Document:

Exhibit 4.5

 

THESE WARRANTS AND ANY SHARES ACQUIRED
UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY APPLICABLE
STATE SECURITIES LAWS. THESE WARRANTS AND SUCH SHARES AND ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY NOT BE SOLD OR TRANSFERRED
IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT AND UNDER ANY APPLICABLE STATE SECURITIES LAWS. THESE
WARRANTS AND SUCH SHARES MAY NOT BE EXERCISED OR TRANSFERRED EXCEPT UPON THE CONDITIONS SPECIFIED IN THIS WARRANT CERTIFICATE,
AND NO EXERCISE OR TRANSFER OF THESE WARRANTS OR TRANSFER OF SUCH SHARES SHALL BE VALID OR EFFECTIVE UNLESS AND UNTIL SUCH CONDITIONS
SHALL HAVE BEEN COMPLIED WITH.

 

THE WARRANT AND WARRANT SHARES SHALL
NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR
CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THE SECURITIES BY ANY PERSON FOR A PERIOD OF 180 DAYS
IMMEDIATELY FOLLOWING THE EFFECTIVE DATE OF AN INITIAL PUBLIC OFFERING BY THE ISSUER, EXCEPT AS PROVIDED IN FINRA RULE 5110(G)(2).

 

THE WARRANT AND WARRANT SHARES MAY NOT
BE OFFERED OR SOLD IN HONG KONG BY MEANS OF ANY DOCUMENT OTHER THAN (I) IN CIRCUMSTANCES WHICH DO NOT CONSTITUTE AN OFFER TO THE
PUBLIC WITHIN THE MEANING OF THE COMPANIES (WINDING UP AND MISCELLANEOUS PROVISIONS) ORDINANCE (CAP. 32, LAWS OF HONG KONG), OR
(II) TO “PROFESSIONAL INVESTORS” (AS DEFINED IN THE SECURITIES AND FUTURES ORDINANCE (CAP. 571, LAWS OF HONG KONG)),
OR (III) IN OTHER CIRCUMSTANCES WHICH DO NOT RESULT IN THE DOCUMENT BEING A “PROSPECTUS” WITHIN THE MEANING OF THE
COMPANIES (WINDING UP AND MISCELLANEOUS PROVISIONS) ORDINANCE (CAP. 32, LAWS OF HONG KONG) AND NO ADVERTISEMENT, INVITATION OR
DOCUMENT RELATING TO THE SECURITIES MAY BE ISSUED OR MAY BE IN THE POSSESSION OF ANY PERSON FOR THE PURPOSE OF ISSUE (IN EACH CASE
WHETHER IN HONG KONG OR ELSEWHERE), WHICH IS DIRECTED AT, OR THE CONTENTS OF WHICH ARE LIKELY TO BE ACCESSED OR READ BY, THE PUBLIC
IN HONG KONG (EXCEPT IF PERMITTED TO DO SO UNDER THE LAWS OF HONG KONG) OTHER THAN WITH RESPECT TO THE SECURITIES WHICH ARE OR
ARE INTENDED TO BE DISPOSED OF ONLY TO PERSONS OUTSIDE HONG KONG OR ONLY TO “PROFESSIONAL INVESTORS” AS DEFINED IN
THE SECURITIES AND FUTURES ORDINANCE (CAP. 571, LAWS OF HONG KONG).

 

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APTORUM GROUP LIMITED

 

Warrant
To Purchase Class A Ordinary Shares

 

Warrant No.: __________

Date of Issuance: April 6, 2018 (“Issuance
Date”)

 

Aptorum
Group Limited, a Cayman Islands company (the “Company”), hereby certifies that, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Boustead Securities, LLC, the registered holder
hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase
from the Company, at the Exercise Price (as defined below) then in effect, upon exercise of this Warrant to Purchase Class A Ordinary
Shares with par value USD$1.00 each (including any Warrants to purchase shares issued in exchange, transfer or replacement hereof,
the “Warrant”), at any time or times on or after the date on which the IPO (as defined herein below) is consummated
and of the commencement of trading on a U.S. national securities exchange of the Company’s
securities to be issued in such offering, to the extent permitted by the applicable SEC and FINRA rules, but not after
11:59 p.m., Eastern Time, on the Expiration Date (as defined below), [number]1
(subject to adjustment as provided herein) fully paid and non-assessable shares of Class A Shares (the “Warrant
Shares”). The Warrant Shares shall not be transferable (except for the transfer to the Holder’s Affiliates) until
180 days following the effective date of the IPO, except as may otherwise be permitted by FINRA Rule 5110. Except as otherwise
defined herein, capitalized terms in this Warrant shall have the meanings set forth in Section 17. This Warrant is issued pursuant
to that certain Engagement Agreement, dated as of August 24, 2017, and its amendment, dated as of May 11, 2018, by and between
the Company and Boustead Securities, LLC and in connection with the transactions contemplated by that certain Subscription Agreement,
dated as of April 6, 2018, by and between the Company and Peace Range Limited (the “Subscription Agreement”).

 

 

 

 

1
Shall initially equal to five and one half percent (5.5%) of the number of Class A Ordinary Shares issuable upon
conversion of the Bond, divided by and exercisable on a cashless basis, at a 23% discount to the actual price per Class A Share,
subject to adjustment, at the applicable IPO. 10% of the principal amount of the Bond or $15,000,000 shall be automatically converted
into the Class A Ordinary Shares upon the closing of the IPO and the rest of the Bond is convertible at the option of the holder
commencing on the closing of the IPO until the earlier of the date falling 12 calendar months after the maturity of the Bond (which
may be extended by the parties) and the date falling 12 calendar months after the closing of the IPO.

 

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1.
EXERCISE OF WARRANT.

