Document:

Exhibit 10.26

 

APTORUM
GROUP LIMITED

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of May 15, 2018, by and between Aptorum
Group Limited, a Cayman Islands company (the “Company”), and the Investors set forth on the signature pages affixed
hereto (each an “Investor” and collectively the “Investors”).

 

WHEREAS,
the Investors wish to purchase from the Company, and the Company wishes to sell and issue to the Investors, upon the terms and
conditions stated in this Agreement, in the aggregate a minimum of USD$500,000 (the “Minimum Amount”) and a maximum
of USD$10,000,000 (the “Maximum Amount”) of Series A convertible promissory notes (the “Notes”) of the
Company, at a purchase price of USD$10,000 per Note (subject to adjustment), automatically convertibleinto shares (the “Converted
Shares”) of the Company’s Class A ordinary shares with par value USD$1.00 each (the “Class A Shares”)
at a price of 56% discount to the actual price per Class A Share to be issued in an IPO (defined herein below) at the time that
the Company consummates an initial closing of the IPO, and have the rights and preferences set forth in the form of Series A Convertible
Note (the “Form of Notes”) attached hereto as Exhibit A, upon the terms and conditions set forth in this Agreement;

 

WHEREAS,
the Notes and the Converted Shares issued pursuant to this Agreement are together referred to herein as the “Securities”;
and

 

WHEREAS,
in connection with the Investors’ purchase of the Securities, the Investors will receive certain rights to participate in
the proposed initial public offering of Company stock, and will be subject to certain restrictions on the transfer of the Securities,
all as more fully set forth in this Agreement;

 

NOW,
THEREFORE, in consideration of the mutual terms, conditions and other agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties
hereto hereby agree to the sale and purchase of the Securities as set forth herein.

 

1. Definitions.

 

For
purposes of this Agreement, the terms set forth below shall have the corresponding meanings provided below.

 

“1933
Act” means the Securities Act of 1933, as amended.

 

“1934
Act” means the Securities Exchange Act of 1934, as amended.

 

“Affiliate”
shall mean, with respect to any specified Person, (i) if such Person is an individual, the spouse, heirs, executors, or legal
representatives of such individual, or any trusts for the benefit of such individual or such individual’s spouse and/or
lineal descendants, or (ii) otherwise, another Person that directly, or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, the Person specified. As used in this definition, “control” shall
mean the possession, directly or indirectly, of the sole and unilateral power to cause the direction of the management and policies
of a Person, whether through the ownership of voting securities or by contract or other written instrument.

 

“Blue
Sky Application” is defined in Section 5.4(a) hereto.

 

    

     

    

 

“Business
Day” shall mean any day on which banks located in New York, New York and Hong Kong are not required or authorized by law
to remain closed.

 

“Class
A Shares” is defined in the recitals above.

 

“Closing”
and “Closing Date” are defined in Section 2.2(c).

 

“Company’s
knowledge” means the knowledge of that each of the executive officers and directors (as defined in Rule 405 under the 1933
Act) of the Company, and the knowledge that each such person would have reasonably obtained after making due and appropriate inquiry.

 

“Converted
Shares” is defined in the recitals above.

 

“First
Closing” and “First Closing Date” are defined in Section 2.2(a).

 

“IPO”
shall mean the initial public offering of securities of the Company pursuant to a registration statement filed in accordance with
the requirements of the 1933 Act and the commencement of trading on a U.S. national securities exchange of the Company’s
securities to be issued in such offering.

 

“Liens”
means any mortgage, lien, title claim, assignment, encumbrance, security interest, adverse claim, contract of sale, restriction
on use or transfer or other defect of title of any kind.

 

“Material
Adverse Effect” means a material adverse effect on (i) the assets, liabilities, results of operations, condition (financial
or otherwise), business, or prospects of the Company and its Subsidiaries taken as a whole, (ii) the ability of the Company to
perform its obligations under the Transaction Documents, or (iii) the legality, validity or enforceability of any Transaction
Documents.

 

“Notes”
is defined in the recitals above.

 

“Person”
shall mean an individual, entity, corporation, partnership, association, limited liability company, limited liability partnership,
joint-stock company, trust or unincorporated organization.

 

“Piggyback
Registration” is defined in Section 5.1 hereto.

 

“Placement
Agent” is defined in Section 4.8 hereto.

 

“Private
Placement Term Sheet” means the Company’s Term Sheet/Business Summary and Risk Factors Booklet, dated December 21,
2017, and any amendments or supplements thereto.

 

“Purchase
Price” shall mean the per Note purchase price of USD$10,000 and the aggregate purchase price of up to USD$10,000,000.

 

“Registrable
Securities” shall mean the Converted Shares and any shares issuable upon exercise of any warrants issued to registered broker-dealers
and their affiliates as compensation in connection with the transactions contemplated hereby; provided, however, that a security
shall cease to be a Registrable Security upon (A) sale pursuant to a Registration Statement or Rule 144 or Regulation S under
the 1933 Act, or (B) such security becoming eligible for sale by the Investors pursuant to Rule 144 or Regulation S without volume
limitations.

 

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“Registration
Statement” shall mean any registration statement of the Company filed under the 1933 Act that covers the resale of any of
the Registrable Securities pursuant to the provisions of this Agreement, amendments and supplements to such Registration Statement,
including post-effective amendments, all exhibits and all material incorporated by reference in such Registration Statement.

 

“Regulation
D” is defined in Section 3.7 hereto.

 

“Regulation
S” means Regulation S under the 1933 Act, as amended (or a successor rule).

 

“Rule
144” is defined in Section 6.1(a)(C) hereto.

 

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

 

“Securities”
is defined in the recitals above.

 

“Subsequent
Closing” and “Subsequent Closing Date” are defined in Section 2.2(b).

