Document:

Exhibit 10.12

 

AGREEMENT OF 

OPTION TO PURCHASE

ORDINARY SHARE

OF

Regencell
Bioscience Holdings Limited

(the
“COmpany”)

 

WHEREAS, the Company has approved 2021
Share Option Plan on May 31, 2021, pursuant to which the Chief Executive Officer (“CEO”) of the Company may grant options
to consultants, employees, and directors (collectively, “Service Provider”) of the Company with the approval of the
Board of Directors (the “Board”);

 

WHEREAS, the Chairman of the Board of Directors
(the “Chairman”) may grant options to directors (the “Directors”) of the Company with the approval
of the Board of Directors (the “Board”);

 

NOW, THEREFORE,

 

DATE OF GRANT (“Grant Date”): [               ]

 

EXPIRATION DATE: Ten years from the date that the Options become vested
in accordance with the Vesting Schedule set forth in Exhibit A

 

Regencell Bioscience Holdings Limited, hereby grants

 

[NAME OF THE INDIVIDUAL]

(the “Optionee”)

 

an opportunity to purchase Company’s ordinary
shares, par value of $0.00001 per share (“Ordinary Share”), on the terms and subject to the conditions hereinafter
in connection with the Company’s 2021 Share Option Plan (the “Plan”).

 

The Company's board of directors, referred to
as the Board, has determined that it would be to the advantage and best interests of the Company and its shareholders to grant the options
provided for in this agreement to the Optionee in recognition of services rendered by the Optionee to the Company and to give the Optionee
additional incentive in furthering the business success of the Company.

 

Now, therefore, in consideration of the promises
and the mutual covenants contained in this agreement, the parties agree as follows:

 

1. Grant
of Options. The Company hereby grants to the Optionee’s compensation, [                    ] options (hereinafter each called the “Option”
or collectively the “Options”), each Option to purchase one Ordinary Share of the Company (collectively, the “Option
Shares”), such number being subject to adjustment as provided in Section 9 hereof) on the terms and conditions set forth herein
and in the Plan.

 

2. Exercise
Price. The Exercise Price of the Option Shares shall be the (US$9.50 ) per share.

 

     

     

    

 

3. Term
of Options. Except as provided in paragraphs 8 and 9 hereof, the term of the Options shall be ten (10) years from the date that
the Options become vested in accordance with the Vesting Schedule (defined below).

 

4. Vesting.
The Options shall vest according to the vesting conditions set forth in Exhibit A (the “Vesting Schedule”).

 

5. Exercise
of Options. The Options or such portion of them as is applicable, may be exercised beginning on the date on which they vest. Except
as herein after provided, the Options may not be exercised at any time unless the Optionee shall have been a Service Provider of the Company
on the date of the exercise of the Option; provided, however, that Optionee shall have twelve (12) months from the date of the Optionee’s
termination of consultancy, termination of employment, or termination of directorship, or in which to exercise the unexercised Options
provided such Options are vested at the time of the termination. The Optionee shall not have any rights of a shareholder with respect
to the Option Shares except to the extent that one or more certificates for such shares shall be delivered to him or her upon the due
exercise of the Options.

 

6. Transferability.
The Options shall be transferable; provided, however, that the transferee must agree in writing to be bound by the terms of the Options
and the Plan at the time of the transfer.

 

7. Death
of Optionee and Transfer of Options. If the Optionee shall die while in his or her period of being a Service Provider of the Company
or a subsidiary or within a period of twelve (12) months after the termination of his or her employment, consultancy, or directorship
with the Company and all subsidiaries, and shall not have fully exercised the Options, such Options may be exercised to the extent that
the Optionee’s right to exercise such Options have been accrued pursuant to the terms of the Options at the time of his or her death
and had not been previously exercised, at any time within twelve (12) months after the Optionee’s death, by the executors or administrators
of the Optionee or by any person or persons who shall have acquired the Options directly from the Optionee by bequest or inheritance.

 

8. Changes
in Capital Structure.  If all or any portion of the Options shall be exercised subsequent to any share dividend, share split-up,
recapitalization, reclassification, merger, consolidation, combination or exchange of shares, separation, reorganization, or liquidation
occurring after the date hereof, as a result of which Ordinary Shares shall be changed into the same or a different number of shares of
the same or another class of classes, the person or persons so exercising the Options shall receive, for the aggregate price paid upon
such exercise, the aggregate number and class of shares which, as if Ordinary Shares (as authorized at the date hereof) had been purchased
at the date hereof for the same aggregate price (on the basis of price per share set forth in Section 2 hereof) and had not been disposed
of, such person or persons would be holding at the time of such exercise as a result of such purchase and all such share dividends, share
split-ups, recapitalization, mergers, consolidations, combinations or exchanges of shares, separations, reorganizations or liquidations;
provided, however, that no fractional share shall be issued upon any such exercise, and any aggregate price paid shall be appropriately
reduced on account of any fractional share not issued.

 

    2

     

    

 

9. Method
of Exercising Options. Subject to the terms and conditions of this agreement, the Options may be exercised by a duly executed
copy of Notice of Exercise Form annexed hereto (“Notice of Exercise Form”) to the Company’s Option Administer
presented any time prior to the termination of the Options. The exercise date will be the date of the Notice of Exercise Form to the Option
Administer. Such notice shall state the election to exercise the Options and the number of shares in respect of which it is being exercised
and shall be signed by the person or persons so exercising the Options. The Company shall have received payment of an amount of consideration
equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Option Shares with respect to which the
Options are then being exercised, payable at the Optionee’s election by certified or official bank check or money order payable
to the order of the Company. If someone other than the Optionee is exercising the Options pursuant to the provisions providing for the
contingency of death of the Optionee, such notice shall be accompanied by the appropriate proof of right of such person or persons to
exercise the Options.

