Document:

Exhibit 4.5

 

FOREST
ROAD ACQUISITION CORP.

 

The following summary
describes the Class A common stock, Par value $0.0001 per share (“Common Stock”) of Forest Road Acquisition Corp. (the
“Company,” “we,” “us,” and “our”), the Redeemable Public Warrants (“Public
Warrants”), and the Units, each consisting of one share of Class A common stock and one-third of one Public Warrant (“Units”)
which are the only securities of the Company registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.

 

The following description
is a summary and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our second amended
and restated certificate of incorporation (our “certificate of incorporation”) and our by-laws (our “by-laws”),
each of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K of which this Exhibit 4.5 is a part.

 

Class A Common Stock

 

The Company is authorized
to issue 300,000,000 shares of our Class A common stock with a par value of $0.0001. Holders of the Company’s Class A common
stock are entitled to one vote for each share. At December 31, 2020, there were 37,500,000 shares of common stock outstanding,
including

 

		●	30,000,000 shares of Class A common stock underlying
units issued as part of our initial public offering; and

 

		●	7,500,000 shares of Class B common stock held
by our initial stockholders.

 

Common stockholders
of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A common
stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders
except as required by law. Unless specified in our amended and restated certificate of incorporation, or as required by applicable
provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that
are voted is required to approve any such matter voted on by our stockholders. Our board of directors is divided into three classes,
each of which will generally serve for a term of three years with only one class of directors being elected in each year. There
is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares
voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends
when, as and if declared by the board of directors out of funds legally available therefor.

 

Because our amended
and restated certificate of incorporation authorizes the issuance of up to 300,000,000 shares of Class A common stock,
if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to
increase the number of shares of Class A common stock which we are authorized to issue at the same time as our stockholders
vote on the business combination to the extent we seek stockholder approval in connection with our initial business combination.

 

In accordance with
NYSE corporate governance requirements, we are not required to hold an annual meeting until no later than one year after our first
fiscal year end following our listing on NYSE. Under Section 211(b) of the DGCL, we are, however, required to hold an annual
meeting of stockholders for the purposes of electing directors in accordance with our bylaws, unless such election is made by written
consent in lieu of such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation
of our initial business combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which requires
an annual meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our initial business
combination, they may attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance
with Section 211(c) of the DGCL.

 

    

     

    

 

We will provide our
public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business
combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated
as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held
in the trust account (which interest shall be net of taxes payable), divided by the number of then outstanding public shares, subject
to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The
per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting
commissions we will pay to the representative of the underwriters. Our initial stockholders, sponsor, officers and directors have
entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any
founder shares and public shares they hold in connection with the completion of our initial business combination. Unlike many special
purpose acquisition companies that hold stockholder votes and conduct proxy solicitations in conjunction with their initial business
combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations
even when a vote is not required by law, if a stockholder vote is not required by law and we do not decide to hold a stockholder
vote for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation, conduct the
redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our
initial business combination. Our amended and restated certificate of incorporation requires these tender offer documents to contain
substantially the same financial and other information about our initial business combination and the redemption rights as is required
under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is required by law, or we decide to obtain
stockholder approval for business or other legal reasons, we will, like many special purpose acquisition companies, offer to redeem
shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek
stockholder approval, we will complete our initial business combination only if a majority of the shares of common stock voted
are voted in favor of our initial business combination. However, the participation of our sponsor, officers, directors or their
affiliates in privately-negotiated transactions (as described in the registration statement in connection with our initial
public offering), if any, could result in the approval of our initial business combination even if a majority of our public stockholders
vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking approval of the majority
of our outstanding shares of common stock, non-votes will have no effect on the approval of our initial business combination
once a quorum is obtained.

 

If we seek stockholder approval of our
initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to
the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with
any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group”
(as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than
an aggregate of 15% of the shares of common stock sold in our initial public offering, which we refer to as the Excess Shares,
without our prior consent. However, we would not be restricting our stockholders’ ability to vote all of their shares (including
Excess Shares) for or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will
reduce their influence over our ability to complete our initial business combination, and such stockholders could suffer a material
loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption
distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result, such stockholders
will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their
shares in open market transactions, potentially at a loss. If we seek stockholder approval in connection with our initial business
combination, our initial stockholders, sponsor, officers and directors have agreed to vote any founder shares they hold and any
public shares purchased during or after our initial public offering in favor of our initial business combination. As a result,
in addition to our initial stockholders’ founder shares, we would need 11,250,001, or 37.5%, of the 30,000,000 public shares
sold in our initial public offering to be voted in favor of an initial business combination in order to have our initial business
combination approved (assuming all outstanding shares are voted and the over-allotment option is not exercised). Additionally,
each public stockholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction.
Pursuant to our amended and restated certificate of incorporation, if we are unable to complete our initial business combination
by November 30, 2022, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but no more than 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
(which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number
of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders
(including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject
in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. Our initial stockholders have entered into agreements with us, pursuant to which they have agreed to waive their rights to
liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial business
combination by November 30, 2022 or any extended period of time that we may have to consummate an initial business combination
as a result of an amendment to our amended and restated certificate of incorporation. However, if our initial stockholders or management
team acquire public shares in or after our initial public offering, they will be entitled to liquidating distributions from the
trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed
time period. In the event of a liquidation, dissolution or winding up of the company after a business combination, our stockholders
are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after
provision is made for each class of shares, if any, having preference over the common stock. Our stockholders have no preemptive
or other subscription rights. There are no sinking fund provisions applicable to the common stock, except that we will provide
our public stockholders with the opportunity to redeem their public shares for cash at a per share price equal to the aggregate
amount then on deposit in the trust account, including interest earned on the funds held in the trust account (which interest shall
be net of taxes payable), divided by the number of then outstanding public shares, upon the completion of our initial business
combination, subject to the limitations described herein.

 

    2

     

    

 

Dividends

 

We have not paid any
cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of a business combination.
The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and
general financial condition subsequent to completion of a business combination. Further, if we incur any indebtedness, our ability
to declare dividends may be limited by restrictive covenants we may agree to in connection therewith. The payment of any cash dividends
subsequent to a business combination will be within the discretion of our board of directors at such time.

 

Public Stockholders’ Warrants

 

Each whole
warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share,
subject to adjustment as discussed below, at any time commencing on the later of (i) 12 months from the closing of our
initial public offering and (ii) 30 days after the completion of our initial business combination, provided in each case
that we have an effective registration statement under the Securities Act covering the shares of Class A common stock
issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to
exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are
registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the
holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of
Class A common stock. This means only a whole warrant may be exercised at a given time by a warrant holder. No
fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you
purchase at least three units, you will not be able to receive or trade a whole warrant.

 

The warrants will expire
five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption
or liquidation.

 

We will not be obligated
to deliver any Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant
exercise unless a registration statement under the Securities Act with respect to the Class A common stock underlying the
warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below
with respect to registration. No warrant will be exercisable and we will not be obligated to issue a share of Class A common
stock upon exercise of a warrant unless the share of Class A common stock issuable upon such warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.
In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder
of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event
will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised
warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share
of Class A common stock underlying such unit.

 

    3

     

    

 

We have not registered
the shares of Class A common stock issuable upon exercise of the warrants at this time. However, we have agreed that as soon as
practicable, but in no event later than 15 business days after the closing of our initial business combination, we will use our
best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A
common stock issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective and to
maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the
warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the shares of Class A
common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing
of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during
any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis”
in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our Class A
common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the
definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require
holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9)
of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement,
and in the event we do not so elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws
to the extent an exemption is not available.

 

Redemption of warrants

 

Once the warrants become exercisable, we
may call the warrants for redemption for cash:

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

		●	upon not less than 30 days’ prior written notice
of redemption (the “30-day redemption period”) to each warrant holder; and

 

		●	if, and only if, the closing price of the common stock
equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and
the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending
three business days before we send to the notice of redemption to the warrant holders.