 

“Subsidiaries”
shall mean any corporation or other entity or organization, whether incorporated or unincorporated, in which the Company owns,
directly or indirectly, any equity or other ownership interest or otherwise controls through contract or otherwise.

 

“Transaction
Documents” shall mean this Agreement, the Form of Notes and the Escrow Deposit Agreement, the exhibits, schedules, appendices
and any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer”
shall mean any sale, transfer, assignment, conveyance, charge, pledge, mortgage, encumbrance, hypothecation, security interest
or other disposition, or to make or effect any of the above.

 

“Underwriter”
is defined in Section 5.2 hereto.

 

“Underwriting
Documents” shall mean an underwriting agreement in customary form and all other agreements and other documents reasonably
requested by an underwriter in connection with an underwritten public offering of equity securities (including, without limitation,
questionnaires, powers of attorney, indemnities, custody agreements and lock-up agreements).

 

2. Sale
and Purchase of Notes.

 

2.1 Subscription
for Notes by Investors. Subject to the terms and conditions of this Agreement, on the Closing Date (as hereinafter defined) each
of the Investors shall severally, and not jointly, purchase, and the Company shall sell and issue to the Investors, the Notes,
in the respective amounts set forth on the signature pages attached hereto in exchange for the Purchase Price.

 

2.2 Closings.

 

(a) First
Closing. Subject to the terms and conditions set forth in this Agreement, the Company shall issue and sell to each Investor, and
each Investor shall, severally and not jointly, purchase from the Company on the First Closing Date, such number of Notes set
forth on the signature pages attached hereto provided that that Investors shall subscribe in an aggregate no less than the Minimum
Amount of Notes (the “First Closing”). The date of the First Closing is hereinafter referred to as the “First
Closing Date.” Notwithstanding anything to the contrary in this Agreement, a maximum of 1,000 Notes may be issued and sold
at the First Closing.

 

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(b) Subsequent
Closing(s). In the event that the Maximum Amount of Notes has not been sold in the First Closing, the Company reserves the right
to issue and sell Notes to other investors (a “Subsequent Closing”). There may be more than one Subsequent Closing;
provided, however that the final Subsequent Closing shall take place within the time periods set forth in the Private Placement
Term Sheet. The date of any Subsequent Closing is hereinafter referred to as a “Subsequent Closing Date”). Notwithstanding
the foregoing, the aggregate maximum number of Notes to be sold at the First Closing and all Subsequent Closings shall be 1,000
Notes.

 

(c) Closing.
The First Closing and any applicable Subsequent Closings are each referred to in this Agreement as a “Closing.” The
First Closing Date and any Subsequent Closing Dates are sometimes referred to herein as a “Closing Date.” All Closings
shall occur within the time periods set forth in the Private Placement Term Sheet at the offices of Hunter Taubman Fischer &
Li LLC, counsel to the Company, at 1450 Broadway, 26th Floor, New York, New York 10018, or remotely via the exchange of documents
and signatures.

 

2.3 Closing
Deliveries. At each Closing, the Company shall deliver to the Investors, against delivery by each Investor of the Purchase Price
(as provided below), duly issued Form of Notes representing the Notes. At each Closing, each Investor shall deliver or cause to
be delivered to the Company the Purchase Price set forth in its counterpart signature page annexed hereto by paying United States
dollars by wire transfer to the following escrow account:

 

	 	Acct.
    Name:	Signature
    Bank, as Escrow Agent for Aptorum Group Limited
	 	ABA
    Number: 	
	 	Swift
    Code:	

	 	Acct
    Number: 	

 

3. Representations,
Warranties and Acknowledgments of the Investors.

 

Each
Investor severally and not jointly represents and warrants to the Company solely as to such Investor that:

 

3.1 Authorization.
The execution, delivery and performance by such Investor of the Transaction Documents to which such Investor is a party have been
duly authorized and will each constitute the valid and legally binding obligation of such Investor, enforceable against such Investor
in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and similar laws of general applicability, relating to or affecting creditors’ rights generally.

 

3.2 Purchase
Entirely for Own Account. The Securities to be received by such Investor hereunder will be acquired for such Investor’s
own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the
1933 Act, and such Investor has no present intention of selling, granting any participation in, or otherwise distributing the
same in violation of the 1933 Act, without prejudice, however, to such Investor’s right at all times to sell or otherwise
dispose of all or any part of such Securities in compliance with applicable federal and state securities laws. Nothing contained
herein shall be deemed a representation or warranty by such Investor to hold the Securities for any period of time. Such Investor
is not a broker-dealer registered with the SEC under the 1934 Act or an entity engaged in a business that would require it to
be so registered.

 

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3.3 Investment
Experience. Such Investor acknowledges that the purchase of the Notes is a speculative investment and that it can bear the economic
risk and complete loss of its investment in the Securities and has such knowledge and experience in financial or business matters
that it is capable of evaluating the merits and risks of the investment contemplated hereby.

 

3.4 Disclosure
of Information. Such Investor has had an opportunity to receive all information related to the Company and the Securities requested
by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions
of the offering of the Securities. Neither such inquiries nor any other due diligence investigation conducted by such Investor
shall modify, amend or affect such Investor’s right to rely on the Company’s representations and warranties contained
in this Agreement. Such Investor acknowledges that it has received and reviewed the Private Placement Term Sheet describing the
offering of the Securities. 

 

3.5 Restricted
Securities. Such Investor understands that the Securities are characterized as “restricted securities” under the U.S.
federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering
and that under such laws and applicable regulations such securities may be resold without registration under the 1933 Act only
in certain limited circumstances.

 

3.6 Legends.
It is understood that, except as provided below, Form of Notes evidencing the Notes and the certificates evidencing the Converted
Shares, when issued and delivered, may bear the following or any similar legend:

 

(A) “The
securities represented hereby may not be transferred unless (i) such securities have been registered for sale pursuant to the
Securities Act of 1933, (ii) such securities may be sold pursuant to Rule 144 or Regulation S under said Act, or (iii) the Company
has received an opinion of counsel reasonably satisfactory to it that such transfer may lawfully be made without registration
under the Securities Act of 1933 or qualification under applicable state securities laws.”

