Exhibit 10.26 


 


HR-2018- 


 





 


Labor Contract


 




     


     


    

 





 


Party A (Employer): CASI (Beijing) Pharmaceuticals,
Inc.


Legal representative or entrusted agent:
Ken K. Ren


Address of company: Full Link Plaza
Suite B 12F, B1215, 18 Chaoyangmenwai Street, Chaoyang district, Beijing city


 


Party B (Name): Wei (Larry) Zhang


ID No. / Passport No.:


Current home address: 


Postal code:


Contact No.:


 




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Party
A and Party B sign this Contract in accordance with the “Labor Law of the People’s Republic of China”,
“Labor Contract Law of the People’s Republic of China” and other relevant laws and regulations on the
basis of equality and voluntariness, fairness and impartiality, consensus, honesty and credibility. Both parties shall promise
to abide by the items of this contract.


 


1. Subject of the
contract and guarantee of Party B


 


		1.1	Party A and Party B are the parties to this labor contract.



 


		1.2	Party A is a legal employing unit registered in the People’s
Republic of China, with employment qualifications. Party B is a natural person with full civil capacity and a qualified employee.



 


		1.3	Party B promises to Party A that there is no labor relationship
or employment relationship (including but not limited to Non-full-time labor relationship) with any third party at the time of
signing this labor contract and it shall not within the time limit of competitive restriction, and Party B shall guarantee that
there is no any matter between the party and the original employer that could affect the entry-into-force and fulfillment of this
contract.



 


		1.4	Party B shall guarantee that any work delivered by Party A will not infringe upon the business
secret and other legal rights of previously employed units after the party is hired by Party A. If any violations, Party B will
bear the corresponding legal responsibility.



 


2. Type and duration
of labor contract


 


		2.1	Party A and Party B agree to confirm the “duration of labor contract” according to the
following [ A ] methods (choose one).



 


		A.	Fixed-duration labor contract: starting from [1] day [9] month [2018] year to [31] day [8] month [2021]
year, including the probationary period of [0] month(s) from [  ] day [  ] month [  ] year to [  ]
day [  ] month [ ] year.



 


		B.	Non fixed-duration labor contract: starting from [ ]
day [ ] month [ ] year to the arising of the circumstances that statutory termination of contract occurs, including
the probationary period of [ ] month(s) from [ ] day [ ] month [ ] year to [ ] day [ ] month [ ]
year.



 


		2.2	Party A can terminate the labor contract if Party B fails to meet the conditions of employments
or the provisions stipulated in this contract during the probationary period.



 


		2.3	Before the days of the expiration date of this fixed-term Employment Contract, the Parties shall discuss
the renewal of this Contract. If the Parties agree the renewal and agree on the terms of the contract, then the Contract can be
renewed. The contract is terminated immediately if the labor contract expires and it is not renewed.



 


3. Working place
and job content 


 


		3.1	Party
A and Party B agree that the labor contract is performed in Beijing and in the place where Party A dispatches Party B for
business trip.



 




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		3.2	According to the request of Party A, Party B is carry on President CASI China job after
negotiation.Party B shall meet the work standards required by Party A, conform to the job requirements and comply with job responsibilities.
Job responsibilities for Party B are detailed in Job Description.



 


		3.3	According to the Party A’s business
requirements, the Party B’s abilities and performance or physical condition, the Party A may change the Party B’s position,
reporting line and/or work location (including but not limited to changes to the Party B’s job description, promotion, same-level
transfer, demotion or changes to the Party B’s department and work location, also including changes to the job description,
duties or scope without changing the Party B’s post or position). The Party A may adjust the Party B’s remuneration
and benefit standards in accordance with the above changes.



 


4. Working hours,
rest and vacation


 


		4.1	Working hours



 


		4.1.1	According
to Party B’s actual position situation, Party B’s working hours are subject to((□Standard Working Hours, □Cumulative
Working Hours, ■Flexible Working Hours. If Party A arranges
Party B to apply to Cumulative Working Hours or Flexible Working Hours, the approval of the relevant labor administrative department
shall be obtained.



