Document:

Exhibit 10.12

  

 

Aptorum Group Limited

Unit B, 17/F Guangdong Investment Tower,
148 Connaught Road Central, Hong Kong

Tel: (852) 2117 6611 ● Fax: (852) 2850
7286

  

13
February 2018

 

Attn:
Prof. Douglas W. Arner

 

Dear
Prof. Arner,

  

Appointment
Letter for Independent Non-Executive Director

 

We
are pleased and welcome your acceptance to be appointed as an Independent Non-Executive Director of Aptorum Group Limited (the
“Company”), a company incorporated with limited liabilities under the laws of the Cayman Islands, with wholly owned
subsidiaries in the Cayman Islands, Hong Kong, and Macau, whereby collectively, shall be depicted as “Aptorum” or
the “Group”.

 

The
following letter seeks to illustrate the context of your appointment by the Company, and the terms and conditions as set out herewith.
It is agreed that on acceptance of this offer, this letter will constitute a contract for services and not a contract of employment.

 

For
the purposes of independence, this letter will supersede all previous appointment contract or agreement, if applicable, entered
into between yourself and the Company (or its affiliated subsidiaries). By signing this letter and therefore accepting the appointment
as stated, you agree to terminate all other previous appointments with the Group commencing from the Effective Date.

  

		1.	The
                                         Company and the Group

 

Aptorum
focuses on the licensing of, and acquisition of early stage preclinical assets with the intention to engage in drug research,
development, and commercialization purposes. Assets are acquired via open and public platforms such as the technology transfer
offices of accredited universities and academic institutions. In addition, the Group seeks to be a facilitator across the financing
spectrum for biotech companies, entrepreneurs, and commercializing agents, to bolster innovations adding value to health care
needs in the marketplace; and to assist in furthering the research capabilities of institutions the Group works with.

 

The
Company is a privately held company that has engaged in plans to pursue an initial public offering on the Nasdaq Global Market
in the near future (the “Listing”).

  

		2.	Appointment

 

		(a)	You
                                         will be nominated by the Nominating Committee and appointed by the Board of Directors
                                         of the Company (the “Board”) to act as an Independent Non-Executive Director
                                         (“INED”) of the Company.

   

     

     

    

 

 

Aptorum Group Limited

Unit B, 17/F Guangdong Investment Tower,
148 Connaught Road Central, Hong Kong

Tel: (852) 2117 6611 ● Fax: (852) 2850
7286

 

		(b)	You
                                         shall agree to being appointed by the Board as a member and/or chair of the following
                                         committees:

 

		a.	Chair
                                         and member of the Nominating and Corporate Governance Committee;

 

		b.	Member
                                         of the Audit Committee; and

 

		c.	Member
                                         of the Compensation Committee;

 

Whereby
all three committees shall collectively be depicted as the “Committees”; and roles for (a) and (b) shall collectively
be described as the “Appointment” or “Roles”.

 

		(c)	The
                                         Appointment is subject to the Company’s Memorandum and Articles of Association
                                         ("Articles") and nothing in this letter shall be taken to exclude or vary the
                                         terms of the Articles as they apply to your Appointment.

 

		(d)	The
                                         continuation of the Appointment is contingent to your ongoing fulfillment of your obligations
                                         and successful re-election by the Company’s shareholders at the Company’s
                                         Annual General Meeting (the “AGM”). It is further subject to your agreement
                                         to apply yourself and discharge your duties as a Non-Executive Director in accordance
                                         with the Articles of the Company and the Cayman Islands Company Law (2016 Revision) (as
                                         amended) ("Company Law"), as well as you upholding the high standards of corporate
                                         governance as set forth in the Nasdaq Listing Rule 5600 Series subsequent to the Listing.

  

		3.	Date
                                         of Commencement and Term

 

The
official commencement date of your Appointment shall be on 1 March 2018 (the “Effective Date”), or as mutually
agreed upon between yourself and the Executive Board of Directors of the Company. The Term of this Appointment shall be 3 years
from the Effective Date and subject to the terms of Termination and the re-election by the Company’s shareholders at
the AGM as set forth in 2(d) herein above.

  

		4.	Duties
                                         and Responsibilities

 

As
an INED of the Company:

 

		(a)	You
                                         have the same general legal responsibilities to the Company as any other Director and
                                         will advise where necessary, the Executive Board of Directors of the Company.

 

		(b)	You
                                         will exercise your powers of your Appointment having regard to the relevant obligations
                                         under prevailing law and regulation, including the Cayman Islands Company Law, and while
                                         in pursuit of and subsequent to the Listing, also the rules stipulated by the Nasdaq
                                         Regulatory Authority; including but not limited to the Listing Rule 5600 Series.

 

		(c)	You
                                         shall remain mindful and ensure your status of independence remains compliant as stipulated
                                         by requirements of Nasdaq Rule 5605(a)(2) and Securities Exchange Act Rule 10A-3. Should
                                         your independent status cease to remain compliant, you must notify the Board of the Company
                                         of such said change as soon as practical, and if subsequent to the Listing, notification
                                         must additionally be made to Nasdaq no later than the sooner of (i) the next annual shareholders
                                         meeting or (ii) one year from occurrence of the event causing failure to comply. You
                                         shall further facilitate any director independence disclosures in annual meeting proxy
                                         statements or annual report on Form 6-K, including transactions and arrangements considered
                                         by the Board in assessing director independence.

  

    	 	2	 

     

    

  

 

Aptorum Group Limited

Unit B, 17/F Guangdong Investment Tower,
148 Connaught Road Central, Hong Kong

Tel: (852) 2117 6611 ● Fax: (852) 2850
7286

  

		(d)	Subsequent
                                         to the Listing, you along with other Directors of the Board, are to meet when possible
                                         in executive session, where such sessions should occur at least four times a year. Additionally,
                                         you are to meet with other INEDs without executive management at least twice a year.

 

		(e)	Additionally,
                                         you may be sought within reason, to engage in ad hoc strategic discussions that may require
                                         you reviewing and execution of documents pertinent to Board decisions. Such meetings
                                         shall take place in person, or by telephone conferencing, at a sensible time of day in
                                         relation to your primary place of residence.

 

		(f)	You
                                         shall not directly be responsible for the management of the Company. Your role is neither
                                         operational nor managerial in nature however; members of the Executive Board may draw
                                         upon your professional insight and business expertise where suitable. You shall provide
                                         guidance, steering, and access of expert networks to the Company where appropriate and
                                         required.

 

As
the Chair and/or member of the said Committees described in Clause 2(b):

 

		(g)	You
                                         shall review and uphold the functions of your relevant committee(s) as pursuant to individually
                                         adopted Audit, Compensation, and Nominating and Corporate Governance Committee Charters
                                         (“Charters”) that shall be made available to you upon a practical date subsequent
                                         to your Appointment and before the Listing.