 

(a) Mechanics of
Exercise. Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder
on any day on or after the date on which the IPO is consummated and of the commencement of trading on a U.S. national securities
exchange of the Company’s securities to be issued in such offering, to the extent permitted by the applicable SEC and FINRA
rules, in whole or in part, by delivery (whether via facsimile or otherwise) of a written notice, in the form attached hereto
as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant, by submitting
information including the then-applicable Exercise Price, number of Warrant Shares purchased equal to or lower than the then-applicable
number of Warrant Shares and the 20-day average Closing Sale Price (collectively, the “Exercise Information”).
Within one (1) Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company
of an amount equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as
to which this Warrant was so exercised (the “Aggregate Exercise Price”) in cash or via wire transfer of immediately
available funds if, subject to the provisions of Section 1(d), the Holder has not notified the Company in such Exercise Notice
that such exercise is made pursuant to a Cashless Exercise (as defined in Section 1(d)) at a time and under circumstances which
permit a Cashless Exercise. The Holder shall not be required to deliver the original of this Warrant in order to effect an exercise
hereunder. Execution and delivery of an Exercise Notice with respect to less than all of the Warrant Shares shall have the same
effect as cancellation of the original of this Warrant and issuance of a new Warrant evidencing the right to purchase the remaining
number of Warrant Shares. Execution and delivery of an Exercise Notice for all of the then-remaining Warrant Shares shall have
the same effect as cancellation of the original of this Warrant after delivery of the Warrant Shares in accordance with the terms
hereof. On or before the second (2nd) Trading Day following the date on which the Company has received an Exercise
Notice, upon checking that the Exercise Information supplied by the Holder is accurate, the Company shall transmit by facsimile
or email an acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached hereto as Exhibit B,
to the Holder and the Company’s transfer agent (the “Transfer Agent”). On or before the third (3rd)
Trading Day following the date on which the Company has received such Exercise Notice and, in the event that the Holder has chosen
to exercise in cash, the receipt of the payment of the Aggregate Exercise Price , the Company shall (X) provided that the Transfer
Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program,
upon the request of the Holder, credit such aggregate number of shares of Class A Shares to which the Holder is entitled pursuant
to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian
system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and mail
to the Holder or, at the Holder’s instruction pursuant to the Exercise Notice, the Holder’s agent or designee, in
each case, sent by reputable overnight courier to the address as specified in the applicable Exercise Notice, a certificate, registered
in the Company’s share register in the name of the Holder or its designee (as indicated in the applicable Exercise Notice),
for the number of shares of Class A Shares to which the Holder is entitled pursuant to such exercise. Upon delivery of an Exercise
Notice and in the event that the Holder has chosen to exercise in cash, the Company’s receipt of the payment of the Aggregate
Exercise Price, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares
with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s
DTC account or the date of delivery of the certificates evidencing such Warrant Shares (as the case may be). If this Warrant is
submitted in connection with any exercise pursuant to this Section 1(a) and the total number of Warrant Shares represented by
this Warrant is greater than the number of Warrant Shares being acquired by the Holder upon an exercise, then, at the request
of the Holder, the Company shall as soon as practicable and in no event later than five (5) Business Days after any exercise and
at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section 7(d)) representing
the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the
number of Warrant Shares with respect to which this Warrant is exercised. No fractional shares of Class A Shares are to be issued
upon the exercise of this Warrant, but rather the number of shares of Class A Shares to be issued shall be rounded up to the nearest
whole number. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company in respect
of the issuance or delivery of Class A Shares upon the exercise of this Warrant, but the Company shall not be obligated to pay
any transfer taxes in respect of this Warrant or such shares.

 

(b)
Exercise Price. For purposes of this Warrant, “Exercise Price” means an exercise price at a 23%
discount to the actual price per Class A Share to be issued in an initial public offering where the Class A Shares of the Company
are to be trading on a U.S. national stock exchange (“IPO”), subject to adjustment as provided herein.

 

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(c)
Company’s Failure to Timely Deliver Securities. If the Company shall fail, for any reason or for no reason,
to issue to the Holder within five (5) Trading Days after receipt of the applicable Exercise Notice, a certificate for the number
of shares of Class A Shares to which the Holder is entitled and register such shares of Class A Shares on the Company’s share
register or to credit the Holder’s balance account with DTC for such number of shares of Class A Shares to which the Holder
is entitled upon the Holder’s exercise of this Warrant (as the case may be), the Holder will have the right to rescind such
exercise. In addition to any other rights available to the Holder, if the Company shall fail, for any reason or for no reason,
to issue to the Holder within five (5) Trading Days after receipt of the applicable Exercise Notice, a certificate for the number
of shares of Class A Shares to which the Holder is entitled and register such shares of Class A Shares on the Company’s share
register or to credit the Holder’s balance account with DTC for such number of shares of Class A Shares to which the Holder
is entitled upon the Holder’s exercise of this Warrant (as the case may be) and if on or after such fifth (5th)
Trading Day the Holder (or any other Person in respect, or on behalf, of the Holder) purchases (in an open market transaction or
otherwise) shares of Class A Shares to deliver in satisfaction of a sale by the Holder of all or any portion of the number of shares
of Class A Shares, or a sale of a number of shares of Class A Shares equal to all or any portion of the number of shares of Class
A Shares, issuable upon such exercise that the Holder so anticipated receiving from the Company, then, in addition to all other
remedies available to the Holder, the Company shall, within three (3) Business Days after the Holder’s request and in the
Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including
reasonable brokerage commissions and other reasonable out-of-pocket expenses, if any) for the shares of Class A Shares so purchased
(including, without limitation, by any other Person in respect, or on behalf, of the Holder) (the “Buy-In Price”),
at which point the Company’s obligation to so issue and deliver such certificate or credit the Holder’s balance account
with DTC for the number of shares of Class A Shares to which the Holder is entitled upon the Holder’s exercise hereunder
(as the case may be) (and to issue such shares of Class A Shares) shall terminate, or (ii) promptly honor its obligation to so
issue and deliver to the Holder a certificate or certificates representing such shares of Class A Shares or credit the Holder’s
balance account with DTC for the number of shares of Class A Shares to which the Holder is entitled upon the Holder’s exercise
hereunder (as the case may be) and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the
product of (A) such number of shares of Class A Shares multiplied by (B) the lowest Closing Sale Price of the Class A Shares on
any Trading Day during the period commencing on the date of the applicable Exercise Notice and ending on the date of such issuance
and payment under this clause (ii).

 

(d)
Cashless Exercise. Notwithstanding anything contained herein to the contrary, the Holder may, in its sole discretion,
exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company
upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number”
of shares of Class A Shares determined according to the following formula (a “Cashless Exercise”), provided
that the Holder may elect to cashless exercise pursuant to this Section 1(d) only if B as set forth in the following formula is
higher than C as set forth in the following formula:

 

	 	Net Number =	(A x B) - (A x C)	 
	 	 	B	 

  

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For purposes of the
foregoing formula:

 

A= the total number of shares with
respect to which this Warrant is then being exercised.

 

B= as applicable: (i) the average
trading price per share as quoted on the stock exchange where the Company’s Class A Shares are listed, for the twenty (20)
trading days prior to the day the applicable Exercise Notice is submitted.

