议标的物所达成的所有口头或书面的协商、陈述和合同。
 
 Except for the amendments, supplements or changes in writing
executed after the execution of this Agreement, this Agreement shall constitute the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supercede all prior oral and written consultations,
representations and contracts reached with respect to the subject matter of this Agreement. 
  

	 	10.3	 标题 

Headings 
 本协议的标题仅为方便阅读而设,不应被用来解释、说明或在其他方
 面影响本协议各项规定的含义。 
 The headings of this Agreement are for convenience only, and shall not be
used to interpret, explain or otherwise affect the meanings of the provisions of this Agreement. 

  
 16 

Call Option Agreement 
 认购期权协议 

	 	10.4	 语言 

Language 
 本协议以中文和英文书就,一式三份,甲乙丙三方各持一份,具有同

等效力;中英文版本如有冲突,应以中文版为准。 
 This Agreement is written in both Chinese and English language in three
copies, each Party having one copy with equal legal validity; in case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail. 

 

	 	10.5	 可分割性

 Severability 

如果本协议有任何一条或多条规定根据任何法律或法规在任何方面被裁定为无效、不合法或不可执行,本协议其余规定的有效性、合法

性或可执行性不应因此在任何方面受到影响或损害。各方应通过诚意

磋商,争取以法律许可以及各方期望的最大限度内有效的规定取代那

些无效、不合法或不可执行的规定,而该等有效的规定所产生的经济

效果应尽可能与那些无效、不合法或不能强制执行的规定所产生的经济效果相似。
 
 In the event that one or several of the provisions of this
Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any
respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect
of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions. 
  

	 	10.6	 继任者 

Successors 
 本协议对各方各自的继任者和各方所允许的受让方应具有约束力并对其有利。
 
 This Agreement shall be binding on and shall inure to the
interest of the respective successors of the Parties and the permitted assigns of such Parties. 

  
 17 

Call Option Agreement 
 认购期权协议 

	 	10.7	 弃权 

Waivers 
 任何一方可以对本协议的条款和条件作出弃权,但必须经书面作出并

经各方签字。一方在某种情况下就其他方的违约所作的弃权不应被视

为该方在其他情况下就类似的违约已经对其他方作出弃权。
 
 Any Party may waive the terms and conditions of this Agreement,
provided that such a waiver must be provided in writing and shall require the signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall operate as a waiver by such a Party with respect
to any similar breach in other circumstances. 
  

	 	10.8	 继续有效

 Survival 
  

	 	10.8.1	
合同期满或提前终止前因本协议而发生的或到期的任何义务在本协议期满或提前终止后继续有效。
 

 Any obligations that occur or that are due as a result of this Agreement upon the expiration or early
termination of this Agreement shall survive the expiration or early termination thereof. 
  

	 	10.8.2	 本协议第 5、7、8 条和本第 10.8 条的规定在本协议终止后继续 有效。

 The provisions of Sections 5, 7, 8 and this Section 10.8 shall survive the termination of this Agreement. 

  
 18 

Call Option Agreement 
 认购期权协议 

	 	10.9	 补偿 

Indemnification 
  

	 	10.9.1	
各方同意并确认,如一方(以下称“违约方”)实质性地违反

本协议项下所作的任何一项约定,或实质性地未履行本协议项

下的任何一项义务,即构成本协议项下的违约(以下称“违约”),守约方有权要求违约方在合理期限内补正或采取补救

措施。如违约方在合理期限内或在守约方书面通知违约方并提

出补正要求后十(10)天内仍未补正或采取补救措施的,则守

约方有权自行决定选择以下的任一种违约救济方式:(1
)终止
本协议,并要求违约方给予全部的损害赔偿;(2)要求强制履
行违约方在本协议项下的义务,并要求违约方给予全部的损害

赔偿;或者(3)按照乙方股权质押合同的约定以质押股权折价,

拍卖或者变卖,并以折价、拍卖或者变卖的价款优先受偿,并
 要求违约方承担由此造成的全部损失; 

The Parties agree and confirm that, if any Party (the “Defaulting Party”) is in material breach of any provisions herein or
fails to perform any obligations hereunder in any material respect, such breach or failure shall constitute a default under this Agreement (the “Default”), which shall entitle non-defaulting
Party to request Defaulting Party to rectify or remedy such Default with a reasonable period of time. If the Defaulting Party fails to rectify or remedy such Default within the reasonable period of time or within ten (10) days of non-defaulting Party’s written notice requesting for such rectification or remedy, the non-defaulting Party shall be entitled to elect any one of the following remedial
actions: (a) to terminate this Agreement and request the Defaulting Party to fully compensate its losses and damages; (b) to request the specific performance by the Defaulting Party of its obligations hereunder and request the Defaulting
Party to fully compensate non-defaulting Party’s losses and damages; or (c) to enforce the pledge under the Party B’s Equity Pledge Agreement by selling, auctioning or exchanging the pledged
equity thereunder and receive payment in priority from the proceeds derived therefrom, and in the meantime, request the Defaulting Party to fully compensate non-defaulting Party for any losses as a result
thereof. 
  

	 	10.9.2	
本协议规定的权利和救济是累积的,并不排斥法律规定的其他
 权利或者救济; 

The rights and remedies provided for in this Agreement shall be accumulative and shall not affect any other rights and remedies stipulated at
law. 
 [以下为签字页] 
 [SIGNATURE PAGE FOLLOWS] 

  
 19 

Call Option Agreement 
 认购期权协议 

有鉴于此,各方已使得经其授权的代表于文首所述日期签署了本认购期权协议,以昭信守。
 
 IN WITNESS WHEREOF, the Parties have caused their authorized
representatives to execute this Call Option Agreement as of the date first above written. 
  

			
	甲方:
亘利生物科技(上海)有限公司
	
	Party A: Gracell Bioscience (Shanghai) Co., Ltd.
	
	签字:
		
	By:	 	 /s/ CAO, Wei

	姓名:	 	曹卫
	Name:	 	CAO, Wei
	职务:	 	法定代表人
	Title:	 	Legal Representative

  
 Signature Pages of Call
Option Agreement 

认购期权协议签署页 

有鉴于此,各方已使得经其授权的代表于文首所述日期签署了本认购期权协议,以昭信守。
 
 IN WITNESS WHEREOF, the Parties have caused their authorized
representatives to execute this Call Option Agreement as of the date first above written. 
  

			
	乙方: 华晓弥
	
	Party B: HUA, Xiaomi
	
	签字:
		
	By:	 	 /s/ HUA, Xiaomi

  

  
 Signature Pages of Call
Option Agreement 

认购期权协议签署页 

有鉴于此,各方已使得经其授权的代表于文首所述日期签署了本认购期权协议,以昭信守。
 
 IN WITNESS WHEREOF, the Parties have caused their authorized
representatives to execute this Call Option Agreement as of the date first above written. 
  