 

(B) If
required by the authorities of any state in connection with the issuance of sale of the Securities, the legend required by such
state authority.

 

3.7 Eligible
Investor. Such Investor is an accredited investor as defined in Rule 501(a) of Regulation D under the 1933 Act (“Regulation
D”) or a “non-U.S. Person” as defined in Regulation S promulgated under the Securities Act. 

 

3.8 If
the Investor is a non-U.S. Person, the Investor further represents the following in connection with the Regulation S compliance.

 

(i) The
Investor is not a U.S. Person as such term is defined under Rule 902 of Regulation S (“U.S. Person”). The Investor
is at the time of the offer and execution of this Agreement, domiciled outside the United States.

 

(ii) The
Investor agrees that all offers and sales of the Securities from the date hereof and through the expiration of any restricted
period set forth in Rule 903 of Regulation S (as the same may be amended from time to time hereafter) shall not be made to U.S.
Persons or for the account or benefit of U.S. Persons and shall otherwise be made in compliance with the provisions of Regulation
S and any other applicable provisions of the Securities Act.

 

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(iii) The
Investor shall not engage in hedging transactions with regard to the Securities unless in compliance with the 1933 Act. This Agreement
and the transactions contemplated herein are not part of a plan or scheme to evade the registration provisions of the Securities
Act, and the Shares are being acquired for investment purposes by the Investor.

 

(iv) The
Investor acknowledges that the Company will refuse to register any transfer of any of the Securities not made in accordance with
the provisions of Regulation S, pursuant to an effective registration statement under the 1933 Act or pursuant to an available
exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act.

 

(v) Investor
acknowledges and agrees that the certificate(s) representing the Securities will bear a legend substantially as follows:

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND ARE RESTRICTED SECURITIES AS THAT TERM IS DEFINED IN RULE 144 UNDER THE SECURITIES ACT. THE SHARES HAVE BEEN
ISSUED IN AN OFFSHORE TRANSACTION BY APTORUM GROUP LIMITED, IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT PROVIDED BY REGULATION S. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED, EITHER
DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED IN REGULATION S) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH REGULATION
S, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE REASONABLE SATISFACTION OF APTORUM GROUP LIMITED. HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

 

3.9 No
General Solicitation. Such Investor did not learn of the investment in the Securities as a result of any public advertising or
general solicitation. The Investor confirms that it has had a substantive pre-existing relationship and direct contact with the
Company and its representatives other than in connection with an IPO, it was not identified or contacted through the marketing
of an IPO and it did not independently contact the Company as a result of the general solicitation by means of a registration
statement.

 

3.10 Brokers
and Finders. No Investor will have, as a result of the transactions contemplated by the Transaction Documents, any valid right,
interest or claim against or upon the Company, any Subsidiary or any other Investor for any commission, fee or other compensation
pursuant to any agreement, arrangement or understanding entered into by or on behalf of such Investor.

 

3.11 Hong
Kong Securities Law Compliance. If applicable, each of the Company and the Investor represents, warrants and agrees that: (i)
it has not offered or sold and will not offer or sell in Hong Kong, by means of any document, any Notes or Securities other than
(a) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) (“Ordinance”)
of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being
a “prospectus” as defined in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to
the public within the meaning of that Ordinance; and (ii) it has not issued or had in its possession for the purposes of issue,
and will not issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement,
invitation or document relating to the Notes or the Securities, which is directed at, or the contents of which are likely to be
accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than
with respect to the Notes or the Securities which are or are intended to be disposed of only to persons outside Hong Kong or only
to “professional investors” as defined in the Ordinance and any rules made under that Ordinance.

 

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4. Representations
and Warranties of the Company.

 

The
Company represents, warrants and covenants to the Investors that:

 

4.1 Organization:
Execution, Delivery and Performance.

 

(a) The
Company and each of its Subsidiaries, if any, is a corporation or other entity duly organized, validly existing and in good standing
under the laws of the jurisdiction in which it is incorporated or organized, with full power and authority (corporate and other)
to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated and
conducted. The Company and each of its Subsidiaries is duly qualified as a foreign corporation to do business and is in good standing
in every jurisdiction in which its ownership or use of property or the nature of the business conducted by it makes such qualification
necessary except where the failure to be so qualified or in good standing would not have a Material Adverse Effect.

 

(b) (i)
The Company has all requisite corporate power and authority to enter into and perform the Transaction Documents and to consummate
the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms hereof and thereof,
(ii) the execution and delivery of the Transaction Documents by the Company and the consummation by the Company of the transactions
contemplated hereby and thereby (including without limitation, the issuance of the Shares, and the issuance and reservation for
issuance of the Converted Shares) have been duly authorized by the Company’s Board of Directors and no further consent or
authorization of the Company, its Board of Directors, or its stockholders, is required, (iii) each of the Transaction Documents
has been duly executed and delivered by the Company by its authorized representative, and such authorized representative is a
true and official representative with authority to sign each such document and the other documents or certificates executed in
connection herewith and bind the Company accordingly, and (iv) each of the Transaction Documents constitutes, and upon execution
and delivery thereof by the Company will constitute, a legal, valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except to the extent limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other laws of general application affecting enforcement of creditors’ rights and general principles of equity that restrict
the availability of equitable or legal remedies.