 

C= the
Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

(e)
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of
the number of Warrant Shares to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number
of Warrant Shares that are not disputed and resolve such dispute in accordance with Section 14.

 

(f) 
Intentionally Left Blank.

 

(g)
Insufficient Authorized Shares. The Company shall at all times keep reserved for issuance under this Warrant a number
of shares of Class A Shares as shall be necessary to satisfy the Company’s obligation to issue shares of Class A Shares hereunder
(without regard to any limitation otherwise contained herein with respect to the number of shares of Class A Shares that may be
acquirable upon exercise of this Warrant). If, notwithstanding the foregoing, and not in limitation thereof, at any time while
the Warrant remains outstanding the Company does not have a sufficient number of authorized and unreserved shares of Class A Shares
to satisfy its obligation to reserve for issuance upon exercise of the Warrant at least a number of shares of Class A Shares equal
to the number of shares of Class A Shares as shall from time to time be necessary to effect the exercise of the Warrant then outstanding
(the “Required Reserve Amount”) (an “Authorized Share Failure”), then the Company shall immediately
take all action necessary to increase the Company’s authorized shares of Class A Shares to an amount sufficient to allow
the Company to reserve the Required Reserve Amount for the Warrant then outstanding. Without limiting the generality of the foregoing
sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than sixty
(60) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval
of an increase in the number of authorized shares of Class A Shares. In connection with such meeting, the Company shall provide
each stockholder with a proxy statement and shall use its best efforts to solicit its stockholders’ approval of such increase
in authorized shares of Class A Shares and to cause its board of directors to recommend to the stockholders that they approve such
proposal.

 

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2.
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and number of Warrant Shares
issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 2.

 

(a) Stock
Dividends and Splits. Without limiting any provision of Section 4, if the Company, at any time on or after the Issuance Date,
(i) pays a stock dividend on one or more classes of its then outstanding shares of Class A Shares or otherwise makes a distribution
on any class of capital stock that is payable in shares of Class A Shares, (ii) subdivides (by any stock split, stock dividend,
recapitalization or otherwise) one or more classes of its then outstanding shares of Class A Shares into a larger number of shares
or (iii) combines (by combination, reverse stock split or otherwise) one or more classes of its then outstanding shares of Class
A Shares into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which
the numerator shall be the number of shares of Class A Shares outstanding immediately before such event and of which the denominator
shall be the number of shares of Class A Shares outstanding immediately after such event. Any adjustment made pursuant to clause
(i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled
to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective
immediately after the effective date of such subdivision or combination. If any event requiring an adjustment under this paragraph
occurs during the period that an Exercise Price is calculated hereunder, then the calculation of such Exercise Price shall be
adjusted appropriately to reflect such event.

  

(b) Exceptions
to Adjustment. Notwithstanding the provisions of Sections 2(a), no adjustment to the Exercise Price shall be effected as
a result of an Excepted Issuance. “Excepted Issuances” shall mean, collectively, (i) the
Company’s issuance of Class A Shares in connection with strategic license agreements and other partnering arrangements
so long as such issuances are not for the purpose of raising capital and in which holders of such securities or debt are not
at any time granted registration rights; (ii) the Company’s issuance of Class A Shares or the issuances or grants of
options to purchase Class A Shares to employees, directors, and consultants, so long as the issuance does not exceed 8% of
the total outstanding shares of Class A Shares per annum; (iii) securities issued (other than for cash) in connection with a
merger, acquisition, or consolidation, (iv) securities issued pursuant to the conversion or exercise of convertible or
exercisable securities issued or outstanding on or prior to the date of the Subscription Agreement, (v) any securities,
including the Series A notes, the placement agent warrants and the underwriter warrants, as well as any shares of Class A
Shares issued as interest payment on the Series A notes, issued pursuant to the Engagement Letter (so long as the conversion
or exercise price in such securities are not amended to lower such price and/or adversely affect the Holders), (v) the Class
A Shares underlying the Series A notes, the placement agent warrants and the underwriter warrants, and (vi) any Class A
Shares issued as payment of dividends.

 

(c) Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to only paragraph (a) of this Section
2, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately,
so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be
the same as the aggregate Exercise Price in effect immediately prior to such adjustment (without regard to any limitations on
exercise contained herein). 

 

(d) Other
Events. In the event that the Company (or any subsidiary of the Company) shall take any action to which the provisions
hereof are not strictly applicable, or, if applicable, would not operate to protect the Holder from dilution or if any event
occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by such provisions
(including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity
features), then the Company’s board of directors shall in good faith determine and implement an appropriate adjustment
in the Exercise Price and the number of Warrant Shares (if applicable) so as to protect the rights of the Holder, provided
that no such adjustment pursuant to this Section 2(d) will increase the Exercise Price or decrease the number of Warrant
Shares as otherwise determined pursuant to this Section 2, provided further that if the Holder does not accept such
adjustments as appropriately protecting its interests hereunder against such dilution, then the Company’s board of
directors and the Holder shall agree, in good faith, upon an independent investment bank of nationally recognized standing to
make such appropriate adjustments, whose determination shall be final and binding and whose fees and expenses shall be borne
by the Company.

  

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(e)
Calculations. All calculations under this Section 2 shall be made by rounding to the nearest cent or the nearest
1/100th of a share, as applicable. The number of shares of Class A Shares outstanding at any given time shall not include
shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue
or sale of Class A Shares.

 

3.
RIGHTS UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above, if the Company
shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of
Class A Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other
securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement
or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each
such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Class A Shares acquirable upon a complete exercise of this Warrant (without
regard to any limitations on exercise hereof) immediately before the date on which a record is taken for such Distribution, or,
if no such record is taken, the date as of which the record holders of shares of Class A Shares are to be determined for the participation
in such Distribution.

 

4.
PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time while the Warrant remains
outstanding and before the Expiration Date, the Company grants, issues or sells any Options, Convertible Securities or rights to
purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Class A Shares
(the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase
Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Class
A Shares acquirable upon a complete exercise of this Warrant (without regard to any limitations on exercise hereof) immediately
before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken,
the date as of which the record holders of shares of Class A Shares are to be determined for the grant, issue or sale of such Purchase
Rights.