			
	丙方:
亘喜生物科技(上海)有限公司
	
	Party C: Gracell Biotechnologies (Shanghai) Co., Ltd.
	
	签字:
		
	By:	 	 /s/ CAO, Wei

	姓名:	 	曹卫
	Name:	 	CAO, Wei
	职务:	 	法定代表人
	Title:	 	Legal Representative

  
 Signature Pages of Call
Option Agreement 

认购期权协议签署页EX-10.15

 Exhibit 10.15 

Fixed Asset Loan Contract 

No. 2020 Yuan Zhong Dai Zi 007 

Borrower: Gracell Biotechnologies (Suzhou) Co., Ltd. 

Business license no.: [***]_ 
 Legal
representative/Principal: Cao Wei 
 Address: 12/F, Area B, Biomedical Industry Park Phase II, 218 Sangtian Street, Suzhou Industrial Park,
Suzhou 215000 
 Account opening financial institution and A/C no.: Bank of China Dushuhu
Sub-branch/[***] 
 Tel: [***] Fax: 021-64031375

 Lender: Bank of China Suzhou Industrial Park Branch 

Legal representative/Principal: Gu Meihua  

Address: Zhongyin Huilong Building, 8 Suzhou Avenue W, Suzhou Industrial Park, Suzhou 215000 

Tel: [***] Fax: 0512-62536090 
 Through
equal consultation, the Borrower and the Lender have entered into this Contract in respect of the subject matter that the Lender’s issues a fixed asset loan to the Borrower. 

Article 1 Loan Amount 
 Loan currency: RENMINBI (or
foreign currency in equivalent amount) 
 Loan amount: (in words) RENMINBI SIXTY-NINE MILLION YUAN only (or foreign currency in equivalent
amount); 
 (in figures) ¥69,000,000.00(or foreign currency in equivalent amount). 

Article 2 Loan Term 
 Loan term: 72 months
    /     day(s), from the actual drawdown date, or from the first actual drawdown date in case of drawdown by stages. 

The Borrower shall withdraw the loan hereunder strictly at the agreed drawdown time. If the actual drawdown date is later than the agreed one, the Borrower
shall still repay the loan hereunder at the repayment time as stipulated herein. 
 Article 3 Loan Purpose 

Loan Purpose: for the construction of the CAR-T Cell Therapy Research and Development Center Project of Gracell
Biotechnologies (Suzhou) Co., Ltd. 
 Without the written consent of the Lender, the Borrower shall not change the purpose of the loan hereunder,
including, but not limited to, the use of the loan hereunder for the investment of stocks and other securities, for the projects prohibited by laws, statutes, regulations and national policies, the projects not approved according to law, and the
projects or purposes prohibited from being invested in with bank loans. 

  
 P1/  18 

 Article 4 Loan Interest Rate and Interest Calculation and Settlement (Note: Please fill in the blanks
with the actual information and delete the provisions not applicable.) 
  

	1.	 Loan Interest Rate 

The interest rate for the loan hereunder shall be that set forth in (2) below: 

 

	(1)	 Fixed interest rate annualized:     /     %. The contract
interest rate shall keep unchanged in the loan term. 

 The source of the fixed interest rate is: 

 

	 	•	 	 The latest loan market quotation rate of •one year’s term /• more than five years’ term
(choose the proper one) announced by the National Interbank Funding Center one (1) business day prior to the effective date hereof •plus/•minus (choose the proper one)     /     base
point(s): 

  

	 	•	 	 The latest     /     of    
/     months obtained from The Reuters Information System prior to 09:00 a.m. (Beijing Time) on the business day prior to the effective date hereof plus     /     base point(s).

  

	(2)	 Floating interest rate, starting with the actual drawdown date (or the first actual drawdown date in case of
drawdown by stages), with every 12 month(s)     /     year (s) as a floating cycle for repricing. The repricing date shall be the first day of the next floating cycle, that is, the starting
date shall be the corresponding day of the month of repricing, or the last day of the month if there is no corresponding day. 

 In
respect of every drawdown: 
  

	 	•	 	 Floating Interest Rate for RENMINBI Loan (Priced based on the loan market quotation rate of the National
Interbank Funding Center) 

  

	A.	 Initial Drawdown (from its actual drawdown date to the expiration date of the floating cycle): The interest
rate shall be the latest loan market quotation rate of •one year’s term /• more than five years’ term (choose the proper one) announced by the National Interbank Funding Center one (1) business day prior to the actual
drawdown date •plus/• minus (choose the proper one) 20 base points: 

  

	B.	 On the repricing date, a drawdown, together with other drawdowns, shall be repriced at the interest rate equal
to the latest loan market quotation rate of •one year’s term /• more than five years’ term (choose the proper one) announced by the National Interbank Funding Center one (1) business day prior to the repricing date
•plus/•minus (choose the proper one) 20 base points, and such interest rate shall be used as the applicable interest rate of this floating cycle. 

 

	 	•	 	 Floating Interest Rate for Foreign Currency Loan 

 

	A.	 Initial Drawdown (from its actual drawdown date to the expiration date of the floating cycle): The interest
rate shall be the latest     /     of     /     months obtained from the Reuters Information System prior to 09:00a.m. (Beijing Time) on the business day
prior to the actual drawdown date plus      /     base point(s). 

  

	B.	 On the repricing date, a drawdown, together with other drawdowns, shall be repriced at the interest rate equal
to the latest     /     of     / months of the same floating cycle obtained from the Reuters Information System prior to 09:00a.m. (Beijing Time) on the business day prior to
the actual drawdown date plus / base point(s), and such interest rate shall be used as the applicable interest rate of this floating cycle. 

  
 P2/  18 

	2.	 Interest Calculation 

The interest shall be calculated from the date of actual drawdown by the Borrower and based on the actual drawdown amount and the number of days of using the
loan. 
 Interest calculation formula: Interest=Principal x Actual days of use x Daily interest rate. 

The base to calculate the daily interest rate is 360 days a year and conversion formula: Daily interest rate = Annual interest rate /360. 

 

	3.	 Interest Settlement Mode 

The Borrower shall settle the interest in the way as set forth in (1) below: 

 

	(1)	 The interest is settled on a quarterly basis, that is, the
20th day of the final month of each quarter is the interest settlement date and the 21st day of that month is the interest payment date.

  

	(2)	 The interest is settled on a monthly basis, that is, the
20th day of each month is the interest settlement date and the 21st day of that month is the interest payment date. 

If the repayment date of the final installment of the principal of the loan is not the interest payment date, the repayment date of final installment of the
principal of the loan shall be the interest payment date, and the Borrower shall pay off the full interest payable. 
  

	4.	 Penalty Interest 

  

	(1)	 Where the loan is overdue or has not been used for the purpose as specified herein, penalty interest shall be
collected on the overdue or misappropriated portion of the loan hereunder at the penalty interest rate as agreed in this Paragraph from the overdue or misappropriation date until the principal and interest of the loan hereunder are paid off.

