Document:

Exhibit
10.36

 

 

 

Aptorum
Group Limited

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

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

 

Covar
Pharmaceuticals Incorporated

5276
Champlain Trail

Mississauga,
ON L5R 2Y9

Canada

 

Dr.
Kwok Chow

5276
Champlain Trail,

Mississauga,
Ontario,

Canada
L5R 2Y9

 

Appointment
Letter and Addendum to Service Agreement

 

Whereas,
Videns Incorporated Limited (“Videns”), a wholly owned subsidiary of Aptorum Group Limited (“Aptorum”),
(together with its affiliates and subsidiaries, “Group”), have entered into a Service Agreement with Covar
Pharmaceuticals Incorporated (“Covar”) on May 15, 2017 (“Agreement”) (the Agreement is attached
herein as Annex A);

 

Whereas,
under the Agreement, Videns would engage Covar to develop certain contrasting agents (including, but not limited to, Curcumin
Conjugated Magnetic Nanoparticles (CCMN) for MRI imaging applicable to the human brain (“Original Service Scope”);

 

Whereas,
under the Agreement, Dr. Chow has been enlisted to provide certain program management services and technical services in relation
to the Original Service Scope;

 

Whereas,
beginning from August 1, 2017, the services provided by Covar and Dr. Chow had expanded beyond the Original Service Scope
as they began to advise on other research and development projects of the Group;

 

Whereas,
given the contribution of Dr. Chow to other research and development projects of the Group, Aptorum would like to issue this
appointment letter and addendum to service agreement (“Letter”) to expand the Original Service Scope of the
Agreement and to appoint Dr. Chow to the position of “Senior Clinical Development Manager” of Aptorum, effective retroactive
to August 1, 2017;

 

Whereas,
Dr. Chow is willing to accept such appointment, given that the arrangement that his services under this Letter will be engaged
through Covar and will be under the terms set out in the Agreement and this Letter.

 

NOW,
THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

		1.	Aptorum
                                         and the Group

 

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

 

    	 	Page 1	 

    

    

 

		2.	Appointment
                                         of Position

 

Aptorum
hereby offers, and Dr. Chow hereby accept, the position of “Senior Clinical Development Manager” of Aptorum (“Position”).
As a Senior Clinical Development Manager, Dr. Chow will provide certain consultancy, advisory, and management services to Aptorum
through correspondence and man-hours set out herein.

 

		3.	Scope
                                         of Services for Position

 

		(a)	Dr.
                                         Chow’s duties are limited to the following services:

 

Program
Management Services:

 

		(i)	Lead
                                         and support strategic planning to complete a Phase I (First Time in Humans (“FTIH”)
                                         clinical study and, where possible, proof of concept clinical studies.

 

		(ii)	Project
                                         Plan Development, including:

 

		●	High
                                         level strategic plan and timeline; and

		●	Detailed
                                         plan, timeline and budget.

 

		(iii)	Project
                                         Management, including:

 

		●	Set
                                         goals and define responsibilities of team members;

		●	Coordinate
                                         core project team meetings;

		●	Attend,
                                         coordinate and support functional project team meetings if required;

		●	Review
                                         and update of project plan and budget at regular intervals or as required;

		●	Follow
                                         up action items with team members; and

		●	Risk
                                         assessment and mitigation strategies.

 

		(iv)	Provide
                                         development services or support and identify outsourcing to service providers for services
                                         including, but not limited to:

 

		●	Preclinical
                                         (non-clinical) toxicology studies;

		●	ADME;

		●	Functional
                                         ingredient sourcing / qualification / characterization / supplier site auditing;

		●	Excipient
                                         sourcing/qualification/characterization/supplier site auditing;

		●	Clinical
                                         trial batches (CTM batches) manufacturer; and

		●	GLP/GMP
                                         testing laboratories.

 

    	 	Page 2	 

    

    

 

		(v)	Evaluate
                                         service providers including preparation of “Request for Proposal” details,
                                         reference checks, auditing, evaluation of proposals, recommendations and contract negotiation.

 

		(vi)	Recruit
                                         experts to support the development program for strategic planning, protocol development,
                                         regulatory document preparation and filing, preclinical studies, material characterization
                                         and CMC development.

 

Technical
Services: 

 

		(i)	Develop
                                         feasible, regulatory compliant manufacturing process for toxicology and clinical batches.

 

		(ii)	Develop
                                         regulatory acceptable method to characterize the contrast agents.

 

		(iii)	Develop
                                         method of administration of contrast agents to animals for preclinical studies and to
                                         humans for FTIH.

 

		(iv)	Develop
                                         sufficiently stable contrast agents formulation if required. For example, stabilizer(s)
                                         for nanoparticles may be added or lyophilization excipients may be included in the formulation.

 

		(v)	Source
                                         or fabricate (if needed by contractor) equipment for the manufacture of the preclinical
                                         / toxicology or clinical batches.

 

		(vi)	Develop
                                         and qualify suitable physical and/or chemical testing methods suitable for GLP or GMP
                                         product characterization or release.

 

		(vii)	Develop
                                         and qualify stability-indicating physical and chemical testing methods.

 

		(viii)	Technology
                                         transfer for CTM manufacturing site.

 

		(ix)	Support
                                         definition of animal and FTIH dosing ranges.

 

		(x)	Support
                                         or perform audits to qualify contractors.

 

		(xi)	Coordinate
                                         the preparation of documentation for regulatory submission.

 

		(xii)	Conduct
                                         any other technical services as directed by the Group.

 

		(b)	Dr.
                                         Chow shall advise where necessary, the Executive Board of Directors of the Group.

 

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		(c)	As
                                         Dr. Chow is not an Executive Director on the Board of Directors for the Group, he shall
                                         not have legal nor professional authority to dictate the commercial decisions of the
                                         Executive Board.

 

		(d)	Dr.
                                         Chow shall:

 

		(i)	be
                                         responsive to the Group’s needs and interests, whereby deliverables to us should
                                         be provided in good faith so that effort and quality is commensurable;

 

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

 

		(iii)	respond
                                         to queries from the Group addressed to him at his earliest convenience.

 

		4.	Retroactive
                                         Effectiveness

 

This
Letter shall be effective retroactive to August 1, 2017 (“Effective
Date”), and shall be binding upon all signatories stated in this Letter.

 

		5.	Service
                                         Fees

 

Dr.
Chow shall provide the services, including pharmaceutical and analytical development services, at an hourly rate of US$200 per
hour, or otherwise pre-agreed on a case by case basis by both Aptorum and Covar.

 

		6.	Privacy
                                         of Information

 

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

 

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

 

		(c)	The
                                         Group, however, agrees to provide Dr. Chow and Covar in good faith with any information
                                         concerning areas of interest and relevance of the Group as required by Dr. Chow in order
                                         for him to fulfill the aforementioned services for the Group.

 

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		7.	Term
                                         and Termination

 

This
appointment of Dr. Chow by Aptorum shall persist for a period of two (2) years from the Effective Date (“Term”)
as defined within this Letter. The terms and conditions of this Letter shall remain in effect until expiration of the Term, unless
it is terminated prior to expiration subsequent to the following circumstances:

 

		(a)	the
                                         Agreement is terminated;

 

		(b)	Dr.
                                         Chow is no longer a member or affiliate of Covar;

 

		(c)	terminated
                                         by Covar after giving Aptorum no less than two (2) months’ notice in writing;

 

		(d)	terminated
                                         by Aptorum immediately after giving written notice to Covar; or

 

		(e)	terminated
                                         by Aptorum without notice or compensation in the event of any dishonesty, fraud, gross
                                         negligence, willful default or refusal to carry out any lawful order or instructions,
                                         or the repeated breach of any rules or regulations of the Group, or those as governed
                                         by the laws of Canada.