 

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(b)
Fundamental Transactions. During the term of this Warrant, the Company shall not enter into or be party to a Fundamental
Transaction unless (i)  the Successor Entity assumes in writing all of the obligations of the Company under this Warrant and
the other Transaction Documents (as defined in the Subscription Agreement) in accordance with the provisions of this Section
4(b) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder prior
to such Fundamental Transaction, such approval not to be unreasonably withheld, conditioned or delayed, including agreements to
deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant, including, without limitation, which is exercisable for a corresponding number of
shares of capital stock equivalent to the shares of Class A Shares acquirable and receivable upon exercise of this Warrant (without
regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which
applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares
of Class A Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such adjustments to the
number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction) and (ii) the Successor Entity (including its Parent
Entity) is a publicly traded corporation whose Class A Shares is quoted on or listed for trading on an Eligible Market. Upon the
consummation of each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after
the date of the applicable Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring
to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect
as if such Successor Entity had been named as the Company herein. Upon consummation of each Fundamental Transaction, the Successor
Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the
consummation of the applicable Fundamental Transaction, in lieu of the shares of Class A Shares (or other securities, cash, assets
or other property (except such items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable thereafter))
issuable upon the exercise of this Warrant prior to the applicable Fundamental Transaction, such shares of publicly traded Class
A Shares (or its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have been entitled to
receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the applicable
Fundamental Transaction (without regard to any limitations on the exercise of this Warrant), as adjusted in accordance with the
provisions of this Warrant. Notwithstanding the foregoing, the Holder may elect, at its sole option, by delivery of written notice
to the Company to waive this Section 4(b) to permit the Fundamental Transaction without the assumption of this Warrant. In addition
to and not in substitution for any other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to
which holders of shares of Class A Shares are entitled to receive securities or other assets with respect to or in exchange for
shares of Class A Shares (a “Corporate Event”), the Company shall make appropriate provision to insure that
the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the
applicable Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Class A Shares (or other securities,
cash, assets or other property (except such items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable
thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities,
cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would
have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately
prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). Provision
made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder.

 

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(c)
Application. The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions
and Corporate Events and shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without
regard to any limitations on the exercise of this Warrant.

 

5.
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Second
Amended and Restated Memorandum and Articles of Association or through any reorganization, transfer of assets, consolidation,
merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions
of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting the generality of
the foregoing, the Company (a) shall not increase the par value of any shares of Class A Shares receivable upon the exercise
of this Warrant above the Exercise Price then in effect, (b) shall take all such actions as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and non-assessable shares of Class A Shares upon the exercise
of this Warrant, and (c) shall, so long as the Warrant is outstanding, take all action necessary to reserve and keep available
out of its authorized and unissued shares of Class A Shares, solely for the purpose of effecting the exercise of the Warrant, the
maximum number of shares of Class A Shares as shall from time to time be necessary to effect the exercise of the Warrant then outstanding
(without regard to any limitations on exercise).

 

6.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely
in its capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share
capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely
in its capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or
withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to
the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of this Warrant. In
addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the Holder with copies of the same notices
and other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders.

 

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7.
REISSUANCE OF WARRANTS.

 

(a)
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company,
whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)),
registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the
Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in
accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

(b)
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated
below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this
Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right
to purchase the Warrant Shares then underlying this Warrant.

 

(c)
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate
the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right
to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however,
no warrants for fractional shares of Class A Shares shall be given.

 

(d)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant,
the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to
Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Class A
Shares underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares
then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same
as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

 

    10

     

    

 

8.
NOTICES; CURRENCY; PAYMENTS.

 

(a) Whenever notice
is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance with the
Engagement Agreement. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant,
including in reasonable detail a description of such action and the reason therefor. Without limiting the generality of the foregoing,
the Company will give written notice to the Holder (i) immediately upon each adjustment of the Exercise Price and the number of
Warrant Shares, setting forth in reasonable detail, and certifying, the calculation of such adjustment(s) and (ii) at least fifteen
(15) days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution
upon the shares of Class A Shares, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or
rights to purchase stock, warrants, securities or other property to holders of shares of Class A Shares or (C) for determining
rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in each case that such information
shall be made known to the public prior to or in conjunction with such notice being provided to the Holder and (iii) at least
ten (10) Trading Days prior to the consummation of any Fundamental Transaction. To the extent that any notice provided hereunder
constitutes, or contains, material, non-public information regarding the Company or any of its Subsidiaries, the Company shall
simultaneously file such notice with the Securities and Exchange Commission (the “SEC”) pursuant to a Current
Report on Form 8-K. It is expressly understood and agreed that the time of execution specified by the Holder in each Exercise
Notice shall be definitive and may not be disputed or challenged by the Company.

 

(b)
Currency. All amounts owing under this Warrant that, in accordance with their terms, are paid in cash shall be paid
in United States dollars (“U.S. Dollars”). All amounts denominated in other currencies (if any) shall be converted
into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate”
means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Warrant, the U.S. Dollar exchange
rate as published in the Wall Street Journal on the relevant date of calculation (it being understood and agreed that where an
amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date of such period
of time).

 

(c)
Payments. Whenever any payment is to be made by the Company to any Person pursuant to this Warrant, such payment
shall be made in lawful money of the United States of America via wire transfer of U.S. Dollars in immediately available funds
in accordance with the Holder’s wire transfer instructions delivered to the Company on or prior to such payment date or,
in the absence of such instructions, by a certified check drawn on the account of the Company and sent via overnight courier service
to such Person at such address as previously provided to the Company in writing.

 

9.
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and
the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the
Company has obtained the written consent of the Holder. The Holder shall be entitled, at its option, to the benefit of any amendment
of any other similar warrant. No consideration shall be offered or paid to the Holder to amend or consent to a waiver or modification
of any provision of this Warrant unless the same consideration is also offered to all of the holders of any other similar warrant.
No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party.

 

10.
SEVERABILITY. If any provision of this Warrant is prohibited by law or otherwise determined to be invalid
or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable
shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability
of such provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

    11

     

    

 

11. 
GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of
the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
New York or any other jurisdictions) that would cause the application of the laws of any jurisdiction other than the State of New
York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City
of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate
to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect
on the Company’s obligations to the Holder or to enforce a judgment or other court ruling in favor of the Holder. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. THE COMPANY
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

12. 
JUDGMENT CURRENCY.

 

(a)
If for the purpose of obtaining or enforcing judgment against the Company in any court in any jurisdiction it becomes necessary
to convert into any other currency (such other currency being hereinafter in this Section 12 referred to as the “Judgment
Currency”) an amount due in U.S. Dollars under this Warrant, the conversion shall be made at the Exchange Rate prevailing
on the Trading Day immediately preceding:

 

(i)  
the date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any
other jurisdiction that will give effect to such conversion being made on such date: or

 

(ii) 
the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the
date as of which such conversion is made pursuant to this Section 12(a)(ii) being hereinafter referred to as the “Judgment
Conversion Date”).