 If the loan is overdue and misappropriated, the higher penalty interest rate shall be used to collect penalty interest.

  

	(2)	 For the interest and penalty interest which the Borrower cannot pay on time, compound interest shall be
calculated at the penalty interest rate as agreed in Paragraph 3 of this Article. 

  

	(3)	 Penalty Interest Rate 

 

	 	•	 	 Penalty Interest Rate for Fixed-rate Loan 

 

	A.	 Floating interest rate with the floating cycle / month(s) / year(s) (Note: For the fixed-rate
loan with loan term at most one year, the floating cycle shall be the original loan term; for the fixed-rate loan of more than one year’s term, the floating cycle shall be one year). Repricing once shall be made for each floating cycle from the
overdue or misappropriation date. The repricing date shall be the corresponding date of the month of repricing or misappropriation, and if there is no such corresponding date in that month, the last day of the month shall be the repricing date.

  

	B.	 The penalty interest rate for the overdue loan shall be the penalty interest base rate determined in C of this
Paragraph plus / %, and the penalty interest rate for the misappropriated loan shall be such penalty interest base rate plus / %. 

  

	C.	 For the first floating cycle, the penalty interest base rate shall the interest rate of the loan as stipulated
in Paragraph 1 of this Article. 

  
 P3/  18 

 After each full floating cycle, the penalty interest base rate for the next floating cycle shall be
determined as follows: 
  

	 	•	 	 In respect of RENMINBI loan, the latest loan market quotation rate of •one year’s term /• more
than five years’ term (choose the proper one) announced by the National Interbank Funding Center one (1) business day prior to the repricing date •plus/•minus (choose the proper one)
    /     base points 

  

	 	•	 	 In respect of foreign currency loan, the latest     /     of
the same floating cycle obtained from the Reuters Information System prior to 09:00 a.m. (Beijing Time) on the business day prior to the repricing date plus     /     base point(s).

  

	 	•	 	 Penalty Interest Rate for Floating-rate Loan 

 

	A.	 The penalty interest rate for floating-rate loan shall float within the floating cycle as set forth in
Paragraph 1 of this Article from the overdue or misappropriation date. The penalty interest repricing date shall be the corresponding date of overdue or misappropriation date in the month of repricing. Where there is no such corresponding date in
the month, the last day of the month shall be the penalty interest repricing date. 

  

	B.	 The penalty interest rate for the overdue loan shall be the penalty interest base rate determined in C of this
Paragraph plus 40%, and the penalty interest rate for the misappropriated loan shall be penalty interest base rate determined in C of this Paragraph plus 70 %. 

 

	C.	 The penalty interest base rate within the initial floating cycle shall be the interest rate actually
implemented for the overdue or misappropriation period. For every full floating cycle, the penalty interest base rate of the next floating cycle shall be repriced in the mode as set forth in Paragraph 1 of this Article on the repricing date.

 Article 5 Drawdown Conditions 
 The
drawdown by the Borrower must meet the following conditions: 
  

	1.	 This Contract and its annexes have come into effect; 

 

	2.	 The Borrower has reserved for the Lender the files, documents, seals, personnel lists and signature samples of
the Borrower in connection with the conclusion and performance hereof and has completed the relevant documents; 

  

	3.	 The Borrower has opened the account necessary for the performance hereof as required by the Lender;

  

	4.	 Five (5) business days before drawdown, the Borrower has submitted a written drawdown application
and relevant loan purpose certificate to the Lender for the relevant drawdown procedures; 

 The supporting documents to be
submitted by the Borrower include: borrowing documents, drawdown application, background documents and other required documents;  

The above-mentioned supporting documents shall meet the following requirements: true and lawful. 

 

	5.	 The Borrower has submitted to the Lender a resolution and a power of attorney from its board of directors or
any other competent department to agree to sign and perform this Contract (This condition is optional. Please also note that, before signing this Contract, it is necessary to review whether the Borrower has been approved and authorized for the
conclusion of this Contract.); 

  
 P4/  18 

	6.	 The fund in the same proportion as the loan to be issued has been fully in place, the actual progress of the
project matches the invested amount; 

  

	7.	 For a fixed asset investment project with large investment contribution, high professional and technical
requirements and needing installment payments in accordance with its progress, the Lender shall have the right to require the Borrower to provide written documents confirming the progress and quality of the project signed by the tripartite bodies,
such as supervision, evaluation and quality inspection; 

  

	8.	 The Borrower has provided a guarantee as required by the Lender, and the guarantee contract has entered into
force and the statutory review, approval, registration or filing procedures have been completed; 

  

	9.	 Other drawdown conditions stipulated by laws and agreed by the Parties hereto:    
/    . 

 If the above drawdown conditions are not met, the Lender shall have the right to refuse the
Borrower’s drawdown application, except otherwise the Lender agrees to lend the loan. 
 Article 6 Drawdown Time and Mode 

 

	1.	 The Borrower shall complete the drawdown of the loan hereunder at the time and in the mode as set forth in
(4) below: 

  

	(1)	 In lump sum on     /     ; 

 

	(2)	 Within     /     from on    
/     ; 

  

	(3)	 At the time and in the mode as follows: 

 

			
	Drawdown Time	  	Drawdown Amount
	/	  	/
	/	  	/
	/	  	/

  

	(4)	 The Borrower submits an application by stages according to the project progress and completes the drawdown
subject to the approval of the Lender, but the Borrower shall complete the drawdown of the loan hereunder no later than January 16, 2022. 

 

	2.	 The Lender shall have the right to reject the Borrower’s drawdown application for the portion of the loan
hereunder not withdrawn within above time. 

  

	3.	 Commitment Fee 

The Lender shall have the right to charge a commitment fee in the following amount for the drawdown period as stipulated in Paragraph 1 of this Article (or the
period as at the drawdown date, if agreed upon) if the Borrower may but fails to withdraw the loan for the current period (hereinafter referred to as the “Unused Loan”): 

 

	 	•	 	 The amount calculated on the basis of the amount and number of days of the Unused Loan, and the annual
rate     /     %; 

  

	 	•	 	 RMB     /    . 

  
 P5/  18 

 The collection date shall be / (Note: in lump sum or by installments). 

Article 7 Disbursement of the Loan 
  

	1.	 Loan Disbursement Account 

The Borrower shall open the following account at the Lender as a loan disbursement account, and the issuance and disbursement of the loan hereunder shall be
handled through this account. • This account is a special account and therefore it can only be used for the issuance and disbursement of the loan. 

Account name: Gracell Biotechnologies (Suzhou) Co., Ltd. 