 

If and when the warrants
become redeemable by us for cash, we may exercise our redemption right even if we are unable to register or qualify the underlying
securities for sale under all applicable state securities laws.

 

We have established
the last of the redemption criteria discussed above to prevent a redemption call unless there is at the time of the call a significant
premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants,
each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price
of the Class A common stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock capitalizations,
reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

 

If we call the warrants
for redemption, our management will have the option to require any holder that wishes to exercise his, her or its warrant to do
so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless
basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding
and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon
the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise
price by surrendering their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing
(x) the product of the number of Class A common stock underlying the warrants, multiplied by the excess of the “fair
market value” of our Class A common stock (defined below) over the exercise price of the warrants by (y) the fair
market value. The “fair market value” will mean the average closing price of the Class A common stock for the
10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.
If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate
the number of shares of Class A common stock to be received upon exercise of the warrants, including the “fair market
value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby
lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the
cash from the exercise of the warrants after our initial business combination. If we call our warrants for redemption and our management
does not take advantage of this option, the holders of the private placement warrants and their permitted transferees would still
be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above
that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on
a cashless basis, as described in more detail below.

 

    4

     

    

 

A holder of a warrant
may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise
such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates),
to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of
the Class A common stock outstanding immediately after giving effect to such exercise.

 

If the number of outstanding
shares of Class A common stock is increased by a share capitalization payable in shares of Class A common stock, or by
a split-up of common stock or other similar event, then, on the effective date of such share capitalization, split-up or
similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be increased in proportion
to such increase in the outstanding shares of common stock. A rights offering to holders of common stock entitling holders to purchase
Class A common stock at a price less than the fair market value will be deemed a share capitalization of a number of shares
of Class A common stock equal to the product of (i) the number of shares of Class A common stock actually sold in
such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable
for Class A common stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Class A
common stock paid in such rights offering and divided by (y) the fair market value. For these purposes (i) if the rights
offering is for securities convertible into or exercisable for shares of Class A common stock, in determining the price payable
for Class A common stock, there will be taken into account any consideration received for such rights, as well as any additional
amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of shares of
Class A common stock as reported during the ten (10) trading day period ending on the trading day prior to the first date
on which the Class A common stock trades on the applicable exchange or in the applicable market, regular way, without the
right to receive such rights.

 

In addition, if we,
at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other
assets to the holders of Class A common stock on account of such Class A common stock (or other securities into which
the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy
the redemption rights of the holders of Class A common stock in connection with a proposed initial business combination, or
(d) in connection with the redemption of our public shares upon our failure to complete our initial business combination,
then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount
of cash and/or the fair market value of any securities or other assets paid on each share of Class A common stock in respect
of such event.

 

If the number of outstanding
shares of Class A common stock is decreased by a consolidation, combination, reverse share split or reclassification of Class A
common stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification
or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion
to such decrease in outstanding share of Class A common stock.

 

Whenever the number
of shares of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant
exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the
numerator of which will be the number of shares of Class A common stock purchasable upon the exercise of the warrants immediately
prior to such adjustment, and (y) the denominator of which will be the number of shares of Class A common stock so purchasable
immediately thereafter.

 

In addition, if (x) we
issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection
with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of
Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors
and, in the case of any such issuance to our initial stockholders or their affiliates, without taking into account any founder
shares held by our initial stockholders or such affiliates, as applicable, prior to such issuance), (the “Newly Issued Price”),
(y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon,
available for the funding of our initial business combination on the date of the consummation of our initial business combination
(net of redemptions), and (z) the volume weighted average trading price of our Class A common stock during the 20 trading
day period starting on the trading day after the day on which we consummate our initial business combination (such price, the “Market
Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to
115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will
be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.

 

    5

     

    

 

In case of any reclassification
or reorganization of the outstanding Class A common stock (other than those described above or that solely affects the par
value of such Class A common stock), or in the case of any merger or consolidation of us with or into another corporation
(other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification
or reorganization of our outstanding Class A common stock), or in the case of any sale or conveyance to another corporation
or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are
dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms
and conditions specified in the warrants and in lieu of the Class A common stock immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of Class A common stock or other securities
or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants
immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A common stock in
such a transaction is payable in the form of Class A common stock in the successor entity that is listed for trading on a
national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or
quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty
days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement
based on the Black-Scholes Warrant Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise
price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise
period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

 

The warrants are issued
in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and
us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any
ambiguity or correct any defective provision, and that all other modifications or amendments will require the vote or written consent
of the holders of at least a majority of the then outstanding public warrants, and, solely with respect to any amendment to the
terms of the private placement warrants, a majority of the then outstanding private placement warrants. You should review a copy
of the warrant agreement, which was filed as an exhibit to the registration statement in connection with our initial public offering,
for a complete description of the terms and conditions applicable to the warrants.

 

The warrants may be
exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with
the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment
of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number
of warrants being exercised. The warrant holders do not have the rights or privileges of holders of common stock and any voting
rights until they exercise their warrants and receive Class A common stock. After the issuance of Class A common stock
upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted
on by stockholders.

 

No fractional shares
will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional
interest in a share, we will, upon exercise, round down to the nearest whole number the number of shares of Class A common
stock to be issued to the warrant holder.

 

    6

     

    

 

We have agreed that,
subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement
will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any
such action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to claims under
the Exchange Act or any claim for which the federal district courts of the United States of America are the sole and exclusive
forum.

 

Units

 

Each unit consists of one share of Class A
common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share
of Class A common stock at a price of $11.50 per share, subject to adjustment as described in this report. This means only
a whole warrant may be exercised at any given time by a warrant holder. For example, if a warrant holder holds one-third of
one warrant to purchase a share of Class A common stock, such warrant will not be exercisable. If a warrant holder holds three-thirds of
one warrant, such whole warrant will be exercisable for one share of Class A common stock at a price of $11.50 per share.

 

Listing of Securities

 

The units, Class A
common stock and warrants are listed on the New York Stock Exchange, or the NYSE. The Class A common stock and warrants comprising the units
began separate trading on January 15, 2021. Holders will need to have their brokers contact our transfer agent in order to separate
the units into Class A common stock and warrants.

 

Our units are listed
on the NYSE, under the ticker symbol “FRX.U”. The Class A common stock and warrants
comprising the units began separate trading on January 15, 2021, under the symbols “FRX” and “FRXWS”, respectively.

 

The transfer agent
for our common stock and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed
to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and
each of its stockholders, directors, officers and employees against all claims and losses that may arise out of acts performed
or omitted for its activities in that capacity, except for any liability due to any gross negligence or intentional misconduct
of the indemnified person or entity.

 

 

7Exhibit 10.1

 

AT THE MARKET OFFERING AGREEMENT

 

March ___, 2021

 

H.C. Wainwright & Co., LLC

430 Park Avenue

New York, NY 10022

 

Ladies and
Gentlemen:

 

Aptorum Group Limited,
a corporation organized under the laws of the Cayman Islands (the “Company”), confirms its agreement (this “Agreement”)
with H.C. Wainwright & Co., LLC (the “Manager”) as follows:

 

1. Definitions.
The terms that follow, when used in this Agreement and any Terms Agreement, shall have the meanings indicated.

 

“Accountants” shall
have the meaning ascribed to such term in Section 4(m).

 

“Act”
shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Action” shall
have the meaning ascribed to such term in Section 3(q).

 

“Affiliate”
shall have the meaning ascribed to such term in Section 3(p).

 

“Applicable
Time” shall mean, with respect to any Shares, the time of sale of such Shares pursuant to this Agreement or any relevant
Terms Agreement.

 

“Authorized
Representative of the Company” shall mean the individuals authorized to act on behalf of the Company listed in Annex
A hereto, provided that, with prior written notice, the Company may modify the list of such persons from time to time.