 

(b)
If in the case of any proceeding in the court of any jurisdiction referred to in Section 12(a)(ii) above, there is a change
in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable
party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the Exchange Rate prevailing the date of payment, will produce the amount of U.S. Dollars which could have been purchased with
the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion
Date.

 

    12

     

    

 

(c)
Any amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment
being obtained for any other amounts due under or in respect of this Warrant.

 

13. 
CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and
shall not be construed against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference
and shall not form part of, or affect the interpretation of, this Warrant. Terms used in this Warrant but defined in the other
Transaction Documents shall have the meanings ascribed to such terms on the Closing Date in such other Transaction Documents unless
otherwise consented to in writing by the Holder.

 

14. 
DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or fair market
value or the arithmetic calculation of the Warrant Shares (as the case may be), the Company or the Holder (as the case may be)
shall submit the disputed determinations or arithmetic calculations (as the case may be) via facsimile or email (a) within two
(2) Business Days after receipt of the applicable notice giving rise to such dispute to the Company or the Holder (as the case
may be) or (b) if no notice gave rise to such dispute, at any time after the Holder learned of the circumstances giving rise to
such dispute (including, without limitation, as to whether any issuance or sale or deemed issuance or sale was an issuance or sale
or deemed issuance or sale of Excluded Securities). If the Holder and the Company are unable to agree upon such determination or
calculation (as the case may be) of the Exercise Price, or fair market value or the number of Warrant Shares (as the case may be)
within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the Company or the Holder
(as the case may be), then the Company shall, within two (2) Business Days submit via facsimile or email (i) the disputed determination
of the Exercise Price, the Closing Sale Price, the Bid Price or fair market value (as the case may be) to an independent, reputable
investment bank mutually selected by the parties or (ii) the disputed arithmetic calculation of the Warrant Shares to the Company’s
independent, outside accountant. The Company shall cause at its expense the investment bank or the accountant (as the case may
be) to perform the determinations or calculations (as the case may be) and notify the Company and the Holder of the results no
later than ten (10) Business Days from the time it receives such disputed determinations or calculations (as the case may be).
Such investment bank’s or accountant’s determination or calculation (as the case may be) shall be binding upon all
parties absent demonstrable error.

 

    13

     

    

 

15. 
REMEDIES, CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this
Warrant shall be cumulative and in addition to all other remedies available under this Warrant and the other Transaction Documents,
at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit
the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company
covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein.
Amounts set forth or provided for herein with respect to payments, exercises and the like (and the computation thereof) shall be
the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation
of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that,
in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available
remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other
security being required. The Company shall provide all information and documentation to the Holder that is requested by the Holder
to enable the Holder to confirm the Company’s compliance with the terms and conditions of this Warrant (including, without
limitation, compliance with Section 2 hereof). The issuance of shares and certificates for shares as contemplated hereby upon the
exercise of this Warrant shall be made without charge to the Holder or such shares for any issuance tax or other costs in respect
thereof, provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved
in the issuance and delivery of any certificate in a name other than the Holder or its agent on its behalf.

 

16. 
TRANSFER. This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.

 

17. 
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)
 “Adjustment Right” means any right granted with respect to any securities issued in connection with,
or with respect to, any issuance or sale of shares of Class A Shares (other than rights of the type described in Section 3
and 4 hereof) that could result in a decrease in the net consideration received by the Company in connection with, or with respect
to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights).

 

(b)
“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls
or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 405 under the Securities
Act of 1933, as amended (the “Securities Act”).

 

(c)
 “Bloomberg” means Bloomberg, L.P.

 

(d)
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law to remain closed.

 

    14

     

    

 

(e)
“Closing Sale Price” means, for any security as of any date, the last closing trade price for such security
on the Eligible Market, as reported by Bloomberg, or, if the Eligible Market begins to operate on an extended hours basis and does
not designate the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported
by Bloomberg, or, if the Eligible Market is not the principal securities exchange or trading market for such security, the last
trade price of such security on the principal securities exchange or trading market where such security is listed or traded as
reported by Bloomberg, or if the foregoing does not apply, the last trade price of such security in the over-the-counter market
on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price is reported for such security
by Bloomberg, the average of the ask prices of any market makers for such security as reported in the “pink sheets”
by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the Closing Sale Price cannot be calculated for a security
on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market
value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market
value of such security, then such dispute shall be resolved in accordance with the procedures in Section 14. All such determinations
shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such
period.

 

(f) 
“Class A Shares” means (i) the Company’s shares of Class A Shares, USD$1.00 par value per
share, and (ii) any capital stock into which such Class A Shares shall have been changed or any share capital resulting from a
reclassification of such Class A Shares.

 

(g)
“Convertible Securities” means any stock or other security (other than Options) that is at any time and
under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles
the holder thereof to acquire, any shares of Class A Shares.

 

(h)
“Eligible Market” means The New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market,
the Nasdaq Global Market or the Nasdaq Capital Market.

 

(i)  
“Expiration Date” means the date that is two and one half years from the Issuance Date, or, if such date
falls on a day other than a Business Day or on which trading does not take place on the Eligible Market (a “Holiday”),
the next date that is not a Holiday.

 

(j)  
“FINRA” means the Financial Industry Regulatory Authority, Inc. in the United States.

 

(k)
“Fundamental Transaction” means that (i) the Company or any of its Subsidiaries shall, directly or indirectly,
in one or more related transactions, (A) consolidate or merge with or into (whether or not the Company or any of its Subsidiaries
is the surviving corporation) any other Person, or (B) sell, lease, license, assign, transfer, convey or otherwise dispose of all
or substantially all of its respective properties or assets to any other Person, or (C) allow any other Person to make a purchase,
tender or exchange offer that is accepted by the holders of more than 50% of the outstanding shares of Voting Stock of the Company
(not including any shares of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated
with the Persons making or party to, such purchase, tender or exchange offer), or (D) consummate a stock or share purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with any other Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company
(not including any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated
or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination),
or (E) (1) reorganize, recapitalize or reclassify the Class A Shares, (2) effect or consummate a stock combination, reverse stock
split or other similar transaction involving the Class A Shares or (3) make any public announcement or disclosure with respect
to any stock combination, reverse stock split or other similar transaction involving the Class A Shares (including, without limitation,
any public announcement or disclosure of (a) any potential, possible or actual stock combination, reverse stock split or other
similar transaction involving the Class A Shares or (b) board or stockholder approval thereof, or the intention of the Company
to seek board or stockholder approval of any stock combination, reverse stock split or other similar transaction involving the
Class A Shares), or (ii) any “person” or “group” (as these terms are used for purposes of Sections 13(d)
and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder) is or shall become the “beneficial owner”
(as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented
by issued and outstanding Voting Stock of the Company.