 

		(h)	You
                                         must along with other Committee members, review annually and assess the adequacy of the
                                         same said Charters.

 

		(i)	You
                                         must along with other Committee members, ensure compliance with Nasdaq listing rules
                                         at all times subsequent to the Listing with respect to Committee composition requirements,
                                         and assist the Company in regaining compliance if required by curing the event that caused
                                         failure to comply within the time frame provided by the Nasdaq Regulatory Authority.

 

		(j)	You
                                         must refrain from accepting any direct or indirect consulting, advisory, or other compensatory
                                         fee from the Company or the Group subsequent to the Listing, other than fees for director
                                         service as described more fully below in Clause 5.

 

		(k)	Additionally
                                         as an Audit Committee member, you must refrain from participating in preparation of financial
                                         statements of the Company or the Group. However, along with other members you shall be
                                         directly responsible for appointing and terminating the Company’s independent auditor(s).

  

    	 	3	 

     

    

  

 

Aptorum Group Limited

Unit B, 17/F Guangdong Investment Tower,
148 Connaught Road Central, Hong Kong

Tel: (852) 2117 6611 ● Fax: (852) 2850
7286

  

		(l)	You
                                         shall maintain your financial literacy and expertise requirements in order to maintain
                                         your individual financial sophistication and qualify as an Audit Committee member.

 

		(m)	You
                                         shall assist the Audit Committee in review of related person transactions and conducting
                                         oversight for potential conflict of interest situations on an ongoing basis, and more
                                         generally, oversight with respect to the code of conduct compliance by senior management
                                         of the Company.

 

Additionally,
you shall during the Term of your Appointment:

 

		(i)	Observe
                                         and comply with the Company’s adopted Code of Business Conduct and Ethics, where
                                         that any waivers given to directors or executive officers must be approved by the Board.

 

		(ii)	Observe
                                         and comply with all statutory rules, and regulations where applicable as governed by
                                         the laws of your residence;

 

		(iii)	Confirm
                                         you are able to, and will devote sufficient time to perform your Roles.

 

		(iv)	Provide
                                         traceable contact during and after office hours, on weekdays and weekends, or during
                                         public holidays, whereby your availability may occasionally and reasonably be sought.

 

		(v)	Declare
                                         any conflicts that are apparent at present, or become apparent, between the Group and
                                         your other business interests. Should any potential conflicts of interest arise, you
                                         will disclose this to the Board as soon as they become apparent.

 

		(vi)	Consult
                                         with the Chairman of the Board prior to accepting any other (or further) directorships
                                         of publicly quoted companies or any major external appointments.

 

		(vii)	Obtain
                                         clearance from the Chairman of the Board prior to dealing in publicly traded shares in
                                         the Company subsequent to the Listing.

 

		(viii)	Observe
                                         and comply with the disclosure requirements and obligations of you and/or your affiliated
                                         party(s) as applicable in accordance with U.S. securities laws, regulations and SEC disclosure
                                         requirements.

  

		5.	Fees
                                         and Expenses

 

		(a)	The
                                         combined basic fee for being an INED of the Company and your roles as chair and/or member
                                         of relevant Committees is USD 30,000 per annum (U.S. Dollars Thirty Thousand),
                                         paid to you by the Company in arrears in twelve monthly installments on or about the
                                         last business day of each month.

 

		(b)	You
                                         will be entitled to bonus during the Appointment and entitled to participate in any share
                                         plan operated by the Company. You will also be entitled to an increase in basic fees
                                         during the Appointment. For the avoidance of doubt, your entitlement as stated in this
                                         paragraph is in relation to your capacity as independent non-executive director only.

   

    	 	4	 

     

    

  

 

Aptorum Group Limited

Unit B, 17/F Guangdong Investment Tower,
148 Connaught Road Central, Hong Kong

Tel: (852) 2117 6611 ● Fax: (852)
2850 7286

 

		(c)	The
                                         Company will reimburse all reasonable travelling, hotel and other expenses incurred by
                                         you in connection with the Company’s business on production of appropriate receipts.

  

		6.	Privacy
                                         of Information

 

		(a)	You
                                         shall not except as authorized by the Group or required by your responsibilities reveal
                                         to any person or company any of the trade secrets or any information concerning the organization,
                                         business, finances, transactions or affairs of the Group which may come to your knowledge
                                         during your contract with the Company and shall keep with complete secrecy confidential
                                         information entrusted to you and shall not use or attempt to use any such information
                                         in any manner which may injure or cause loss either directly or indirectly to the Group
                                         or may be likely to do so. This restriction shall continue to apply if and when after
                                         the termination of your appointment without limit in time.

 

		(b)	You
                                         shall not either during the period of your Appointment or afterwards use or permit to
                                         be used any books, documents, moneys, assets, records or other property belonging to
                                         or relating to any dealings, affair or business of the Group other than for the benefit
                                         of the Group. You shall immediately deliver and return to the Group all such books, documents,
                                         moneys, securities, records or other property which you then have or should have in your
                                         possession upon termination of your Appointment hereunder.

 

		(c)	The
                                         Company however, agrees to provide you in good faith with any information concerning
                                         areas of interest and relevance of the Group as required by you in order to enable you
                                         to fulfill your Roles with the Company.

  

		7.	Data
                                         Protection

 

		(a)	By
                                         executing this letter, you consent to the Company holding and processing information
                                         about you for legal, personnel, administrative, and management purposes and in particular
                                         to the processing of any sensitive personal data as and when appropriate.

 

		(b)	You
                                         consent to the transfer of such personal information to other offices the Company may
                                         have or to other third parties for administrative purposes and other purposes in connection
                                         with the Appointment, where it is necessary or desirable to do so.

  

		8.	Insurance
                                         and Indemnity

 

The
Company shall establish directors’ and officers’ liability coverage and it is intended to maintain such coverage for
the full Term of the Appointment.

  

    	 	5	 

     

    

  

 

Aptorum Group Limited

Unit B, 17/F Guangdong Investment Tower,
148 Connaught Road Central, Hong Kong

Tel: (852) 2117 6611 ● Fax: (852)
2850 7286 

 

		9.	Termination

 

Your
Appointment with respect to the Roles with the Company may only be terminated:

 

		(a)	By
                                         you after giving the Company not less than two (2) months’ notice in writing;

 

		(b)	By
                                         the Company after giving you two (2) months’ notice in writing; or

 

		(c)	By
                                         the Company with immediate effect in the event that you:

 

		(i)	Conduct
                                         dishonesty, fraud, gross negligence, willful default or refusal to carry out any lawful
                                         order or instructions, or the repeated breach of any rules or regulations of the Company,
                                         or those as governed by the laws of your residency;

 

		(ii)	Commit
                                         a material breach of your obligations under this letter;

  

		(iii)	Commit
                                         any serious or repeated breach or non-observance of your obligations to the Company;

  

		(iv)	Are
                                         convicted of a criminal offence other than an offence under road traffic legislation
                                         in the jurisdiction of your residency or elsewhere for which a fine or non-custodial
                                         penalty is imposed;

  

		(v)	Declare
                                         bankruptcy or have made an arrangement with or for the benefit of your creditors; or

  

		(vi)	Are
                                         disqualified from acting as a director.