 


		4.1.2	Where the Standard Working Hours is applied to Party B, the specific working shall be【08:30】a.m.
to 【17:00】p.m.
Lunch time and lunch break shall be half an hour and it is working time. Party A may adjust the above working hours for the needs
of operation and business management, but Party B shall be notified in writing.



 


		4.1.3	Where Cumulative Working Hours is applied to Party B, the working hours of Party B shall be calculated
with the approved cycle, and the average daily working hours and average weekly working hours shall not exceed the statutory standard
working hours.



 


		4.1.4	Where Flexible Working Hours is applied to Party B, Party B can arrange his/her resting hours and
working hours based on the business needs reasonably, with the work completed on time, quality-guaranteed and quantity guaranteed.
Party B is not entitled to any overtime payment or time off in lieu, unless otherwise provided by law.
	 	 	 
		4.2	Overtime



 


		4.2.1	Party A does not encourage the Party B to work overtime in principle. For purposes of
                                                                                                                               business needs, however, the Party A may arrange for the Party B to work overtime after consultation with the Employee.
                                                                                                                               Overtime shall be based on actual time. However, if Party B fails to complete the work task within the working time due to
                                                                                                                               its own reasons, any extension of the working time shall not be deemed as overtime.



 


		4.2.2	If overtime is needed, Party B shall submit the overtime application and obtain written approval
in advance. If the written approval cannot be obtained in advance due to special reasons, Party B shall re-submit the application,
examination and approval procedures for overtime work within [3] working days after the overtime work.



 




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		4.2.3	If the overtime is arranged by Party A or previously approved by Party A in written, Party A shall
arrange time-off in lieu with equal time firstly or pay overtime salary in accordance with the national regulations and the relevant
Company policies. The Employee applied to the Flexible Working Hour System shall not be entitled to the overtime, unless otherwise
provided by law.
	 	 	 
		4.3	Leave and Vacation



 


		4.3.1	Party A shall guarantee the rights of leave and vacation
of Party B legally.



 


		4.3.2	Party B shall enjoy the rights of the statutory holidays and the other kinds of vacations, and
the vacation policies shall be implemented according to the relevant regulations or agreements of Party A.



 


5. Labor remunerations


 


		5.1	The base salary before tax is 170,000 yuan per month, the base salary before tax in the probation
is yuan per month. The performance bonus before tax is , In accordance with the internal remuneration management measures,
the floating wage is determined by Party B’s work achievement and the actual contribution and etc. If Party A adjusts Party
B's basic salary during the performance of this contract, Party B's basic salary shall be the amount recorded in Party A's notice
of salary adjustment and other relevant documents.



 


		5.2	The salary is paid on the 5th of each month and it shall be paid on the latest working
day in advance if the payment day is the holiday or rest day. It does not belong to the arrears of wage to Party B if Party A has
a reasonable explanation for delaying the payment of labor remuneration.



 


		5.3	After the mutual agreement between Party A and Party B, Party B’s wage remuneration shall
be implemented according to the internal remuneration and welfare management measures of the company. The adjustment of Party B’s
basic salary, allowance shall be in accordance with the annual salary notification letter as the standard. In accordance with the
internal remuneration management measures, the floating wage is determined by Party B’s work achievement and the actual contribution
and etc.



 


		5.4	Party A shall formulate the remuneration and welfare management measures of the company according
to the operation benefits and market factors of the company.



 


		5.5	This article stipulates that the wages of Party B shall be pre-tax wages. Party B shall pay personal
income tax in accordance with the law, which will be withheld and paid from the salary by Party A.



 




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6. Social insurance,
housing fund and benefits


 


		6.1	Party A shall pay social insurance and housing fund in proportion to Party B in accordance with
the relevant provisions of the state and local. Party B shall also pay its due portion in proportion, which will be withheld and
paid from the salary by Party A. Party B shall ensure to promptly submit the valid certificates for handling social insurance and
housing fund to Party A. Party B shall bear any responsibility for any consequence arising from the delay or the refusal of Party
B’s submission.