 

Renewal
of this appointment shall be negotiated three months prior to the expiration of the Term, and subject to the mutual consent among
Aptorum, Covar and Dr. Chow as defined in writing.

 

		8.	Order
                                         of Precedence

 

All
terms and provisions set forth in the Agreement (except to the extent expressly modified herein) are hereby incorporated herein
by reference. This Letter intends to supplement the Agreement and should not be interpreted to amend or replace any provisions
therein. Notwithstanding the above, To the extent that the terms set forth in this Letter are inconsistent with the terms of the
Agreement, the terms set forth herein shall apply.

 

[Signature
page to follow]

 

    	 	Page 5	 

    

    

  

Please
signify Aptorum, Covar and Dr. Chow acceptance of the above terms and conditions by signing and returning to us the enclosed duplicate
copy of this Agreement.

 

Yours
faithfully, 

 

For
and on behalf of

 

	Aptorum Group Limited	 	Videns Incorporation Limited
	 	 	 
	/s/ HUEN Chung Yuen Ian	 	/s/ LUI Darren
	Name: HUEN Chung Yuen Ian	 	Name: LUI Darren
	Position: Director & CEO	 	Position: Director
	Date: 14 Dec 2017	 	Date: 14 Dec 2017

 

Agreed
on behalf of

 

	Covar Pharmaceuticals Incorporated	 	Dr. Kwok Chow
	 	 	 
	/s/ Kwok Chow	 	/s/ Kwok Chow
	Name: Kwok Chow, Ph.D.	 	Name: Dr. Kwok Chow 
	Position: President	 	Date: Dec 15, 2017
	Date: Dec 15, 2017	 	 

 

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Annex

Service
Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	Page 7	 

    

    

 

SERVICE
AGREEMENT

 

THIS
SERVICE AGREEMENT (this “Agreement”) is entered into as of May 15, 2017 by and between Covar Pharmaceuticals Incorporated,
a Corporation having its principal place of business located at 5276 Champlain Trail, Mississauga, Ontario, Canada (the “Consultant”),
and Videns Incorporation Limited (and associated companies), a company having its correspondence address at Unit B, 17/F,
Guangdong Investment Tower, 148 Connaught Road Central, Hong Kong (the “Corporation”).

 

W
I T N E S S E T H :

 

WHEREAS
the Corporation desires to engage the services of Consultant, and Consultant is willing to render services to the Corporation,
each upon the terms and conditions herein set forth.

 

NOW,
THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

		1.	SERVICES

 

Consultant
shall be engaged as “Product and Clinical Development Advisor” of the Corporation.

 

Consultant
shall be available to perform and shall perform for the Corporation the development of contrast agents (including, but not limited
to, Curcumin Conjugated Magnetic Nanoparticles (CCMN)) for MRI imaging applicable to the human brain (the “Program”).
Examples of the services shall include, but are not limited to, the following:

 

(a)       Program
Management Services

 

		●	Lead
                                         and support strategic planning to complete a Phase I (First Time in Humans [FTIH]) clinical
                                         study and, where possible, proof of concept clinical studies

 

		●	Project
                                         Plan Development

 

o       High
level strategic plan and timeline

o       Detailed
plan, timeline and budget

 

		●	Project
                                         Management

 

o       Set
goals and define responsibilities of team members

o       Coordinate
core project team meetings

o       Attend,
coordinate and support functional project team meetings if required

o       Review
and update of project plan and budget at regular intervals or as required

o       Follow
up action items with team members

o       Risk
assessment and mitigation strategies

 

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		●	Provide
                                         development services or support and identify outsourcing to service providers for services
                                         including, but not limited to:

 

o       Preclinical
(non-clinical) toxicology studies

o       ADME

o       Functional
ingredient sourcing/qualification/characterization/supplier site auditing

o       Excipient
sourcing/qualification/characterization/supplier site auditing

o       Clinical
trial batches (CTM batches) manufacturer

o       GLP/GMP
testing laboratories

 

		●	Evaluate
                                         service providers including preparation of “Request for Proposal” details,
                                         reference checks, auditing, evaluation of proposals, recommendations and contract negotiation.

 

		●	Recruit
                                         experts to support the development program for strategic planning, protocol development,
                                         regulatory document preparation and filing, preclinical studies, material characterization
                                         and CMC development.

 

(b)       Technical
Services by Consultant or Contractors

 

		●	Develop
                                         feasible, regulatory compliant manufacturing process for toxicology and clinical batches

 

		●	Develop
                                         regulatory acceptable method to characterize the contrast agents (including CCMN)

 

		●	Develop
                                         method of administration of contrast agents (including CCMN) to animals for pre-clinical
                                         studies and to humans for FTIH

 

		●	Develop
                                         sufficiently stable contrast agents (including CCMN) formulation if required. For example,
                                         stabilizer(s) for nanoparticles may be added or lyophilization excipients may be included
                                         in the formulation

 

		●	Source
                                         or fabricate (if needed by contractor) equipment for the manufacture of the pre-clinical/toxicology
                                         or clinical batches

 

		●	Develop
                                         and qualify suitable physical and/or chemical testing methods suitable for GLP or GMP
                                         product characterization or release

 

		●	Develop
                                         and qualify stability-indicating physical and chemical testing methods

 

		●	Technology
                                         transfer for CTM manufacturing site

 

		●	Support
                                         definition of animal and FTIH dosing ranges

 

		●	Support
                                         or perform audits to qualify contractors

 

		●	Coordinate
                                         the preparation of documentation for regulatory submission

  

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Consultant
shall perform such services at such times and such places as may be reasonably designated by:

 

Mr
Ian Huen

 

Dr
Owen Ko

 

Mr
Kenrick Fok

 

Mr
Darren Lui

 

Professor
Thomas Lee

 

Dr
Vincent Mok

 

The
Corporation retains the right to amend the list of authorized individuals above at any time by written notification to the Consultant.

 

Consultant
shall perform such services in a manner consistent with industry standards for similar professional consulting work. Upon mutual
agreement and under the request of the Corporation, Consultant may need to travel from time to time to perform the services described
herein.

 

		2.	COMPENSATION

 

In
consideration of Consultant’s performance of the consulting services described above, the Corporation shall compensate Consultant
based on:

 

		(a)	A
                                         fixed fee approach with a defined scope to be agreed between the Consultant and the Corporation
                                         for each critical study, project or milestone;

 

		(b)	In
                                         all other circumstances, the hourly rate of its employees who perform the services. Both
                                         Mr. Austin Freedman, Dr. Kwok Chow and technical and supporting staff at the Consultant
                                         company will provide the technical services. The Consultant may bring qualified external
                                         consultants with the Corporation’s agreement to support the Program. Austin Freedman
                                         shall provide his services at an hourly rate of USD $150 per hour; Dr. Kwok Chow shall
                                         provide technical and consulting services, including pharmaceutical and analytical development
                                         services, at an hourly rate of USD $200 per hour. The technical and supporting staff
                                         will provide services at an hourly rate of USD $65 to $100 per hour depending on their
                                         backgrounds and experience. The fee for external consulting will be determined on a case
                                         by case basis with prior Corporation approval.

 

Both
parties agree that:

 

		(a)	Mr.
                                         Austin Freedman, Executive Director, Cover Pharmaceuticals Incorporated, will provide
                                         the lead program management services for the Project;

 

		(c)	Dr.
                                         Kwok Chow, President, Cover Pharmaceuticals Incorporated, will also provide program management
                                         support when needed.