  

Please
signify your acceptance of the above terms and conditions by signing and returning to us the enclosed duplicate copy of this letter.

  

Yours
faithfully, 

 

	For and on behalf of	 	 
	 	 	 
	APTORUM GROUP LIMITED	 	Agreed and accepted by:
	 	 	 
	 	 	 
	Name: Huen Chung Yuen Ian	 	Name: Douglas W. Arner
	Position: Director	 	 
	 	 	 
	 	 	 
	Date	 	Date

 

 

6Exhibit 10.13

 

Deacons D3: 22.03 2017

  

DATED                    2017

 

 

 

 

APTUS
HOLDINGS LIMITED

 

and

 

GUARDIAN
CAPITAL MANAGEMENT LIMITED

 

 

 

 

MANAGEMENT
AGREEMENT

  

 

 

 

 

 

 

 

 

Deacons

5th
Floor

Alexandra
House

18
Chater Road

Central

Hong
Kong

Fax
: +852 2810 0431

Tel
: +852 2825 9211

 

 

 

©
Copyright Deacons March, 2017

All
rights reserved. Not to be reproduced without prior permission.

  

     

     

    

 

Deacons D3: 22.03 2017

 

TABLE
OF CONTENTS

  

	Clause	Heading	Page 

Number
	 	 	 
	1.	INTERPRETATION	1
	2.	APPOINTMENT OF THE MANAGER	2
	3.	FUNCTIONS, POWERS AND OBLIGATIONS OF THE MANAGER	3
	4.	CONTINUATION AND EXERCISE OF MANAGER'S POWERS	5
	5.	FEES OF THE MANAGER	5
	6.	EXPENSES	5
	7.	SERVICES OF THE MANAGER NOT TO BE EXCLUSIVE	6
	8.	POWER OF DELEGATION	7
	9.	CONFLICTS OF INTEREST	7
	10.	LIABILITY OF THE MANAGER	9
	11.	LEGAL ACTION BY THE MANAGER	10
	12.	ASSIGNMENT	11
	13.	RESIGNATION AND TERMINATION	11
	14.	CONFIDENTIALITY AND REPUTATION	12
	15.	MISCELLANEOUS PROVISIONS	12
	16.	NOTICES	13
	17.	LAW OF THE CONTRACT	13
	18.	EXCLUSION OF THIRD PARTY RIGHTS	13
	Schedule 1 – Investment Guidelines 	15
	Schedule 2 – Remuneration of the Manager 	16

   

     

     

    

 

Deacons
D3: 22.03 2017

 

	AN AGREEMENT made the	day of	2017.

 

BETWEEN:-

 

		(1)	APTUS
                                         HOLDINGS LIMITED a company incorporated under the laws of the Cayman Islands whose
                                         registered office is at c/o Campbell Corporate Services Limited, Floor 4, Willow House,
                                         Cricket Square, Grand Cayman KY1-9010, Cayman Islands (the “Company”);
                                         and

 

		(2)	GUARDIAN
                                         CAPITAL MANAGEMENT LIMITED a company incorporated under the laws of Hong Kong whose
                                         principal place of business is at 17/F Guangdong Investment Tower, 148 Connaught Road
                                         Central, Hong Kong (the “Manager”).

 

WHEREBY
IT IS AGREED AND DECLARED as follows:-

 

		1.	INTERPRETATION

 

		1.1	In
                                         this Agreement the following words and expressions shall, where not inconsistent with
                                         the context, have the following meanings respectively:-

 

	 	“Articles”	means the Articles of Association for the time being of the Company and any reference herein to an Article shall be taken to refer to the Articles unless otherwise specified;
	 	 	 
	 	“Auditors”	means such entity for the time being acting as auditors of the Company;
	 	 	 
	 	“Effective Date”	means the date of execution of this Agreement, or such earlier or later date as agreed by the Company and the Manager;
	 	 	 
	 	“Investment Objective and Strategy”	means the investment objectives and strategy of the Company as agreed between the Company and the Manager from time to time and set out in Schedule 1 attached to this Agreement;
	 	 	 
	 	“Investments”	means investments of any type held directly or indirectly by or on behalf of the Company;
	 	 	 
	 	“Investment Restrictions”	means the investment restrictions (if any) as agreed between the Company and the Manager and set out in Schedule 1 attached to this Agreement, within which the Investments must be managed;
	 	 	 
	 	“Laws”	means the laws of Hong Kong (including delegated legislation and regulations of any competent authority) and any other applicable laws and regulations for the time being in force;

  

    	 	- 1 -	 

     

    

 

	 	“Proper Instructions”	means written, faxed or e-mailed instructions in respect of any of the matters referred to in this Agreement signed or emailed or purporting to be signed or emailed by such one or more person or persons as the Company shall from time to time have authorised to give the particular class of instructions in question.  In instances indicated in advance by the Company, the Manager may also act pursuant to telephonic instructions given by designated persons and such telephonic instructions shall be deemed to be “Proper Instructions” within the meaning of this definition.  Different persons may be authorised to give instructions for different purposes and such persons may also include officers of corporations other than the Company so authorised by the Company.  A certified copy of a resolution of the Company may be received and accepted by the Manager as conclusive evidence of the authority of any such person to act and may be considered as in full force and effect until receipt of written notice to the contrary;
	 	 	 
	 	“Securities”	means shares, debentures and other securities of any class issued by the Company, including, without limitation the Shares;
	 	 	 
	 	“Share”	means an ordinary share in the capital of the Company;

 

		1.2	References
                                         to Clauses are to Clauses of this Agreement.

 

		1.3	The
                                         headings to the Clauses of this Agreement are for convenience only and shall not affect
                                         the construction or interpretation thereof.

 

		1.4	Unless
                                         the context otherwise requires words and expressions contained in this Agreement shall
                                         bear the same meaning as in the Articles PROVIDED THAT any alteration or amendment of
                                         the Articles shall not be effective for the purposes of this Agreement unless the party
                                         hereto affected (to the extent that its rights or duties hereunder are affected by such
                                         alteration or amendment) shall, by endorsement hereon or otherwise, have consented thereto.

 

		1.5	References
                                         to “HK$” and to “HK dollars” are to Hong Kong dollars, the lawful
                                         currency of Hong Kong.

 

		2.	APPOINTMENT
OF THE MANAGER

 

		2.1	The
                                         Company HEREBY APPOINTS the Manager and the Manager shall act with effect from the Effective
                                         Date as manager of the Company upon the terms hereinafter contained and in accordance
                                         with the Laws, the Articles, the Investment Objectives and Strategy and the Investment
                                         Restrictions until its appointment shall be terminated as hereinafter provided and the
                                         Manager hereby accepts such appointment and agrees to assume the obligations set forth
                                         herein.