 

    15

     

    

 

(l)  
“Options” means any rights, warrants or options to subscribe for or purchase shares of Class A Shares
or Convertible Securities.

 

(m)
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person
and whose Class A Shares or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one
such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation
of the Fundamental Transaction.

 

(n)
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity or a government or any department or agency thereof.

 

(o)
“SEC” means the United States Securities and Exchange Commission.

 

(p)
“Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting
from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such
Fundamental Transaction shall have been entered into.

 

(q)
“Trading Day” means any day on which the Class A Shares is traded on the Eligible Market, or, if the
Eligible Market is not the principal trading market for the Class A Shares, then on the principal securities exchange or securities
market on which the Class A Shares is then traded, provided that “Trading Day” shall not include any day on which the
Class A Shares is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Class A Shares is suspended
from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance
the closing time of trading on such exchange or market, then during the hour ending at 4:00 p.m., New York time) unless such day
is otherwise designated as a Trading Day in writing by the Holder.

 

(r) 
“Voting Stock” of a Person means capital stock of such Person of the class or classes pursuant to which
the holders thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board of
directors, managers or trustees of such Person (irrespective of whether or not at the time capital stock of any other class or
classes shall have or might have voting power by reason of the happening of any contingency).

 

    16

     

    

 

18.
Registration Rights.

 

Participation in Registrations. The issuance
of the Warrant and resale of the Warrant Shares shall be registered in the registration statement on Form F-1 the Company is currently
preparing and submitting to the SEC for its planned IPO. Following an IPO, whenever the Company proposes to register any of its
securities under the Securities Act, whether for its own account or for the account of another stockholder (except for the registration
of securities (A) to be offered pursuant to an employee benefit plan on Form S-8 or (B) pursuant to a registration made on Form
S-4, or any successor forms then in effect) at any time and the registration form to be used may be used for the registration
of the Warrant Shares (a “Piggyback Registration”), it will so notify in writing the Holder no later than the earlier
to occur of (i) the tenth (10th) day following the Company’s receipt of notice of exercise of other demand registration
rights, or (ii) thirty (30) days prior to the anticipated filing date. The Company will include in the Piggyback Registration
all Warrant Shares, on a pro rata basis based upon the total number of registrable securities with respect to which the Company
has received written requests for inclusion within fifteen (15) business days after the applicable holder’s receipt of the
Company’s notice.

  

[signature page follows]

 

    17

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to Purchase Class A Shares to be duly executed as of the Issuance Date set out above.

 

	
        APTORUM GROUP LIMITED

        a Cayman Islands company

         

 

	By:	 	 
	Name:	Ian Huen	 
	Title:	Chief Executive Officer and Executive Director	 

 

     

     

    

 

EXHIBIT A

 

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER
TO EXERCISE THIS

WARRANT TO PURCHASE CLASS A SHARES

 

APTORUM GROUP LIMITED

 

The undersigned holder
hereby exercises the right to purchase _________________ Class A Shares (“Warrant Shares”) of APTORUM GROUP
LIMITED, a Cayman Islands corporation (the “Company”), evidenced by Warrant to Purchase Class A Shares No.
_______ (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings
set forth in the Warrant.

 

1. Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

		____________	a “Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

		____________	a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

In the event that the
Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the Holder
hereby represents and warrants that (i) this Exercise Notice was executed by the Holder at __________ [a.m.][p.m.] on the date
set forth below and (ii) if applicable, the 20-day average closing price per share as of such time of execution of this Exercise
Notice was $________.]

 

1. Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as a “Cash Exercise”.]

 

2. Payment
of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares
to be issued pursuant hereto, the Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company
in accordance with the terms of the Warrant.

 

3. Delivery
of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________ Warrant Shares
in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, as follows:

 

☐   Check
here if requesting delivery as a certificate to the following name and to the following address:

 

	 	Issue to:	 
	 	 	 
	 	 	 

 

 

☐
  Check here if requesting delivery by Deposit/Withdrawal at Custodian as follows:

 

	 	DTC Participant:	 
	 	DTC Number:	 
	 	Account Number:	 
	 	 	 
	 	 	 	 

 

	
        Date: _____________ __, 
	 
	 	 
	 	 
	Name of Registered Holder	 

 

	By:	 	 
		Name:	 	 
		Title:	 	 
	 	 	 	 
		Tax ID:	 	 
	 	 	 	 
	 	Facsimile:	 	 

 

     

     

    

 

EXHIBIT B

 

ACKNOWLEDGMENT

 

The Company hereby
acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of shares of Class A Shares
in accordance with the Transfer Agent Instructions dated _________, 20__, from the Company and acknowledged and agreed to by _______________.

 

	 	APTORUM GROUP LIMITED
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:Exhibit 10.38

 

SUBSCRIPTION
AGREEMENT

 

Class
A Ordinary Shares

of

Aptorum
Group Limited

 

This
subscription agreement (this “Subscription Agreement”) is dated _________, 2018, by and between the investor
identified on the signature page hereto (the “Investor”) and Aptorum Group Limited, a Cayman Islands exempted
company (the “Company”). The parties agree as follows:

 

1.
Subscription

 

Investor
agrees to buy and the Company agrees to sell and issue to Investor such number of shares (the “Shares”) of
the Company’s Class A Ordinary Shares, par value $1.00 per share, as set forth on the signature page hereto, for an aggregate
purchase price (the “Purchase Price”) equal to the product of (x) the aggregate number of Shares the Investor
has agreed to purchase and (y) the Purchase Price per Share as set forth on the signature page hereto.

 

The
Shares are being offered pursuant to a registration statement on Form F-1, as amended, File No. 333-227198 (the “Registration
Statement”). The Registration Statement shall be declared effective by the Securities and Exchange Commission (the “Commission”)
prior to issuance of any Shares and acceptance of Investor’s subscription. The prospectus (the “Prospectus”)
which forms a part of the Registration Statement is subject to change. A final prospectus and/or prospectus supplement will be
delivered to the Investor as required by law.