 

    	 	Page 10	 

    

    

 

		3.	EXPENSES

 

The
Corporation shall reimburse Consultant for all direct out-of-pocket expenses of Consultant actually and reasonably incurred in
connection with the performance of Consultant’s obligations under this Agreement insofar as such expenses relate to travel
expenses, third party payments and other reasonable expenses, provided that such expenses are specifically approved in advance
in writing by the Corporation.

 

		4.	RECORDS
                                         AND REPORTS 

 

		4.1.	Books
and Records

 

Consultant
shall maintain books and records adequate for the determination of all services rendered, expenses and other data, which shall
be available for inspection by the Corporation through its agents or representatives during normal working hours as the Corporation
shall reasonably request.

 

		4.2.	Payment
of Invoices

 

Consultant
shall submit invoices to the Corporation within ten (10) days after the end of each calendar month during the term of this Agreement,
specifying in reasonable detail the nature and extent of the services performed by Consultant for the preceding month, and the
amount of expenses incurred by Consultant which are subject to reimbursement by the Corporation in accordance with Article
3. The Corporation shall remit payment for all such compensation and expenses in the amounts called for by this Agreement
within 30 days after receipt of such invoices.

 

A
retainer fee of USD $10,000 will be provided by the Corporation upon execution of this Agreement and the retainer fee will be
deducted from the last payment upon termination of the Agreement or completion of the Program. Any remaining funds, if any, will
be refunded.

 

The
Consultant will provide the Corporation a quotation with estimated time and cost for individual service items exceeding USD $10,000
for approval before execution.

 

		4.3.	Monthly
Status Reports

 

Upon
request by the Corporation, Consultant shall prepare and submit to the Corporation on a monthly basis a status report setting
forth a summary of Consultant’s activities and progress during the preceding month with respect to the matters set forth in Article
1.

 

		5.	TERM
                                         AND TERMINATION

 

		5.1.	Term

 

Subject
to the termination provisions set forth in Article 5.2, this Agreement shall have an initial term of 12 months,
commencing on the date this agreement is executed, which term may be automatically renewable for another 12 months,
and thereafter extended from time to time by the mutual written agreement of Consultant and the Corporation.

 

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		5.2.	Termination
and Actions Thereafter

 

	(a)	This
                                         Agreement may be terminated by the Corporation by written notice to Consultant at any
                                         time upon (i) Consultant’s permanent disability or incapacity to perform services hereunder;
                                         or (ii) a breach by Consultant of any of the provisions of this Agreement.
	 	 
	(b)	Either
                                         party may, at any time and with or without cause, terminate this Agreement upon written
                                         notice to the other party given not less than fifteen (15) days prior to such termination.
                                         Such notice shall specify the effective date of termination for all purposes hereunder.
	 	 
	(c)	Upon
                                         termination or expiration of this Agreement, Consultant (or his representatives) shall
                                         promptly submit to the Corporation an invoice covering all unbilled compensation and
                                         expenses to date, together with an estimate of the compensation and expenses that would
                                         be chargeable to the Corporation if any particular services for work then in progress
                                         were to be completed by Consultant. Except in the case of termination under Article5.2(a)(i),
                                         upon request by the Corporation (but not otherwise) Consultant shall complete
                                         such work in progress as the Corporation shall designate, and this Agreement shall in
                                         such case be deemed extended until such work is completed and paid for. The Corporation
                                         shall pay Consultant for any services performed to and including the date of termination
                                         in accordance with the provisions for compensation set forth in Articles 2 and
                                         3.
	 	 
	(d)	The
                                         provisions of Articles 7 and 8 shall survive expiration or termination
                                         of this Agreement for any reason whatsoever.

 

		6.	RELATIONSHIP
OF THE PARTIES

 

		6.1.	Independent
Status

 

The
relationship of Consultant to the Corporation hereunder shall be that of an independent contractor, Nothing in this Agreement
is intended or shall be construed to constitute Consultant an employee, agent or partner of the Corporation nor shall Consultant
have authority to bind the Corporation in any respect. The Corporation shall not be liable for any act or omission of Consultant
or his employees or agents, and Consultant agrees to indemnify and hold harmless the Corporation from any and all losses, damages,
costs and expenses (including attorneys’ fees) in any manner resulting from or arising out of any such act or omission or any
breach of Consultant’s obligations under this Agreement.

 

		6.2.	Services
for Third Parties

 

Nothing
in this Agreement shall be construed to prevent Consultant from concurrently providing services to persons other than the Corporation,
subject to the limitations set forth in Articles 7 and 8.

  

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		6.3.	Certain
Tax Matters

 

Consultant
shall not be treated as an employee for tax purposes with respect to the services performed pursuant to this Agreement. Consultant
shall be responsible for the filing of all necessary income tax returns and the payment of all taxes required by law. Consultant
acknowledges that he understands his tax obligations.

 

		6.4.	Disclosure
of Consultant Relationship by Corporation

 

Subject
to article 6.1 above, the Corporation may include and disclose, for example, in its corporate presentations, marketing materials,
due diligence related documentation to third parties, the credentials and advisory role of the Consultant and its employees (for
example, Dr Kwok Chow and Mr. Austin Freedman). On this basis, the Corporation will seek the Consultant’s approval prior to such
inclusion.

 

		7.	RESTRICTIVE
COVENANTS

 

		7.1.	Confidential
Information

 

Unless
authorized or instructed in writing by the Corporation, Consultant shall not, during or at any time after the term of this Agreement
except as required in the conduct of the Corporation’s business, disclose to others, or use, or permit to be disclosed to others
or used, any of the Corporation’s inventions, discoveries, works, ideas, information, knowledge or data (whether in oral, written,
or machine-readable form) which Consultant may develop or obtain during the course of or in connection with Consultant’s engagement,
including such inventions, discoveries, works, ideas, information, knowledge, or data relating to machines, equipment, products,
systems, software, research and/or development, designs, compositions, formulae, processes, manufacturing procedures, business
methods, present and prospective customers of the Corporation, business dealings with such customers, prospective marketing, promotion,
sales and advertising programs and strategies, and agreements with representatives or prospective representatives of the Corporation,
present or prospective sources of supply or any other business arrangements of the Corporation, including but not limited to customers,
customer lists, costs, prices and earnings, whether or not developed by Consultant, by others in the Corporation or obtained by
the Corporation from third parties, and irrespective of whether or not such inventions, discoveries, works, ideas, information,
knowledge or data have been identified by the Corporation as secret or confidential, unless and until, and then to the extent
and only to the extent that, such inventions, discoveries, works, ideas, information, knowledge or data become available to the
public otherwise than by Consultant’s act or omission. All inventions, discoveries, works, ideas, information, knowledge, and
data described or referred to in this Article 7.1 are referred to herein collectively as “Confidential Information”.

 

		7.2.	Essence
of Agreement

 

Consultant
acknowledges (i) that the use, misappropriation or disclosure of the Confidential Information (as defined in Article7.1)
would constitute a breach of trust and cause irreparable injury to the Corporation, (ii) that all such Confidential
Information is the property of the Corporation and (iii) that it is essential to the protection of the Corporation’s
goodwill and to the maintenance of the Corporation’s competitive position that the Confidential Information be kept
secret and that the Confidential Information not be disclosed by Consultant to others or used by Consultant to
Consultant’s own advantage or the advantage of others. Consultant further acknowledges that Consultant’s
agreement to the provisions of this Article 7 and the enforceability of such provisions against Consultant are an
essential element of this Agreement and that, absent such provisions and the enforceability thereof, the Corporation would
not (a) engage Consultant nor (b) permit Consultant access to and use of Confidential Information.