  

    	 	- 2 -	 

     

    

 

		2.2	For
                                         the purpose of carrying out its functions, powers and obligations stated herein, the
                                         Company hereby undertakes and agrees with the Manager that the Company will from time
                                         to time provide the latest editions of the documents relating to the Company, including
                                         but not limited to its Articles, all lawful resolutions of the Company and other lawful
                                         orders and discretions given to the Manager from time to time by the Company in the form
                                         of Proper Instructions and all other information documents or materials in its possession
                                         as may reasonably be necessary to enable the Manager to carry out its duties hereunder.

 

		3.	FUNCTIONS,
                                         POWERS AND OBLIGATIONS OF THE MANAGER

 

		3.1	During
                                         the continuance of its appointment the Manager shall (subject to the overall policy and
                                         supervision of the Company and subject to Clause 3.4) have full power, authority and
                                         right, either itself or wholly or in part through its authorised agents or delegates,
                                         to manage the investment and re-investment of the Investments with a view to achieving
                                         the then current Investment Objective and Strategy, to provide recommendations on the
                                         investment and business strategy of the Company, to manage all or a part of the general
                                         business, operations and administration of the Company, and to perform such other functions,
                                         duties, powers and discretions as may be required of the Manager under this Agreement
                                         and/or as may otherwise be agreed between the parties from time to time.

 

		3.2	The
                                         Manager shall keep or cause to be kept on behalf of the Company such books, records and
                                         statements expressed in such currencies as may be necessary to give a complete record
                                         of all transactions carried out by the Manager on behalf of the Company and such other
                                         books, records and statements as may be required by the Laws, the Articles and otherwise
                                         as may be agreed between the parties and shall permit the Company and its employees and
                                         agents and the Auditors to inspect such books, records and statements at all reasonable
                                         times.

 

		3.3	Without
                                         limiting the generality of Clause 3.1, the Manager shall have and is hereby granted the
                                         authority, power and right for the account and/or in the name of the Company but subject
                                         to the supervision of the Company and the Laws:-

 

		3.3.1	to
                                         issue orders and instructions with respect to the transfer or disposition of the Investments,
                                         moneys and other assets of the Company;

 

		3.3.2	to
                                         purchase (or otherwise acquire), sell (or otherwise dispose of) and invest in the Investments,
                                         moneys and other assets for the account of the Company and effect foreign exchange transactions
                                         on behalf of the Company and for the account of the Company in connection with any such
                                         purchase, other acquisition, sale or other disposal or the protection of the value of
                                         Investments;

 

		3.3.3	to
                                         take such steps as may be necessary or appropriate in relation to the Company’s
                                         assets and rights (including for the protection or maintenance of intellectual property
                                         assets and other intangible assets), including without limitation, attending to any relevant
                                         filings, registrations and administrative or operational matters, taking legal proceedings
                                         against third parties and/or entering into and maintaining any relevant licences, permits
                                         or approvals for intellectual property assets;

  

    	 	- 3 -	 

     

    

 

		3.3.4	to
                                         enter into, make and perform all contracts, agreements and other undertakings as may
                                         in the opinion of the Manager be necessary or advisable or incidental to the carrying
                                         out of its functions and duties under this Agreement in accordance with the rules, regulations
                                         and practices of relevant markets; and

 

		3.3.5	to
                                         negotiate in accordance with the instructions of the Company all borrowing arrangements
                                         of the Company and to supervise the implementation of such arrangements.

 

		3.4	The
                                         Manager shall observe and comply with the Laws, the Articles and the Investment Restrictions
                                         and all lawful resolutions of the Company and other lawful orders and directions given
                                         to it from time to time by the Company in the form of Proper Instructions and all activities
                                         engaged in by the Manager hereunder shall at all times be subject to the control of and
                                         review by the Company and without limiting the generality of the foregoing the Company
                                         may from time to time:-

 

		3.4.1	prohibit
                                         the Manager from investing in any Investment or in any currency or country or with any
                                         institution;

 

		3.4.2	require
                                         the Manager to sell or transfer any Investment or (subject to the availability of funds)
                                         to purchase any Investment;

 

		3.4.3	define
                                         the Investment Objective and Strategy of the Company and specify the manner in which
                                         it wishes the Manager to give effect to such policy within approved credit limits, provided
                                         that any changes to the Investment Objective and Strategy shall only be made with the
                                         approval of the Manager (such approval not to be unreasonably withheld);

 

		3.4.4	withdraw
                                         from the management of the Manager money or other assets which up to the time of such
                                         withdrawal were being managed by the Manager;

 

		3.4.5	instruct
                                         the Manager as to the exercise of the rights attached to the Investments managed by the
                                         Manager; and

 

		3.4.6	change
                                         the Investment Restrictions with the approval of the Manager (such approval not to be
                                         unreasonably withheld);

 

and
the Manager shall and shall procure that any person firm or company to whom it delegates any of its functions hereunder shall
give effect to all such decisions.

 

		3.5	Subject
                                         to the terms of this Agreement, to such orders and directions as may from time to time
                                         be given by the Company and to the overall policy and supervision of the Company, in
                                         exercising its rights and carrying out its duties hereunder the Manager is authorised
                                         to act for the Company and on the Company's behalf either itself or wholly or in part
                                         through its authorised agents or delegates in the same manner and with the same force
                                         and effect as the Company might or could do.

  

    	 	- 4 -	 

     

    

 

		3.6	Where
                                         there are rights of voting conferred by relevant Investments, such voting rights shall
                                         be exercised in such manner as the Manager may determine (subject to the right of the
                                         Company to give instructions) and subject as aforesaid the Manager may in its discretion
                                         refrain from the exercise of such voting rights. The Company shall from time to time
                                         upon written request from the Manager execute and deliver or, if appropriate, cause to
                                         be executed and delivered, to the Manager or its nominees such powers of attorney or
                                         proxies authorising such attorney or proxies to exercise any rights conferred by, or
                                         otherwise act in respect of all or any part of the Investments.

 

		3.7	The
                                         Manager shall provide all necessary office facilities, equipment and personnel to enable
                                         it to carry out its functions hereunder and shall liaise with the Auditors and other
                                         service providers of the Company as reasonably required so as to enable them to perform
                                         their respective duties and obligations.

 

		4.	CONTINUATION
                                         AND EXERCISE OF MANAGER'S POWERS

 

		4.1	The
                                         authorities herein contained are continuing ones and shall remain in full force and effect
                                         until revoked by termination of this Agreement as hereinafter provided, but such revocation
                                         shall not affect any liability in any way resulting from transactions initiated prior
                                         to such revocation.

 

		5.	FEES
OF THE MANAGER

 

		5.1	In
                                         consideration of the performance of the Manager’s services under this agreement,
                                         the Company agrees to pay to the Manager such fees as set out in Schedule 2 (as may be
                                         amended from time to time by the Company and the Manager).