 

10. Restrictions
on Issuance of Shares. The Company shall at all times during the term of the Options reserve and keep available such number of
Ordinary Shares as will be sufficient to satisfy the requirements of the Options. The Company shall pay all original issue and transfer
taxes with respect to the issuance and transfer of shares pursuant thereto and all other fees and expenses necessarily incurred by the
Company in connection therewith; and it will from time to time use its best efforts to comply with all laws and regulations which shall
be applicable thereto. Delivery of these certificates of shares may be deferred by the Company in order to comply with any and all applicable
law, regulation or requirement of any regulatory body. The Company shall not be obligated to sell or issue any shares pursuant to the
Options unless the shares, with respect to which the Options are being exercised are at the time effectively registered or exempt from
registration under the Securities Act of 1933, as amended.

 

11.
Options Subject to All of the Plan Terms. This agreement and the Options shall be subject to the Plan, the terms of which
are hereby incorporated herein by reference, and in the event of any conflict or inconsistency between the Plan and this Agreement, shall
be governed by the Plan.

 

12. Legends
and Stop-Transfer Orders.

 

(a) Legends. The Optionee
understands and agrees that the Company shall cause the legends set forth below or legends substantially similar thereto, to be placed
upon any certificate(s) evidencing ownership of the Ordinary Shares acquired upon exercise of the Options together with any other legends
that may be required by state or federal securities laws:

 

THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY
NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT AND SUCH LAWS OR, IN
THE OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION
IS IN COMPLIANCE THEREWITH.

 

(b) Stop-Transfer Notices.
Optionee agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop
transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate
notations to the same effect in its own records.

 

    3

     

    

 

(c) Refusal to Transfer.
The Company shall not be required (i) to transfer on its books any Ordinary Shares that have been sold or otherwise transferred in violation
of any of the provisions of this Agreement or (ii) to treat as owner of such shares or to accord the right to vote or pay dividends to
any purchaser or other transferee to whom such shares shall have been so transferred.

 

13. Optionee’s
Representations. If the Ordinary Shares purchasable pursuant to the exercise of this Options have not been registered under the
Securities Act or any applicable state laws at the time the Options are exercised, the Optionee shall, if required by the Company, concurrently
with the exercise of all or any portion of the Options, deliver to the Company his or her Investment Representation Statement in the form
attached hereto as Exhibit B and shall make such other written representations as are deemed necessary or appropriate by
the Company and/or its counsel.

 

14. Governing
Law; Severability. The laws of the New York shall govern the interpretation, validity, administration, enforcement and performance
of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

 

15. Conformity
to Securities Laws. The Optionee acknowledges that the Plan and this Agreement are intended to conform to the extent necessary
with all provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and any and all regulations
and rules promulgated by the U.S. Securities and Exchange Commission thereunder, and U.S. state securities laws and regulations. Notwithstanding
anything herein to the contrary, the Plan shall be administered, and the Options are granted and may be exercised, only in such a manner
as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed
amended to the extent necessary to conform to such laws, rules and regulations.

 

16. Amendments,
Suspension and Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise
modified, suspended or terminated at any time or from time to time by the Committee or the Board, provided, that, except as may otherwise
be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely effect the Options in
any material way without the prior written consent of the Optionee.

 

17. Disclaimer.
The Company will not advise Optionee as to the tax consequences resulting from the execution of the designated Options.
It is solely the responsibility of the Optionee to consult with the Optionee’s tax and/or financial advisors regarding any financial
or tax liabilities that may result due to the execution of the designated Options.

 

[intentionally left blank on
the rest of this page]

 

    4

     

    

 

IN WITNESS WHEREOF, the Company has executed this Option as of the
Date of Grant set forth above.

 

	 	Regencell Bioscience Holdings Limited
	 	 
	 	 
	 	Yat-Gai Au
	 	Chief Executive Officer

 

     

     

    

 

Exhibit
A

 

Vesting
Schedule

 

The Options shall vest based on the following schedules:

 

		·	[             ] options shall vest immediately following first year anniversary of the closing of the initial public offering of the Company.

 

		·	[             ] options shall vest immediately following second year anniversary of the closing of the initial public offering of the Company.

 

		·	[             ] options shall vest immediately following the third year anniversary of the closing of the initial public offering of the Company.

 

		·	[             ] options shall vest immediately following the fourth year anniversary of the closing of the initial public offering of the Company.

 

Any unvested Options during the Term of the Options shall expire and
become void on the Expiration Date.

 

     

     

    

 

EXHIBIT B

INVESTMENT REPRESENTATION STATEMENT

 

	 	 	 	 
	OPTIONEE	:	 	 
	 	 	 	 
	COMPANY	:	Regencell Bioscience Holdings Limited	 
	 	 	 	 
	SECURITY	:	Ordinary Shares	 
	 	 	 	 
	AMOUNT	:	 	 
	 	 	 	 
	DATE	:	 	 

 

In connection with the purchase
of the above-listed ordinary shares (the “Securities”) of Regencell Bioscience Holdings Limited (the “Company”),
the undersigned (the “Optionee”) represents to the Company the following:

 

(a) Optionee is aware of
the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed
and knowledgeable decision to acquire the Securities. Optionee is acquiring these Securities for investment for Optionee’s own account
only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities
Act of 1933, as amended (the “Securities Act”).