 

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		7.3.	Non-solicitation/Noncompetition

 

Consultant
further recognizes and acknowledges that it is essential for the proper protection of the business of the Corporation that Consultant
be restrained (a) from soliciting or inducing any employee of the Corporation to leave the employ of the Corporation, (b) from
hiring or attempting to hire any employee of the Corporation, (c) from soliciting the business of the customers (actual or potential)
and suppliers of the Corporation for any business purpose, and (d) from competing against the Corporation, including, but not
limited to, provides services relating to generic drug development to any third party in China.

 

		7.4.	Ability
to Earn Livelihood

 

Consultant
represents that his experience and capabilities are such that the provisions of this Article 7 will not prevent him from
earning his livelihood, and acknowledges that it would cause the Corporation serious and irreparable injury and cost if Consultant
were to use his ability and knowledge in competition with the Corporation or to otherwise breach the obligations contained in
Article 7.

 

		8.	PROPRIETARY
RIGHTS

 

		8.1.	Assignment
of Rights

 

For
the term of this Agreement, the Corporation hereby grants to the Consultant, a non-exclusive, paid-up, royalty-free, non-transferable
license of Client’s Intellectual Property which the Consultant must use in order to perform the Services.

 

All
Intellectual Property generated or derived by the Consultant in the course of performing the Services, to the extent it is specific
to the development. manufacture, use and sale of the Client’s Product that is the subject of the Services, will be the exclusive
property of the Corporation.

 

All
Intellectual Property generated or derived by the Consultant while performing the Services which is not specific to, or dependent
upon, the Corporation’s Product and which has application to manufacturing processes or formulation development of pharmaceutical
products or pharmaceutical delivery systems will be the exclusive property of the Consultant. The Consultant hereby grants to
the Corporation, a non-exclusive, paid-up, royalty-free, transferable license of the Intellectual Property which the Corporation
may use for the manufacture of Client’s Product.

  

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		8.2.	Return
of Materials

 

Upon
expiration or termination of this Agreement, Consultant agrees to return to the Corporation all computer software, computer programs,
source codes, object codes, magnetic tapes, printouts, designs, proposals, samples, notes, records, reports, documents, customer
and prospective customer lists, memoranda, plans, blue prints, correspondence, proposals, drawings, letters, flow-charts, manuals,
strategies, techniques, photographs, catalogs and writings and all copies thereof, directly or indirectly, related to, or developed,
prepared or created during, Consultant’s engagement by the Corporation and, without limiting the foregoing, Consultant shall promptly
deliver to the Corporation any and all documents or materials constituting or, directly or indirectly, relating to any Confidential
Information. The Corporation may withhold Consultant’s outstanding compensation against return of these materials and any other
materials of the Corporation or its customers.

 

		9.	REPRESENTATIONS
AND WARRANTIES BY CONSULTANT

 

Consultant
represents and warrants to the Corporation that neither the execution and delivery of this Agreement nor the carrying out of any
of the transactions contemplated hereby will in any respect result in any violation of or be in conflict with any term or provision
of any agreement, document or instrument to which Consultant is a party or by which he is bound. Consultant further represents
and warrants to the Corporation that he has furnished the Corporation with copies of all such agreements, documents or instruments
to which Consultant is a party or by which he is bound. Consultant agrees not to divulge to the Corporation any information which
would violate any such agreement, document or instrument, nor to divulge to the Corporation any trade secrets of prior employers
or contracting parties.

 

		10.	MISCELLANEOUS

 

		10.1.	Additional
Actions and Documents

 

Each
of the parties hereto hereby agrees to take or cause to be taken such further actions, to execute, deliver and file or cause to
be executed, delivered and filed such further documents, and will obtain such consents, as may be necessary or as may be reasonably
requested in order to fully effectuate the purposes, terms and conditions of this Agreement.

 

		10.2.	Assignment

 

Consultant
shall not assign his rights and obligations under this agreement, in whole or in part, whether by operation of law or otherwise,
without the prior written consent of the Corporation, and any such assignment contrary to the terms hereof shall be null and void
and of no force and effect.

 

		10.3.	Entire
Agreement; Amendment

 

This
Agreement constitutes the entire agreement between the parties hereto with respect to the transactions contemplated herein,
and it supersedes all prior oral or written agreements, commitments or understandings with respect to the matters provided
for herein. No amendment, modification or discharge of this Agreement shall be valid or binding unless set forth in writing
and duly executed and delivered by the party against whom enforcement of the amendment, modification, or discharge is
sought.

 

    	 	Page 15	 

    

    

 

		10.4.	Waiver

 

No
delay or failure on the part of any party hereto in exercising any right, power or privilege under this Agreement or under any
other documents furnished in connection with or pursuant to this Agreement shall impair any such right, power or privilege or
be construed as a waiver of any default or any acquiescence therein. No single or partial exercise of any such right, power or
privilege shall preclude the further exercise of such right, power or privilege, or the exercise of any other right, power or
privilege. No waiver shall be valid against any party hereto unless made in writing and signed by the party against whom enforcement
of such waiver is sought and then only to the extent expressly specified therein.

 

		10.5.	Governing
Law

 

This
Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by
and construed in accordance with the laws of Ontario, excluding the choice of law rules thereof).

 

		10.6.	Notices

 

All
notices, demands, requests, or other communications that may be or are required to be given, served, or sent by any party to any
other party pursuant to this Agreement shall be in writing and shall be hand delivered, sent by overnight courier or mailed by
first-class, registered or certified mail, return receipt requested, postage prepaid, or transmitted by telegram, telecopy or
telex, to the addresses indicated at the beginning of this agreement for each party.

 

Each
party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be
so given, served or sent. Each notice, demand, request, or communication that shall be hand delivered, sent, mailed, telecopied
or telexed in the manner described above, or that shall be delivered to a telegraph Corporation, shall be deemed sufficiently
given, served, sent, received or delivered for all purposes at such time as it is delivered to the addressee (with the return
receipt, the delivery receipt, or (with respect to a telecopy or telex) the answerback being deemed conclusive, but not exclusive,
evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation.

 

		10.7.	Execution
in Counterparts

 

To
facilitate execution, this Agreement may be executed in as many counterparts as may be required. It shall not be necessary that
the signatures of, or on behalf of, each party, or that the signatures of all persons required to bind any party, appear on each
counterpart; but it shall be sufficient that the signature of, or on behalf of, each party, or that the signatures of the persons
required to bind any party, appear on one or more of the counterparts. Ail counterparts shall collectively constitute a single
agreement. It shall not be necessary in making proof of this Agreement to produce or account for more than a number of counterparts
containing the respective signatures of, or on behalf of, all of the parties hereto.

 

		10.8.	Limitation
on Benefits

 

The
covenants, undertakings and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable
only by, the parties hereto and their respective successors, heirs, executors, administrators, legal representatives and permitted
assigns.

 

		10.9.	Binding
Effect

 

Subject
to any provisions hereof restricting assignment, this Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors, heirs, executors, administrators, legal representatives and assigns.

 

    	 	Page 16	 

    

    

 

IN
WITNESS WHEREOF, the Corporation has caused this Agreement to be executed by its duly authorized officer and Consultant has
hereunto set his hand as of the date first above written.