 

“Authorized
Representative of the Manager” shall mean the individuals authorized to act on behalf of the Manager listed in Annex
A hereto, provided that, with prior written notice, the Manager may modify the list of such persons from time to time.

 

“Base
Prospectus” shall mean the base prospectus contained in the Registration Statement at the Execution Time.

 

“Board”
shall have the meaning ascribed to such term in Section 2(b)(iii).

 

     

     

    

 

“Broker
Fee” shall have the meaning ascribed to such term in Section 2(b)(v).

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed, provided that banks shall not be deemed to be authorized or obligated to be closed due to
a “shelter in place,” “non-essential employee”  or similar closure of physical branch locations at
the direction of any governmental authority if such banks’ electronic funds transfer systems (including for wire transfers)
are open for use by customers on such day.

 

“Commission”
shall mean the United States Securities and Exchange Commission.

 

“Company
Counsel” means Company Cayman Counsel and Company US Counsel.

 

“Company
Cayman Counsel” means Campbells LLP.

 

“Company
US Counsel” means Hunter Taubman Fischer & Li, LLC.

 

“Disclosure
Schedule” means the Disclosure Schedule of the Company delivered concurrently herewith.

 

“DTC”
shall have the meaning ascribed to such term in Section 2(b)(vii).

 

“Effective
Date” shall mean each date and time that the Registration Statement and any post-effective amendment or amendments thereto
became or becomes effective.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder.

 

“Execution
Time” shall mean the date and time that this Agreement is executed and delivered by the parties hereto.

 

“Filing
Date” shall have the meaning ascribed to such term in Section 4(w).

 

“Free
Writing Prospectus” shall mean a free writing prospectus, as defined in Rule 405.

 

“GAAP”
shall have the meaning ascribed to such term in Section 3(n).

 

“Incorporated
Documents” shall mean the documents or portions thereof filed with the Commission on or prior to the Effective Date that
are incorporated by reference in the Registration Statement or the Prospectus and any documents or portions thereof filed with
the Commission after the Effective Date that are deemed to be incorporated by reference in the Registration Statement or the Prospectus.

 

    2

     

    

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3(v).

 

“Issuer
Free Writing Prospectus” shall mean an issuer free writing prospectus, as defined in Rule 433.

 

“Losses”
shall have the meaning ascribed to such term in Section 7(d).

 

“Material
Adverse Effect” shall have the meaning ascribed to such term in Section 3(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3(t).

 

“Net
Proceeds” shall have the meaning ascribed to such term in Section 2(b)(v).

 

“Ordinary
Shares” shall have the meaning ascribed to such term in Section 2.

 

“Ordinary
Share Equivalents” shall have the meaning ascribed to such term in Section 3(g).

 

“Permitted
Free Writing Prospectus” shall have the meaning ascribed to such term in Section 4(g).

 

“Placement”
shall have the meaning ascribed to such term in Section 2(c).

 

“Proceeding”
shall have the meaning ascribed to such term in Section 3(b).

 

“Prospectus”
shall mean the Base Prospectus, as supplemented by the most recently filed Prospectus Supplement (if any).

 

“Prospectus
Supplement” shall mean each prospectus supplement relating to the Shares prepared and filed pursuant to Rule 424(b)
from time to time.

 

“Registration
Statement” shall mean the shelf registration statement (File Number 333-235819) on Form F-3, including exhibits
and financial statements and any prospectus supplement relating to the Shares that is filed with the Commission pursuant to Rule 424(b)
and deemed part of such registration statement pursuant to Rule 430B, as amended on each Effective Date and, in the event
any post-effective amendment thereto becomes effective, shall also mean such registration statement as so amended.

 

    3

     

    

 

“Representation
Date” shall have the meaning ascribed to such term in Section 4(k).

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3(e).

 

“Rule 158”,
“Rule 164”, “Rule 172”, “Rule 173”, “Rule 405”,
“Rule 415”, “Rule 424”, “Rule 430B” and “Rule 433”
refer to such rules under the Act.

 

“Sales
Notice” shall have the meaning ascribed to such term in Section 2(b)(i).

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3(m).

 

“Settlement
Date” shall have the meaning ascribed to such term in Section 2(b)(vii).

 

“Subsidiary”
shall have the meaning ascribed to such term in Section 3(a).

 

“Terms
Agreement” shall have the meaning ascribed to such term in Section 2(a).

 

“Time
of Delivery” shall have the meaning ascribed to such term in Section 2(c).

 

“Trading
Day” means a day on which the Trading Market is open for trading.

 

“Trading
Market” means the Nasdaq Global Market.

 

    4

     

    

 

2. Sale and Delivery
of Shares. The Company proposes to issue and sell through or to the Manager, as sales agent and/or principal, from time to
time during the term of this Agreement and on the terms set forth herein, shares (the “Shares”) of the Company’s
Class A Ordinary Shares, $1.00 par value per share (“Ordinary Shares”), up to the lesser of (a) the number
or dollar amount of Ordinary Shares registered on the Registration Statement, pursuant to which the offering is being made, (b)
the number of authorized but unissued Ordinary Shares (less the number of Ordinary Shares issuable upon exercise, conversion or
exchange of any outstanding securities of the Company or otherwise reserved from the Company’s authorized capital shares),
or (c) the number or dollar amount of Ordinary Shares that would cause the Company or the offering of the Shares to not satisfy
the eligibility and transaction requirements for use of Form F-3, including, if applicable, General Instruction I.B.5 of Registration
Statement on Form F-3 (the lesser of (a), (b) and (c), the “Maximum Amount”). Notwithstanding anything to the
contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this Section 2 on the number
and aggregate sales price of Shares issued and sold under this Agreement shall be the sole responsibility of the Company and that
the Manager shall have no obligation in connection with such compliance.

 

(a) Appointment
of Manager as Selling Agent; Terms Agreement. For purposes of selling the Shares through the Manager, the Company hereby appoints
the Manager as exclusive agent of the Company for the purpose of selling the Shares of the Company pursuant to this Agreement and
the Manager agrees to use its commercially reasonable efforts to sell the Shares on the terms and subject to the conditions stated
herein. The Company agrees that, whenever it determines to sell the Shares directly to the Manager as principal, it will enter
into a separate agreement (each, a “Terms Agreement”) in substantially the form of Annex B hereto, relating
to such sale in accordance with Section 2 of this Agreement.

 

(b) Agent
Sales. Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Company
will issue and agrees to sell Shares from time to time through the Manager, acting as sales agent, and the Manager agrees to use
its commercially reasonable efforts to sell, as sales agent for the Company, on the following terms:

 

(i) The Shares
are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Manager on any day that (A) is a
Trading Day, (B) the Authorized Representative of the Company has instructed the Manager via email (or other method mutually
agreed to in writing by the parties) to the Authorized Representative of the Manager to make such sales (“Sales Notice”),
a form of which Sales Notice is attached hereto as Annex C, and (C) the Company has satisfied its obligations under Section
6 of this Agreement. The Company will designate in the Sales Notice (i) the maximum amount of the Shares to be sold by the Manager
on a daily basis (subject to the limitations set forth in Section 2(d)), (ii) the minimum price per Share at which such Shares
may be sold, and (iii) the maximum dollar amount of the Shares to be sold during the time period specified in the Sales Notice
(subject to the limitations set forth in Section 2(d)). Subject to the terms and conditions hereof, the Manager shall use its commercially
reasonable efforts to sell on a particular day all of the Shares designated for the sale by the Company on such day. The gross
sales price of the Shares sold under this Section 2(b) shall be the market price for the Ordinary Shares sold by the Manager
under this Section 2(b) on the Trading Market at the time of sale of such Shares.