A/C no.: [***] 
  

	2.	 Loan Disbursement Mode 

 

	(1)	 The loan disbursement mode shall be subject to the applicable laws, statutes, regulations and this Contract,
and the disbursement mode for a single sum of the loan withdrawn shall be confirmed in the drawdown application. If the Lender deems that the loan disbursement mode selected in the drawdown application does not meet the requirements, it shall have
the right to change the loan disbursement mode or stop the issuance and disbursement of the loan. 

  

	(2)	 The Lender disburses the loan under entrustment, i.e. the Lender disburses the loan to the Borrower’s
counterparty for the purpose as specified herein, in accordance with the Borrower’s drawdown application and disbursement entrustment. 

  

	A.	 In accordance with the applicable regulations of China Banking Regulatory Commission (CBRC) and the internal
management rules and regulations of the Lender, if a single sum of the loan hereunder for the Borrower exceeds 5% of the total investment in the project (i.e. currency:     /    
amount:     /     ) or RMB 5 million (if foreign currency, converted at the     /     exchange rate on the actual drawdown date, the same as
below), the Lender shall make the disbursement under entrustment. Under the premise of controllable risks, if the single sum of the loan hereunder is less than RMB 500,000, the disbursement mode chosen by the Borrower at its discretion may be
adopted. 

  

	B.	 The other circumstance in which the Lender and the Borrower agree to adopt the mode of disbursement under
entrustment      /    . 

  

	(3)	 The Borrower completes the disbursement of the loan hereunder at its discretion, i.e. after the Lender issues
the loan hereunder to the account of the Borrower according to the drawdown application of the Borrower, the Borrower will disburse the loan to the Borrower’s counterparty for the purpose as specified herein. Except the circumstance in which
the Lender disburses the loan under entrustment as provided in the preceding paragraph, the loan disbursement mode in which Borrower completes the disbursement of the loan hereunder at its discretion shall be adopted. 

 

	(4)	 Change of loan disbursement. After the drawdown application is submitted, if the Borrower’s external
disbursement changes and the loan disbursed at its discretion meets the conditions as stipulated in Paragraph 2(2) of this Article, the loan disbursement mode shall be changed. If the loan disbursement mode changes, or the external disbursement
amount, disbursement object, or loan purpose for the disbursement under entrustment changes, the Borrower shall provide the Lender a written description of the change application and re-submit a drawdown
application and the relevant documents certifying the loan purpose. 

  
 P6/  18 

	3.	 Specific Requirements for the Loan Disbursement under Entrustment 

 

	(1)	 Loan Disbursement under Entrustment. If the conditions for the Lender’s loan disbursement under
entrustment are met, the Borrower shall have a clear disbursement entrustment in the drawdown application, i.e. after the Lender is authorized and entrusted to transfer the loan to the specified account of the Borrower, the loan may be disbursed
directly to the account of the counterparty designated by the Borrower for the purpose as provided herein, and the necessary disbursement information such as the collecting counterparty’s name, account, disbursement amount, etc. shall be
provided. 

  

	(2)	 Provision of transaction documents. If the conditions for the Lender’s loan disbursement under entrustment
are met, the Borrower shall, upon each drawdown, provide the Lender with its disbursement account, its counterparty’s account information, and other supporting documents proving that this drawdown complies with the purpose as provided herein.
The Borrower shall ensure that all documents provided for the Lender are true, complete and valid. Where the fiduciary disbursement obligation of the Lender is not performed in time due to the untrue, inaccurate and incomplete transaction documents
provided by the Borrower, the Lender shall not bear any liability but the Borrower’s repayment obligation arising hereunder shall not be affected. 

  

	(3)	 Performance of the Fiduciary Disbursement Obligation of the Lender 

 

	A.	 If the Lender disburses the loan under entrustment, after the Borrower submits the disbursement entrustment and
the relevant transaction documents, the loan will be disbursed to the Borrower’s counterparty via the account of the Borrower with the review and approval of the Lender. 

 

	B.	 If, during review, the Lender finds that the relevant transaction documents, such as the loan purpose
supporting documents, provided by the Borrower, are inconsistent with this Contract or have other defects, the Lender shall have the right to require the Borrower to supplement, replace, explain or resubmit the same; and the Lender shall also have
the right to refuse the issuance and disbursement of the loan hereunder before the relevant transaction documents the Borrower submits are considered eligible. 

 

	C.	 Where the opening bank of the Borrower’s counterparty refunds the loan, resulting in the Lender’s
disability to disburse the loan to the Borrower’s counterparty in time in accordance with the Borrower’s payment entrustment, the Lender shall not bear any liability, the Borrower’s repayment obligation arising hereunder shall not be
affected. The amount returned by the opening bank of the Borrower’s counterparty shall be frozen under the authorization of the Borrower. In such case, the Borrower shall resubmit the disbursement entrustment and loan purpose supporting
documents and other relevant transaction documents. 

  

	(4)	 The Borrower shall not evade the fiduciary disbursement of the Lender. 

Article 8 Repayment 
  

	1.	 Unless otherwise provided by the Parties hereto, the Borrower must refund the loan hereunder according to the
repayment schedule as set forth in (2) below: 

  

	(1)	 Repayment of the whole loan hereunder on the expiration date of the loan term; 

 

	(2)	 Repayment of the whole loan hereunder according to the repayment schedule as set forth in the following table:

  
 P7/  18 

			
	Repayment Time	  	Repayment Amount
	The end of the 42nd month from the initial drawdown date	  	¥7,500,000.00
	The end of the 48th month from the initial drawdown date	  	¥7,500,000.00
	The end of the 54th month from the initial drawdown date	  	¥10,000,000.00
	The end of the 60th month from the initial drawdown date	  	¥10,000,000.00
	The end of the 66th month from the initial drawdown date	  	¥17,000,000.00
	The end of the 72nd month from the initial drawdown date	  	¥17,000,000.00

 If the Borrower does not fully withdraw the loan hereunder, the repayment amount each time shall be reduced in
proportion; 
  

	(3)	 Any other repayment schedule:
                /               
 . 

 If the Borrower needs to change the above repayment schedule, it must submit a written application to the Lender five
(5) bank business days before the corresponding loan expires. The change of the repayment schedule must be confirmed in writing by the Parties. 
  

	2.	 Unless otherwise agreed by the Parties hereto, the Lender shall have the right to determine the order in which
the principal or interest of the loan is repaid if the Borrower is in arrears for the principal and interest of the loan hereunder at the same time: in the case of installment repayment, the Lender shall have the right to determine the order in
which the Borrower discharges each installment if there are multiple due or overdue loans hereunder; and the Lender shall have the right to determine the order in which the Borrower discharges each loan if there are multiple loan contracts between
the Borrower and the Lender. 

  

	3.	 Unless otherwise agreed by the Parties hereto, the Borrower may repay the loan hereunder in advance, but shall
deliver a written notice to the Lender three (3) bank business days earlier. The amount advanced shall be firstly used to repay the finally due loan and then repay the other funds due in a reverse order. 