 

Videns
Incorporation Limited

 

	 	 	 	 	 
	By:	/s/
    Ian Huen	 	Date:	May
    31, 2017
	 	Name: Ian
    Huen	 	 	 
	 	Title:  Chief
    Executive Officer	 	 	 

  

Covar
Pharmaceuticals Incorporated

 

	By:	/s/
    Kwok Chow	 	Date:	May 25, 2017
	 	Name: Kwok
    Chow, Ph.D.	 	 	 
	 	Title:   President	 	 	

  

 

 

Page
17Exhibit
10.37

 

Aptorum
Group Limited

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

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

 

Covar
Pharmaceuticals Incorporated

5276
Champlain Trail

Mississauga,
ON L5R 2Y9

Canada

 

Mr.
Austin Freedman

261
Aberdeen Avenue

Woodbridge,
ON L4L 1C5

Canada

 

Appointment
Letter and Addendum to Service Agreement

 

Whereas,
Videns Incorporated Limited (“Videns”), a wholly owned subsidiary of Aptorum Group Limited (“Aptorum”),
(together with its affiliates and subsidiaries, “Group”), have entered into a Service Agreement with Covar
Pharmaceuticals Incorporated (“Covar”) on May 15, 2017 (“Agreement”) (the Agreement is attached
herein as Annex A);

 

Whereas,
under the Agreement, Videns would engage Covar to develop certain contrasting agents (including, but not limited to, Curcumin
Conjugated Magnetic Nanoparticles (CCMN) for MRI imaging applicable to the human brain (“Original Service Scope”);

 

Whereas,
under the Agreement, Mr. Freedman has been enlisted to provide certain program management services and technical services
in relation to the Original Service Scope;

 

Whereas,
beginning from August 1, 2017, the services provided by Covar and Mr. Freedman had expanded beyond the Original Service Scope
as they began to advise on other research and development projects of the Group;

 

Whereas,
given the contribution of Mr. Freedman to other research and development projects of the Group, Aptorum would like to issue
this appointment letter and addendum to service agreement (“Letter”) to expand the Original Service Scope of
the Agreement and to appoint Mr. Freedman to the position of “Senior Clinical Development Manager” of Aptorum, effective
retroactive to August 1, 2017;

 

Whereas,
Dr. Chow is willing to accept such appointment, given that the arrangement that his services under this Letter will be engaged
through Covar and will be under the terms set out in the Agreement and this Letter.

 

    	 	Page 1	 

    

    

 

NOW,
THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

		1.	Aptorum
                                         and the Group

 

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

 

		2.	Appointment
                                         of Position

 

Aptorum
hereby offers, and Mr. Freedman hereby accept, the position of “Senior Clinical Development Manager” of Aptorum (“Position”).
As a Senior Clinical Development Manager, Mr. Freedman will provide certain consultancy, advisory, and management services to
Aptorum through correspondence and man-hours set out herein.

 

		3.	Scope
                                         of Services for Position

 

		(a)	Mr.
                                         Freedman’s duties are limited to the following services:

 

Program
Management Services:

 

		(i)	Lead
                                         and support strategic planning to complete a Phase I (First Time in Humans (“FTIH”)
                                         clinical study and, where possible, proof of concept clinical studies.

 

		(ii)	Project
                                         Plan Development, including:

 

		●	High
                                         level strategic plan and timeline; and

		●	Detailed
                                         plan, timeline and budget.

 

		(iii)	Project
                                         Management, including:

 

		●	Set
                                         goals and define responsibilities of team members;

		●	Coordinate
                                         core project team meetings;

		●	Attend,
                                         coordinate and support functional project team meetings if required;

		●	Review
                                         and update of project plan and budget at regular intervals or as required;

		●	Follow
                                         up action items with team members; and

		●	Risk
                                         assessment and mitigation strategies.

 

		(iv)	Provide
                                         development services or support and identify outsourcing to service providers for services
                                         including, but not limited to:

 

		●	Preclinical
                                         (non-clinical) toxicology studies;

		●	ADME;

		●	Functional
                                         ingredient sourcing / qualification / characterization / supplier site auditing;

		●	Excipient
                                         sourcing/qualification/characterization/supplier site auditing;

		●	Clinical
                                         trial batches (CTM batches) manufacturer; and

		●	GLP/GMP
                                         testing laboratories.

 

    	 	Page 2	 

    

    

 

		(v)	Evaluate
                                         service providers including preparation of “Request for Proposal” details,
                                         reference checks, auditing, evaluation of proposals, recommendations and contract negotiation.

 

		(vi)	Recruit
                                         experts to support the development program for strategic planning, protocol development,
                                         regulatory document preparation and filing, preclinical studies, material characterization
                                         and CMC development.

 

Technical
Services: 

 

		(i)	Develop
                                         feasible, regulatory compliant manufacturing process for toxicology and clinical batches.

 

		(ii)	Develop
                                         regulatory acceptable method to characterize the contrast agents.

 

		(iii)	Develop
                                         method of administration of contrast agents to animals for preclinical studies and to
                                         humans for FTIH.

 

		(iv)	Develop
                                         sufficiently stable contrast agents formulation if required. For example, stabilizer(s)
                                         for nanoparticles may be added or lyophilization excipients may be included in the formulation.

 

		(v)	Source
                                         or fabricate (if needed by contractor) equipment for the manufacture of the preclinical
                                         / toxicology or clinical batches.

 

		(vi)	Develop
                                         and qualify suitable physical and/or chemical testing methods suitable for GLP or GMP
                                         product characterization or release.

 

		(vii)	Develop
                                         and qualify stability-indicating physical and chemical testing methods.

 

		(viii)	Technology
                                         transfer for CTM manufacturing site.

 

		(ix)	Support
                                         definition of animal and FTIH dosing ranges.

 

		(x)	Support
                                         or perform audits to qualify contractors.

 

		(xi)	Coordinate
                                         the preparation of documentation for regulatory submission.

 

		(xii)	Conduct
                                         any other technical services as directed by the Group.

 

		(b)	Mr.
                                         Freedman shall advise where necessary, the Executive Board of Directors of the Group.

 

    	 	Page 3	 

    

    

 

		(c)	As
                                         Mr. Freedman is not an Executive Director on the Board of Directors for the Group, he
                                         shall not have legal nor professional authority to dictate the commercial decisions of
                                         the Executive Board.

 

		(d)	Mr.
                                         Freedman shall:

 

		(i)	be
                                         responsive to the Group’s needs and interests, whereby deliverables to us should
                                         be provided in good faith so that effort and quality is commensurable;

 

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

 

		(iii)	respond
                                         to queries from the Group addressed to him at his earliest convenience.

 

		4.	Retroactive
                                         Effectiveness

 

This
Letter shall be effective retroactive to August 1, 2017 (“Effective
Date”), and shall be binding upon all signatories stated in this Letter.

 

		5.	Service
                                         Fees

 

Mr.
Freedman shall provide the services, including pharmaceutical and analytical development services, at an hourly rate of US$200
per hour, or otherwise pre-agreed on a case by case basis by both Aptorum and Covar.

 

		6.	Privacy
                                         of Information

 

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

 

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

 

		(c)	The
                                         Group, however, agrees to provide Mr. Freedman and Covar in good faith with any information
                                         concerning areas of interest and relevance of the Group as required by Mr. Freedman in
                                         order for him to fulfill the aforementioned services for the Group.

 

    	 	Page 4	 

    

    

 

		7.	Term
                                         and Termination

 

This
appointment of Mr. Freedman by Aptorum shall persist for a period of two (2) years from the Effective Date (“Term”)
as defined within this Letter. The terms and conditions of this Letter shall remain in effect until expiration of the Term, unless
it is terminated prior to expiration subsequent to the following circumstances:

 

		(a)	the
                                         Agreement is terminated;

 

		(b)	Mr.
                                         Freedman is no longer a member or affiliate of Covar;

 

		(c)	terminated
                                         by Covar after giving Aptorum no less than two (2) months’ notice in writing;

 

		(d)	terminated
                                         by Aptorum immediately after giving written notice to Covar; or

 

		(e)	terminated
                                         by Aptorum without notice or compensation in the event of any dishonesty, fraud, gross
                                         negligence, willful default or refusal to carry out any lawful order or instructions,
                                         or the repeated breach of any rules or regulations of the Group, or those as governed
                                         by the laws of Canada.