 


		6.2	Party B shall be responsible for timely treatment or provide possible assistance to Party A due
to work-related injuries. Party A shall submit an application for identification of work injury to labor administrative department
within a specified time, shall handle the appraisal of labor ability for Party B according to the law, as well as shall fulfill
the necessary obligations for the medical treatment of work-related injury of Party B.



 


		6.3	Party B’s salary and medical insurance during the occupational diseases and work-related
injuries shall be implemented according to the national laws and regulations and the relevant provisions of local.



 


		6.4	Party B’s benefits during the sickness or non work-related injury shall be implemented according
to the national laws and regulations and the relevant provisions of local.



 


		6.5	Female employees’ benefits during pregnancy, delivery period and breastfeeding leave shall
be implemented according to the national laws and regulations and the relevant provisions of local.



 


		6.6	It is one of Party A’s policies to train employees and encourage personal development. Party
A provides vocational training to Party B according to the relevant training regulations. In addition to various internal training
activities, Party A also encourages Party B to participate in some external training activities or courses.



 


Both Party
A and Party B shall sign a training agreement to clarify the rights and obligations of both parties as an attachment to this contract
if Party A provides specialized training fee to Party B for professional and technical training and requests Party B to fulfill
the service period. In case of conflicts, it shall be subject to the training agreement.


 


7. Labor protection, labor conditions,
vocational training


 


		7.1	Party
A shall provide Party B with labor conditions that are in conformity with the national regulations and with a safe and hygienic
working environment.



 


		7.2	Party
A shall provide Party B with the necessary labor protection supplies according to the actual situation of Party B’s post
in accordance with the relevant national regulations.



 


		7.3	Party A shall establish and improve labor safety
system and operating procedures, as well as work practices, and shall provide safety education for Party B. Party B shall eliminate
the illegal operations. 



 


8. Labor disciplines


 


		8.1	Party A has right to abide by the democratic principle and make “Employee Handbook”
and other rules and regulations without any conflict with laws and administrative regulations. Party A shall conduct the daily
management of labor discipline to Party B according to the “Employee Handbook” and various rules and regulations.



 




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		8.2	Various rules and regulations formulated by Party A shall be promptly publicized. Party A requires
Party B to carefully read the relevant contents so as to timely understand and master Party A’s relevant rules and regulations.



 


		8.3	Party B shall abide by the rules and regulations formulated by Party A: strictly abide by the labor
safety and hygiene, production technology, operating procedures and work practices; take good care of Party A’s properties,
abide by the professional ethics; actively participate in the trainings organized by Party A, improve the ideological awareness
and vocational skills.



 


		8.4	Party A can take disciplinary punishment against Party B until the termination of the contract
according to the rules and regulations of the company if Party B violates the labor discipline



 


9. Confidentiality
and intellectual property ownership


 


		9.1	Party A and Party B confirm that Party B will come into contact with Party A’s business secrets
and intellectual property-related confidentiality matters during the fulfillment of its duties, Party B shall have the duty of
confidentiality on the foregoing matters and shall sign a confidentiality agreement with Party A on the request of Party A.



 


		9.2	From the effective date of this contract, Party B’s all intellectual achievements resulting
from the performance of its duties shall be owned by Party A, except where relevant intellectual property is legally owned by Party
B.



 


		9.3	Party A and Party B shall confirm that any form of all the carriers that record Party A’s
business secrets held or kept by Party B due to the job requirements shall be owned by Party A, which is strictly prohibited from
leak and disclosure. Party B shall return to Party A instead of copying the information or keeping it without authorization when
leaving the company.



 


10. Change, dissolution,
termination and renewal of labor contract 


 


		10.1	Change of labor contract



 


		10.1.1	Where the laws, rules, regulations or policies in place
on which the contract is concluded change, the relevant contents of this contract shall be changed.



 


		10.1.2	The objective situation, on which the conclusion of the labor contract is based, has changed considerably,
the labor contract is unable to be performed and no agreement on changing the contents of the labor contract is reached after negotiations
between Party A and Party B.