 

		6.	EXPENSES

 

		6.1	So
                                         far as permitted by the Laws the Company undertakes to pay or reimburse the Manager in
                                         respect of all the out-of-pocket expenses incurred by it, in the performance of its duties
                                         including (without limitation):-

 

		6.1.1	all
                                         expenses of every nature of or incidental to deposits of cash made by the Company;

 

		6.1.2	any
                                         stamp and other duties, taxes, governmental charges, commissions, brokerage, transfer
                                         fees, registration or licensing fees and other charges payable in respect of the acquisition,
                                         licensing, developing, holding or realisation of any Investment, asset or right and any
                                         foreign exchange transactions carried out in connection therewith;

 

		6.1.3	all
                                         taxes and corporate fees payable by the Company to any government or official department,
                                         body or organisation or other authority or to any agency of such government, department,
                                         body or organisation or authority whether in the Cayman Islands or elsewhere;

  

    	 	- 5 -	 

     

    

 

		6.1.4	all
                                         fees and expenses incurred in relation to the incorporation and initial organisation
                                         of the Company, the initial issue of its Securities, the listing of the Company on any
                                         exchange (including any restructuring or other actions taken in connection with such
                                         listing), the production, printing and distribution of any prospectuses or any placing
                                         or explanatory memorandum or any other similar document and the advertising and promotion
                                         generally of Securities of the Company;

 

		6.1.5	all
                                         expenses incurred or to be incurred in the alteration or amendment of the Articles and
                                         or the offering document (if any) of the Company including the costs of any meetings
                                         convened to sanction the same;

 

		6.1.6	the
                                         Manager's legal and professional expenses incurred in relation to the negotiation, preparation
                                         and settling of this Agreement and the proper performance of its duties hereunder and
                                         all legal and professional expenses necessarily incurred or to be incurred in the preparation
                                         of any documents amending the provisions of this Agreement;

 

		6.1.7	all
                                         audit fees of the Company and legal expenses in connection with the Company's corporate
                                         existence, corporate and financial structure and relations with its shareholders and
                                         third parties and all other professional and other charges in respect of services rendered
                                         to the Company at the request of the Company;

 

		6.1.8	interest
                                         on and charges and expenses of the Company of arranging, and arising out of, all borrowings
                                         made by the Company (if any);

 

		6.1.9	all
                                         charges for postage, photocopy, telephone, printing, faxing and other communications
                                         charges incurred by the Manager in the proper performance of its duties hereunder;

 

		6.1.10	the
                                         fees and expenses of any service provider of the Company, and with the consent of the
                                         Company (not to be unreasonably withheld), any other person; and

 

		6.1.11	all
                                         other expenses, costs, fees or charges paid by the Manager on behalf of the Company but
                                         so that the liability of the Company is limited to expenses authorised to be paid out
                                         of the assets of the Company by the applicable laws of its jurisdiction of incorporation.

 

		7.	SERVICES
OF THE MANAGER NOT TO BE EXCLUSIVE

 

		7.1	The
                                         services of the Manager to the Company hereunder are not to be deemed exclusive and the
                                         Manager shall be free to render similar services to others so long as its services hereunder
                                         are not impaired thereby and to retain for its own use and benefit all fees or other
                                         moneys payable thereby and the Manager shall not be deemed to be affected with notice
                                         of or to be under any duty to disclose to the Company any fact or thing which comes to
                                         the notice of the Manager or any servant or agent of the Manager in the course of the
                                         Manager rendering similar services to others or in the course of its business in any
                                         other capacity or in any manner whatsoever otherwise than in the course of carrying out
                                         its duties hereunder.

  

    	 	- 6 -	 

     

    

 

		7.2	In
                                         connection with its activities hereunder, the Manager shall have no duty (a) to ascertain
                                         whether any director, officer or employee of the Manager possesses any information which
                                         has not been publicly disclosed and which, if generally known, might have significant
                                         impact on any decision whether to acquire, retain or dispose of or otherwise deal with
                                         any property in connection with this Agreement or (b) to take into account any such information
                                         in making a recommendation as to the sale or purchase of any Investments.

 

		8.	POWER
OF DELEGATION

 

		8.1	The
                                         Manager shall have full power to delegate the whole or any part of its function hereunder
                                         to any person firm or company.

 

		8.2	The
                                         Manager shall be entitled to obtain investment, management and other advice from such
                                         source or sources and on such terms as it thinks fit to perform its duties and obligations
                                         hereunder (including, without prejudice to the generality of the foregoing, full power
                                         to appoint one or more investment advisers, approved by the Company, to advise as to
                                         the investment and re-investment of the Investments).

 

		9.	CONFLICTS
OF INTEREST

 

		9.1	The
                                         Manager will not and will procure that any of its Associated Persons (as defined below)
                                         and any person to whom it delegates investment management functions will not (a) deal
                                         with the Company as beneficial owner on the sale or purchase to or from the Company (except
                                         on a basis approved by the Company from time to time), or (b) without the consent of
                                         the Company otherwise deal with the Company as principal PROVIDED THAT:-

 

		9.1.1	the
                                         Manager, any of its Associated Persons and/or any person to whom it delegates investment
                                         management functions (together, hereinafter called the “interested party”)
                                         may acquire or dispose of any investments upon its own account notwithstanding that the
                                         same or similar investments may be held by or for the account of or otherwise connected
                                         with the Company and nothing herein contained shall prevent an interested party from
                                         acquiring, holding or disposing of investments notwithstanding that such investments
                                         have been acquired at prices lower than those paid by or on behalf of the Company in
                                         respect of the acquisition of investments of the same class or disposed of at prices
                                         higher than those received by or on behalf of the Company by virtue of a transaction
                                         effected by the Company at or about the same time PROVIDED THAT the acquisition by an
                                         interested party of such investments is in accordance with the terms and conditions on
                                         which such investments have been offered or made available on an arm's length basis and
                                         the investments of the same class held by the Company were acquired on the best terms
                                         reasonably obtainable having regard to the interests of the Company;

 

		9.1.2	an
                                         interested party may become the owner of Securities and may hold, dispose or otherwise
                                         deal with the same as it thinks fit;

  

    	 	- 7 -	 

     

    

 

		9.1.3	nothing
                                         herein contained shall prevent an interested party, in its capacity as agent for a third
                                         party, from selling investments to or vesting investments in the Company or from contracting
                                         or entering into any financial, banking, currency or other transaction with the Company
                                         or any investor(s) in the Company or any company or body any of whose securities are
                                         held by or for the account of or otherwise connected with the Company and the interested
                                         party shall not be called upon to account in respect of any such contract or transaction
                                         or benefit derived therefrom PROVIDED THAT nothing herein contained shall permit any
                                         such sale or vesting or the entering into of any such contract or transaction as aforesaid
                                         with the Company unless such transaction is on the best terms reasonably obtainable with
                                         reliable counterparties having regard to the interests of the Company or the size and
                                         nature of the transaction; and

 

		9.1.4	nothing
                                         herein contained shall prevent an interested party from receiving any commissions which
                                         it may negotiate in relation to any sale or purchase of investments effected by it for
                                         the account of the Company as agent for the Company or a third party and the interested
                                         party shall be entitled to retain for its own benefit any profit or benefit derived therefrom
                                         PROVIDED THAT the amount of such commission is not in excess of rates commonly receivable
                                         by security dealers in transactions of the kind contemplated and that in effecting any
                                         such sales or purchases the interested party shall do so on the best terms reasonably
                                         obtainable having regard to the interests of the Company as aforesaid and provided further
                                         that such commission does not arise in circumstances in which the Company could itself
                                         have acquired such investments without payment of commission.