 

4.2 Notes
and Converted Shares Duly Authorized. The Notes to be issued to each such Investor pursuant to this Agreement, when issued and
delivered in accordance with the terms of this Agreement, will be duly and validly issued and will be fully paid and non-assessable
and free from all taxes or Liens with respect to the issue thereof and shall not be subject to preemptive rights or other similar
rights of stockholders of the Company. The Converted Shares will be duly authorized and reserved for future issuance and, upon
conversion of the Notes in accordance with its terms, will be duly and validly issued, fully paid and non-assessable, and free
from all taxes or Liens with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights
of stockholders of the Company. The Company has reserved from its duly authorized capital stock the maximum number of shares of
ordinary shares issuable pursuant to this Agreement. It is not necessary in connection with the issuance and sale of the Securities
to register the Securities under the 1933 Act or to qualify or register the Securities under applicable U.S. state securities
laws. None of the Company, its Subsidiaries or their respective Affiliates or any Person acting on its or their behalf have engaged
in any “directed selling efforts” within the meaning of Rule 903 of Regulation S.

 

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4.3 Capitalization.
As of the date of this Agreement, the authorized capital stock of the Company consists of (i) 60,000,000 Class A Shares with a
nominal or par value of USD$1.00 each, of which approximately 5,426,381 shares are issued and outstanding or otherwise reserved
for issuance pursuant to securities (other than the Converted Shares) exercisable for, or convertible into or exchangeable for
shares of Class A Shares, and (ii) 40,000,000 Class B Ordinary Shares with a nominal or par value of USDS1.00 each (the “Class
B Shares”), of which 22,437,754 shares are issued and outstanding or otherwise reserved for issuance pursuant to securities
exercisable for, or convertible into or exchangeable for shares of Class B Shares, provided that (A) the Company acting by its
board of directors shall have power to purchase and/or redeem any or all of such shares and to increase or reduce the said capital
of the Company and to sub-divide or consolidate the said shares or any of them subject to the provisions of the Cayman Islands
Company Law (2016 Revision) (as amended) (“Company Law”) and the articles of association (the “Articles”)
of the Company and to issue all or any part of its capital whether original, purchased, redeemed, increased or reduced with or
without any preference, priority or special privilege or subject to any restrictions whatsoever and so that unless the conditions
of issue shall otherwise expressly provide every issue of shares whether stated to be ordinary, preference or otherwise shall
be subject to the powers on the part of the Company hereinbefore provided, (B) the holders of Class A Shares are entitled to one
vote for each such share and Class A shares are not redeemable at the option of the holders and not convertible into shares of
any other class; and (C) the holders of Class B Shares are entitled to ten votes for each such share and the Class B shares are
not redeemable at the option of the holders but convertible into Class A Shares at any time after the issuance at the option of
the holders on 1 to 1 basis. Except as described above, upon the consummation of the transactions contemplated hereby, (i) there
are no outstanding options, warrants, scrip, rights to subscribe for, puts, calls, rights of first refusal, agreements, understandings,
claims or other commitments or rights of any character whatsoever relating to, or securities or rights convertible into or exchangeable
for any shares of capital stock of the Company or any of its Subsidiaries, or arrangements by which the Company or any of its
Subsidiaries is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries, (ii)
there are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of
any of its or their securities under the 1933 Act (except for the registration rights provisions contained herein) and (iii) there
are no anti-dilution or price adjustment provisions contained in any security issued by the Company (or in any agreement providing
rights to security holders) that will be triggered by the issuance of the Shares or the Converted Shares. All of such outstanding
shares of capital stock are, or upon issuance will be, duly authorized, validly issued, fully paid and non-assessable. No shares
of capital stock of the Company are subject to preemptive rights or any other similar rights of the stockholders of the Company
or any Lien imposed through the actions or failure to act of the Company.

 

4.4 No
General Solicitation. Neither the Company nor any person participating on the Company’s behalf in the transactions contemplated
hereby has conducted any “general solicitation,” as such term is defined in Regulation D promulgated under the 1933
Act, with respect to any of the Securities being offered hereby.

 

4.5 No
Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly
or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would
require registration under the 1933 Act of the issuance of the Securities to the Investors. The issuance of the Securities to
the Investors will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes
of any stockholder approval provisions applicable to the Company or its securities.

 

4.6 No
Brokers. Except as set forth in Section 9.1, the Company has taken no action which would give rise to any claim by any person
for brokerage commissions, transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby.

 

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4.7 Disclosure.
All information relating to or concerning the Company or any of its Subsidiaries, officers, directors, employees, customers or
clients: (i) set forth in this Agreement and/or (ii) as disclosed in any exhibit or certification thereto is true and correct
in all material respects and the Company has not omitted to state any material fact necessary in order to make the statements
made herein or therein, in light of the circumstances under which they were made, not misleading.

 

4.8 Form
D; Blue Sky Laws. To the extent applicable, the Company agrees to file a Form D with respect to the Securities as required under
Regulation D and to provide a copy thereof to Boustead Securities, LLC (the “Placement Agent”) promptly after such
filing. The Company shall, on or before the Closing Date, take such action as the Company shall reasonably determine is necessary
to qualify the Securities for sale to the Investors in the applicable closing pursuant to this Agreement under applicable securities
or “blue sky” laws of the states of the United States (or to obtain an exemption from such qualification), and shall
provide evidence of any such action so taken to the Placement Agent on or prior to the Closing Date.

 

5. Registration
Rights.

 

5.1 Participation
in Registrations. Following an IPO, whenever the Company proposes to register any of its securities under the 1933 Act, whether
for its own account or for the account of another stockholder (except for the registration of securities (A) to be offered pursuant
to an employee benefit plan on Form S-8 or (B) pursuant to a registration made on Form S-4, or any successor forms then in effect)
at any time and the registration form to be used may be used for the registration of the Registrable Securities (a “Piggyback
Registration”), it will so notify in writing all holders of Registrable Securities no later than the earlier to occur of
(i) the tenth (10th) day following the Company’s receipt of notice of exercise of other demand registration rights, or (ii)
thirty (30) days prior to the anticipated filing date. Subject to the provisions of this Agreement, the Company will include in
the Piggyback Registration all Registrable Securities, on a pro rata basis based upon the total number of Registrable Securities
with respect to which the Company has received written requests for inclusion within fifteen (15) business days after the applicable
holder’s receipt of the Company’s notice.