 

    5

     

    

 

(ii) The Company
acknowledges and agrees that (A) there can be no assurance that the Manager will be successful in selling the Shares, (B) the
Manager will incur no liability or obligation to the Company or any other person or entity if it does not sell the Shares for any
reason other than a failure by the Manager to use its commercially reasonable efforts consistent with its normal trading and sales
practices and applicable law and regulations to sell such Shares as required under this Agreement, and (C) the Manager shall
be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed
by the Manager and the Company pursuant to a Terms Agreement.

 

(iii) The Company
shall not authorize the issuance and sale of, and the Manager shall not be obligated to use its commercially reasonable efforts
to sell, any Share at a price lower than the minimum price therefor designated from time to time by the Company’s Board of
Directors (the “Board”), or a duly authorized committee thereof, or the Authorized Representative of the Company,
and notified to the Authorized Representative of the Manager in writing. The Company or the Manager may, upon notice to the other
party hereto via email (or other method mutually agreed to in writing by the parties), suspend the offering of the Shares for any
reason and at any time; provided, however, that such suspension shall not affect or impair the parties’ respective
obligations with respect to the Shares sold hereunder prior to the giving of such notice. The parties agree that a notice from
the Company or the Manager to suspend the offering of the Shares shall not be effective against the other party hereto unless it
is made to the Authorized Representative of the Company or the Authorized Representative of the Manager, respectively. The party
that issued a suspension notice shall notify the other party in writing of the Trading Day on which the suspension period shall
expire not later than twenty-four (24) hours prior to such Trading Day.

 

(iv) The Manager
may sell Shares by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415
under the Act, including without limitation sales made directly on the Trading Market, on any other existing trading market for
the Ordinary Shares or to or through a market maker. The Manager may also sell Shares in privately negotiated transactions, provided
that the Manager receives the Company’s prior written approval for any sales in privately negotiated transactions and if
so provided in the “Plan of Distribution” section of the Prospectus Supplement or a supplement to the Prospectus Supplement
or a new Prospectus Supplement disclosing the terms of such privately negotiated transaction.

 

    6

     

    

 

(v) The compensation
to the Manager for sales of the Shares under this Section 2(b) shall be a placement fee of 3% of the gross sales price of the Shares
sold pursuant to this Section 2(b) (“Broker Fee”). The foregoing rate of compensation shall not apply when the
Manager acts as principal, in which case the Company may sell Shares to the Manager as principal at a price agreed upon at the
relevant Applicable Time pursuant to a Terms Agreement. The remaining proceeds, after deduction of the Broker Fee and deduction
of any transaction fees imposed by any clearing firm, execution broker, or governmental or self-regulatory organization in respect
of such sales, shall constitute the net proceeds to the Company for such Shares (the “Net Proceeds”).

  

(vi) The Manager
shall provide written confirmation (by electronic mail) to the Company following the close of trading on the Trading Market each
day in which the Shares are sold under this Section 2(b) setting forth the number of the Shares sold on such day, the aggregate
gross sales proceeds and the Net Proceeds to the Company, and the compensation payable by the Company to the Manager with respect
to such sales.

 

(vii) Unless
otherwise agreed between the Company and the Manager, settlement for sales of the Shares will occur at 10:00 a.m. (New York City
time) on the second (2nd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the date
on which such sales are made (each, a “Settlement Date”). On or before the Trading Day prior to each Settlement
Date, the Company will, or will cause its transfer agent to, electronically transfer the Shares being sold by crediting the Manager’s
or its designee’s account (provided that the Manager shall have given the Company written notice of such designee at least
one Trading Day prior to the Settlement Date) at The Depository Trust Company (“DTC”) through its Deposit and
Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which Shares
in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Manager
will deliver the related Net Proceeds in same day funds to an account designated by the Company. The Company agrees that, if the
Company, or its transfer agent (if applicable), defaults in its obligation to deliver duly authorized Shares on a Settlement Date,
in addition to and in no way limiting the rights and obligations set forth in Section 7 hereto, the Company will (i) hold the Manager
harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal fees and
expenses), as incurred, arising out of or in connection with such default by the Company, and (ii) pay to the Manager any commission,
discount or other compensation to which the Manager would otherwise have been entitled absent such default.

 

    7

     

    

 

(viii) During
the term of this Agreement, at each Applicable Time, Settlement Date, and Representation Date, the Company shall be deemed to have
affirmed each representation and warranty contained in this Agreement as if such representation and warranty were made as of such
date, modified as necessary to relate to the Registration Statement and the Prospectus as amended as of such date. Any obligation
of the Manager to use its commercially reasonable efforts to sell the Shares on behalf of the Company shall be subject to the continuing
accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder
and to the continuing satisfaction of the additional conditions specified in Section 6 of this Agreement.

 

(ix) If the
Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of
Ordinary Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, shares or other
securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement
or other similar transaction) (a “Distribution” and the record date for the determination of shareholders entitled
to receive the Distribution, the “Record Date”), the Company hereby covenants that, in connection with any sales
of Shares pursuant to a Sales Notice on the Record Date, the Company covenants and agrees that the Company shall issue and deliver
such Shares to the Manager on the Record Date and the Record Date shall be the Settlement Date and the Company shall cover any
additional costs of the Manager in connection with the delivery of Shares on the Record Date.

 

(c) Term
Sales. If the Company wishes to sell the Shares pursuant to this Agreement but other than as set forth in Section 2(b) of this
Agreement (each, a “Placement”), the Company will notify the Manager of the proposed terms of such Placement.
If the Manager, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole
discretion) or, following discussions with the Company wishes to accept amended terms, the Manager and the Company will enter into
a Terms Agreement, a form of which is set forth in Annex B, setting forth the terms of such Placement. The terms set forth
in a Terms Agreement will not be binding on the Company or the Manager unless and until the Company and the Manager have each executed
such Terms Agreement accepting all of the terms of such Terms Agreement. In the event of a conflict between the terms of this Agreement
and the terms of a Terms Agreement, the terms of such Terms Agreement will control. A Terms Agreement may also specify certain
provisions relating to the reoffering of such Shares by the Manager. The commitment of the Manager to purchase the Shares pursuant
to any Terms Agreement shall be deemed to have been made on the basis of the representations and warranties of the Company herein
contained and shall be subject to the terms and conditions herein set forth. Each Terms Agreement shall specify the number of the
Shares to be purchased by the Manager pursuant thereto, the price to be paid to the Company for such Shares, any provisions relating
to rights of, and default by, underwriters acting together with the Manager in the reoffering of the Shares, and the time and date
(each such time and date being referred to herein as a “Time of Delivery”) and place of delivery of and payment
for such Shares. Such Terms Agreement shall also specify any requirements for opinions of counsel, accountants’ letters and
officers’ certificates pursuant to Section 6 of this Agreement and any other information or documents required by the Manager.

 

    8

     

    

 

(d) Maximum
Number of Shares. Under no circumstances shall the Company cause or request the offer or sale of any Shares if, after giving
effect to the sale of such Shares, the aggregate amount of Shares sold pursuant to this Agreement would exceed the lesser of (A)
together with all sales of Shares under this Agreement, the Maximum Amount, (B) the amount available for offer and sale under the
currently effective Registration Statement and (C) the amount authorized from time to time to be issued and sold under this Agreement
by the Board, a duly authorized committee thereof or a duly authorized executive committee, and notified to the Manager in writing.
Under no circumstances shall the Company cause or request the offer or sale of any Shares pursuant to this Agreement at a price
lower than the minimum price authorized from time to time by the Board, a duly authorized committee thereof or a duly authorized
executive officer, and notified to the Manager in writing. Further, under no circumstances shall the Company cause or permit the
aggregate offering amount of Shares sold pursuant to this Agreement to exceed the Maximum Amount.

 

(e) Regulation
M Notice. Unless the exceptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are
satisfied with respect to the Shares, the Company shall give the Manager at least one Business Day’s prior notice of its
intent to sell any Shares in order to allow the Manager time to comply with Regulation M.