 


		10.1.3	Some of the terms of this contract can be changed after mutual agreement of Party A and Party B.



 


		10.1.4	It will be deemed that Party B agrees to the adjustment if Party A has adjusted Party B’s
working post, working place or job without signing a written contract for change or agreement and Party B does not submit a written
objection within one month after assuming the post.



 


		10.2	Dissolution of labor contract



 


		10.2.1	This contract can be terminated after mutual agreement
of Party A and Party B.



 




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		10.2.2	Under any of the following circumstances, Party A may dissolve the labor contract if it notifies
Party B in writing 30 days in advance or after it pays Party B an extra month's wages:



 


		10.2.2.1	Party B is sick or is injured for a non-work-related reason
and cannot resume his original position after the expiration of the prescribed time period for medical treatment, nor can he assume
any other position arranged by the employer.



 


		10.2.2.2	Party B is not competent for the job, or is still so after
training or changing his position; Party B fails to pass the examination in the performance appraisal, and will still be assessed
as unqualified after training or refuse for repentance and training.



 


		10.2.2.3	The objective situation, on which the conclusion of
the labor contract is based, has changed considerably, the labor contract is unable to be performed and no agreement on changing
the contents of the labor contract is reached after negotiations between Party A and Party B.



 


		10.2.3	Party A can terminate the contract at any time and will
not pay financial compensation if Party B has one of the following circumstances:



 


		10.2.3.1	Party B is proved to be inconsistent with the conditions
of employment during the probationary period;



 


		10.2.3.2	Party B seriously violates the rules and regulations
of Party A and the labor contract can be terminated according to the rules and regulations of Party A.



 


		10.2.3.3	Party B causes 10000 Yuan (inclusive) or more major loss
to Party A because of his gross neglect of duty and malpractices for selfish ends.



 


		10.2.3.4	Party B is investigated for criminal responsibility.



 


		10.2.3.5	Party B has labor relationship with other employers at the same time, which causes a serious impact
on the completion of work task of the company, or Party B refuses to correct after the employer points out the problem.



 


		10.2.3.6	The labor contract comes into invalid due to the provisions as stipulated in the first item of
the first paragraph of Article 26 of “Labor Contract Law”.



 


		10.2.3.7	Other circumstances stipulated by laws and administrative regulations.



 


		10.2.4	Party A shall not terminate the contract in accordance with Article 10.2.2 if Party B has one of the
following circumstances:



 


		10.2.4.1	Party B has been confirmed as having lost or partially lost his capacity to work due to an occupational
disease or a work-related injury.



 


		10.2.4.2	Party B has contracted an illness or sustained a non-work-related injury and the prescribed time period
of medical treatment has not expired.



 


		10.2.4.3	Female employees are within pregnancy, delivery period and lactation period.



 


		10.2.4.4	Party B is engaging in operations exposing him to occupational disease hazards and has not undergone
an occupational health check-up before he leaves his position, or is suspected of having an occupational disease and is under diagnosis
or medical observation;



 


		10.2.4.5	Party B has been working for Party A continuously for not less than 15 years and is less than 5 years
away from his legal retirement age.



 




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		10.2.4.6	Other circumstances stipulated by laws and administrative
regulations.



 


		10.2.5	Party B can terminate the contract under one of the following
circumstances:



 


		10.2.5.1	Fail
to provide labor protection or working conditions in accordance with the labor contract.;



 


		10.2.5.2	Fail
to pay labor remuneration in full and in time.



 


		10.2.5.3	Fail
to pay social insurance premiums to laborers according to laws.



 


		10.2.5.4	The
employer’s rules and regulations violate the provisions of laws and regulations, thereby damaging the rights and interests
of laborers.



 


		10.2.5.5	The labor
contract comes into invalid due to the provisions stipulated in the first paragraph of Article 26 of “Labor Contract Law”.



 


		10.2.5.6	Any other
circumstances prescribed by other laws or administrative regulations that authorize employees to dissolve labor contracts.



 


		10.3	Termination of labor contract



 


		10.3.1	The contract will be terminated under one of the following
circumstances:



 


		10.3.1.1	The contract is expired;



 


		10.3.1.2	Party A is declared bankrupt and the business license
is revoked. Party A is ordered to close, dissolve or revoke.