 

(b) Optionee acknowledges
and understands that the Securities constitute “restricted securities” under the Securities Act and have not been registered
under the Securities Act, in each case, in reliance upon specific exemptions therefrom, which exemptions depend upon, among other things,
the bona fide nature of Optionee’s investment intent as expressed herein. Optionee understands that the Securities must be held
indefinitely unless they are subsequently registered under the Securities Act, or an exemption from such registration and qualification
is available. Optionee further acknowledges and understands that the Company is under no obligation to register the Securities. Optionee
understands that the certificate evidencing the Securities will be imprinted with a legend which prohibits the transfer of the Securities
unless they are registered and qualified, or such registration and qualification is not required in the opinion of counsel satisfactory
to the Company. Optionee acknowledges and understands that the California Commissioner of Corporations has made no finding or determination
relating to the fairness for investment of the Securities offered by the Company and that the Commissioner has not and will not recommend
or endorse the Securities.

 

(c) Optionee is familiar
with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited
public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering
subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time
of the grant of the Option to Optionee, the exercise will be exempt from registration under the Securities Act. In the event the Company
becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days
thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold,
subject to the satisfaction of certain of the conditions specified by Rule 144, including: (1) the resale being made through
a broker in an unsolicited “broker’s transaction” or in transactions directly with a market maker (as said term
is defined under the Securities Exchange Act of 1934); and, in the case of an affiliate, (2) the availability of certain public information
about the Company, (3) the amount of Securities being sold during any three (3) month period not exceeding the limitations specified
in Rule 144(e), and (4) the timely filing of a Form 144, if applicable.

 

     

     

    

 

(d) In the event that the
Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited circumstances
subject to the provisions of Rule 144, which requires (i) the resale to occur not less than six months, or, in the event the Company
is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, not less than one year, after the later
of the date the Securities were sold by the Company or the date the Securities were sold by an affiliate of the Company, (ii) in
the case of resales by persons who are not affiliates of the Company (within the meaning of Rule 144), the satisfaction of the conditions
set forth in section (2) of the paragraph immediately above, and (iii) in the case of resales by affiliates of the Company,
the satisfaction of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above. Optionee
acknowledges that a copy of Rule 144 will be delivered to Optionee upon request.

 

(e) Optionee further understands
that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act,
compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144
and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell
private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial
burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their
respective brokers who participate in such transactions do so at their own risk. Optionee understands that no assurances can be given
that any such other registration exemption will be available in such event.

 

(f) Optionee is a resident
and domiciliary of the state or other jurisdiction hereinafter set forth opposite the Optionee’s signature.

 

(g) Optionee understands
and acknowledges that the Company will rely upon the accuracy and truth of the foregoing representations and Optionee hereby consents
to such reliance.

 

IN WITNESS WHEREOF, the undersigned Optionee has
executed this Investment Representation Statement as of       ,       .

 

	 	By:	 
	 	 	Name:
	 	 	 
	 	 	Address: 	 
	 	 	 	 
	 	 	 	 

 

     

     

    

 

NOTICE OF EXERCISE FORM

 

REGENCELL BIOSCIENCE HOLDINGS LIMITED

 

The undersigned _______________, pursuant to the
provisions of the Option, hereby elects to purchase __________ Ordinary Shares (the “Option Shares”) of Regencell Bioscience
Holdings Limited covered by the accompanying Option.

 

Number of Ordinary Shares beneficially owned or
deemed beneficially owned by the Optionee on the date of Exercise: _______________

 

The undersigned intends that payment of the Exercise
Price shall be made as cash exercise:

 

The Optionee shall pay the sum of $______________
by certified or official bank check (or via wire transfer) to the Company in accordance with the terms of the Option.

 

The certificate(s) representing the Option Shares shall be delivered
by:

 

		(a)	certified mail to the designated address, or

 

		(b)	certified mail to the prime broker of the Holder at

 

	Name:	 
	 	 
	Address:	 
	 	 
	Attention: 	 
	 	 
	Tel. No.:	 

 

		(c)	electronically (DWAC Instructions: ___________________), or

 

		(d)	other (specify) _____________________________________

 

If the number of Option Shares shall not be all the Option Shares purchasable
upon exercise of the Option, that a new Option for the balance of the Option Shares purchasable upon exercise of this Option be registered
in the name of the undersigned Optionee or the undersigned’s Assignee as below indicated and delivered to the address stated below.

 

Note: The signature must correspond with the name of the Optionee
as written on the first page of the Option in every particular, without alteration or enlargement or any change whatever, unless the
Option has been assigned.

 

     

     

    

 

Optionee:

 

	Signature	 
	 	 
	Name (please print) 	 
	 	 
	National ID	 
	 	 
	Email	 
	 	 
	Address	 
	 	 
	Date	 

 

Assignee:

 

	Signature	 
	 	 
	Name (please print) 	 
	 	 
	National ID	 
	 	 
	Email	 
	 	 
	Address	 
	 	 
	DateEX-10.1

 Exhibit 10.1 
  

 
 

 
 SERVICE AGREEMENT 

THE UNDERSIGNED: 
  

	1.	 ATAI LIFE SCIENCES N.V., having its registered office in Amsterdam, the Netherlands, (referred to
below as the “Company”); 

 and 
  

	2.	 Florian Brand, residing at the most recent address for the Managing Director in the Company’s personnel
files (referred to below as “Managing Director”); 

 WHEREAS: 

 

	(a)	 The Company is converted into a public company under Dutch law (the date of this conversion considered as the
“Effective Date”), and the articles of association of the Company have been amended and completely readopted. 