 

(f) No
Short Sale. During the term of this Agreement, neither the Manager nor any of its affiliates or subsidiaries shall, for its
own account, engage in (i) any short sale of any security of the Company or (ii) any sale of any security of the Company that the
Manager does not own or any sale which is consummated by the delivery of a security of the Company borrowed by, or for the account
of, the Manager. Notwithstanding the foregoing, these restrictions shall not apply to bona fide transactions executed by the Manager
or any of its affiliates or subsidiaries on behalf and at the direction of any third-party customer accounts.

 

    9

     

    

 

3. Representations
and Warranties. The Company represents and warrants to, and agrees with, the Manager at the Execution Time and on each such
time the following representations and warranties are repeated or deemed to be made pursuant to this Agreement, as set forth below
or in the Registration Statement, the Prospectus or the Incorporated Documents.

 

(a) Subsidiaries.
All of the direct and indirect subsidiaries (individually, a “Subsidiary”) of the Company are set forth on Exhibit
21.1 to the Company’s most recent Annual Report on Form 20-F filed with the Commission. Except as set forth in the SEC Reports,
the Company owns, directly or indirectly, all of the capital shares or other equity interests of each Subsidiary free and clear
of any “Liens” (which for purposes of this Agreement shall mean a lien, charge, security interest, encumbrance,
right of first refusal, preemptive right or other restriction), and all of the issued and outstanding shares of capital shares
of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe
for or purchase securities.

 

(b) Organization
and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and, if applicable under the laws of the jurisdiction in which they are formed, in good standing under the laws of the
jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets
and to carry on its business as currently conducted. The Company and each of the Subsidiaries has all necessary authorizations,
approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs
as of the date of this Agreement to conduct its business purpose in all material respects as described in the Registration Statement
and SEC Reports and to own or lease its properties. Neither the Company nor any Subsidiary is in violation nor default of any of
the provisions of its respective certificate or articles of association, bylaws or other organizational or charter documents. Each
of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other
entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to
result in: (i) a material adverse effect on the legality, validity or enforceability of this Agreement, (ii) a material adverse
effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries,
taken as a whole, from that set forth in the Registration Statement, the Base Prospectus, any Prospectus Supplement, the Prospectus
or the Incorporated Documents, or (iii) a material adverse effect on the Company’s ability to perform in any material respect
on a timely basis its obligations under this Agreement (any of (i), (ii) or (iii), a “Material Adverse Effect”)
and no “Proceeding” (which for purposes of this Agreement shall mean any action, claim, suit, investigation
or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced
or threatened) has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail
such power and authority or qualification.

 

    10

     

    

 

(c) Authorization
and Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions
contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement
by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action
on the part of the Company and no further action is required by the Company, the Board or the Company’s shareholders in connection
herewith other than in connection with the Required Approvals. This Agreement has been duly executed and delivered by the Company
and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally,
(ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and
(iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(d) No
Conflicts. The execution, delivery and performance by the Company of this Agreement, the issuance and sale of the Shares and
the consummation by it of the transactions contemplated hereby do not and will not (i) conflict with or violate any provision of
the Company’s or any Subsidiary’s certificate or articles of association, bylaws or other organizational or charter
documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a
default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give
to others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without
notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary
debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of
the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation
of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to
which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property
or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could
not have or reasonably be expected to result in a Material Adverse Effect.

 

(e) Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
“Person” (defined as an individual or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint share company, government (or an agency or subdivision thereof) or other entity
of any kind, including the Trading Market) in connection with the execution, delivery and performance by the Company of this Agreement,
other than (i) the filings required by this Agreement, (ii) the filing with the Commission of the Prospectus Supplement, (iii)
the filing of application(s) to and approval by the Trading Market for the listing of the Shares for trading thereon in the time
and manner required thereby, and (iv) such filings as are required to be made under applicable state securities laws and the rules
and regulations of the Financial Industry Regulatory Authority, Inc. (“FINRA”) (collectively, the “Required
Approvals”).

 

    11

     

    

 

(f) Issuance
of Shares. The Shares are duly authorized and, when issued and paid for in accordance with this Agreement, will be duly and
validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from
its duly authorized capital shares the maximum number of Ordinary Shares issuable pursuant to this Agreement. The issuance by the
Company of the Shares has been registered under the Act and all of the Shares are freely transferable and tradable by the purchasers
thereof without restriction (other than any restrictions arising solely from an act or omission of such a purchaser). The Shares
are being issued pursuant to the Registration Statement and the issuance of the Shares has been registered by the Company under
the Act. The “Plan of Distribution” section within the Registration Statement permits the issuance and sale
of the Shares as contemplated by this Agreement. Upon receipt of the Shares, the purchasers of such Shares will have good and marketable
title to such Shares and the Shares will be freely tradable on the Trading Market.

 

(g) Capitalization.
The equity capitalization of the Company is as set forth in the SEC Reports. The Company has not issued any capital shares since
its most recently filed Form 6-K under the Exchange Act, other than pursuant to the exercise of employee share options under the
Company’s share option plans, the issuance of Ordinary Shares to employees pursuant to the Company’s employee share
purchase plan and pursuant to the conversion and/or exercise of securities exercisable, exchangeable or convertible into Ordinary
Shares (“Ordinary Share Equivalents”) outstanding as of the date of the most recently filed Form 6-K under the
Exchange Act. Except as set forth in the SEC Reports, no Person has any right of first refusal, preemptive right, right of participation,
or any similar right to participate in the transactions contemplated by this Agreement. Except as set forth in the SEC Reports,
there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to
subscribe for or acquire, any Ordinary Shares or the capital shares of any Subsidiary, or contracts, commitments, understandings
or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Ordinary Shares or Ordinary Share
Equivalents or capital shares of any Subsidiary. The issuance and sale of the Shares will not obligate the Company or any Subsidiary
to issue Ordinary Shares or other securities to any Person. Except as set forth in the SEC Reports, there are no outstanding securities
or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price
of such security or instrument upon an issuance of securities by the Company or any Subsidiary. There are no outstanding securities
or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts,
commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security
of the Company or such Subsidiary. The Company does not have any share appreciation rights or “phantom share” plans
or agreements or any similar plan or agreement. All of the outstanding shares of capital shares of the Company are duly authorized,
validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, where
applicable, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe
for or purchase securities. No further approval or authorization of any shareholder, the Board or others is required for the issuance
and sale of the Shares. There are no shareholders agreements, voting agreements or other similar agreements with respect to the
Company’s capital shares to which the Company is a party or, to the knowledge of the Company, between or among any of the
Company’s shareholders.

 

    12

     

    

 

(h) Registration
Statement. The Company meets the requirements for use of Form F-3 under the Act and has prepared and filed with the Commission
the Registration Statement, including a related Base Prospectus, for registration under the Act of the offering and sale of the
Shares. Such Registration Statement is effective and available for the offer and sale of the Shares as of the date hereof. As filed,
the Base Prospectus contains all information required by the Act and the rules thereunder, and, except to the extent the Manager
shall agree in writing to a modification, shall be in all substantive respects in the form furnished to the Manager prior to the
Execution Time or prior to any such time this representation is repeated or deemed to be made. The Registration Statement, at the
Execution Time, each such time this representation is repeated or deemed to be made, and at all times during which a prospectus
is required by the Act to be delivered (whether physically or through compliance with Rule 172, 173 or any similar rule) in
connection with any offer or sale of the Shares, meets the requirements set forth in Rule 415(a)(1)(x). The initial Effective
Date of the Registration Statement was not earlier than the date three years before the Execution Time. The Company meets the transaction
requirements with respect to the aggregate market value of securities being sold pursuant to this offering and during the twelve
(12) months prior to this offering, as set forth in General Instruction I.B.5 of Form F-3, if applicable.