 

Renewal
of this appointment shall be negotiated three months prior to the expiration of the Term, and subject to the mutual consent among
Aptorum, Covar and Mr. Freedman as defined in writing.

 

		8.	Order
                                         of Precedence

 

All
terms and provisions set forth in the Agreement (except to the extent expressly modified herein) are hereby incorporated herein
by reference. This Letter intends to supplement the Agreement and should not be interpreted to amend or replace any provisions
therein. Notwithstanding the above, To the extent that the terms set forth in this Letter are inconsistent with the terms of the
Agreement, the terms set forth herein shall apply.

 

[Signature
page to follow]

 

    	 	Page 5	 

    

    

 

Please
signify Aptorum, Covar and Mr. Freedman acceptance of the above terms and conditions by signing and returning to us the enclosed
duplicate copy of this Agreement.

 

Yours
faithfully, 

 

For
and on behalf of

	Aptorum Group Limited	 	Videns Incorporation Limited
	 	 	 
	/s/ HUEN Chung Yuen Ian	 	/s/ LUI Darren
	Name: HUEN Chung Yuen Ian	 	Name: LUI Darren
	Position: Director & CEO	 	Position: Director
	Date: 18/12/2017	 	Date: 18/12/2017
	 	 	 
	Agreed on behalf of	 	 
	Covar Pharmaceuticals Incorporated	 	Mr. Austin Freedman
	 	 	 
	/s/ Kwok Chow	 	/s/ Austin Freedman
	Name: Kwok Chow, Ph.D.	 	Name: Mr. Austin Freedman 
	Position: President	 	Date: 19 December 2017
	Date: Dec 26, 2017	 	 

 

    	 	Page 6	 

    

    

 

Annex

Service
Agreement

 

    	 	Page 7	 

    

    

 

SERVICE
AGREEMENT

 

THIS
SERVICE AGREEMENT (this “Agreement”) is entered into as of May 15, 2017 by and between Covar Pharmaceuticals Incorporated,
a Corporation having its principal place of business located at 5276 Champlain Trail, Mississauga, Ontario, Canada (the “Consultant”),
and Videns Incorporation Limited (and associated companies), a company having its correspondence address at Unit B, 17/F,
Guangdong Investment Tower, 148 Connaught Road Central, Hong Kong (the “Corporation”).

 

W
I T N E S S E T H :

 

WHEREAS
the Corporation desires to engage the services of Consultant, and Consultant is willing to render services to the Corporation,
each upon the terms and conditions herein set forth.

 

NOW,
THEREFORE, in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

		1.	SERVICES

 

Consultant
shall be engaged as “Product and Clinical Development Advisor” of the Corporation.

 

Consultant
shall be available to perform and shall perform for the Corporation the development of contrast agents (including, but not limited
to, Curcumin Conjugated Magnetic Nanoparticles (CCMN)) for MRI imaging applicable to the human brain (the “Program”).
Examples of the services shall include, but are not limited to, the following:

 

		(a)	Program
Management Services

 

		●	Lead
                                         and support strategic planning to complete a Phase I (First Time in Humans [FTIH]) clinical
                                         study and, where possible, proof of concept clinical studies

 

		●	Project
                                         Plan Development

 

		o	High
level strategic plan and timeline

		o	Detailed
plan, timeline and budget

 

		●	Project
                                         Management

 

		o	Set
goals and define responsibilities of team members

		o	Coordinate
core project team meetings

		o	Attend,
coordinate and support functional project team meetings if required

		o	Review
and update of project plan and budget at regular intervals or as required

		o	Follow
up action items with team members

		o	Risk
assessment and mitigation strategies

 

    	 	Page 8	 

    

    

 

		●	Provide
                                         development services or support and identify outsourcing to service providers for services
                                         including, but not limited to:

 

		o	Preclinical
(non-clinical) toxicology studies

		o	ADME

		o	Functional
ingredient sourcing/qualification/characterization/supplier site auditing

		o	Excipient
sourcing/qualification/characterization/supplier site auditing

		o	Clinical
trial batches (CTM batches) manufacturer

		o	GLP/GMP
testing laboratories

 

		●	Evaluate
                                         service providers including preparation of “Request for Proposal” details,
                                         reference checks, auditing, evaluation of proposals, recommendations and contract negotiation.

 

		●	Recruit
                                         experts to support the development program for strategic planning, protocol development,
                                         regulatory document preparation and filing, preclinical studies, material characterization
                                         and CMC development.

 

		(b)	Technical
Services by Consultant or Contractors

 

		●	Develop
                                         feasible, regulatory compliant manufacturing process for toxicology and clinical batches

 

		●	Develop
                                         regulatory acceptable method to characterize the contrast agents (including CCMN)

 

		●	Develop
                                         method of administration of contrast agents (including CCMN) to animals for pre-clinical
                                         studies and to humans for FTIH

 

		●	Develop
                                         sufficiently stable contrast agents (including CCMN) formulation if required. For example,
                                         stabilizer(s) for nanoparticles may be added or lyophilization excipients may be included
                                         in the formulation

 

		●	Source
                                         or fabricate (if needed by contractor) equipment for the manufacture of the pre-clinical/toxicology
                                         or clinical batches

 

		●	Develop
                                         and qualify suitable physical and/or chemical testing methods suitable for GLP or GMP
                                         product characterization or release

 

		●	Develop
                                         and qualify stability-indicating physical and chemical testing methods

 

		●	Technology
                                         transfer for CTM manufacturing site

 

		●	Support
                                         definition of animal and FTIH dosing ranges

 

		●	Support
                                         or perform audits to qualify contractors

 

		●	Coordinate
                                         the preparation of documentation for regulatory submission

 

    	 	Page 9	 

    

    

 

Consultant
shall perform such services at such times and such places as may be reasonably designated by:

 

Mr
Ian Huen

 

Dr
Owen Ko

 

Mr
Kenrick Fok

 

Mr
Darren Lui

 

Professor
Thomas Lee

 

Dr
Vincent Mok

 

The
Corporation retains the right to amend the list of authorized individuals above at any time by written notification to the Consultant.

 

Consultant
shall perform such services in a manner consistent with industry standards for similar professional consulting work. Upon mutual
agreement and under the request of the Corporation, Consultant may need to travel from time to time to perform the services described
herein.

 

		2.	COMPENSATION

 

In
consideration of Consultant’s performance of the consulting services described above, the Corporation shall compensate Consultant
based on:

 

		(a)	A
                                         fixed fee approach with a defined scope to be agreed between the Consultant and the Corporation
                                         for each critical study, project or milestone;

 

		(b)	In
                                         all other circumstances, the hourly rate of its employees who perform the services. Both
                                         Mr. Austin Freedman, Dr. Kwok Chow and technical and supporting staff at the Consultant
                                         company will provide the technical services. The Consultant may bring qualified external
                                         consultants with the Corporation’s agreement to support the Program. Austin Freedman
                                         shall provide his services at an hourly rate of USD $150 per hour; Dr. Kwok Chow shall
                                         provide technical and consulting services, including pharmaceutical and analytical development
                                         services, at an hourly rate of USD $200 per hour. The technical and supporting staff
                                         will provide services at an hourly rate of USD $65 to $100 per hour depending on their
                                         backgrounds and experience. The fee for external consulting will be determined on a case
                                         by case basis with prior Corporation approval.

 

Both
parties agree that:

 

		(a)	Mr.
                                         Austin Freedman, Executive Director, Cover Pharmaceuticals Incorporated, will provide
                                         the lead program management services for the Project;

 

		(c)	Dr.
                                         Kwok Chow, President, Cover Pharmaceuticals Incorporated, will also provide program management
                                         support when needed.