  

	(b)	 The Company wishes to engage the services of the Managing Director and the Managing Director wishes to render
such services to the Company. 

  

	(c)	 The General Meeting of the Company (“General Meeting”) has appointed the Managing Director as
a Managing Director of the Company as per the Effective Date. 

  

	(d)	 The parties wish to regulate and record their legal relationship in a contract for services in accordance with
applicable laws. 

  

	(e)	 The parties wish to lay down the conditions pursuant to which the Managing Director will perform work for the
Company in this contract (referred to below as the “Contract”). 

 HEREBY AGREE AS FOLLOWS: 

Article 1 

Commencement/duration/services 
  

	1.	 Provided that the Company is converted into a public company under Dutch law, on the Effective Date the
Managing Director is appointed to the Board of Managing Directors and this Contract shall come into effect. Effective as of the Effective Date, this Contract will supersede any prior agreements between the Managing Director and the Company, its
subsidiaries and affiliated companies. 

  

	2.	 The Managing Director shall control and manage the Company’s business and affairs. 

 

	3.	 The Managing Director will have the powers and duties assigned to him by law and under the Company’s
Articles of Association. 

	4.	 This is a fixed-term contract for the term that the Managing Director is appointed as a Managing Director of
the Company as per the appointment resolution of the General Meeting. In the event of termination of the appointment as a Managing Director, for any reason, or a resignation as managing director by the Managing Director, this Contract shall
terminate at the end of the third month following the month in which the termination of the appointment or the resignation was declared, subject to the Company fulfilling its obligations under Article 4.2 or 4.3 of this Contract, as applicable, if
the Managing Director becomes entitled to the payments and benefits set forth in such Articles in accordance with the terms of this Contract. In the event of a termination of the appointment or a resignation by the Managing Director, the Company
shall be entitled to release the Managing Director from any further activity for the Company. The release of the Managing Director shall be subject to continued payment of the pro rata annual Base Salary in accordance with Article 2.1 of this
Contract, but subject to Article 4.4 of this Contract, and to the offsetting of existing or accrued vacation entitlements in accordance with Article 7 of this Contract. 

 

	5.	 The Company provides the Managing Director with all competence and information that are needed for a good
performance of the services. In return, the Managing Director shall provide to the Company all information as it may request. 

  

	6.	 The Managing Director shall act in the best interest of the Company and to the best of his abilities in a
skilled and professional manner in accordance with applicable laws, the Company’s Articles of Association, the instructions of the General Meeting from time to time, the Corporate Governance Guidelines for the Management Board, the Dutch
Corporate Governance Code, and other applicable rules and code of conduct. 

  

	7.	 By entering into this Contract, the Managing Director confirms that he is able to allocate sufficient time to
meet the requirements of his role. A discussion with the General Meeting or the Board of Supervisory Directors, as applicable, is required before he accepts additional commitments that might affect the time he is able to devote to his role as a
member of the Board of Managing Directors. 

  

	8.	 If the Managing Director foresees that he will not, not timely or not sufficiently, be able to comply with his
obligations, he must inform the Company immediately. 

  

	9.	 The Managing Director will use his best endeavors to attend all board meetings, the Company’s annual
general meeting and other shareholder meetings from time to time, and all meetings of any board committees of which the Managing Director is from time to time a member. If the Managing Director is unable to attend any meeting, he will notify the
Company thereof a reasonable period in advance of such meeting wherever possible. 

  

	10.	 In addition to services above the Managing Director may also be asked to attend other functions, meetings or
events relating to the Company from time to time and, subject to the Managing Director’s availability, the Managing Director may from time to time be consulted by other directors on matters to which the Managing Director’s experience,
knowledge or skills are of relevance. 

  
 2 

	11.	 The tasks and duties assigned to the Managing Director in this Contract shall apply mutatis mutandis in case of
the assumption of executive functions in affiliated companies of the Company. 

  

	12.	 To the extent applicable, the Managing Director represents and warrants that he possesses and will maintain all
licenses, permits, regulatory approvals, and qualifications necessary to perform the services under this Contract. 

Article 2 
 Remuneration
/ Expenses 
  

	1.	 From the Effective Date, for the performance of his services under this Contract, the Managing Director shall
receive a fixed annual gross salary of USD 550,000 (the ”Base Salary”), payable in twelve equal instalments – after deduction of any taxes and social security contributions if applicable – at the end of each calendar
month. 

  

	2.	 The Company shall cover up to a maximum of USD 960 monthly of the contributions paid by the Managing Director
to his private health and long-term care insurance. 

  

	3.	 During the term of the Contract, the Managing Director shall be eligible to participate in an annual incentive
program established by the Board of Supervisory Directors of the Company. The Managing Director’s annual short-term incentive compensation under such incentive program (the “Bonus”) shall be targeted at 50% of the Base Salary
(the “Target Bonus”). The Bonus payable under the incentive program shall be based on the achievement of performance goals to be determined by the Board of Supervisory Directors. The payment of any Bonus pursuant to the incentive
program shall be subject to Managing Director’s continued services with the Company through the applicable date(s) of payment. 

  

	4.	 With the payment of the remuneration under this Contract, the activities of the Managing Director for other
companies affiliated with the Company shall also be compensated and the Managing Director shall not be entitled to any additional compensation for such activities or services. 

 

	5.	 Travel costs and other expenses incurred by the Managing Director in the course of the performance of his
proper Managing Director duties in connection with business-related travel shall be reimbursed by the Company in accordance with the Company’s policy. 