 

	4.	 The Borrower shall repay the loan hereunder in the mode as set forth in (2) below.

  

	(1)	 The Borrower shall deposit sufficient funds into the following repayment reserve account for the future
repayment not later than / bank business days prior to the expiration of each sum of principal and interest, and the Lender shall have the right to actively deduct the fund from such account upon the expiration date of each sum of principal
and interest. 

 Repayment reserve account name:     
/                . 
 A/C
no.:     /                . 
  

	 	•	 	 The proportion in which the revenue cash flow from the fixed asset investment project involved by this Contract /
•the Borrower (choose the proper one and delete the improper one) into the repayment reserve account shall be:
    /                _; 

  
 P8/  18 

 The average stock of the funds in the above repayment reserve account shall be:
             /            . 
  

	(2)	 The Borrower shall deposit sufficient funds into the following account for the future repayment not later than
fifteen (15) bank business days prior to the expiration of each sum of principal and interest, and the Lender shall have the right to actively deduct the fund from such account upon the expiration date of each sum of principal and
interest. 

 Account name: Gracell Biotechnologies (Suzhou) Co., Ltd.. 

A/C no.: [***] 
  

	(3)	 Any repayment mode agreed upon by the Parties
hereto:        /         . 

 Article 9
Guarantee 
  

	1.	 The guarantee mode for the debt hereunder is as follows: 

Gracell Biotechnologies (Shanghai) Co., Ltd. shall provide an amount joint liability guarantee and enter into the guarantee contract numbered
2020 Yuan Zhong Bao Zi 007; and this Contract is the master contract under this guarantee contract. 
 Gracell Bioscience (Shanghai) Co., Ltd.
shall provide an amount joint liability guarantee and enter into the guarantee contract numbered 2020 Yuan Zhong Bao Zi 007; and this Contract is the master contract under this guarantee contract. 

 

	2.	 The Lender shall have the right to require the Borrower, and the Borrower shall have the obligation, to provide
a new guarantee, supplement or replace the guarantor, etc. to guarantee the debt hereunder in the case where the Borrower or the guarantor has any event that the Lender deems likely to affect its performance, or the guarantee contract becomes
invalid, revoked or rescinded, or the Borrower or the guarantor has its the financial position deteriorate or is involved in a major litigation or arbitration case, or the performance of the Borrower or the guarantor may otherwise be affected, or
the guarantor has a breach under the guarantee contract or any other contract with Lender, or the value of the collateral is weakened or lost as a result of the devaluation, destruction, loss or seizure, 

Article 10 Insurance (Optional. Choose 2: 1. Applicable; 2. Not Applicable) 

The Borrower shall maintain an insurance for the project hereunder or trade-related equipment, engineering construction, transportation of goods and risks
during the operation of the project hereunder with the insurance company approved by the Lender, and the category of the insurance shall comply with the requirements of the Lender and the amount of insurance shall not be less than the principal of
the loan hereunder. 
 The Borrower shall deliver the original insurance policy to the Lender within _/__ days after the entry into force of this contract.
Until the principal, interest and expenses of the loan hereunder are paid off, the Borrower shall not interrupt the insurance for any reason. If the Borrower interrupts the insurance, the Lender shall have the right to renew or apply for the
insurance on its behalf at the expense of the Borrower. The Borrower shall be liable for the losses suffered by the Lender as a result of the interruption of the insurance. 

The Borrower shall, within three (3) days from the date when it knows or should know the occurrence of the insurance incident, notify the Lender in
writing and make a timely claim against the insurer in accordance with the relevant provisions of the insurance policy. The loss caused to the Lender by the failure of the Borrower to notify or claim in time or to perform its obligations under the
insurance policy shall be borne by the Borrower. 

  
 P9/  18 

 Unless otherwise agreed, the insurance indemnity shall first be used to repay the principal and interest of
the loan and other expenses payable hereunder. 
 Article 11 Representations and Undertakings 

 

	1.	 The Borrower represents that: 

 

	(1)	 It is duly registered and legally exists with the approval of the competent administration for industry and
commerce or the competent authority according to law, and has the full capacity for civil rights and the capacity for conduct for the signing and performance of this Contract. If the Borrower is a new project legal person, its controlling
shareholder has good credit status and has no significant adverse records; if the State has the requirements on the qualification of the investment subject and business qualification for the proposed investment project, the Borrower meets such
requirements; 

  

	(2)	 The execution and performance of this Contract is the expression of the Borrower’s true intention, it has
obtained legal and effective authorization to sign this Contract in accordance with its articles of association or other internal management documents and it will not violate any agreement, contract or any other legal document binding on it; the
Borrower has obtained or will obtain all relevant approvals, permissions, filings or registrations necessary for the execution and performance of this Contract; 

 

	(3)	 It abides by the principles of honesty and trustworthiness, and all the documents, financial statements,
vouchers and other information and data provided by it for the Lender hereunder are true, complete, accurate and valid; 

  

	(4)	 The transaction background under which the Borrower applies to the Lender for the loan hereunder is true and
legal and the loan will not be used for illegal purposes such as money laundering; and the purpose of the loan and the source of repayment are clear and legal; 

 

	(5)	 It has a good credit status, has no significant adverse records nor has concealed from the Lender any event
that may affect the financial position and performance ability of the Borrower and the guarantor; 

  

	(6)	 The loan project and the borrowing matter of the Borrower are in conformity with the laws, statutes and
regulations of the State on industry, land and environmental protection, as well as the relevant policies, and it has fulfilled the procedures for the lawful administration, review, approval and filing of the investment project as required in
accordance with the relevant provisions of the State on the capital system for investment projects; 

  

	(7)	 It and the loan project meet the national environmental protection standards, are not the enterprise and
project declared and identified by the competent authorities as having large energy consumption, severe pollution and weak rectification, nor have the risks of energy consumption or pollution; 

 

	(8)	 Any other representation or warranty of the Borrower:
                /               
 . 

  

	2.	 The Borrower undertakes that: 

 

	(1)	 Upon the Lender’s request, it will submit its financial statements (including, but not limited to, annual,
quarterly and monthly financial statements) and other relevant documents for the Lender on a regular or timely basis and ensures that it will continue to meet the requirements of the following financial indicators:
            /                ; 

  
 P10/  18 

	(2)	 It will withdraw, disburse and use the loan hereunder according to this Contract; 

 

	(3)	 If the Borrower has entered into or will enter into a counter-guarantee agreement or similar agreement with the
guarantor under this Contract in respect of its guarantee obligation, such agreement shall not prejudice any right of the Lender hereunder; 

  

	(4)	 It will accept the credit inspection and supervision of the Lender and will provide the Lender with adequate
assistance and cooperation; from the entry into force of this Contract, before the principal and interest of the loan and the related expenses hereunder have been paid off, it will agree with and authorize the Lender to monitor its account opened at
the Lender, inspect and analyze the construction and operation of the project, and dynamically monitor the income, cash flow and overall capital flow of the project; it will also accept and cooperate with the Lender to inspect and supervise the use
of the loan, including the loan purpose, by means of account analysis, voucher inspection, on-site investigation, etc.; and it will regularly summarize and report on the disbursement and use of loan upon the
Lender’s request. The specific summary reporting time will be:     /        . 