 

5.2 Underwritten
Offerings. In the event a registration giving rise to the Investors’ rights pursuant to Section 5.1 relates to an underwritten
offering of securities, the Investors’ right to registration pursuant to Section 5.1 shall be conditioned upon its (i) participation
in such underwriting, (ii) inclusion of the Registrable Securities therein and (iii) execution of all underwriting documents requested
by the underwriter with respect thereto (the “Underwriter”). If the managing underwriter gives the Company its written
opinion that the total number or dollar amount of securities requested to be included in the registration exceeds the number or
dollar amount of securities that can be sold, the Company will include the securities in the registration in the following order
of priority: (A) first, all securities the Company proposes to sell; and (B) second, pro rata among all other holders of securities
(including the holders of Registrable Securities) that have registration rights, if any, in each case, on the basis of the dollar
amount or number of securities requested to be included, as the case may be.

 

5.3 Expenses.
All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company
whether or not any Registrable Securities are sold pursuant to the Registration Statement. The fees and expenses referred to in
the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses (A) with respect to filings required to be made with the trading market on which the Common Stock is then listed
for trading, and (B) in compliance with applicable state securities or Blue Sky laws, (ii) printing expenses, (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel and independent public accountants for the Company, and
(v) fees and disbursements of one counsel to the Investors not to exceed $5,000.

 

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5.4 Indemnification.

 

(a) Indemnification
by the Company. The Company will indemnify and hold harmless each Investor and its officers, directors, members, employees and
agents, successors and assigns, and each other person, if any, who controls such Investor within the meaning of the 1933 Act,
against any losses, claims, damages or liabilities, joint or several, to which they may become subject under the 1933 Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: (i) any
untrue statement or alleged untrue statement of any material fact contained in any Registration Statement, any preliminary prospectus
or final prospectus contained therein, or any amendment or supplement thereof; (ii) any blue sky application or other document
executed by the Company specifically for that purpose or based upon written information furnished by the Company filed in any
state or other jurisdiction in order to qualify any or all of the Registrable Securities under the securities laws thereof (any
such application, document or information herein called a “Blue Sky Application”); (iii) the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; (iv)
any violation by the Company or its agents of any rule or regulation promulgated under the 1933 Act applicable to the Company
or its agents and relating to action or inaction required of the Company in connection with such registration; or (v) any failure
to register or qualify the Registrable Securities included in any such registration in any state where the Company or its agents
has affirmatively undertaken or agreed in writing that the Company will undertake such registration or qualification on an Investor’s
behalf and will reimburse such Investor, and each such officer, director or member and each such controlling person for any legal
or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability
or action; provided, however, that the Company will not be liable in any such case if and to the extent that any such loss, claim,
damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission
so made in conformity with information furnished by such Investor or any such controlling person in writing specifically for use
in such Registration Statement or related prospectus.

 

(b) Indemnification
by the Investors. Each Investor agrees, severally but not jointly, to indemnify and hold harmless, to the fullest extent permitted
by law, the Company, its directors, officers, employees, stockholders and each person who controls the Company (within the meaning
of the 1933 Act) against any losses, claims, damages, liabilities and expense (including reasonable attorney fees) resulting from
any untrue statement of a material fact or any omission of a material fact required to be stated in the Registration Statement
or related prospectus or preliminary prospectus or amendment or supplement thereto or necessary to make the statements therein
not misleading, to the extent, but only to the extent that such untrue statement or omission is contained in any information furnished
in writing by such Investor to the Company specifically for inclusion in such Registration Statement or related prospectus or
amendment or supplement thereto. In no event shall the liability of an Investor be greater in amount than the dollar amount of
the proceeds (net of all expense paid by such Investor in connection with any claim relating to this Section 5.4 and the amount
of any damages such Investor has otherwise been required to pay by reason of such untrue statement or omission) received by such
Investor upon the sale of the Registrable Securities included in the Registration Statement giving rise to such indemnification
obligation.

 

    10

     

    

 

(c) Conduct
of Indemnification Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying
party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense
of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person entitled to indemnification
hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses
of such counsel shall be at the expense of such person unless (a) the indemnifying party has agreed to pay such fees or expenses,
or (b) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory
to such person or (c) in the reasonable judgment of any such person, based upon written advice of its counsel, a conflict of interest
exists between such person and the indemnifying party with respect to such claims (in which case, if the person notifies the indemnifying
party in writing that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying
party shall not have the right to assume the defense of such claim on behalf of such person); and provided, further, that the
failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations
hereunder, except to the extent that such failure to give notice shall materially adversely affect the indemnifying party in the
defense of any such claim or litigation. It is understood that the indemnifying party shall not, in connection with any proceeding
in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any time for all such
indemnified parties. No indemnifying party will, except with the consent of the indemnified party, consent to entry of any judgment
or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to
such indemnified party of a release from all liability in respect of such claim or litigation,

 

(d) Contribution.
If for any reason the indemnification provided for in the preceding paragraphs (a) and (c) is unavailable to an indemnified party
or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to
the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion as
is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant
equitable considerations. No person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act
shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation. In no event shall the contribution
obligation of a holder of Registrable Securities be greater in amount than the dollar amount of the proceeds (net of all expenses
paid by such holder in connection with any claim relating to this Section 5.4 and the amount of any damages such holder has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received by it upon
the sale of the Registrable Securities giving rise to such contribution obligation.