 


		10.3.1.3	Party B retires, resigns, dies, is declared dead or missing.



 


		10.3.1.4	Other circumstances stipulated by laws and administrative
regulations.



 


		10.4	If the contract expires, and Party B has one of the circumstances
as described in 10.2.4 of this contract but not described in 10.2.3 of this contract, the term of labor contract shall be extended
until the disappearance of the relevant circumstance.



 


		10.5	Party B shall notify Party A in written 30 days in advance
if he requires to terminate the labor contract (abide by the additional provisions stipulated in “Employee Handbook”
for the special post), and handle the procedures for terminating the labor contract, but Party B shall handle the handover procedures
as required by Party A. Party A has the right to pursue Party B’s liability for compensation and suspend Party B’s
resignation procedure if Party B quits the job without permission, resulting in economic losses caused by failure of work handover
or because of other issues during the period under review. 



 


		10.6	At the time of
dissolution or termination of the contract, Party A shall issue a document to prove the dissolution or termination of the labor
contract when dissolving or terminating the contract, and handle the procedures for the transfer of Party A’s personal file,
social insurance and housing fund within 15 days. It shall not be delayed or refused without any reason unless there is a additional
agreement or provision.



 


11. Disposal of
labor disputes


 


		11.1	The labor contract is legally established with legally binding. Both parties shall fully perform
their duties and strictly implement the provisions of change, dissolution, termination, renewal and payment of economic compensation
of the labor contract according to the law.



 




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		11.2	Party A and Party B can settle the labor disputes arising from the performance of this contract
through negotiation. If both parties do not want to consult or fail to reach an agreement, they may apply to the labor arbitration
commission for arbitration. Both parties can also apply to the labor dispute arbitration commission for arbitration. Those who
are not satisfied with the arbitration determination may institute legal proceedings to the people’s court within 15 days
from the date of receipt of the arbitration determination.



 


12. Liability for
breach of contract and financial compensation 


 


		12.1	Any Party A or Party B who violates the provisions of
the contract and causes losses to the other party shall be compensated.



 


		12.2	If Party B occupies Party A’s property to cause losses to Party A, Party B shall return the
corresponding property and compensate the loss to Party A. Party B shall return the unjustified benefited obtained without legal
provisions or contract agreement to Party A. If losses are caused to Party A due to Party B's personal reasons, Party A is entitled
to deduct such losses from Party B's salary according to law.



 


		12.3	If Party A violates the terms of the contract to terminate the contract or the contract comes into
invalid due to Party A’s reason, the appropriate economic compensation or indemnity fund shall be paid according to the law.



 


		12.4	Party B shall handle the work handover according to the mutual agreement. The economic compensation
shall be paid if necessary at the completion of work handover, unless otherwise agreed by both parties



 


13. Applied to foreign staff


 


		13.1	Party A shall apply for the foreigner's working permit for Party B. Both Parties acknowledge
that under the situation that Party B fails to obtain such certificates to work in China for any reasons, the employment relationship
will not be established and the Contract herein will become void. Party B promises to cooperate with Party A in the relevant work
such as change, annual inspection and cancellation of employment procedures.



 


		13.2	Party A shall withhold the individual income tax, the social insurance and housing fund contributions
(if applicable) for Party B in accordance with PRC laws and local laws and regulations. Party B shall undertake the tax responsibility
prescribed by the Country where Party B’s workplace is located.



 


		13.3	Both parties agree that Party B is entitled to reimburse (must be supported by requested documents
and official invoices), for tax exclusion. The annual total expenditure is  1,020,000   RMB /year. Including
housing rental not exceed 600,000 RMB/year, meals not exceed 10,000 RMB/month, laundry fee not exceed  10,000
RMB/month, children's education, transportation for home leave, language training and relocation expenses are reimbursable,
but the annual total should not exceed the agreed annual total expenditure amount. If the amount of the invoice provided by party
B by the end of December is less than the annual total expenditure amount, the balance of the expenditure shall be consolidated
into the annual bonus of employee and paid after the consolidated tax calculation.