  

	6.	 The Company shall bear the costs for a business mobile phone including the associated contract, device and call
costs. The Managing Director may also use the mobile phone privately to a reasonable extent. If the Managing Director uses his private mobile phone and the associated mobile phone contract for business purposes, the Company shall alternatively
reimburse the costs of the private mobile phone contract. 

  
 3 

	7.	 The Company shall bear the costs of a company apartment for the Managing Director outside Berlin if this is
reasonable from an economic point of view. The costs of the apartment should be reasonable, in proportion to the activity and length of stay at the respective location and, in particular, replace any accommodation costs otherwise incurred (such as
hotel costs). With regard to the costs, the principle of economic efficiency and reasonableness always applies. 

Article 3 
 Premature
termination and dissolution of this Contract 
  

	1.	 Without prejudice to the provisions of Article 1.4, the Company may prematurely terminate this Contract without
Cause and with immediate effect, subject to the Company fulfilling its obligations under Article 4.2 or 4.3 of this Contract, as applicable. 

  

	2.	 Either of the parties may terminate this Contract (whether or not prematurely) with immediate effect, without
observing any notice period and without any notice of default or judicial intervention being required, in full or in part, by registered letter, stating the reasons, if the other party: 

 

	 	2.1	 applies for a suspension of payment; 

 

	 	2.2	 has been declared bankrupt; 

 

	 	2.3	 is dissolved and/or wound up or if a petition for its dissolution or
winding-up has been filed; or 

  

	 	2.4	 is a legal entity and a third party gains control over or obtains a decisive vote in respect of that legal
entity. 

  

	3.	 The Company may terminate this Contract (whether or not prematurely) with immediate effect, without observing
any notice period and without any notice of default or judicial intervention being required on any ground whatsoever, in full or in part, by registered letter, for Cause (as defined below). A termination of the Contract on the basis of this
provision will have as a consequence the end of the Managing Director’s membership on the Board of Managing Directors in accordance with applicable laws. 

 

	4.	 If the Managing Director’s with Company terminates for any reason, the Managing Director shall be deemed
to have resigned at that time from any and all positions that he may have held with Company or any affiliates, as designated by Company or any affiliates, or any other positions that he held on behalf of Company or any affiliates. If, for any
reason, this Article 3.4 is deemed insufficient to effectuate such resignation, following a reasonable opportunity to review, the Managing Director hereby authorizes Company and any affiliates to execute any documents or instruments consistent
herewith which Company may deem necessary or desirable to effectuate such resignation or resignations, and to act as his attorney in fact. The Company will provide the Managing Director with a copy of such documents. 

  
 4 

 Article 4 

Payments upon termination 
  

	1.	 If the Contract shall terminate as a result of Managing Director’s termination by the Company for Cause,
or Managing Director’s termination or resignation from the Company for any reason other than Good Reason, death or illness, then Managing Director shall not be entitled to any severance payments or benefits, except for payment of the Accrued
Obligations and as required by applicable law. For purposes of this Contract, “Accrued Obligations” means (i) the portion of the Managing Director’s Base Salary earned through the date of termination of this Contract, but
not yet paid to the Managing Director; (ii) any expense reimbursements owed to the Managing Director pursuant to Article 2; (iii) any vested benefits owed to the Managing Director under any qualified retirement plan or health and welfare
benefit plan in which the Managing Director was a participant in accordance with applicable law and the provisions of such plan, and (iv) any accrued but untaken holidays in accordance with the Company’s holiday policy. For the avoidance
of doubt, nothing in this Contract shall result in the termination of Managing Director’s vested stock options and the terms of the applicable option agreement (including the applicable equity plan) will control. 

 

	2.	 If the Contract is terminated by the Company without Cause, or due to Managing Director’s resignation with
Good Reason, and subject to Managing Director signing on or before the 21st day following the termination of this Contract, and not revoking, a release of claims in substantially the form attached
hereto as Exhibit A, which form may be updated with any changes as may be reasonably necessary under applicable law, which change(s) will not be reasonably withheld by the Managing Director (to the extent consent is required), to effectuate
the intent of the release of claims (the “Release”) and Managing Director’s continued compliance with the restrictive covenants in articles 5 and 8, Managing Director shall receive, in addition to the Accrued Obligations, the
following: 

  

	 	(i)	 an amount equal to 1.0 times the Managing Director’s then-current Base Salary, payable in the form of
salary continuation in regular installments over the twelve (12) month period following the termination of this Contract in accordance with the Company’s normal payroll practices; 

 

	 	(ii)	 the earned but unpaid portion of the Bonus, if any, for any calendar year ending prior to the calendar year in
which the termination of the Contract occurs (as determined by the Board of Managing Directors in good faith for the performance year). 