 

(i) Accuracy
of Incorporated Documents. The Incorporated Documents, when they were filed with the Commission, conformed in all material
respects to the requirements of the Exchange Act and the rules thereunder, and none of the Incorporated Documents, when they were
filed with the Commission, contained any untrue statement of a material fact or omitted to state a material fact necessary to make
the statements therein, in light of the circumstances under which they were made not misleading; and any further documents so filed
and incorporated by reference in the Registration Statement, the Base Prospectus, the Prospectus Supplement or the Prospectus,
when such documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act
and the rules thereunder, as applicable, and will not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

(j) Ineligible
Issuer. (i) At the earliest time after the filing of the Registration Statement that the Company or another offering participant
made a bona fide offer (within the meaning of Rule 164(h)(2)) of the Shares and (ii) as of the Execution Time and on
each such time this representation is repeated or deemed to be made (with such date being used as the determination date for purposes
of this clause (ii)), the Company was not and is not an Ineligible Issuer (as defined in Rule 405), without taking account
of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an Ineligible
Issuer.

 

(k) Free
Writing Prospectus. The Company is eligible to use Issuer Free Writing Prospectuses. Each Issuer Free Writing Prospectus does
not include any information the substance of which conflicts with the information contained in the Registration Statement, including
any Incorporated Documents and any prospectus supplement deemed to be a part thereof that has not been superseded or modified;
and each Issuer Free Writing Prospectus does not contain any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity
with written information furnished to the Company by the Manager specifically for use therein. Any Issuer Free Writing Prospectus
that the Company is required to file pursuant to Rule 433(d) has been, or will be, filed with the Commission in accordance with
the requirements of the Act and the rules thereunder. Each Issuer Free Writing Prospectus that the Company has filed, or is required
to file, pursuant to Rule 433(d) or that was prepared by or behalf of or used by the Company complies or will comply in all material
respects with the requirements of the Act and the rules thereunder. The Company will not, without the prior consent of the Manager,
prepare, use or refer to, any Issuer Free Writing Prospectuses.

 

(l) Proceedings
Related to Registration Statement. The Registration Statement is not the subject of a pending proceeding or examination under
Section 8(d) or 8(e) of the Act, and the Company is not the subject of a pending proceeding under Section 8A of the Act
in connection with the offering of the Shares. The Company has not received any notice that the Commission has issued or intends
to issue a stop-order with respect to the Registration Statement or that the Commission otherwise has suspended or withdrawn the
effectiveness of the Registration Statement, either temporarily or permanently, or intends or has threatened in writing to do so.

 

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(m) SEC
Reports. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company
under the Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the one year preceding the date hereof
(or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including
the exhibits thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus Supplement,
being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension
of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective
dates, the SEC Reports complied in all material respects with the requirements of the Act and the Exchange Act, as applicable,
and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. The financial statements of the Company included in the SEC Reports comply in all material respects
with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the
time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles
applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in
such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required
by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as
of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited
statements, to normal, immaterial, year-end audit adjustments.

 

(n) [RESERVED]

 

(o) Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, (i) there has been no event, occurrence or development that has had or that could reasonably be expected
to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than
(A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities
not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the
Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend
or distribution of cash or other property to its shareholders or purchased, redeemed or made any agreements to purchase or redeem
any shares of its capital shares and (v) the Company has not issued any equity securities to any officer, director or “Affiliate”
(defined as any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under
common control with a Person, as such terms are used in and construed under Rule 144 under the Act), except pursuant to existing
Company share option plans. The Company does not have pending before the Commission any request for confidential treatment of information.
Except for the issuance of the Shares contemplated by this Agreement or as set forth in the SEC Reports, no event, liability, fact,
circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the
Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition that
would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed
made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made.

 

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(p) Litigation.
Except as set forth in the SEC Reports and on Schedule 3(p) attached hereto, there is no action, suit, inquiry, notice of
violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company,
any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency
or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”). None of the
Actions set forth in the SEC Reports, (i) adversely affects or challenges the legality, validity or enforceability of this Agreement
or the Shares or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse
Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving
a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty, which could
result in a Material Adverse Effect. There has not been, and to the knowledge of the Company, there is not pending or contemplated,
any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission
has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or
any Subsidiary under the Exchange Act or the Act.

 

(q) Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of
the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe
that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or
any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure
or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant
in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of
its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance
with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and
conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

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(r) Compliance.
Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been
waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the
Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture,
loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is
bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any
court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation
of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental
protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as
could not have or reasonably be expected to result in a Material Adverse Effect.

 

(s) Environmental
Laws. The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution
or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface
strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants,
or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials,
as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice
letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”);
(ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their
respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where
in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

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(t) Regulatory
Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports,
except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation
or modification of any Material Permit.

 

(u) Title
to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them
and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries,
in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not
materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens
for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP
and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by
the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the
Subsidiaries are in compliance in all material respects.

 

(v) Intellectual
Property. Except as disclosed in the SEC Reports, the Company and the Subsidiaries have, or have rights to use, all patents,
patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses
and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses
as described in the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). Neither the Company nor any Subsidiary has received, since the date of the latest audited financial
statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property
Rights violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material
Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights, if granted, are valid and there is no existing
infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable
security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure
to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(w) Insurance.
The Company and the Subsidiaries carry or are covered by, insurance in such amounts and covering such risks as is adequate for
the conduct of their business and the value of their properties and as is customary for companies engaged in similar businesses
in similar industries, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary
has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or
to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in
cost.

 

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(x) Affiliate
Transactions. Except as set forth in the SEC Reports, none of the officers or directors of the Company or any Subsidiary and,
to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction
with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement
or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or
from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer,
director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee
has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each case in excess of $120,000
other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf
of the Company and (iii) other employee benefits, including share option agreements under any share option plan of the Company.

 

(y) Sarbanes
Oxley Compliance. Except as set forth in the SEC Reports, the Company and the Subsidiaries are in material compliance with
any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all
applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and applicable
to the Company and the Subsidiaries. Except as set forth in the SEC Reports, the Company and the Subsidiaries maintain a system
of internal accounting controls to provide reasonable assurance that: (i) transactions are executed in accordance with management’s
general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s
general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed
such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files
or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s
rules and forms. The Company’s certifying officers have evaluated the disclosure controls and procedures of the Company and
the Subsidiaries as of the end of the period covered by the most recently filed Form 20-F under the Exchange Act (such date, the
“Evaluation Date”). The Company presented in its most recently filed Form 20-F under the Exchange Act the conclusions
of the certifying officers about the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since
the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the
Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect,
the internal control over financial reporting of the Company and its Subsidiaries.

 

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(z) Certain
Fees. Other than payments to be made to the Manager, no brokerage or finder’s fees or commissions are or will be payable
by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank
or other Person with respect to the transactions contemplated by this Agreement. The Manager shall have no obligation with respect
to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section
that may be due in connection with the transactions contemplated by this Agreement.

 

(aa) No
Other Sales Agency Agreement. The Company has not entered into any other sales agency agreements or other similar arrangements
with any agent or any other representative in respect of at the market offerings of the Shares.

 

(bb) [RESERVED]

 

(cc) Listing
and Maintenance Requirements. The Ordinary Shares are listed on the Trading Market and the issuance of the Shares as contemplated
by this Agreement does not contravene the rules and regulations of the Trading Market. The Ordinary Shares are registered pursuant
to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely
to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act nor has the Company received
any notification that the Commission is contemplating terminating such registration. The Company has not, in the 12 months preceding
the date hereof, received notice from any Trading Market on which the Ordinary Shares are or have been listed or quoted to the
effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company is,
and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and
maintenance requirements. The Ordinary Shares are currently eligible for electronic transfer through the Depository Trust Company
or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or
such other established clearing corporation) in connection with such electronic transfer.

 

(dd) Application
of Takeover Protections. The Company and the Board have taken all necessary action, if any, in order to render inapplicable
any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other
similar anti-takeover provision under the Company’s articles of association (or similar charter documents) or the laws of
its jurisdiction of incorporation that is or could become applicable to the Shares.