  

	(5)	 In case of a merger, division, capital decrease, equity transfer, outward investment, substantially increased
debt financing, transfer of significant assets and creditor’s rights, or any other matter that may adversely affect the Borrower’s solvency, the Borrower must get the prior written consent of the Lender. 

In any of the circumstances, the Borrower will notify the Lender in time: 
  

	A.	 Where the articles of association, business scope, registered capital or legal representative of the Borrower
or the guarantor changes; 

  

	B.	 Where the Borrower has the operation mode change in any form such as affiliation, joint venture or cooperation
with foreign investors, contractual operation, reorganization, restructuring, planned listing, etc.; 

  

	C.	 Where the Borrower is involved in a major litigation or arbitration case, or its property or collateral is
seized, retained or monitored, or a new guarantee is placed on the collateral; 

  

	D.	 Where the Borrower is wound up, dissolved, liquidated, suspended for rectification, cancelled, revoked or
business license, applied for bankruptcy, etc.; 

  

	E.	 Where the shareholders, directors and current officers of the Borrower are suspected of major cases or economic
disputes; 

  

	F.	 Where the Borrower has a default event under any other contract; or 

 

	G.	 Where the Borrower has difficulty in operation, or worsening financial position, etc.. 

 

	(6)	 The Borrower’s repayment of the loan to the Lender will take precedence over the loan from a shareholder
of the Borrower to the Borrower and will not be inferior to any of the Borrower’s similar debts to other creditors. 

  

	(7)	 The Borrower will not distribute dividends or bonuses to its shareholders in any form where its after-tax net profit in the financial year concerned is zero or negative, or its after-tax profit is insufficient to cover the accumulated losses in the previous financial
years, or its pre-tax profit is not used to pay off the principal and interest of its loan and the relevant expenses payable in the financial year or its pre-tax profit
is insufficient to pay off the principal, interest and expenses in the next period. 

  
 P11/  18 

	(8)	 The Borrower will not dispose of its own assets in a manner that weakens its solvency and shall undertake that
the total amount of its external guarantee will not be greater than 0.7 time its own net assets, and the total amount of external guarantees and the amount of an individual guarantee shall not exceed the limit stipulated in its articles of
association. In addition, without the consent of the Lender, the Borrower will not provide a guarantee for any third party with the assets created by the loan hereunder. 

 

	(9)	 Except for the purpose specified herein or with the consent of the Lender, the Borrower will not transfer the
loan hereunder to the account of the same name and the account of any related party. 

 For the transfer to the
Borrower’s account of the same name or the transfer to the account of any related party, the Borrower will provide the corresponding supporting documents. 
  

	(10)	 ☒ For the loan hereunder, the conditions provided by the Borrower for the Lender, such as guarantee
conditions, loan interest rate pricing, repayment order and so on, will not be inferior to the conditions given to any other financial institution now or in the future. (Optional) 

 

	(11)	 ☒ The Borrower will go to complete the foreign exchange loan registration, debt service approval and
other procedures at the administration of foreign exchange. (Optional) 

  

	(12)	 ☒ The Borrower will submit its environmental and social risk report to the Lender. The Borrower
represents and undertakes that it will strengthen environmental and social risk management and accept the supervision of the Lender. The Borrower’s breach of the foregoing provision will constitute or be regarded as a default event hereunder,
and the Lender may take remedies for default in accordance with this Contract. (Optional. In accordance with the CBRC’s Green Credit Guidelines, if the Borrower is a client with significant environmental and social risks, this Paragraph shall
be selected, or removed if not applicable.) 

  

	(13)	 The borrower will complete the full procedures for the joint and several liability guarantee of Gracell
Biotechnologies (Suzhou) Co., Ltd. and Gracell Bioscience (Shanghai) Co., Ltd.. 

  

	(14)	 If the actual total investment of the project hereunder overruns, the overrun portion will be satisfied with
the self-raised fund of the Borrower. 

  

	(15)	 The proportion of the own fund of the Borrower will not be less than 35%, and its own fund and the loan will be
put into use in the same proportion. The Borrower will complete the drawdown of the loan step by step according to the progress of the project hereunder. 

  

	(16)	 During the existence of the fixed asset loan, the Borrower will not pay cash dividends. 

 

	(17)	 If the loan is used for the purchase of equipment under the project, it is allowed to be transferred to the
opening or bank acceptance exposure amount, which will be converted into a fixed asset loan when due. The term of opening (or the term of bank acceptance) and the term of the fixed asset loan will not exceed the final maturity date as stipulated in
the repayment schedule. 

  

	(18)	 During the credit period of the Lender, the sum of the loan balance,
paid-in capital and capital reserves of the investors in other accounts payable of Gracell Biotechnologies (Shanghai) Co., Ltd. will not be less than RMB 268.80 million. 

 

	(19)	 Any other undertaking of the Borrower:    /     .

  
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 Article 12 Disclosure of the Related Transactions within the Borrower’s Group 

The Parties agree that the provisions in 1 below will apply: 
  

	1.	 The Borrower is not the group client determined by the Lender according to the Guidelines for the Risk
Management of the Credits Granted to Commercial Bank Group Clients (the “Guidelines”). 

  

	2.	 The Borrower is the group client determined by the Lender according to the Guidelines for the Risk Management
of the Credits Granted to Commercial Bank Group Clients (the “Guidelines”). In such case, the Borrower shall report to the Lender in a timely manner on the related transactions with net assets more than 10%, including the relations of the
related parties to the transaction, the items and nature of the transaction, the amount or corresponding proportion of the transaction, and the pricing policy (including the transaction with no amount or with only symbolic amount).

 If the Borrower has any of the following circumstances, the Lender shall have the right to unilaterally decide to suspend the
disbursement of the loan that the Borrower has not yet used and to recover part or all of the principal and interest of the loan in advance: where the Borrower takes bank funds or credits by using false contracts with related parties, discounting or
pledging creditor’s rights such as notes receivable and accounts receivable without actual trade background; where the Borrower has a major M&A, restructuring, etc., which the Lender deems may affect the security of the loan; where the
Borrower intentionally evades the creditor’s rights of banks through related transactions; or where the Borrower has any other circumstance as stipulated in Article 18 of the Guidelines. 