 



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		13.4	In the event of any inconsistency between provisions of this Chapter and other provisions of this
Contract, the provisions of this Chapter shall prevail.



 


		13.5	If both parties have special agreement on the salary and welfare treatment of Party B, the special
agreement shall be followed.



 


14. Miscellaneous


 


		14.1	“Employee Handbook” and enterprise rules and regulations are the important parts of
this contract. Party B shall not refuse to acknowledge or comply with the “Employee Handbook” and all the rules and
regulations of the enterprise for any reason. The unaccomplished matters of this contract shall be implemented in accordance with
the “Employee Handbook” and the rules and regulations of the enterprise, and shall be implemented in accordance with
the relevant provisions of the state and local when there is no provision. Where there is no provision as stipulated by the state
and local, both parties shall settle it through equal negotiation.



 


		14.2	This contract will replace all previous discussions, negotiations and agreements between the two
parties, after the contract coming into force. If the provisions of other previous agreements (including but not limited to “confidentiality
agreement”, “training agreement” and “competitive restriction agreement”) are not consistent with
this contract, it shall be subject to this contract.



 


		14.3	If both parties reach a supplementary and change agreement on the relevant matters afterwards,
both parties shall sign a written supplementary or change agreement.



 


		14.4	Party B agrees to entrust the “emergency contact” at the bottom of this contract as
the trustee of Party B when it is in the state of contact disorder (including but not limited to Party B being hospitalized due
to illness, loss of personal freedom or intentional refusal of Party A’s contact). The trustee has right to accept the reconciliation
and mediation, receive and sign the relevant documents on behalf of Party B.



 


		14.5	This contract may not be altered.



 


		14.6	If the contract is written in Chinese and foreign languages if necessary with inconsistent content,
it shall be subject to Chinese text.



 


		14.7	The conclusion, amendment, termination, ending, renewal, interpretation, and dispute resolution of
this Contract shall be governed by PRC laws.



 


		14.8	If any provision of this Contract is regarded as illegal, invalid or unenforceable, the validity,
effectiveness, and enforceability of other provisions shall not be affected.



 


		14.9	The notices, papers, documents, files etc sent by Party A can be delivered face to face to Party
B or by mail. Party B confirms that the address in this Contract is the effective address. Party B shall inform Party A in written
within 7 days after the change if there is any change of the address. It can be deemed that the delivery is the effective delivery
in the circumstances that Party A sends the notices, papers, documents, files etc. to the address of Party B and the related materials
arrive the address. Party B shall take the responsibilities for not informing Party A immediately of the change of the address
and the resulting adverse legal results.



 




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		14.10	The contract is made in duplicate. Each party shall hold
one copy with the same legal effect.



 


(Intentionally left blank)


 




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	Party A (official seal)	Party B (signature or seal)
	 	 
	Legal representative (principal) or agent	Wei (Larry) Zhang
	CASI (Bejing) Pharmaceuticals, Inc.	 
	Rep: Ken K. Ren	 
	 	 
	(Signature or seal)	 
	 	 
	/s/ Ken K. Ren	 	/s/ Wei (Larry)
    Zhang
	 	 
	Signing date: 2018 year 9 month 1 day	Signing date: 2018 year 9 month 1 day
	 	 
	Emergency contact person:	 
	 	 
	Relationship with employee:	Telephone No.:
	 	 
	Address of emergency contact person:	Postal code:


 




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Supplementary Provisions
on Labor remuneration


 


An award of 1,000,000 options covering
shares of the Company’s parent company, CASI Pharmaceuticals, Inc., subject to vesting schedule below. The date of grant
is your actual employment start date which is September 1, 2018.


 


1. 250,000 will vest on the first anniversary
of the date of grant (September 1, 2019);


 


2. 250,000 will vest on the second anniversary
of the date of grant (September 1, 2020);


 


3. 250,000 will vest on the third anniversary
of the date of grant (September 1, 2021);


 


4. 250,000 will vest on the fourth anniversary
of the date of grant (September 1, 2022).


 




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