  

	3.	 In lieu of the payments and benefits set forth in article 4.2, in the event the Contract is terminated by the
Company without Cause, or due to Managing Director’s resignation with Good Reason, in either case, on or within twelve (12) months following the date of a Change in Control, subject to Managing Director signing on or before the 21st day following the termination of this Contract, and not revoking, the Release and Managing Director’s continued compliance with the restrictive covenants in articles 5 and 8, Managing Director
shall receive, in addition to the Accrued Obligation, but in lieu of the payments and benefits set forth in article 4.2, the following: 

  

	 	(i)	 an amount in cash equal to the sum of (A) 18 months of the Managing Director’s then-current Base Salary,
and (B) 1.5 times the then-current Target Bonus, payable in a lump sum within sixty (60) days following the termination of this Contract (the “Change in Control Payment”); 

  
 5 

	 	(ii)	 the earned but unpaid portion of the Bonus, if any, for any calendar year ending prior to the calendar year in
which the termination of the Contract occurs (as determined by the Board of Managing Directors in good faith for the performance year); and 

  

	 	(iii)	 all unvested equity or equity-based awards that vest solely based on the passage of time and are then held by
the Managing Director under any Company equity compensation plans shall immediately become 100% vested (with any such awards that vest in whole or in part based on the attainment of performance-vesting conditions being governed by the terms of the
applicable award agreement), and the time period that the Managing Director may have to exercise any stock options shall be extended for a period equal to the shorter of (x) 18 months or (y) the remaining term of the applicable stock option.

  

	4.	 The Managing Director acknowledges that, in the event of termination of this Contract under Article 4.2 or
Article 4.3, the payments and benefits set forth in Article 4.2 and Article 4.3, as applicable, represent all payments and benefits owed to the Managing Director by the Company in connection with the termination of the Managing Director’s
service with the Company and the Managing Director shall not be entitled to any additional notice period or continued payment of his Base Salary pursuant to any other provision of this Contract. 

 

	5.	 The following definitions shall have the following meanings for purposes of this Contract:

 (a) Cause. The Company shall have “Cause” to terminate this Contract: 

 

	 	(i)	 the commission by the Managing Director of, or indictment of the Managing Director for, (A) a felony or
(B) any misdemeanor involving moral turpitude, deceit, or intentional fraud (“indictment,” for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination of probable
or reasonable cause with respect to such offense is made); 

  

	 	(ii)	 the Managing Director’s gross negligence, willful misconduct or repeated insubordination with respect to
the Company or any affiliate; 

  

	 	(iii)	 the Managing Director’s use of alcohol or illegal drugs in a manner that impairs the performance of the
Managing Director’s obligations under this Contract; 

  

	 	(iv)	 the Managing Director has engaged in misconduct that violates any applicable law prohibiting workplace
harassment, including but not limited to sexual harassment, and/or discrimination, or that violates any written policy of the Company adopted to prevent workplace harassment or discrimination; 

 

	 	(v)	 the Managing Director’s engagement in conduct which the Managing Director knows or reasonably should have
known would cause the Company to violate any law; or 

  

	 	(v)	 (A) repeated failure of Managing Director to substantially perform his duties hereunder or (B) the Managing
Director’s material breach of any of the material obligations of the Managing Director under this Contract if such breach is not cured within five (5) days of notice of such breach to the Managing Director from the Board of Supervisory
Directors. 

 (b) Change in Control. “Change in Control” shall mean: 

 

	 	(i)	 any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended (the “Act”) (other than Company, any affiliate, 

  
 6 

	 	
or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of Company or any affiliate), together with all “affiliates” and
“associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule
13d-3 under the Act), directly or indirectly, of securities of Company representing fifty percent (50%) or more of the combined voting power of Company’s then outstanding securities having the right to
vote in an election of the Board of Supervisory Directors (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from Company); or 

 

	 	(ii)	 the consummation of (A) any consolidation or merger of Company where the shareholders of Company,
immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly,
shares representing in the aggregate more than fifty percent (50%) of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer
(in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. 

Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred (x) as a result of an initial public offering or
direct listing of the Company’s equity securities or other financing transaction, (y) as a result of a transaction that occurs to change the domicile of the Company, or (z) for purposes of the foregoing clause (i) solely as the
result of an acquisition of securities by the Company that, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to fifty percent (50%) or more of
the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than
pursuant to a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from Company) and immediately thereafter beneficially owns fifty percent (50%) or more of the combined voting power of all of
the then outstanding Voting Securities, then a Change in Control shall be deemed to have occurred for purposes of the foregoing clause (i). 

(d) Good Reason. “Good Reason” shall mean (i) the Company’s material breach of any of the material obligations of the
Company under this Contract or (ii) the Managing Director is involuntarily removed as a member of the Management Board. Notwithstanding the foregoing, no Good Reason under clause (i) will have occurred unless and until: (a) Managing
Director resigns within ninety (90) days of Managing Director’s knowledge of the occurrence of the facts and circumstances underlying the Good Reason event, (b) Managing Director has provided the Company, within sixty (60) days
of Managing Director’s knowledge of the occurrence of the facts and circumstances underlying the Good Reason event, written notice stating with specificity the applicable facts and circumstances underlying such finding of Good Reason;
(c) the Company has had an opportunity to cure the same within thirty (30) days after the receipt of such notice; and (d) the Company shall have failed to so cure within such period. 

  
 7 

 Article 5 

Noncompetition / Non solicitation 
  

	1.	 Noncompetion; During the Term and the period commencing on the Date of Termination and ending on the
first anniversary of the Date of Termination, the Managing Director shall not, without the Company’s prior written consent, whether individually, as a director, manager, member, stockholder, partner, owner, employee, consultant, advisor, agent,
or in any other capacity, other than on behalf of the Company or any Affiliates, directly or indirectly, organize, establish, own, operate, manage, control, engage in, participate in, invest in, permit the Managing Director’s name to be used
by, act as a consultant or advisor to, render services for (alone or in association with any person, firm, corporation or business organization), or otherwise assist any person that engages in any Competitive Business (as defined below) anywhere in
the world. Notwithstanding the prior sentence, nothing shall prevent the Managing Director from owning, for passive investment purposes not intended to circumvent this Contract, less than five percent (5.0%) of the publicly-traded or privately-held
common equity securities of any such person. The Managing Director agrees and acknowledges that the Managing Director has the means to support the Managing Director and the Managing Director’s dependents other than by violating the provisions
of this Article 5.1, and the provisions of this Article 5.1 will not impair such ability. For purposes of this Section 9, “Competitive Business” shall mean the research, development and/or commercialization (collectively,
“Develop”) of any compound that has psychedelic, entactogenic and/or oneirophrenic properties, which is being Developed for the treatment of a mental health disease or disorder, and which Development would be competitive to any
business conducted by the Company or any Affiliate or any business of which the Managing Director knows the Company or any Affiliate has specific plans to engage in on the Date of Termination. 