Article 13 Default Event and Handling 
  

	1.	 In any of the following circumstances, the Borrower shall be deemed having committed a default event
hereunder: 

  

	(1)	 Where the Borrower fails to fulfill its disbursement and repayment obligations to the Lender as agreed herein;

  

	(2)	 Where the Borrower fails to spend the loan as agreed herein or to use the fund obtained for the purpose as
specified herein; or avoids the Lender’s fiduciary payments in a piecemeal manner in violation of this Contract; 

  

	(3)	 Where the Borrower has made an untrue representation hereunder or violated its undertakings made hereunder;

  

	(4)	 Where, in case of Paragraph 2(5) of Article 11, the Lender considers that it may affect the financial position
and contractual capacity of the Borrower or the guarantor, but the Borrower does not provide a new guarantee or replace the guarantor as stipulated herein; 

  

	(5)	 • Where the Borrower has a default event under other contracts with the Lender or any other institution of
Bank of China, or under any credit contract by and between the Borrower and any other financial institution; 

  

	(6)	 Where the guarantor breaches the guarantee contract, or has a default event under any other contract with the
Lender or any other institution of Bank of China; 

  

	(7)	 Where the Borrower is wound up, or dissolved, revoked or goes bankrupt; 

  
 P13/  18 

	(8)	 Where the Borrower engages or is likely to engage in a major economic dispute, litigation or arbitration, or
its assets are seized, detained or enforced, or the Borrower is investigated by the judicial authority or the administrative authority such as tax bureau, administration for industry and commerce, or the Borrower is imposed on penalties according to
law, which has affected or may affect the performance of its obligations hereunder; 

  

	(9)	 Where the principal individual investor or key manager of the Borrower changes abnormally, is missing or
investigated or restricted for personal freedom by the judicial authority according to law, which has affected or may affect the performance of its obligations hereunder; 

 

	(10)	 Where the project capital is not in place as planned or in proportion or is not replenished within the time
limit as specified by the Lender; 

  

	(11)	 Where the progress of the project lags behind the progress in the use of funds; 

 

	(12)	 • Where the project construction seriously lags behind, or the construction cost exceeds the proportion of
the budget approved by the Lender, or the environment and conditions of the project construction and operation have undergone significant adverse changes; (Optional) 

 

	(13)	 • Where the project construction quality is not up to national or industrial standards; (Optional)

  

	(14)	 Where the Borrower has a decline in credit standing or deterioration of financial indicators of the Borrower
such as profitability, solvency, operating capacity and cash flow, breaking the indicator constraints as stipulated herein or other financial agreements; 

  

	(15)	 Where the Lender finds any circumstance that may affect the financial position and contractual capacity of the
Borrower or the guarantor when it conducts an annual review of the financial position and contractual capacity of the Borrower (i.e. every full year from the effective date hereof); 

 

	(16)	 ☒ Where the construction of the energy-saving works seriously lags behind, energy-saving technologies and
equipment are seriously defective, energy load is greatly reduced due to the suspension or reduction of the production of main facilities or equipment, the actual energy-saving amount is significantly lower than the forecast, energy-saving proceeds
cannot be returned to designated accounts in time, the Borrower participates in private high-rate lending, provides external guarantee or borrows new debts without the consent of the Lender, its main financial indicators seriously deteriorate.
(Optional. This Paragraph shall be selected when energy efficiency credit business is conducted in accordance with the Energy Efficiency Credit Guidelines; otherwise shall be deleted if not applicable); or 

 

	(17)	 Where the Borrower violates other provisions hereof relating to the rights and obligations of the Parties
hereto. 

  

	2.	 In case of any default event in the preceding paragraph, the Lender shall have the right to take the
following actions separately or simultaneously, as the case may be: 

  

	(1)	 It may require the Borrower and guarantor to correct its breach within a time limit. 

 

	(2)	 It may wholly or partly reduce, suspend or cancel or termination of credit lines to the Borrower.

  

	(3)	 It may suspend or terminate, in whole or in part, the acceptance of business applications of the Borrower
including drawdowns under this Contract or other contracts between the Borrower and the Lender; in whole or in part suspend or cancel, terminate the issuance, payment and processing of the unissued loans and the trade financing that is not processed
yet. 

  
 P14/  18 

	(4)	 It may declare that the principal and interest of the outstanding loan/trade financing and other accounts
payable under this Contract and other contracts between the Borrower and the Lender shall expire immediately in whole or in part. 

  

	(5)	 It may change the terms of issuance and disbursement of the loan according to the credit status of the
Borrower, such as reducing the starting amount of the fiduciary disbursement, or drawing back the loan disbursed by the Borrower with default. 

  

	(6)	 It may terminate or cancel this Contract, or terminate other contracts between the Borrower and the Lender in
whole or in part. 

  

	(7)	 It may request the Borrower to compensate for losses caused to the Lender as a result of the borrower’s
breach, including, but not limited to, costs related to litigation fee, lawyer’s fee, notarization fee, enforcement fee resulting from the realization of claims. 

 

	(8)	 It may deduct amounts from the accounts opened by the Borrower at the Lender and other institutions of Bank of
China Limited to pay off all or part of the debts owed to the Lender hereunder. The unexpired amount in the account shall be deemed to be due in advance. Where the account currency is different from the denomination currency of the Lender’s
business, the amount shall be converted at the applicable foreign exchange rate at the time of deduction. 

  

	(9)	 It may exercise the security interest or require the guarantor to assume the liability for guarantee.

  

	(10)	 Other actions the Lender deems necessary and reasonable. 

Article 14 Right Retention 
 The failure by one Party to
exercise part or all of its rights hereunder or to require the other Party to perform, assume part or all of its obligations or responsibilities shall not constitute a waiver of such right or an exemption from such obligation or responsibility. 

Any forbearance, extension or postponement of the exercise of rights hereunder by one party to the other party shall not affect any of its rights according to
this Contract and the applicable laws and regulations, nor shall it be deemed to be a waiver of such right. 
 Article 15 Change, Revision and
Termination 
 This Contract may be changed or revised in writing through mutual consultation between the Parties hereto. Any change or revision shall
form an integral part hereof. 
 Unless otherwise provided by laws or regulations or otherwise agreed by the Parties hereto, this Contract shall not be
terminated until all their rights and obligations are fulfilled. 
 Unless otherwise provided by laws or regulations or otherwise agreed by the Parties
hereto, the invalidity of any provision hereof shall not affect the legal effect of the other provisions hereof. 
 Article 16 Governing Law and Dispute
Resolution 
 This Contract shall be governed by the law of the People’s Republic of China. 