 

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(ee) Solvency.
Based on the consolidated financial condition of the Company as of the date hereof, (i) the fair saleable value of the Company’s
assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities
(including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital
to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability
thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in
respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability
to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).
The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation
under the bankruptcy or reorganization laws of any jurisdiction within one year from the date hereof. The SEC Reports sets forth
as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company
or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness” means (x) any liabilities
for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business),
(y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same
are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement
of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present
value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP. Neither the
Company nor any Subsidiary is in default with respect to any Indebtedness.

 

(ff) Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local
income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject,
(ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due
on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of
all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid
taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or
of any Subsidiary know of no basis for any such claim.

 

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(gg) Foreign
Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent
or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any
unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns
from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person
acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any
provision of the Foreign Corrupt Practices Act of 1977, as amended.

 

(hh) Accountants.
The Company’s accounting firm is set forth in the SEC Reports. To the knowledge and belief of the Company, such accounting
firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect
to the financial statements to be included in the Company’s Annual Report for the fiscal year ending December 31, 2020.

 

(ii) Regulation
M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly,
any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of,
any of the Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities
of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Manager in connection with the Shares.

 

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(jj) FDA.
As to each product, if any, subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”) under
the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured,
packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such product, a “Pharmaceutical
Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed
by the Company in compliance with all applicable requirements under FDCA and similar laws, rules and regulations relating to registration,
investigational use, premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory practices,
good clinical practices, product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the
failure to be in compliance would not have a Material Adverse Effect. There is no pending, completed or, to the Company's knowledge,
threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint,
or investigation) against the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries has received
any notice, warning letter or other communication from the FDA or any other governmental entity, which (i) contests the premarket
clearance, licensure, registration, or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing
of, the sale of, or the labeling and promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall,
suspension, or seizure of, or withdraws or orders the withdrawal of advertising or sales promotional materials relating to, any
Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation by the Company or any of its Subsidiaries,
(iv) enjoins production at any facility of the Company or any of its Subsidiaries, (v) enters or proposes to enter into a consent
decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws,
rules or regulations by the Company or any of its Subsidiaries, and which, either individually or in the aggregate, would have
a Material Adverse Effect. The properties, business and operations of the Company have been and are being conducted in all material
respects in accordance with all applicable laws, rules and regulations of the FDA.  The Company has not been informed by the
FDA that the FDA will prohibit the marketing, sale, license or use in the United States of any product proposed to be developed,
produced or marketed by the Company nor has the FDA expressed any concern as to approving or clearing for marketing any product
being developed or proposed to be developed by the Company.

 

(kk) Share
Option Plans. Each share option granted by the Company under the Company’s share option plan was granted (i) in accordance
with the terms of the Company’s share option plan and (ii) with an exercise price at least equal to the fair market value
of the Ordinary Shares on the date such share option would be considered granted under GAAP and applicable law. No share option
granted under the Company’s share option plan has been backdated. The Company has not knowingly granted, and there is no
and has been no Company policy or practice to knowingly grant, share options prior to, or otherwise knowingly coordinate the grant
of share options with, the release or other public announcement of material information regarding the Company or its Subsidiaries
or their financial results or prospects.

 

(ll) Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director, officer, agent,
employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of
Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

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(mm) U.S.
Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the
meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon the Manager’s
request.

 

(nn) Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act
of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly
or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or
more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(oo) Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of
the Company or any Subsidiary, threatened.

 

(pp) FINRA
Member Shareholders. There are no affiliations with any FINRA member firm among the Company’s officers, directors or,
to the knowledge of the Company, any five percent (5%) or greater shareholder of the Company, except as set forth in the Registration
Statement, the Base Prospectus, any Prospectus Supplement or the Prospectus.

 

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4. Agreements.
The Company agrees with the Manager that:

 

(a) Right
to Review Amendments and Supplements to Registration Statement and Prospectus. During any period when the delivery of a prospectus
relating to the Shares is required (including in circumstances where such requirement may be satisfied pursuant to Rule 172,
173 or any similar rule) to be delivered under the Act in connection with the offering or the sale of Shares, the Company will
not file any amendment to the Registration Statement or supplement (including any Prospectus Supplement) to the Base Prospectus
unless the Company has furnished to the Manager a copy for its review prior to filing and will not file any such proposed amendment
or supplement to which the Manager reasonably objects. The Company has properly completed the Prospectus, in a form approved by
the Manager, and filed such Prospectus, as amended at the Execution Time, with the Commission pursuant to the applicable paragraph
of Rule 424(b) by the Execution Time and will cause any supplement to the Prospectus to be properly completed, in a form approved
by the Manager, and will file such supplement with the Commission pursuant to the applicable paragraph of Rule 424(b) within
the time period prescribed thereby and will provide evidence reasonably satisfactory to the Manager of such timely filing. The
Company will promptly advise the Manager (i) when the Prospectus, and any supplement thereto, shall have been filed (if required)
with the Commission pursuant to Rule 424(b), (ii) when, during any period when the delivery of a prospectus (whether
physically or through compliance with Rule 172, 173 or any similar rule) is required under the Act in connection with the
offering or sale of the Shares, any amendment to the Registration Statement shall have been filed or become effective (other than
any annual report of the Company filed pursuant to Section 13(a) or 15(d) of the Exchange Act), (iii) of any request by the
Commission or its staff for any amendment of the Registration Statement, or for any supplement to the Prospectus or for any additional
information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement
or of any notice objecting to its use or the institution or threatening of any proceeding for that purpose and (v) of the
receipt by the Company of any notification with respect to the suspension of the qualification of the Shares for sale in any jurisdiction
or the institution or threatening of any proceeding for such purpose. The Company will use its best efforts to prevent the issuance
of any such stop order or the occurrence of any such suspension or objection to the use of the Registration Statement and, upon
such issuance, occurrence or notice of objection, to obtain as soon as possible the withdrawal of such stop order or relief from
such occurrence or objection, including, if necessary, by filing an amendment to the Registration Statement or a new registration
statement and using its best efforts to have such amendment or new registration statement declared effective as soon as practicable.

 

(b) Subsequent
Events. If, at any time on or after an Applicable Time but prior to the related Settlement Date, any event occurs as a result
of which the Registration Statement or Prospectus would include any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein in the light of the circumstances under which they were made or the circumstances
then prevailing not misleading, the Company will (i) notify promptly the Manager so that any use of the Registration Statement
or Prospectus may cease until such are amended or supplemented; (ii) amend or supplement the Registration Statement or Prospectus
to correct such statement or omission; and (iii) supply any amendment or supplement to the Manager in such quantities as the
Manager may reasonably request.

 

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(c) Notification
of Subsequent Filings. During any period when the delivery of a prospectus relating to the Shares is required (including in
circumstances where such requirement may be satisfied pursuant to Rule 172, 173 or any similar rule) to be delivered under
the Act, any event occurs as a result of which the Prospectus as then supplemented would include any untrue statement of a material
fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which
they were made not misleading, or if it shall be necessary to amend the Registration Statement, file a new registration statement
or supplement the Prospectus to comply with the Act or the Exchange Act or the respective rules thereunder, including in connection
with use or delivery of the Prospectus, the Company promptly will (i) notify the Manager of any such event, (ii) subject
to Section 4(a), prepare and file with the Commission an amendment or supplement or new registration statement which will correct
such statement or omission or effect such compliance, (iii) use its best efforts to have any amendment to the Registration
Statement or new registration statement declared effective as soon as practicable in order to avoid any disruption in use of the
Prospectus and (iv) supply any supplemented Prospectus to the Manager in such quantities as the Manager may reasonably request;
provided, however, that the Company may delay any such amendment or supplement if, in the reasonable judgment of the Company, it
is in the best interests of the Company to do so; provided further, however, that the Company shall not deliver a Sales Notice
until such amendment or supplement has been filed and become effective.