 

	2.	 Nonsolicitation; During the term of this Contract and for a period of two (2) years after the
termination of this Contract, the Managing Director will not directly or indirectly (i) solicit any individual who, at the time of the solicitation is, or within the six (6) month prior to the termination of this Contract was, an employee
of or consultant to Company or any affiliate to terminate his relationship with the Company or any affiliate; or (ii) attempt to induce any clients, licensors, licensees or customers of Company or any affiliate to terminate, breach or
materially change any contractual or other relationship with Company or any affiliate. 

  

	3.	 Use of Material Undisclosed Information. The Managing Director acknowledges that it is the policy of the
Company that all employees are prohibited from benefiting from the possession of material undisclosed information concerning the Company or any affiliated companies, providers or business partners (in each case provided they are listed on a national
or international securities exchange) with respect to trading in the public securities markets. The Managing Director covenants and agrees that he will abide by such policy. 

 

	4.	 Reasonable Restrictions. The Managing Director further acknowledges and agrees that the provisions of
this Article 5 are reasonable and properly required for the adequate protection of the Company’s business. The Managing Director represents and warrants that (i) the restrictive provisions of this Article 5 will not substantially impair
the Managing Director’s ability to earn 

  
 8 

	 	
a livelihood, nor will such provisions cause the Managing Director undue hardship, and (ii) the Managing Director has fully and carefully read this Contract and has been advised by the
Company to consult with an attorney of the Managing Director’s choice and that the Managing Director fully understands and agrees with the provisions of this Contract, including this Article 5. 

 

	5.	 Blue Penciling. If, at the time of enforcement of any of the provisions of this Article 5, a court shall
hold that the duration, scope, geographic area or other restrictions stated herein are unreasonable under circumstances then existing, the Managing Director and the Company agree that the maximum duration, scope, geographic area or other
restrictions deemed reasonable under such circumstances by such court shall be substituted for the stated duration, scope, geographic area or other restrictions. 

Article 6 
 Incapacity
for work / Payment of remuneration in the event of incapacity for work / Benefits in case of death 
  

	1.	 The Managing Director is obliged to notify the Company immediately of any inability to work, whether for health
or other reasons, and its expected duration. In the event of prevention from work (e.g. due to illness) for a period of more than three calendar days, the Managing Director is obliged to inform the Company on the fourth day of the prevention from
work about the reason and duration of the prevention from work and to point out urgent tasks to be completed. In the event of illness, the Managing Director shall be obliged to submit to the Company a doctor’s certificate of incapacity for work
and its expected duration from the third calendar day of absence. The Managing Director hereby assigns to the Company any (damage) claims in the amount of the payments made or to be made by the Company under this provision to which it is entitled
against third parties on account of the inability to work. The Managing Director is obliged to provide the Company without delay with all information necessary for the assertion of such (damage) claims and to hand over the documents required for
this purpose. 

  

	2.	 If the Managing Director is prevented from work due to illness or other similar reasons for which he is not
responsible, he shall be entitled to continued payment of his Base Salary in accordance with Article 2.1 during the period of such prevention due to illness or other similar reasons, but in no event for more than six months after the occurrence of
the prevention and for no longer than the duration of his appointment to the Management Board. However, the Base Salary shall be reduced by the amounts, which the Managing Director receives from third parties for the period of his incapacity to
work, in particular from health insurance or daily benefits insurance. The Managing Director is obliged to inform the Company immediately and completely of such payments. 

 

	3.	 If the Managing Director dies during the term of this Contract, his widow and his dependent children shall be
entitled as joint and several creditors to continued payment of his Base Salary in accordance with Article 2.1 for the month of death and the six following months, but limited until the date by which this Contract would have terminated independently
of the death of the 

  
 9 

	 	
Managing Director. The beneficiary(s) shall accept that any payment obtained from any fund and/or insurance as death benefit will be offset against the aforementioned payments. An aggregation
shall however not take place insofar, as (insurance) payments are based on own performance of the Managing Director. 

Article 7 
 Vacation

  

	1.	 The Managing Director is entitled to paid vacation of 30 working days per calendar year. If service starts or
ends during a given year, vacation in the relevant calendar year shall be granted pro rata temporis. 

  

	2.	 Working days within the meaning of this provision are all calendar days with the exception of Saturdays,
Sundays and legal holidays at the Managing Director’s place of service. 

  

	3.	 No leave shall be carried over to the next calendar year, irrespective of the reasons why the leave cannot be
taken. 

  

	4.	 In the event of termination of this contractual relationship, no vacation compensation shall be paid.

 Article 8 

Confidentiality clause 
  

	1.	 Both during the term of this Contract and after its termination, the Managing Director may not inform third
parties, in any manner whatsoever, either directly or indirectly, about any details concerning the business of the Company or of companies affiliated with the Company in respect of or related to customers or business relations of the Company.