 

    	 	Page 10	 

    

    

 

		3.	EXPENSES

 

The
Corporation shall reimburse Consultant for all direct out-of-pocket expenses of Consultant actually and reasonably incurred in
connection with the performance of Consultant’s obligations under this Agreement insofar as such expenses relate to travel
expenses, third party payments and other reasonable expenses, provided that such expenses are specifically approved in advance
in writing by the Corporation.

 

		4.	RECORDS
                                         AND REPORTS 

 

4.1.
Books and Records

 

Consultant
shall maintain books and records adequate for the determination of all services rendered, expenses and other data, which shall
be available for inspection by the Corporation through its agents or representatives during normal working hours as the Corporation
shall reasonably request.

 

4.2. Payment
of Invoices

 

Consultant
shall submit invoices to the Corporation within ten (10) days after the end of each calendar month during the term of this Agreement,
specifying in reasonable detail the nature and extent of the services performed by Consultant for the preceding month, and the
amount of expenses incurred by Consultant which are subject to reimbursement by the Corporation in accordance with Article
3. The Corporation shall remit payment for all such compensation and expenses in the amounts called for by this Agreement
within 30 days after receipt of such invoices.

 

A
retainer fee of USD $10,000 will be provided by the Corporation upon execution of this Agreement and the retainer fee will be
deducted from the last payment upon termination of the Agreement or completion of the Program. Any remaining funds, if any, will
be refunded.

 

The
Consultant will provide the Corporation a quotation with estimated time and cost for individual service items exceeding USD $10,000
for approval before execution.

 

4.3.Monthly
Status Reports

 

Upon
request by the Corporation, Consultant shall prepare and submit to the Corporation on a monthly basis a status report setting
forth a summary of Consultant’s activities and progress during the preceding month with respect to the matters set forth in Article
1.

 

		5.	TERM
                                         AND TERMINATION

 

5.1.Term

 

Subject
to the termination provisions set forth in Article 5.2, this Agreement shall have an initial term of 12 months, commencing
on the date this agreement is executed, which term may be automatically renewable for another 12 months, and thereafter extended
from time to time by the mutual written agreement of Consultant and the Corporation.

 

    	 	Page 11	 

    

    

 

5.2.
Termination and Actions Thereafter

 

		(a)	This
                                         Agreement may be terminated by the Corporation by written notice to Consultant at any
                                         time upon (i) Consultant’s permanent disability or incapacity to perform services hereunder;
                                         or (ii) a breach by Consultant of any of the provisions of this Agreement.

 

		(b)	Either
                                         party may, at any time and with or without cause, terminate this Agreement upon written
                                         notice to the other party given not less than fifteen (15) days prior to such termination.
                                         Such notice shall specify the effective date of termination for all purposes hereunder.

 

		(c)	Upon
                                         termination or expiration of this Agreement, Consultant (or his representatives) shall
                                         promptly submit to the Corporation an invoice covering all unbilled compensation and
                                         expenses to date, together with an estimate of the compensation and expenses that would
                                         be chargeable to the Corporation if any particular services for work then in progress
                                         were to be completed by Consultant. Except in the case of termination under Article5.2(a)(i),
                                         upon request by the Corporation (but not otherwise) Consultant shall complete
                                         such work in progress as the Corporation shall designate, and this Agreement shall in
                                         such case be deemed extended until such work is completed and paid for. The Corporation
                                         shall pay Consultant for any services performed to and including the date of termination
                                         in accordance with the provisions for compensation set forth in Articles 2 and
                                         3.

 

		(d)	The
                                         provisions of Articles 7 and 8 shall survive expiration or termination
                                         of this Agreement for any reason whatsoever.

 

		6.	RELATIONSHIP
OF THE PARTIES

 

6.1.
Independent Status

 

The
relationship of Consultant to the Corporation hereunder shall be that of an independent contractor, Nothing in this Agreement
is intended or shall be construed to constitute Consultant an employee, agent or partner of the Corporation nor shall Consultant
have authority to bind the Corporation in any respect. The Corporation shall not be liable for any act or omission of Consultant
or his employees or agents, and Consultant agrees to indemnify and hold harmless the Corporation from any and all losses, damages,
costs and expenses (including attorneys’ fees) in any manner resulting from or arising out of any such act or omission or any
breach of Consultant’s obligations under this Agreement.

 

6.2.
Services for Third Parties

 

Nothing
in this Agreement shall be construed to prevent Consultant from concurrently providing services to persons other than the Corporation,
subject to the limitations set forth in Articles 7 and 8.

 

    	 	Page 12	 

    

    

 

6.3.  Certain
Tax Matters

 

Consultant
shall not be treated as an employee for tax purposes with respect to the services performed pursuant to this Agreement. Consultant
shall be responsible for the filing of all necessary income tax returns and the payment of all taxes required by law. Consultant
acknowledges that he understands his tax obligations.

 

6.4.  Disclosure
of Consultant Relationship by Corporation

 

Subject
to article 6.1 above, the Corporation may include and disclose, for example, in its corporate presentations, marketing materials,
due diligence related documentation to third parties, the credentials and advisory role of the Consultant and its employees (for
example, Dr Kwok Chow and Mr. Austin Freedman). On this basis, the Corporation will seek the Consultant’s approval prior to such
inclusion.

 

		7.	RESTRICTIVE
COVENANTS

 

7.1.  Confidential
Information

 

Unless
authorized or instructed in writing by the Corporation, Consultant shall not, during or at any time after the term of this Agreement
except as required in the conduct of the Corporation’s business, disclose to others, or use, or permit to be disclosed to others
or used, any of the Corporation’s inventions, discoveries, works, ideas, information, knowledge or data (whether in oral, written,
or machine-readable form) which Consultant may develop or obtain during the course of or in connection with Consultant’s engagement,
including such inventions, discoveries, works, ideas, information, knowledge, or data relating to machines, equipment, products,
systems, software, research and/or development, designs, compositions, formulae, processes, manufacturing procedures, business
methods, present and prospective customers of the Corporation, business dealings with such customers, prospective marketing, promotion,
sales and advertising programs and strategies, and agreements with representatives or prospective representatives of the Corporation,
present or prospective sources of supply or any other business arrangements of the Corporation, including but not limited to customers,
customer lists, costs, prices and earnings, whether or not developed by Consultant, by others in the Corporation or obtained by
the Corporation from third parties, and irrespective of whether or not such inventions, discoveries, works, ideas, information,
knowledge or data have been identified by the Corporation as secret or confidential, unless and until, and then to the extent
and only to the extent that, such inventions, discoveries, works, ideas, information, knowledge or data become available to the
public otherwise than by Consultant’s act or omission. All inventions, discoveries, works, ideas, information, knowledge, and
data described or referred to in this Article 7.1 are referred to herein collectively as “Confidential Information”.

 

7.2.  Essence
of Agreement

 

Consultant
acknowledges (i) that the use, misappropriation or disclosure of the Confidential Information (as defined in Article7.1)
would constitute a breach of trust and cause irreparable injury to the Corporation, (ii) that all such Confidential Information
is the property of the Corporation and (iii) that it is essential to the protection of the Corporation’s goodwill and to the
maintenance of the Corporation’s competitive position
that the Confidential Information be kept secret and that the Confidential Information not be disclosed by Consultant to others
or used by Consultant to Consultant’s own advantage or the advantage of others. Consultant further acknowledges that Consultant’s
agreement to the provisions of this Article 7 and the enforceability of such provisions against Consultant are an essential
element of this Agreement and that, absent such provisions and the enforceability thereof, the Corporation would not (a) engage
Consultant nor (b) permit Consultant access to and use of Confidential Information.

