Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 252

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 252
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 AML”), a wholly owned subsidiary of the Company, entered into an administrative management services agreement with
Libra Sciences Limited. According to the agreement, AML will provide documentation and administrative services, include but are not limited
to human resources and payroll administration, general secretarial and administrative support, and accounting and financial reporting
services. AML is entitled to receive a fixed amount of services fees of HKD25,000(approximately $3,205) per calendar month with the
original expiry date on December 31, 2023. AML and Libra Sciences Limited mutually agreed to terminate the administrative management service
agreement effect as of March 31, 2023.

Note e: In accordance with mutual agreements reached
with the board of directors, Mr. Clark Cheng and Mr. Ian Huen agreed to forgo their monthly remuneration effective July 1, 2023 until
further notice. Moreover, Mr. Darren Lui consented to suspend his monthly remuneration from August 1, 2023 until further notice. Additionally,
all independent non-executive directors consented to suspend their monthly remuneration from September 1, 2023 until further notice. Before
the suspension of remuneration, Mr. Ian Huen, Mr. Clark Cheng, and Mr. Darren Lui had a monthly remuneration of $27,333, $6,410and $6,667,
respectively.

F-25

APTORUM GROUP LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in U. S. Dollars)

13. VARIABLE INTEREST ENTITY

The Company consolidates VIEs in which the Group
has a variable interest and is determined to be the primary beneficiary. This determination is based on whether the Group has a variable
interest (or combination of variable interests) that provides the Company with (a) the power to direct the activities that most significantly
impact the VIE’s economic performance and (b) the obligation to absorb losses or right to receive benefits that could be potentially
significant to the VIE. The Group continually reassesses whether it is the primary beneficiary of a VIE throughout the entire period the
Group is involved with the VIE.

On December 30, 2021, three of the Group’s
subsidiaries, Libra Sciences Limited (“ Libra”, formerly known as Aptorum Pharmaceutical Development Limited), Mios Pharmaceuticals
Limited (“ Mios”) and Scipio Life Sciences Limited