 

The
Shares are being offered by Boustead Securities, LLC, China Renaissance Securities (HK) Limited, and AMTD Global Markets Limited
(the “Underwriters”) as co-underwriters on a “best efforts, minimum/maximum” basis pursuant to
an underwriting agreement (the “Underwriting Agreement”). The completion of the purchase and sale of the Shares
(the “Closing”) shall take place at a place and time (the “Closing Date”) to be specified
by the Company and Underwriters in accordance with Rule 15c6-1 promulgated under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). Upon satisfaction or waiver of all the conditions to closing set forth in the Underwriting
Agreement and the Registration Statement declared effective by the Commission, at the Closing (i) the Purchase Price deposited
by the Investor subsequent to the declaration of effectiveness of the Registration Statement by wire transfer or ACH transfer
of immediately available funds to the Escrow Account (as defined below) shall be released to the Company, and (ii) the Company
shall cause the Shares to be delivered to the Investor (A) through the facilities of The Depository Trust Company’s DWAC
system in accordance with the instructions set forth on the signature page attached hereto under the heading “DWAC Instructions,”
or (B) if requested by the Investor on the signature page hereto or if the Company is unable to make the delivery through the
facilities of The Depository Trust Company’s DWAC system, through the DRS or book-entry delivery of Shares on the books
and records of the transfer agent. If delivery is made by book entry on the books and records of the transfer agent, the Company
shall send written confirmation of such delivery to the Investor at the address indicated on the Signature Page hereof.

 

The
Underwriters and any participating broker dealers (the “Members”) shall confirm, via the Underwriting Agreement,
selected dealer agreement or master selected dealer agreement, as applicable, that it will comply with Exchange Act Rule 15c2-4.
Payments may only be made by wire transfer or electronic deposit, and no payments may be made by check. With regards to monies
being wired or sent via ACH transfer from an investor’s bank account, the Underwriters or Members shall request the investors
send their wires or ACH transfers by the business day immediately following the receipt of a completed subscription document.
In regards to monies being sent from an investor’s account held at the participating broker, the funds will be “promptly
transmitted” to the escrow agent, i.e., FinTech Clearing, LLC (“FinTech”), following the receipt of a
completed subscription document and completed instructions by the investor to send funds to the Escrow Account (as defined below).
Absent unusual circumstances, funds in customer accounts will be transmitted by noon of the next business day. In the event that
the offering does not close for any reason prior to the termination date set forth in the Registration Statement, all funds deposited
in the Escrow Account (as defined below) will be returned to investors promptly in accordance with the terms of the escrow agreement
and applicable law.

 

2.
Subscription Process.

 

To
purchase the Shares in this offering, investors must complete and sign this Subscription Agreement and provide the additional
information required pursuant to the Subscription Process attached as Exhibit A. Investors will be required to pay for the Shares
by wire or ACH transfer for the full purchase price of the Shares. FinTech shall serve as escrow agent for any payments made via
wire or ACH transfer.

 

Subscriptions
will be effective only upon the Company’s acceptance of the subscriptions, and the Company reserves the right to reject
any subscriptions in whole or in part. In compliance with Rule 15c2-4 under the Exchange Act, the Company and the Underwriters
will instruct Investors to deliver all monies in the form of wire transfers or ACH transfers to FinTech. Upon FinTech’s
receipt of such monies, they shall be credited to FinTech, as the escrow agent for the Investors for the Company’s Offering.
Pursuant to escrow agreement among us, Underwriters and FinTech, as escrow agent, the funds received in payment for the Shares
purchased in the Offering will be wired to a non-interest bearing escrow account at Pacific Mercantile Bank entitled “FinTech
Clearing, as Agent for the Investors in Aptorum Group Limited” indicated on the Signature Page hereto (“Escrow
Account”) pursuant to the wire payment instructions hereunder, and held until the escrow agent determines that the amount
in the Escrow Account is equal to at least the minimum amount required to close this Offering. Upon confirmation of receipt of
the requested minimum subscription amount, the escrow agent will release the funds in accordance with the written instructions
provided by the Company and Underwriters, indicating the date on which the Shares purchased in this Offering are to be delivered
to the Investors and the date the net proceeds are to be delivered to the Company.

 

     

     

    

 

3.
Investor Representations.

 

a.  Investor represents that it has received (or otherwise had access to the electronic filing on the SEC website) the Prospectus
prior to or in connection with receipt of this Subscription Agreement.

 

b. Investor
represents that it understands and acknowledges that Investor’s subscription for the Shares indicated on the Signature Page
hereto may be accepted or rejected in whole or in part by the Company, for any reason and in their sole and absolute discretion.

 

4. Miscellaneous.

 

This
Subscription Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the
same instrument and shall become effective when counterparts have been signed by each party and delivered to the other parties
hereto, it being understood that all parties need not sign the same counterpart. Execution may be made by delivery by facsimile
or via electronic format.

 

All
communications hereunder, except as may be otherwise specifically provided herein, shall be in writing and shall be mailed, hand
delivered, sent by a recognized overnight courier service such as FedEx, or sent via facsimile and confirmed by letter, to the
party to whom it is addressed at the following addresses or such other address as such party may advise the other in writing:

 

To
the Company: as set forth on the signature page hereto.

 

To
the Investor: as set forth on the signature page hereto.

 

All
notices hereunder shall be effective upon receipt by the party to which it is addressed.

 

If
the foregoing correctly sets forth the parties’ agreement, please confirm this by signing and returning to the Company the
duplicate copy of this Subscription Agreement.

 

[Signature
Page Follows]

 

    2

     

    

 

[Signature
Page to Subscription Agreement for Aptorum Group Limited]

 

If
the foregoing correctly sets forth our agreement, please confirm this by signing and returning to us the duplicate copy of this
Subscription.