 

		9.2	The
                                         Manager, its Associated Person and/or any person to whom it delegates investment management
                                         functions reserves the right to effect transactions by or through the agency of another
                                         person with whom the Manager and/or its Associated Person have an arrangement under which
                                         that party will from time to time provide to or procure for the Manager and/or its Associated
                                         Person goods, services or other benefits (such as research and advisory services, computer
                                         hardware associated with specialised software or research services and performance measures)
                                         the nature of which is such that their provision can reasonably be expected to benefit
                                         the Company as a whole and may contribute to an improvement in the performance of the
                                         Company or of the Manager its Associated Person in providing services to the Company.
                                         The Manager and its Associated Person shall not receive any direct payment from such
                                         party. The Manager and/or its Associated Person may however undertake to place business
                                         with that party. For the avoidance of doubt, such goods and services do not include travel,
                                         accommodation, entertainment, general administrative goods or services, general office
                                         equipment or premises, membership fees, employee salaries or direct money payments.

 

		9.3	As
                                         used in this Clause 9 Associated Person means:-

 

		9.3.1	a
                                         person or company beneficially owning, directly or indirectly, 20 per cent. or more of
                                         the ordinary share capital of the Manager or able to exercise, directly or indirectly,
                                         20 per cent. or more of the total votes in the Manager;

  

    	 	- 8 -	 

     

    

 

		9.3.2	any
                                         person or company controlled by a person who meets one or both of the descriptions given
                                         in Clause 9.3.1;

 

		9.3.3	any
                                         company 20 per cent. or more of whose ordinary share capital is beneficially owned, directly
                                         or indirectly, by the Manager, and any company 20 per cent. or more of the total votes
                                         in which can be exercised, directly or indirectly, by the Manager; or

 

		9.3.4	any
                                         director or officer of the Manager or of any associated person of the Manager, as defined
                                         in Clauses 9.3.1, 9.3.2 and 9.3.3.

 

		10.	LIABILITY
OF THE MANAGER

 

		10.1	The
                                         Manager shall not be liable to the Company or any investor in the Company or otherwise
                                         for any error of judgment or for any loss suffered by the Company or any such investors
                                         in connection with the subject matter of this Agreement or in the course of the discharge
                                         of the Manager's functions hereunder (including in particular, but without limiting the
                                         foregoing, any loss suffered or incurred by the Company or any investor in the Company
                                         following upon or arising out of any estimation, determination or calculation made by
                                         the Manager or any delay in the making or implementation of any such estimation, determination
                                         or calculation or in effecting payments or instructing the Company's bankers or other
                                         service providers of the Company to effect payments or in countermanding payment instructions
                                         or any loss or other disadvantage suffered or incurred by the Company or any investor
                                         in the Company following upon or arising out of any foreign exchange transactions or
                                         any delay in effecting or failure to effect foreign exchange transactions or the bankruptcy
                                         or insolvency of or failure to pay by foreign exchange dealers or any bank or other institution
                                         or country or governmental department or authority in which the moneys of the Company
                                         are from time to time invested or deposited or generally in relation to the purchase,
                                         holding or sale of any investments, assets or rights by the Company or any failure on
                                         the part of the Manager to make necessary registrations of prospectuses or other similar
                                         documents or any action or omission taken or suffered by the Manager in good faith in
                                         reliance on or in accordance with the opinion or advice of legal counsel, the Auditors
                                         or other competent professional advisors) howsoever any such loss may have occurred unless
                                         such loss arises from fraud, bad faith, wilful default or negligence in the performance
                                         or non-performance by the Manager or persons designated by it of its obligations or functions.

 

		10.2	Subject
                                         to Clause 6, the Company hereby undertakes to hold harmless and indemnify the Manager
                                         against all actions proceedings claims costs demands and expenses which may be brought
                                         against suffered or incurred by the Manager by reason of its performance or non-performance
                                         of its obligations or functions under the terms of this Agreement (other than due to
                                         fraud, bad faith, wilful default or negligence on the part of the Manager or persons
                                         designated by it) including all legal professional and other expenses incurred by the
                                         Manager or persons designated by it in the performance of its obligations or functions
                                         and including indemnity obligations owed by the Manager to persons designated by it (except
                                         such as shall arise from fraud, bad faith, wilful default or negligence in the performance
                                         or non-performance of such obligations or functions) and in particular (but without limitation)
                                         this protection and indemnity shall extend to any such items aforesaid as shall arise
                                         as a result of any such loss suffered or incurred by the Company or any investor in the
                                         Company as is mentioned specifically in Clause 10.1 or any loss delay misdelivery or
                                         error in transmission of any cable or telegraphic communication or as a result of acting
                                         upon any forged document or signature but not tax on the overall income or profits of
                                         the Manager.

  

    	 	- 9 -	 

     

    

 

		10.3	Notwithstanding
                                         any other provision of this Agreement, the Manager shall not be liable to the Company
                                         or any investor in the Company or otherwise for any taxation assessed upon or payable
                                         by the Company wheresoever the same may be assessed or imposed and whether directly or
                                         indirectly except for such taxation as shall be attributable to fraud, bad faith, wilful
                                         default or negligence in the performance or non-performance by the Manager or persons
                                         designated by it of its obligations or functions. The Company shall indemnify and keep
                                         indemnified the Manager from and against all taxes not attributable to fraud, bad faith,
                                         wilful default or negligence as aforesaid (wheresoever and by whomsoever imposed) on
                                         profits or gains of the Company which may be assessed upon or become payable by the Manager
                                         and against all costs claims demands actions and proceedings in connection therewith.

 

		10.4	For
                                         the avoidance of doubt it is hereby agreed and declared that references to the Manager
                                         in this Clause shall be deemed to include references to the officers, servants, agents
                                         and delegates of the Manager. Any such person, not being a party to this Agreement, may
                                         enforce any rights granted to it pursuant to this Clause in its own right as if it were
                                         a party to this Agreement.