 

5.5 Cooperation
by Investor. Each Investor shall furnish to the Company or the Underwriter, as applicable, such information regarding the Investor
and the distribution proposed by it as the Company may reasonably request in connection with any registration or offering referred
to in this Section 5. Each Investor shall cooperate as reasonably requested by the Company in connection with the preparation
of the registration statement with respect to such registration, and for so long as the Company is obligated to file and keep
effective such registration statement, shall provide to the Company, in writing, for use in the registration statement, all such
information regarding the Investor and its plan of distribution of the Shares included in such registration as may be reasonably
necessary to enable the Company to prepare such registration statement, to maintain the currency and effectiveness thereof and
otherwise to comply with all applicable requirements of law in connection therewith.

 

6. Transfer
Restrictions.

 

6.1 Transfer
or Resale. Each Investor understands that:

 

(a) Except
as provided in the registration rights provisions set forth above, the sale or resale of all or any portion or component of the
Securities has not been and is not being registered under the 1933 Act or any applicable state securities laws, and that all or
any portion or component of Securities may not be transferred unless:

 

(A) the
Securities are sold pursuant to an effective registration statement under the 1933 Act,

 

    11

     

    

 

(B) the
Investor shall have delivered to the Company, at the cost of the Company, a customary opinion of counsel that shall be in form,
substance and scope reasonably acceptable to the Company, to the effect that the Securities to be sold or transferred may be sold
or transferred pursuant to an exemption from such registration,

 

(C) the
Securities are sold or transferred to an “affiliate” (as defined in Rule 144 promulgated under the 1933 Act (or a
successor rule) (“Rule 144”)) of the Investor who agrees to sell or otherwise transfer the Securities only in accordance
with this Section 6.1 and who is an Accredited Investor, as such term is defined in Rule 501(a) of Regulation D,

 

(D) the
Securities are sold pursuant to Rule 144, or

 

(E) the
Securities are sold pursuant to Regulation S;

 

and,
in each case, the Investor shall have delivered to the Company, at the cost of the Company, a customary opinion of counsel, in
form, substance and scope reasonably acceptable to the Company. Notwithstanding the foregoing or anything else contained herein
to the contrary, the Securities may be pledged as collateral in connection with a bona fide margin account or other lending arrangement.

 

6.2 Transfer
Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent to issue certificates, registered in
the name of each Investor or its nominee, for any Converted Shares in such amounts as specified from time to time by each Investor
to the Company upon conversion of the Converted Shares in accordance with the terms thereof (the “Irrevocable Transfer Agent
Instructions”). Prior to registration of the Converted Shares under the 1933 Act or the date on which the Converted Shares
may be sold pursuant to Rule 144 without any restriction as to the number of Securities as of a particular date that can then
be immediately sold, all such certificates shall bear the restrictive legend specified in Section 3.6(A) or 3.8(v), as applicable
of this Agreement. Nothing in this Section shall affect in any way the Investor’s obligations and agreement set forth in
Section 6.1 hereof to comply with all applicable prospectus delivery requirements, if any, upon re-sale of the Securities. If
an Investor provides the Company with a customary opinion of counsel, that shall be in form, substance and scope reasonably acceptable
to such counsel, to the effect that a public sale or transfer of such Securities may be made without registration under the 1933
Act and such sale or transfer is effected, the Company shall permit the transfer, and, in the case of the Converted Shares, promptly
instruct its transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such denominations
as specified by such Investor. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Investors, by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the Company acknowledges
that the remedy at law for a breach of its obligations under this Section 6.2 may be inadequate and agrees, in the event of a
breach or threatened breach by the Company of the provisions of this Section, that the Investors shall be entitled, in addition
to all other available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity
of showing economic loss and without any bond or other security being required.

 

6.3 Lock-Up.
Each Investor hereby agrees to take all actions reasonably requested by the Company in connection with the proposed IPO including
the execution of customary lock-up agreements with the Company and/or the underwriter(s) of the IPO, the terms of which shall
provide that (a) the Notes and Converted Shares shall not be sold or otherwise Transferred by the holder(s) of the Notes and/or
Converted Shares for a period of six months period commencing on the date of the commencement of trading on a U.S. national securities
exchange of the Company’s securities to be issued in the IPO and (b) the Company and/or underwriter(s) may require the holder(s)
of the Notes and/or Converted Shares to provide evidence of compliance with such lock-up agreement including through the provision
of account statements for such brokerage accounts holding the Converted Shares.

 

    12

     

    

 

7. Conditions
to Closing of the Investors.

 

The
obligation of each Investor to purchase the Notes at the Closing is subject to the fulfillment to such Investor’s satisfaction,
on or prior to the Closing Date, of the following conditions, any of which may be waived by such Investor (as to itself only):

 

7.1 Representations
and Warranties. The representations and warranties made by the Company in Section 4 hereof qualified as to materiality shall be
true and correct at all times prior to and on the Closing Date, except to the extent any such representation or warranty expressly
speaks as of an earlier date, in which case such representation or warranty shall be true and correct as of such earlier date,
and, the representations and warranties made by the Company in Section 4 hereof not qualified as to materiality shall be true
and correct in all material respects at all times prior to and on the Closing Date, except to the extent any such representation
or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct in
all material respects as of such earlier date. The Company shall have performed in all material respects all obligations and covenants
herein required to be performed by it on or prior to the Closing Date.

 

7.2 Approvals.
The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary or appropriate for
consummation of the purchase and sale of the Securities and the consummation of the other transactions contemplated by the Transaction
Documents, all of which shall be in full force and effect.

 

7.3 Judgments,
Etc. No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any
bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding
shall have been instituted by any governmental authority, enjoining or preventing the consummation of the transactions contemplated
hereby or in the other Transaction Documents.

 

7.4 Company
CEO/CFO Certificate. The Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Executive
Officer or its Chief Financial Officer, dated as of the Closing Date, certifying to the fulfillment of the conditions specified
in subsections 7.1, 7.2 and 7.3.