 

	Number of Shares: __________________________	 	Aptorum Group Limited
	Purchase Price per Share: $[      ]	 	By: ______________________________________
	Aggregate Purchase Price: $__________________	 	Name: ______________Title: _________________

	 	 	
	 	 	Address Notice:
	INVESTOR:  ____________________(Print Name)	 	17/F, Guangdong Investment Tower, 
		 	148 Connaught Road Central, Hong Kong
	 	 	 
	Signed By: ______________________ (Signature)	 	Address:__________________________________

	Name: ______________ Title: ________________

	 	    __________________________________

	SSN or EIN or Tax ID: ______________________

	 	Phone:____________________________________
		 	Email: ____________________________________

 

Select method of delivery of Shares: DRS or DWAC (Check One)

 

___________DWAC DELIVERY INSTRUCTIONS:

 

	1.	Name of DTC Participant (broker dealer at which the account	 
	 	or accounts to be credited with the Shares are maintained):	_______________________________
	2.	DTC Participant Number:	_______________________________
	3.	Name of Account at DTC Participant being credited with the Shares:	_______________________________
	4.	Account Number of DTC Participant being credited with the Shares:	_______________________________

 

___________DRS ELECTRONIC BOOK ENTRY CONFIRMATION (hold
shares at transfer agent) Delivery Instructions:

 

Name in which Shares should be issued: _________________________________

 

Address for Shareholder: Street_________________________________________

 

City/State/Zip: ______________________________; Attention: _____________________________________

 

Telephone No.: _____________________________

 

WIRE
PAYMENT INSTRUCTIONS:

 

NO
WIRE TRANSFERS MAY BE MADE TO THE ESCROW ACCOUNT, DIRECTLY OR THROUGH ANY UNDERWRITER UNLESS AND UNTIL: (A) THE REGISTRATION STATEMENT
HAS BEEN DECLARED EFFECTIVE BY THE COMMISSION, AND (B) A COPY OF THIS SUBSCRIPTION AGREEMENT, DULY EXECUTED BY THE INVESTOR OR
ITS AGENT, HAS BEEN DELIVERED.

 

WIRE
TO THE FOLLOWING INSTRUCTIONS: 

 

Bank
Name: Pacific Mercantile Bank

Bank
Address: 949 South Coast Dr., Costa Mesa, CA 92626

ABA
Routing No: 122242869

SWIFT
Code: PMERUS66

Beneficiary
Account Name: FinTech Clearing, as Agent for the Investors in Aptorum Group Limited 

Beneficiary
Account No: XXXX

Beneficiary
Address: 6 Venture, Suite 265, Irvine, CA 92618 USA

 

Please
email back the completed Subscription Agreement to offerings@boustead1828.com or fax to +1(949) 266-5789

 

    3

     

    

 

CERTIFICATE
FOR THE PURCHASE OF INITIAL PUBLIC OFFERINGS OF EQUITY SECURITIES

 

Pursuant
to FINRA Rule 5130 (formerly NASD Rule 2790) (the ” New Issue Rule”), firms may
not sell or cause to be sold a new issue (as defined in the New Issue Rule; generally, initial public offerings of equity securities)
to any account in which a restricted person holds a beneficial interest unless the account qualifies for a general
exemption under the New Issue Rule. We require that you sign and return this Certificate indicating whether or not your account
is eligible to purchase PUBLIC OFFERING shares in accordance with the New Issue Rule.

 

In
addition, pursuant to FINRA Rule 5131 (the “PUBLIC OFFERING Allocation Rule”), firms may not under certain
circumstances allocate shares of a new issue to any account in which an executive officer or director of a public company or
a covered non-public company, or a person materially supported by such executive officer or director (collectively,
” Covered Persons”), has a beneficial interest unless the account qualifies for a general
exemption.

 

In
addition, in connection with any new issue, you hereby represent that you will not act as a finder or in a fiduciary capacity
to any managing underwriter of any new issue and that you shall notify us immediately in the event that such representation ceases
to be true and correct.

 

All
bolded terms relating to the New Issue Rule or the PUBLIC OFFERING Allocation Rule are defined in Annex A.
SECTION A. NEW ISSUE RULE (FINRA RULE 5130) (CHECK ONE BOX ONLY)

 

The
undersigned hereby certifies, on behalf of each account for which it purchases new issues on or after the date hereof, that:

 

		☐	The
account(s) is eligible to purchase new issues either because no restricted person (which includes those accounts that satisfy
a general exemption listed on Annex A and/or, are not restricted persons based on the definition in Annex A) holds a beneficial
interest in the account(s), or because the account(s) has implemented procedures to reduce the beneficial interests of all restricted
persons with respect to new issues to below in the aggregate 10%, and the undersigned hereby represents that it will follow such
procedures in connection with the purchase by the account(s) of all new issues; OR

 

		☐	The
undersigned is a conduit (such as a bank, foreign bank, broker/dealer or investment adviser) and all purchases of new issues are,
and will be, in compliance with the New Issue Rule. If the beneficial interests of all restricted persons in any one account(s)
exceeds in the aggregate 10% of the account(s) but the account(s) has implemented procedures to reduce the beneficial interest
of all restricted persons with respect to new issues to below in the aggregate 10%, the undersigned hereby represents that it
will follow such procedures in connection with the purchase by the account(s) of all new issues.

 

SECTION
B. PUBLIC OFFERING ALLOCATION RULE (FINRA RULE 5131)

 

The
undersigned hereby certifies, on behalf of each account for which it purchases new issues on or after the date hereof, that:
The account(s) is eligible to purchase new issues either because:

 

(i) No
person that holds a beneficial interest in the account(s) is a Covered Person OR

 

(ii) The
account(s) is eligible to purchase new issues because the account(s) (A) meets a general exemption (See Annex A), or (B) has implemented
procedures to reduce the beneficial interests of all Covered Persons of a particular company with respect to new issues to in
the aggregate below 25%, and the undersigned hereby represents that it will follow such procedures in connection with the purchase
by the account(s) of all new issues.

 

For
purposes of clause (ii) above, the undersigned is entitled to presume that any beneficial interests in an account held by a Qualifying
Private Fund (except for interests of beneficial owners that are control persons of the investment adviser to that Qualifying
Private Fund) are not held by a Covered Person.

 

The
undersigned hereby certifies that the undersigned is authorized to provide this Certification and that the undersigned, or an
authorized representative of the account, will promptly notify Boustead Securities in the event this Certification ceases to be
true and correct. In connection to the U.S. Securities & Exchange Commission’s electronic delivery of information requirements,
the undersigned agrees to receive electronic mail for the purpose of recertifying this Certification through negative consent
and to notify Boustead Securities in writing if the undersigned does not agree to receive such communications.

 

    4

     

    

 

	Institution
    Name	Address,
    City, State, Zip
	Name
    of Authorized Signatory	Date
    (mm/dd/yy)	Tax
    ID / EIN / Reg No
	Title
    of Authorized Signatory	Telephone
	Signature
    of Authorized Signatory	Email
    Address

  

SECTION
C. Investor Representations.

 

		1.	Investor
represents that it has received (or otherwise had access to the electronic filing on the SEC website) the Prospectus prior to
or in connection with receipt of this Agreement.

 

		2.	Investor
represents that it understands and acknowledges that Investor’s subscription for the Shares indicated on the Signature Page hereto
may be accepted or rejected in whole or in part by the Company, for any reason and in their sole and absolute discretion.

 

    5

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