After the entry into force of this Contract, any dispute arising from the execution or performance hereof or related hereto may be settled through negotiation
between the Parties. If the negotiation fails, either Party may choose to resolve the dispute in the way as set forth in 2 below: 

  
 P15/  18 

	1.	 Submitting the dispute to _
/                 Arbitration Commission for an arbitration in /    (arbitration site) according to the
arbitration rules of such commission effective upon submission of the arbitration application; 

  

	2.	 Initiating a litigation to the people’s court in the place where the Lender or any other institution of
Bank of China exercising rights and performing obligations according to this Contract or an individual agreement is located; or 

  

	3.	 Initiating a litigation to the competent people’s court with jurisdiction. 

During the dispute resolution period, if the dispute does not affect the performance of other provisions of this Contract, the other provisions hereof shall
continue to be performed. 
 Article 17 Annexes 
 The
following annexes and other annexes confirmed by the Parties shall constitute integral parts hereof and have the same legal effect as this Contract. 
  

	1.	 Drawdown Application (format); 

 

	2.	 Letter of Confirmation of Service Address 

Article 18 Miscellaneous 
  

	1.	 The Borrower shall not assign any of its rights or obligations hereunder to a third party without the written
consent of the Lender. 

  

	2.	 Where the Lender is required to entrust any other institution of Bank of China to perform its rights and
obligations hereunder, or to put the loan business hereunder to be in the charge of other any institution of Bank of China, the Borrower shall give its approval. Any other institution of Bank of China authorized by the Lender, or any other
institution of Bank of China which undertakes the loan business hereunder, shall have the right to exercise all the rights hereunder, and shall have the right to bring a lawsuit in the name of the institution in respect of any dispute hereunder,
submit such dispute to an arbitration institution for arbitration or to apply for enforcement. 

  

	3.	 Without prejudice to other provisions hereof, this Contract shall be legally binding on the Parties hereto, and
their respective successors and assigns as permitted in accordance with the law. 

  

	4.	 Unless otherwise agreed, the Parties hereto shall designate the place of residence specified herein as the
correspondence and contact address, and undertake to give prompt written notice to the other party if the correspondence and contact address changes. 

  

	5.	 The transactions hereunder are based on their respective independent interests. If, in accordance with the
applicable laws, regulations and regulatory requirements, the other parties to the transaction constitute the related party or related person of the Lender, each party shall not seek to use such relation to affect the fairness of the transaction.

  

	6.	 The headings and business name herein are only for the convenience of reference and shall not be used to
interpret the terms hereof and the rights and obligations of the Parties hereto. 

  
 P16/  18 

	7.	 The Lender shall have the right, in accordance with the applicable laws and regulations and regulatory
requirements, to provide the information related to this Contract and other information in respect of the Borrower to the credit information system of the People’s Bank of China and other credit information databases established according to
law for inquiry and use by appropriately qualified institutions or individuals according to law. The Lender shall also have the right to inquire the information on the Borrower through the credit information system of the People’s Bank of China
and other credit information databases established according to law for the purpose of the execution and performance hereof. 

  

	8.	 • Within         business days after the date of signing
hereof, the Borrower shall undergo the compulsory enforcement notarization procedures with the notary agency together with the Lender. If the Borrower fails to perform or improperly performs the repayment obligation, the Lender may apply to the
people’s court with competent jurisdiction for enforcement according to law, and the Borrower is willing to accept such enforcement. (Optional). 

  

	9.	 The drawdown date or repayment date falling on a statutory holiday shall be extended to the first business day
after the holiday. 

  

	10.	 Where the Lender is unable to perform this Contract or fails to perform this Contract as agreed herein due to
any change in the applicable legal and regulatory provisions or the requirements of the competent regulatory authority, the Lender shall have the right to terminate this Contract or modify this Contract and the individual agreements hereunder
according to such changed provisions or such requirements. Such inability or failure of the Lender for such reasons shall discharge the Lender from liability. 

Article 19 Contract Effect 
 This Contract shall not come
into effect until the legal representatives (principals) or authorized signatories of the Parties hereto sign and affix their official seals hereunto. 

This Contract is made in duplicate with one (1) copy held by either Party. Both copies shall have the same legal effect. 

 

							
	Borrower	  		  	Lender:	  	
		  	/s/ Gracell Biotechnologies (Suzhou) Co., Ltd.	  		  	 /s/ Bank of China Suzhou Industrial Park

		  	Gracell Biotechnologies (Suzhou) Co., Ltd	  		  	Bank of China Suzhou Industrial Park
				
		  		  		  	Branch
		
	 Authorized signatory: Cao Wei
  

January 15, 2020 
	  	  
 January 15, 2020

  
 P17/  18 

 Annex: Letter of Confirmation of Service Address 

No.: 2020 Yuan Zhong Song Da Que Ren Shu Zi 007 

To: Bank of China Suzhou Industrial Park Branch 

We, Gracell Biotechnologies (Suzhou) Co., Ltd., acknowledge and represent hereby that: 

 

	1.	 The following service address, the attention (or the designated recipient), the phone number have been
confirmed by me, the principal or the agent, and are the service address and contact information of the legal documents in respect of the debt collection, posting of bill statements, litigation (arbitration) of the Fixed Asset Loan Contract (No.
2020 Yuan Zhong Dai Zi 007): 

 Address: Zhongyin Huilong Building, 8 Suzhou Avenue W, Suzhou Industrial Park,
Suzhou 215000 
 Attention (designated recipient): Yi Yu  

Tel: [***] 
  

	2.	 You, the hearing court or the arbitration institution should deliver legal documents to Gracell
Biotechnologies (Suzhou) Co., Ltd. according to the above service address and contact information. If nobody receives the legal documents or the legal documents are refused, the date when the legal documents are returned shall be regarded as the
date of service. In case of personal delivery, if Gracell Biotechnologies (Suzhou) Co., Ltd. refuses the legal documents, the person delivering the legal documents may record the delivery process by photo or video and retain the legal
documents, which shall be deemed that the legal documents have been served. 

  

	3.	 If Gracell Biotechnologies (Suzhou) Co., Ltd. changes the above contact information before the debt
involved in the Fixed Asset Loan Contract (No. 2020 Yuan Zhong Dai Zi 007) is discharged, Gracell Biotechnologies (Suzhou) Co., Ltd. hereby undertakes that it will notify you in writing of the changed contact information promptly. If
the aforesaid debt has entered the hearing of the court, the change of the contact information will be notified of the hearing court. 

  

	4.	 If Gracell Biotechnologies (Suzhou) Co., Ltd. provides wrong contact information or fails to provide the
changed contact information, making the legal documents not served, or returned, the date of returning the legal documents will be the date of service. 

  

	5.	 Gracell Biotechnologies (Suzhou) Co., Ltd. hereby undertakes that this Letter of Confirmation of Service
Address submitted is personally signed, executed or affixed with the official seal by me, the principal or the agent, otherwise, it will assume the liability for false proof and bear the legal consequence of unfaithful litigation.

  
 By (official
seal):                                        
                                     

/s/ Gracell Biotechnologies (Suzhou) Co., Ltd.  

Gracell Biotechnologies (Suzhou) Co., Ltd.       

Authorized signatory (signature) Cao Wei 

Date: January 15, 2020 

  
 P18/  18

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