  

	2.	 Without prejudice to the above, without the Company’s prior written consent the Managing Director may not
provide third parties with information or data carriers relating to the Company or to companies affiliated with the Company, take the same outside the Company’s company or cause the same to be taken outside the Company’s company.

  

	3.	 The term “affiliated companies” as used in paragraphs 1 and 2 of this Article in any event includes
companies that form part of the same group as the Company and companies in which the Company participates in any manner whatsoever. 

  

	4.	 The Managing Director may be obligated, contrary to the provisions of Article 6:92(1), (2) and (3) of the
Dutch Civil Code, to comply with paragraphs 1 and 2 of this Article and/or to pay full damages in respect of non-compliance with any provision of this Article. 

  
 10 

 Article 9 

Liability and insurance 

The Company has taken out a liability insurance in connection with the performance of the services by the Managing Director under this
Contract, which applies subject to the terms and conditions thereof. 
 Article 10 

Return of documents upon termination of this Contract 

All documents, records and copies thereof and other data carriers that come into the Managing Director’s possession for the benefit of
the Company during the term of this Contract are and will remain the Company’s property and will be made available to the Company or, with the consent of the Company (not to be unreasonably withheld) destroyed by the Managing Director on the
day on which this Contract ends. 
 Article 11 

Applicable law and disputes 
  

	1.	 This Contract is governed by Dutch law. 

 

	2.	 The Dutch courts have exclusive jurisdiction to hear and decide on any disputes directly or indirectly arising
from this Contract. 

 So agreed between the parties and signed in duplicate originals 

 

			
	on                                  2021	  	on                                  2021
		
	the Company	  	the Managing Director
		
	                                	  	                                
	ATAI Life Sciences N.V.	  	Florian Brand
	Florian Brand	  	

  
 11 

 EXHIBIT A 

Separation Agreement and Release 

This Separation Agreement and Release (“Agreement”) is made by and between Florian Brand (“Managing
Director”) and ATAI Life Sciences N.V. (together with any successor, the “Company”) (collectively referred to as the “Parties” or individually referred to as a “Party”). 

WHEREAS, the Parties have previously entered into that certain Service Agreement, dated as of
            , 2021 (the “Service Agreement”); and 

WHEREAS, in connection with Managing Director’s termination of service with the Company or a subsidiary or affiliate of the
Company effective             , 20    , the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and
demands that Managing Director may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of or in any way related to Managing Director’s service
relationship with or separation from the Company or its subsidiaries or affiliates but, for the avoidance of doubt, nothing herein will be deemed to release any rights or remedies in connection with Managing Director’s ownership of
vested equity securities of the Company or one if its affiliates, vested benefits or Managing Director’s right to indemnification by the Company or any of its affiliates pursuant to contract or applicable law (collectively, the
“Retained Claims”). 
 NOW, THEREFORE, in consideration of the severance payments and benefits described in Article 4.[2/3]
of the Service Agreement, which, pursuant to the Service Agreement, are conditioned on Managing Director’s execution and non-revocation of this Agreement, and in consideration of the mutual
promises made herein, the Company and Executive hereby agree as follows: 
 1.    Severance Payments. The Company
agrees to provide Managing Director with the severance payments and benefits described in Article 4.[2/3] of the Service Agreement, payable at the times set forth in, and subject to the terms and conditions of, the Managing Director
Agreement. 
 2.    Release of Claims. Managing Director agrees that, other than with respect to the
Retained Claims, the foregoing consideration represents settlement in full of all outstanding obligations owed to Managing Director by the Company, any of its direct or indirect subsidiaries and affiliates, and any of its or their current and
former officers, directors, equityholders, managers, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries and predecessor and successor
corporations and assigns (collectively, the “Releasees”). Managing Director, on Managing Director’s own behalf and on behalf of any of Managing Director’s affiliated companies or entities and any of
their respective heirs, family members, executors, agents, and assigns, other than with respect to the Retained Claims, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or
pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Managing Director may possess against any of the Releasees
arising from any omissions, acts, facts, or damages that have occurred up until and including the date Managing Director signs this Agreement. Managing Director agrees that the release set forth in this section shall be and remain in effect
in all respects as a complete general release as to the matters released. This release does not release claims that cannot be released as a matter of law. This release further does not release claims for breach of Article 4.[2/3] of the Service
Agreement. 

  
 12 

 3.    Severability. In the event that any provision or any
portion of any provision hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect
without said provision or portion of provision. 
 5.    No Oral Modification. This Agreement may only be amended
in a writing signed by Managing Director and a duly authorized officer of the Company. 
 6.    Governing
Law. This Agreement is governed by Dutch law. 
 7.    Voluntary Execution of Agreement. Managing Director
understands and agrees that Managing Director executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Managing Director’s
claims against the Company and any of the other Releasees. Managing Director acknowledges that: (a) Managing Director has read this Agreement; (b) Managing Director has not relied upon any representations or statements made by the Company
that are not specifically set forth in this Agreement; (c) Managing Director has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of Managing Director’s own choice or has elected not to
retain legal counsel; (d) Managing Director understands the terms and consequences of this Agreement and of the releases it contains; and (e) Managing Director is fully aware of the legal and binding effect of this Agreement. 

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. 

 

							
	 	 	 	 	MANAGING DIRECTOR
			
	Dated:                                 	 		 	         

		 		 	Florian Brand
			
	 	 	 	 	ATAI Life Sciences N.V.
				
	Dated:                                 	 		 	By:	 	         

		 		 		 	Name:
		 		 		 	Title:

  
 13

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