 

    	 	Page 13	 

    

    

 

7.3.  Non-solicitation/Noncompetition

 

Consultant
further recognizes and acknowledges that it is essential for the proper protection of the business of the Corporation that Consultant
be restrained (a) from soliciting or inducing any employee of the Corporation to leave the employ of the Corporation, (b) from
hiring or attempting to hire any employee of the Corporation, (c) from soliciting the business of the customers (actual or potential)
and suppliers of the Corporation for any business purpose, and (d) from competing against the Corporation, including, but not
limited to, provides services relating to generic drug development to any third party in China.

 

7.4.  Ability
to Earn Livelihood

 

Consultant
represents that his experience and capabilities are such that the provisions of this Article 7 will not prevent him from
earning his livelihood, and acknowledges that it would cause the Corporation serious and irreparable injury and cost if Consultant
were to use his ability and knowledge in competition with the Corporation or to otherwise breach the obligations contained in
Article 7.

 

		8.	PROPRIETARY
RIGHTS

 

8.1.  Assignment
of Rights

 

For
the term of this Agreement, the Corporation hereby grants to the Consultant, a non-exclusive, paid-up, royalty-free, non-transferable
license of Client’s Intellectual Property which the Consultant must use in order to perform the Services.

 

All
Intellectual Property generated or derived by the Consultant in the course of performing the Services, to the extent it is specific
to the development. manufacture, use and sale of the Client’s Product that is the subject of the Services, will be the exclusive
property of the Corporation.

 

All
Intellectual Property generated or derived by the Consultant while performing the Services which is not specific to, or dependent
upon, the Corporation’s Product and which has application to manufacturing processes or formulation development of pharmaceutical
products or pharmaceutical delivery systems will be the exclusive property of the Consultant. The Consultant hereby grants to
the Corporation, a non-exclusive, paid-up, royalty-free, transferable license of the Intellectual Property which the Corporation
may use for the manufacture of Client’s Product.

 

    	 	Page 14	 

    

    

 

8.2.  Return
of Materials

 

Upon
expiration or termination of this Agreement, Consultant agrees to return to the Corporation all computer software, computer programs,
source codes, object codes, magnetic tapes, printouts, designs, proposals, samples, notes, records, reports, documents, customer
and prospective customer lists, memoranda, plans, blue prints, correspondence, proposals, drawings, letters, flow-charts, manuals,
strategies, techniques, photographs, catalogs and writings and all copies thereof, directly or indirectly, related to, or developed,
prepared or created during, Consultant’s engagement by the Corporation and, without limiting the foregoing, Consultant shall promptly
deliver to the Corporation any and all documents or materials constituting or, directly or indirectly, relating to any Confidential
Information. The Corporation may withhold Consultant’s outstanding compensation against return of these materials and any other
materials of the Corporation or its customers.

 

		9.	REPRESENTATIONS
AND WARRANTIES BY CONSULTANT

 

Consultant
represents and warrants to the Corporation that neither the execution and delivery of this Agreement nor the carrying out of any
of the transactions contemplated hereby will in any respect result in any violation of or be in conflict with any term or provision
of any agreement, document or instrument to which Consultant is a party or by which he is bound. Consultant further represents
and warrants to the Corporation that he has furnished the Corporation with copies of all such agreements, documents or instruments
to which Consultant is a party or by which he is bound. Consultant agrees not to divulge to the Corporation any information which
would violate any such agreement, document or instrument, nor to divulge to the Corporation any trade secrets of prior employers
or contracting parties.

 

		10.	MISCELLANEOUS

 

10.1.
Additional Actions and Documents

 

Each
of the parties hereto hereby agrees to take or cause to be taken such further actions, to execute, deliver and file or cause to
be executed, delivered and filed such further documents, and will obtain such consents, as may be necessary or as may be reasonably
requested in order to fully effectuate the purposes, terms and conditions of this Agreement.

 

10.2.
Assignment

 

Consultant
shall not assign his rights and obligations under this agreement, in whole or in part, whether by operation of law or otherwise,
without the prior written consent of the Corporation, and any such assignment contrary to the terms hereof shall be null and void
and of no force and effect.

 

10.3.
Entire Agreement; Amendment

 

This
Agreement constitutes the entire agreement between the parties hereto with respect to the transactions contemplated herein, and
it supersedes all prior oral or written agreements, commitments or understandings with respect to the matters provided for herein.
No amendment, modification or discharge of this Agreement shall be valid or binding unless set forth in writing and duly executed
and delivered by the party against whom enforcement of the amendment, modification, or discharge is sought.

 

    	 	Page 15	 

    

    

 

10.4.
Waiver

 

No
delay or failure on the part of any party hereto in exercising any right, power or privilege under this Agreement or under any
other documents furnished in connection with or pursuant to this Agreement shall impair any such right, power or privilege or
be construed as a waiver of any default or any acquiescence therein. No single or partial exercise of any such right, power or
privilege shall preclude the further exercise of such right, power or privilege, or the exercise of any other right, power or
privilege. No waiver shall be valid against any party hereto unless made in writing and signed by the party against whom enforcement
of such waiver is sought and then only to the extent expressly specified therein.

 

10.5.
Governing Law

 

This
Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by
and construed in accordance with the laws of Ontario, excluding the choice of law rules thereof).

 

10.6.
Notices

 

All
notices, demands, requests, or other communications that may be or are required to be given, served, or sent by any party to any
other party pursuant to this Agreement shall be in writing and shall be hand delivered, sent by overnight courier or mailed by
first-class, registered or certified mail, return receipt requested, postage prepaid, or transmitted by telegram, telecopy or
telex, to the addresses indicated at the beginning of this agreement for each party.

 

Each
party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be
so given, served or sent. Each notice, demand, request, or communication that shall be hand delivered, sent, mailed, telecopied
or telexed in the manner described above, or that shall be delivered to a telegraph Corporation, shall be deemed sufficiently
given, served, sent, received or delivered for all purposes at such time as it is delivered to the addressee (with the return
receipt, the delivery receipt, or (with respect to a telecopy or telex) the answerback being deemed conclusive, but not exclusive,
evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation.

 

10.7.
Execution in Counterparts

 

To
facilitate execution, this Agreement may be executed in as many counterparts as may be required. It shall not be necessary that
the signatures of, or on behalf of, each party, or that the signatures of all persons required to bind any party, appear on each
counterpart; but it shall be sufficient that the signature of, or on behalf of, each party, or that the signatures of the persons
required to bind any party, appear on one or more of the counterparts. Ail counterparts shall collectively constitute a single
agreement. It shall not be necessary in making proof of this Agreement to produce or account for more than a number of counterparts
containing the respective signatures of, or on behalf of, all of the parties hereto.

 

10.8.  Limitation
on Benefits

 

The
covenants, undertakings and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable
only by, the parties hereto and their respective successors, heirs, executors, administrators, legal representatives and permitted
assigns.

 

10.9.  Binding
Effect

 

Subject
to any provisions hereof restricting assignment, this Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors, heirs, executors, administrators, legal representatives and assigns.

 

    	 	Page 16	 

    

    

 

IN
WITNESS WHEREOF, the Corporation has caused this Agreement to be executed by its duly authorized officer and Consultant has
hereunto set his hand as of the date first above written.

 

Videns
Incorporation Limited

 

	By:	/s/
    Ian Huen	 	Date:	May
    31, 2017
		Name: Ian Huen	 	 	 
		Title: Chief Executive Officer	 	 	 

 

Covar
Pharmaceuticals Incorporated

 

	By:	/s/ Kwok Chow	 	Date:	May
    25, 2017
	 	Name: Kwok Chow, Ph.D.	 	 	 
	 	Title: President	 	 	 

 

    	 	Page 17

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