 

		10.5	Any
                                         indemnity expressly given to the Manager in this Agreement is in addition to and without
                                         prejudice to any indemnity provided by the Laws and (unless Clause 13.3.2 applies) shall
                                         survive termination of this Agreement.

 

		10.6	The
                                         Manager shall send to the Company as soon as possible all claims, demands, summonses,
                                         writs and related documents which it receives from third parties and in respect of which
                                         it may be indemnified in this Agreement and shall give such assistance as the Company
                                         may reasonably require in defending or resisting the same and the Manager shall not admit
                                         liability or offer any settlement without the written consent of the Company which may,
                                         if it so desires, take over the defence of any such actions or prosecute any such claim
                                         in the name of the Manager.

 

		10.7	The
                                         Manager shall be entitled to rely on and shall not incur any liability in respect of
                                         any act or omission in reliance upon Proper Instructions or upon any document reasonably
                                         believed in good faith to be authentic and not fraudulent but may require documents to
                                         be authenticated to its reasonable satisfaction.

 

		11.	LEGAL
ACTION BY THE MANAGER

 

		11.1	The
                                         Manager shall not be required to take any legal action unless fully indemnified to its
                                         reasonable satisfaction for all costs and liabilities that may be incurred or suffered
                                         by the Manager and not attributable to its fraud, bad faith, wilful default or negligence
                                         in the performance or non-performance of its obligations or functions and if the Company
                                         requires the Manager to take any action of whatsoever nature which in the reasonable
                                         opinion of the Manager might make the Manager liable for the payment of money or liable
                                         in any other way the Manager shall be and be kept indemnified in any reasonable amount
                                         and form satisfactory to the Manager as a prerequisite to taking action.

  

    	 	- 10 -	 

     

    

 

		12.	ASSIGNMENT

 

		12.1	The
                                         Manager may with the consent in writing of the Company assign all its rights and obligations
                                         hereunder to any other company, person, firm or institution acceptable to the Company
                                         and permitted under the Laws and the assignee shall, upon filing with the Company an
                                         instrument in writing whereby it shall assume the obligations of the Manager hereunder
                                         and agree to be bound by the provisions hereof, become the successor to the Manager hereunder
                                         and thereafter such successor may exercise all of the powers and enjoy all of the rights
                                         and be subject to all of the duties and obligations of the Manager hereunder as fully
                                         as though originally named as a party to this Agreement.

 

		13.	RESIGNATION
AND TERMINATION

 

		13.1	The
                                         Manager shall be entitled to resign its appointment hereunder by notice in writing to
                                         the Company:-

 

		13.1.1	by
                                         giving not less than one month’s notice to expire at any time;

 

		13.1.2	at
                                         any time if the Company shall go into liquidation (except a voluntary liquidation for
                                         the purposes of reconstruction or amalgamation upon terms previously approved in writing
                                         by the Manager) or be unable to pay its debts or commit any act of bankruptcy under the
                                         laws of the Cayman Islands or if a receiver is appointed of any of the assets of the
                                         Company or if some event having an equivalent effect occurs;

 

		13.1.3	at
                                         any time if the Company shall commit any material breach of its obligations under this
                                         Agreement and (if such breach shall be capable of remedy) shall fail within 15 days of
                                         receipt of notice served by the Manager requiring it so to do to make good such breach;

 

		13.1.4	at
                                         any time if the Manager ceases to be permitted to act as such under the Laws.

 

		13.2	The
                                         Company may terminate the appointment of the Manager by giving not less than one month’s
                                         notice in writing to the Manager to expire at any time.

 

		13.3	The
                                         Company may without such notice as is referred to in Clause 13.2 terminate the appointment
                                         of the Manager at any time by giving notice in writing to the Manager in any of the following
                                         events:-

 

		13.3.1	if
                                         the Manager goes into liquidation (except a voluntary liquidation for the purpose of
                                         reconstruction or amalgamation upon terms previously approved in writing by the Company)
                                         or is unable to pay its debts or commits any act of bankruptcy or if a receiver is appointed
                                         of any of the assets of the Manager or if some event having an equivalent effect occurs;

 

		13.3.2	if
                                         the Manager shall commit any material breach of its obligations under this Agreement
                                         and (if such breach shall be capable of remedy) shall fail within 15 days of receipt
                                         of notice served by the Company requiring it so to do to make good such breach; or

  

    	 	- 11 -	 

     

    

 

		13.3.3	if
                                         the Manager ceases to be permitted to act as such under the Laws.

 

		13.4	On
                                         termination of the appointment of the Manager under the provisions of this Clause 13
                                         the Manager shall be entitled to receive all fees and other moneys accrued due up to
                                         the date of such termination but shall not be entitled to compensation in respect of
                                         such termination; and the Manager shall deliver or procure to be delivered to the Company,
                                         or as it shall direct, all books of account, records, registers, correspondence, documents
                                         and assets relating to the affairs of or belonging to the Company in the possession of
                                         or under the control of the Manager or its nominees or delegates and shall take all necessary
                                         steps to vest in the Company or any new Manager any assets previously held in the name
                                         of or to the order of the Manager on behalf of the Company and the Manager shall not
                                         be entitled to any lien in respect of any of the foregoing. Termination is without prejudice
                                         to accrued rights and provisions intended to survive termination and to the right of
                                         the Manager to settle outstanding obligations for transactions in progress.

 

		14.	CONFIDENTIALITY
AND REPUTATION

 

		14.1	The
                                         parties hereto shall not (except under compulsion of law or in accordance with the Laws)
                                         either before or after the termination of this Agreement disclose to any person not authorised
                                         by the relevant party to receive the same any confidential information relating to such
                                         party or to the affairs of such party of which the party disclosing the same shall have
                                         become possessed during the period of this Agreement and each party shall use all reasonable
                                         endeavours to prevent any such disclosure as aforesaid.

 

		14.2	The
                                         parties shall not knowingly do or suffer any act or matter or thing which would or might
                                         reasonably be expected to prejudice materially or bring into disrepute the business or
                                         reputation of the other party.

 

		15.	MISCELLANEOUS
PROVISIONS

 

		15.1	No
                                         failure on the part of a party to exercise, and no delay on its part in exercising, any
                                         right or remedy under this Agreement will operate as a waiver thereof nor will any single
                                         or partial exercise of any right or remedy preclude any other or further exercise thereof
                                         or the exercise of any other right or remedy. The rights and remedies provided in this
                                         Agreement are cumulative and not exclusive of any rights or remedies provided by law.

 

		15.2	Any
                                         provision of this Agreement may be amended only if the parties so agree in writing.

 

		15.3	The
                                         illegality, invalidity or unenforceability of any provision of this Agreement under the
                                         law of any jurisdiction shall not affect its legality, validity or enforceability under
                                         the law of any other jurisdiction nor the legality, validity or enforceability of any
                                         other provision.