 

7.5 Company
Secretary Certificate. The Company shall have delivered a Certificate, executed on behalf of the Company by its Secretary, dated
as of the Closing Date, certifying the resolutions adopted by the Board of Directors of the Company approving the transactions
contemplated by this Agreement and the other Transaction Documents and the issuance of the Securities, certifying the current
versions of the Articles of Incorporation and By-laws of the Company and certifying as to the signatures and authority of persons
signing the Transaction Documents and related documents on behalf of the Company. The foregoing certificate shall only be required
to be delivered on the First Closing Date, unless any information contained in the certificate has changed.

 

8. Conditions
to Closing of the Company. The obligations of the Company to effect the transactions contemplated by this Agreement are subject
to the fulfillment at or prior to each Closing Date of the conditions listed below.

 

8.1 Representations
and Warranties. The representations and warranties made by the Investor in Section 3 shall be true and correct in all material
respects at the time of Closing as if made on and as of such date.

 

8.2 Corporate
Proceedings. All corporate and other proceedings required to be undertaken by the Investor in connection with the transactions
contemplated hereby shall have occurred and all documents and instruments incident to such proceedings shall be reasonably satisfactory
in substance and form to the Company.

 

    13

     

    

 

9. Miscellaneous.

 

9.1 Compensation
of Brokers. The Investor acknowledges that it is aware that Boustead Securities, LLC will receive from the Company, in consideration
of its services as placement agent in respect of the transactions contemplated hereby, (i) a success fee of 7% of the Purchase
Price of the Securities purchased by Investors introduced by Boustead Securities, LLC, and 4% of the Purchase Price of the Securities
purchased by Investors procured by the Company, at each Closing, payable in cash, and (ii) at each Closing, a two and one half-year
warrant to purchase a number of Class A Shares equal to 5.5% of the principal amount of the Notes sold at each closing, divided
by and exercisable on a cashless basis, at a 56% discount to the actual price per Class A Share, subject to adjustment, at the
IPO.

 

9.2 Notices.
All notices, requests, demands and other communications provided in connection with this Agreement shall be in writing and shall
be deemed to have been duly given at the time when hand delivered, delivered by express courier, or sent by facsimile (with receipt
confirmed by the sender’s transmitting device) in accordance with the contact information provided below or such other contact
information as the parties may have duly provided by notice.

 

	The Company:	 	 
	 	 	 
	Aptorum Group Limited	With a copy to:	Hunter Taubman Fischer & Li LLC
	17th Floor, Guangdong Investment Tower	 	1450 Broadway, 26th Fl.
	148 Connaught Road	 	New York, New York 10018
	Central, Hong Kong	 	Telephone: +1 (212) 530-2207
	Telephone: +852 2117 6611	 	Facsimile: +1(212) 202-6380
	Facsimile: +852 2850 7286	 	Attention: Louis E. Taubman, Esq.
	Attention: Mr. Ian Huen, Executive Director and Chief Executive Officer	 	 
	 	 	 
	 	 	 
	The Investors:	 	 
	 	 	 
	As per the contact information provided on the signature page hereof.
	 	 	 
	The Placement Agent:	 	 
	 	 	 
	Boustead Securities, LLC	With a copy to:	Pryor Cashman LLP
		 	7 Times Square
		 	New York, NY 10036
	Telephone: +1 (949) 295 1580	 	Telephone: 212-326-0199
	Facsimile: +1 (949) 266-5789	 	Facsimile: 212-326-0806
	Attention: Mr. Keith Moore, CEO	 	Attention: Elizabeth Fei Chen, Esq.
	 	 	 

  

9.3 Survival
of Representations and Warranties. Each party hereto covenants and agrees that the representations and warranties of such party
contained in this Agreement shall survive the Closing.

 

    14

     

    

 

9.4 Entire
Agreement. This Agreement contains the entire agreement between the parties hereto in respect of the subject matter contained
herein and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter
contained herein.

 

9.5 Third
Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and, except for the Placement Agent, which is specifically agreed to be and acknowledged by each party as a third
party beneficiary hereof, is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

9.6 Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither
the Company nor any Investor shall assign this Agreement or any rights or obligations hereunder without the prior written consent
of the other. Notwithstanding the foregoing, but subject to the provisions of Section 6.1 and 6.3 hereof, any Investor may, without
the consent of the Company, assign its rights hereunder to any person that purchases Securities in a private transaction from
an Investor or to any of its “affiliates,” as that term is defined under the 1934 Act.

 

9.7 Publicity.
The Company and the Placement Agent shall have the right to review a reasonable period of time before issuance of any press releases
or SEC or other regulatory filings, or any other public statements with respect to the transactions contemplated hereby; provided,
however, that the Company shall be entitled, without the prior approval of the Placement Agent or the Investors, to make any press
release or SEC or other regulatory filings with respect to such transactions as is required by applicable law and regulations
(although the Placement Agent shall be consulted by the Company in connection with any such press release prior to its release
and shall be provided with a copy thereof and be given an opportunity to comment thereon).

 

9.8 Binding
Effect; Benefits. This Agreement and all the provisions hereof shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns; nothing in this Agreement, expressed or implied, is intended to confer
on any persons other than the parties hereto or their respective successors and permitted assigns, any rights, remedies, obligations
or liabilities under or by reason of this Agreement.

 

9.9 Amendment;
Waivers. All modifications, amendments or waivers to this Agreement shall require the written consent of both the Company and
a majority in interest of the Investors (based on the number of Shares purchased hereunder).