  

    	 	- 12 -	 

     

    

 

		15.4	Except
                                         to the extent that the Laws admit variations by contract and are so varied by the terms
                                         of this Agreement, the powers, duties, rights and obligations of the parties under this
                                         Agreement shall be overridden by, and to the extent that they may conflict, be subject
                                         to, the Laws and the Manager shall have all the powers and perform its functions in accordance
                                         with the Laws.

 

		15.5	This
                                         Agreement may be entered into in any number of counterparts and by the parties to it
                                         on separate counterparts, each of which when so executed and delivered shall be an original,
                                         but all the counterparts shall together constitute one and the same document.

 

		15.6	The
                                         Manager undertakes that no advertisement, statement, circular, booklet, prospectus, explanatory
                                         memorandum or other document will be published and no money will be raised by the Manager
                                         on behalf of the Company unless and until all necessary consents and permissions of whatever
                                         jurisdiction have been obtained in connection therewith and the Manager further undertakes
                                         to comply with all securities and other laws and regulations which may be applicable
                                         to the Manager or the Company in connection with the offering and issue of Securities
                                         of the Company.

 

		16.	NOTICES

 

		16.1	Any
                                         notice given hereunder shall be in writing and shall be served by hand at or by being
                                         sent by fax (to such fax number as each party may nominate in writing from time to time
                                         for receipt of notices) or by prepaid airmail post to the principal place of business
                                         specified herein or last notified to the sender by the addressee. Any such notice shall
                                         be deemed duly served at the time of delivery (if delivered by hand), upon confirmation
                                         by telephone (if sent by fax) or five days after the date of posting (if sent by prepaid
                                         airmail post). Evidence that the notice was properly addressed, stamped and put into
                                         the post shall be conclusive evidence of posting. This Clause is without prejudice to
                                         the ability to give or receive Proper Instructions in accordance with the definition
                                         of that term.

 

		17.	LAW
OF THE CONTRACT

 

		17.1	This
                                         Agreement shall be governed by and construed in accordance with the laws of Hong Kong.

 

		17.2	The
                                         Company and the Manager hereby irrevocably submit to the non-exclusive jurisdiction of
                                         the courts of Hong Kong for the settlement of any dispute or difference arising between
                                         the parties hereto, provided always that any party shall be at liberty to take proceedings
                                         against the other party in whatever other jurisdiction that other party may from time
                                         to time be resident.

 

		18.	EXCLUSION
                                         OF THIRD PARTY RIGHTS

 

		18.1	Except
                                         as expressly provided in Clause 10.4, a person who is not a party to this Agreement shall
                                         not have any rights to enforce any of the provisions of this Agreement, and the application
                                         of the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the laws of Hong
                                         Kong) and/or any comparable law in any jurisdiction giving to or conferring on third
                                         parties the right to enforce any term of this Agreement is expressly excluded.

 

		18.2	Notwithstanding
                                         any term of this Agreement, the consent or notice to any person who is not a party to
                                         this Agreement (including without limitation any of the Indemnified Persons other than
                                         the Investment Manager) is not required for any termination, rescission or agreement
                                         to any variation, waiver, assignment, novation, release or settlement under this Agreement
                                         at any time.

  

    	 	- 13 -	 

     

    

 

IN
WITNESS whereof this Agreement has been entered into the day and year first above written.

   

	EXECUTED by APTUS HOLDINGS LIMITED	 	 
	 	 	 
	 	 	 
	Signature of Director	 	Signature of Witness
	 	 	 
	 	 	 
	Name of Director	 	Name of Witness
	 	 	 
	EXECUTED by GUARDIAN CAPITAL MANAGEMENT LIMITED	 	 
	 	 	 
	 	 	 
	Signature of Director	 	Signature of Witness
	 	 	 
	 	 	 
	Name of Director	 	Name of Witness

  

    	 	- 14 -	 

     

    

 

Schedule
1 – Investment Guidelines

 

Investment
Objective and Strategy of the Company

 

The
Company is a holding company that will own and oversee the management, operations and investments of its subsidiaries. The Company’s
investment objective is to generate long-term capital appreciation by acquiring, holding and/or investing in, by itself or through
one or more of its subsidiaries or other investment vehicles, a wide range of Investments, assets and/or rights, with a focus
on the healthcare industry.

 

While
there is no limitation on the means by which the Company may seek to achieve the Company’s investment objective, it is currently
expected that the Company (or its subsidiaries or investment vehicles) may:-

 

		1.	invest
                                         in a portfolio of Investments predominantly comprised of both private and public healthcare
                                         related stocks; and/or

 

		2.	acquire
                                         and hold certain intangible assets (including intellectual property rights) associated
                                         with early stage medical technologies, research, and companies.

 

The
Company may target a range of technologies, research, and/or companies for investment, including the licensing and sublicensing
of therapeutic drug candidates and medical devices designed to address a broad range of medical indications, and the acquisition
of intellectual properties, and commercialization and/or distribution rights to technologies and products. For drug candidates,
the Company may invest into pre-clinical, clinical, or commercial assets without any restriction. For medical equipment and devices,
the Company may also invest into assets that are yet to be prototype-enabled or which are within any stage of their product development
cycles. The Company may, from time to time, vary the aforementioned investment strategy and approach, for the purposes of achieving
its investment objective.

 

The
Company will seek to:-

 

		1.	facilitate
                                         the financing needs of companies engaged in the development of product candidates which
                                         address significant unmet medical needs and that require a unique pairing of knowledge
                                         and resources;

 

		2.	finance
                                         and incubate portfolio companies that commit to creating innovative solutions for health
                                         care advancement;

 

		3.	finance
                                         academic research, inventors, and institutions focusing on medical innovations with the
                                         potential for commercial development; and/or

 

		4.	pursue
                                         any other strategies and approaches deemed appropriate by the Manager having regard to
                                         investment objectives of the Company.

 

Cash,
liquidity, and risk management functions will be performed by the Manager to facilitate all or part of the aforementioned initiatives.

 

Investment
Restrictions

 

There
are currently no Investment Restrictions instituted by the Company or the Manager.

 

The
Company is free to invest as it sees fit into and to dispose of any asset class (tangible or intangible), market, geographic region,
and across the capital market investment spectrum in so far that it is believed to further the Company’s objectives in enhancing
value for the shareholders of the Company, by facilitating portfolio companies, inventors, researchers, or commercial partners
in advancing medical technologies, products, and services.

  

    	 	- 15 -	 

     

    

 

Schedule
2 – Remuneration of the Manager

 

In
consideration of the services to be performed by the Manager hereunder, the Manager shall be entitled to receive a fixed amount
of management fee of HK$500,000 per calendar month from the Company. Such management fee shall accrue and be payable monthly in
arrears on the last day of each month or, if such day is not a business day in Hong Kong, on the next following business day in
Hong Kong.

 

There
is currently no separate performance fee payable by the Company.

 

The
parties may agree from time to time in writing such other remuneration of the Manager and the related calculation or payment methods.

  

- 16
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