 

9.10 Applicable
Law: Disputes. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard
to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including
with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert
in any Action, any claim that it is not personally subject to the jurisdiction of any such court, that such Action is improper
or is an inconvenient venue for such Action. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such Action by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action to enforce any
provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 5.4, the prevailing
party in such Action shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs
and expenses incurred with the investigation, preparation and prosecution of such Action. For purposes of this Section “Action”
means any notice of noncompliance or violation, or any claim, demand, charge, action, suit, litigation, audit, settlement, complaint,
stipulation, assessment or arbitration, or any request (including any request for information), inquiry, hearing, proceeding or
investigation, by or before any federal, state, local, foreign or other governmental, quasi-governmental or administrative body,
instrumentality, department or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other
similar dispute-resolving panel or body.

 

    15

     

    

 

9.11 Further
Assurances. Each party hereto shall do and perform or cause to be done and performed all such further acts and shall execute and
deliver all such other agreements, certificates, instruments and documents as any other party hereto reasonably may request in
order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

9.12 Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which
taken together shall constitute one and the same instrument. This Agreement may also be executed via facsimile or .pdf transmission,
which shall be deemed an original.

 

9.13 WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY UNDER THIS
AGREEMENT, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY,
UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

[Signature
Pages Immediately Follow]

 

    16

     

    

 

IN
WITNESS WHEREOF, the undersigned Investors and the Company have caused this Securities Purchase Agreement to be duly executed
as of the date first above written.

 

	 	Aptorum Group Limited
	 	 
	 	By:	 
	 	 	Name:	Ian Huen
	 	 	Title:	Executive Director & CEO

  

	 	INVESTORS:
	 	 
	 	The Investors executing the Signature Page in the form attached hereto as Annex A and delivering the same to the Company or its agents shall be deemed to have executed this Agreement and agreed to the terms hereof.

 

    17

     

    

 

Annex
A

Securities Purchase Agreement

Investor Counterpart Signature Page

 

The
undersigned desiring to (i) enter into this Securities Purchase Agreement dated as of May 15, 2018 (the “Agreement”),
between the undersigned Aptorum Group Limited, a Cayman Islands company (the “Company”), and the other parties hereto,
in or substantially in the form furnished to the undersigned and (ii) purchase the securities of the Company as set forth below,
hereby agrees to purchase such securities from the Company as of the Closing and further agrees to join the Agreement as a party
thereto, with all the rights and privileges appertaining thereto, and to be bound in all respects by the terms and conditions
thereof. The undersigned specifically acknowledges having read the representations in the Agreement section entitled “Representations,
Warranties and Acknowledgements of the Investors,” and hereby represents that the statements contained therein are complete
and accurate with respect to the undersigned as an Investor.

 

	Name of Investor:	 	All Investors:
	 	 	 	 
	If an entity:	 	Address:	 
	 	 	 	 
	Print Name of Entity:	 	 	 

	 	 	Telephone No.:	 

 

	By:	 	 	Facsimile No.:	 
	 	Name:	 	 	 
	 	Title:	 	 	 

 

	If an individual:	 	 	 
	 	 	 	 	 
	Print Name:	 	 	Email Address:	 
	 	 	 	 	 
	
        Signature:
	 	 	 	 

 

	 	The Investor hereby elects to purchase _________ Notes (to be completed by Investor) under the Securities Purchase Agreement at a price of $10,000 per Note for a total Purchase Price of $_________ (to be completed by Investor).

 

 

18Exhibit 10.27

 

LOCK-UP AGREEMENT

 

Aptorum Group Limited

17th Floor, Guangdong Investment Tower

148 Connaught Road

Central, Hong Kong

Attention: Mr. Ian Huen, Executive Director & CEO

 

Ladies and Gentlemen:

 

The undersigned, an
owner of Series A Convertible Promissory Notes (the “Notes”) of Aptorum Group Limited, a Cayman Islands company
(the “Company”), convertible into shares (the “Convertible Shares”) of Class A ordinary share
of the Company with a nominal or par value of USD$1.00 each (the “Class A Shares”), understands that the Company
proposes to file with the U.S. Securities and Exchange Commission a registration statement for the registration of certain securities
of the Company (the “Registration Statement”) in connection with a proposed initial public offering of such
securities (the “Offering”). The undersigned further understands that Boustead Securities, LLC (the “Underwriter”)
is the proposed underwriter for the Offering.

 

In order to induce
the Underwriter to proceed with the Offering, the undersigned agrees, for the benefit of the Company and the Underwriter, that
should the Offering become effective, the undersigned will not, without the Underwriter’s prior written consent (and, if
required by applicable state blue sky laws, the securities commissions in any such states), offer, sell, assign, hypothecate, pledge,
transfer or otherwise dispose of, directly or indirectly, any of the abovementioned securities, or any Convertible Shares issued
in connection with the conversion of such securities, or by reason of any stock split or other distribution of stock, or grant
of options, warrants or other rights with respect to any such options (collectively, the “Securities”), during
the six-month period commencing on the date of the commencement of trading on a U.S. national securities exchange of the Company’s
securities to be issued in the Offering) (the “Effective Date”); provided that the foregoing shall not apply
to (i) Securities acquired by the undersigned in the Offering or Securities acquired by the undersigned in the after-market after
the Effective Date; and (ii) the transfer without consideration to family members or a trust established for their benefit in connection
with which the proposed transferee agrees in writing to be bound by all of the provisions of this agreement prior to the consummation
of such transfer. The undersigned further agrees that if it transfers any part or whole of the Note pursuant to the terms herein,
it shall provide the Company with a copy of this agreement signed by the transferee at the time of the transfer.

 

Furthermore, the undersigned
will permit all certificates evidencing any such Securities to be endorsed with an appropriate restrictive legend reflecting the
terms of this agreement, and consents to the placement of appropriate stop transfer orders with the transfer agent for the Company.
A copy of this agreement will be available from the Company or the Company’s transfer agent upon request and without charge.
The terms and conditions of this agreement can be modified (including premature termination of this agreement) only with the prior
written consent of the Underwriter.

 

	Dated: May 15, 2018	 	 
	 	 	 
		By:	 
	 	 	Signature

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