 

(d) Earnings
Statements. As soon as practicable, the Company will make generally available to its security holders and to the Manager an
earnings statement or statements of the Company and its Subsidiaries which will satisfy the provisions of Section 11(a) of
the Act and Rule 158. For the avoidance of doubt, the Company’s compliance with the reporting requirements of the Exchange
Act shall be deemed to satisfy the requirements of this Section 4(d).

 

(e) Delivery
of Registration Statement. Upon the request of the Manager, the Company will furnish to the Manager and counsel for the Manager,
without charge, signed copies of the Registration Statement (including exhibits thereto) and, so long as delivery of a prospectus
by the Manager or dealer may be required by the Act (including in circumstances where such requirement may be satisfied pursuant
to Rule 172, 173 or any similar rule), as many copies of the Prospectus and each Issuer Free Writing Prospectus and any supplement
thereto as the Manager may reasonably request. The Company will pay the expenses of printing or other production of all documents
relating to the offering.

 

(f) Qualification
of Shares. The Company will arrange, if necessary, for the qualification of the Shares for sale under the laws of such jurisdictions
as the Manager may designate and will maintain such qualifications in effect so long as required for the distribution of the Shares;
provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not now so qualified
or to take any action that would subject it to service of process in suits, other than those arising out of the offering or sale
of the Shares, in any jurisdiction where it is not now so subject.

 

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(g) Free
Writing Prospectus. The Company agrees that, unless it has or shall have obtained the prior written consent of the Manager,
and the Manager agrees with the Company that, unless it has or shall have obtained, as the case may be, the prior written consent
of the Company, it has not made and will not make any offer relating to the Shares that would constitute an Issuer Free Writing
Prospectus or that would otherwise constitute a “free writing prospectus” (as defined in Rule 405) required to
be filed by the Company with the Commission or retained by the Company under Rule 433. Any such free writing prospectus consented
to by the Manager or the Company is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company
agrees that (i) it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free
Writing Prospectus and (ii) it has complied and will comply, as the case may be, with the requirements of Rules 164 and
433 applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and
record keeping.

 

(h) Subsequent
Equity Issuances. The Company shall not deliver any Sales Notice hereunder (and any Sales Notice previously delivered shall
not apply during such one (1) Business Day) for at least one (1) Business Day prior to any date on which the Company or any Subsidiary
offers, sells, issues, contracts to sell, contracts to issue or otherwise disposes of, directly or indirectly, any other Ordinary
Shares or any Ordinary Share Equivalents (other than the Shares), subject to Manager’s right to waive this obligation, provided
that, without compliance with the foregoing obligation, the Company may issue and sell Ordinary Shares pursuant to any employee
equity plan, share ownership plan or dividend reinvestment plan of the Company in effect at the Execution Time and the Company
may issue Ordinary Shares issuable upon the conversion or exercise of Ordinary Share Equivalents outstanding at the Execution Time.

 

(i) Market
Manipulation. Until the termination of this Agreement, the Company will not take, directly or indirectly, any action designed
to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization
or manipulation in violation of the Act, Exchange Act or the rules and regulations thereunder of the price of any security of the
Company to facilitate the sale or resale of the Shares or otherwise violate any provision of Regulation M under the Exchange Act.

 

(j) Notification
of Incorrect Certificate. The Company will, at any time during the term of this Agreement, as supplemented from time to time,
advise the Manager immediately after it shall have received notice or obtained knowledge thereof, of any information or fact that
would alter or affect any opinion, certificate, letter and other document provided to the Manager pursuant to Section 6 herein.

 

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(k) Certification
of Accuracy of Disclosure. Upon commencement of the offering of the Shares under this Agreement (and upon the recommencement
of the offering of the Shares under this Agreement following the termination of a suspension of sales hereunder lasting more than
30 Trading Days), and each time that (i) the Registration Statement or Prospectus shall be amended or supplemented, other than
by means of Incorporated Documents, (ii) the Company files its Annual Report on Form 20-F under the Exchange Act, (iii) the Company
files a Current Report on Form 6-K containing interim financial statements or amended financial information (other than information
that is furnished and not filed), if the Manager reasonably determines that the information in such Form 6-K is material, or (iv)
the Shares are delivered to the Manager as principal at the Time of Delivery pursuant to a Terms Agreement (such commencement or
recommencement date and each such date referred to in (i), (ii), (iii), (iv) and (v) above, a “Representation Date”),
unless waived by the Manager, the Company shall furnish or cause to be furnished to the Manager forthwith a certificate dated and
delivered on the Representation Date, in form reasonably satisfactory to the Manager to the effect that the statements contained
in the certificate referred to in Section 6 of this Agreement which were last furnished to the Manager are true and correct at
the Representation Date, as though made at and as of such date (except that such statements shall be deemed to relate to the Registration
Statement and the Prospectus as amended and supplemented to such date) or, in lieu of such certificate, a certificate of the same
tenor as the certificate referred to in said Section 6, modified as necessary to relate to the Registration Statement and the Prospectus
as amended and supplemented to the date of delivery of such certificate.

 

(l) Bring
Down Opinions; Negative Assurance. At each Representation Date during the term of this Agreement, unless waived by the Manager,
the Company shall furnish or cause to be furnished forthwith to the Manager and to counsel to the Manager written opinions of Company
Counsel addressed to the Manager and dated and delivered on such Representation Date, in form and substance reasonably satisfactory
to the Manager, including a negative assurance representation. The requirement to furnish or cause to be furnished an opinion (but
not with respect to a negative assurance representation) under this Section 4(l) shall be waived for any Representation Date other
than a Representation Date on which a material amendment to the Registration Statement or Prospectus is made or the Company files
its Annual Report on Form 20-F or a material amendment thereto under the Exchange Act, unless the Manager reasonably requests such
deliverable required this Section 4(l) in connection with a Representation Date, upon which request such deliverable shall be deliverable
hereunder.

 

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(m) Auditor
Bring Down “Comfort” Letter. At each Representation Date, unless waived by the Manager, the Company shall cause
(1) the Company’s auditors (the “Accountants”), or other independent accountants satisfactory to
the Manager forthwith to furnish the Manager a letter, and (2) the Chief Financial Officer of the Company forthwith to furnish
the Manager a certificate, in each case dated on such Representation Date, in form satisfactory to the Manager, of the same tenor
as the letters and certificate referred to in Section 6 of this Agreement but modified to relate to the Registration Statement
and the Prospectus, as amended and supplemented to the date of such letters and certificate. The requirement to furnish or cause
to be furnished a “comfort” letter under this Section 4(m) shall be waived for any Representation Date other than a
Representation Date on which a material amendment to the Registration Statement or Prospectus is made or the Company files its
Annual Report on Form 20-F or a material amendment thereto under the Exchange Act, unless the Manager reasonably requests the deliverables
required by this Section 4(m) in connection with a Representation Date, upon which request such deliverable shall be deliverable
hereunder.

 

(n) Due
Diligence Session. Upon commencement of the offering of the Shares under this Agreement (and upon the recommencement of the
offering of the Shares under this Agreement following the termination of a suspension of sales hereunder lasting more than 30 Trading
Days), and at each Representation Date, upon request of the Manager, the Company will conduct a due diligence session, in form
and substance, reasonably satisfactory to the Manager, which shall include representatives of management and Accountants. The Company
shall cooperate timely with any reasonable due diligence request from or review conducted by the Manager or its agents from time
to time in connection with the transactions contemplated by this Agreement, including, without limitation, providing information
and available documents and access to appropriate corporate officers and the Company’s agents during regular business hours,
and timely furnishing or causing to be furnished such certificates, letters and opinions from the Company, its officers and its
agents, as the Manager may reasonably request. The Company shall reimburse the Manager for Manager’s counsel’s fees
in each such due diligence update session, up to a maximum of $2,500 per update, plus any incidental expense incurred by the Manager
in connection therewith.

 

(o) Acknowledgment
of Trading. The Company consents to the Manager trading in the Ordinary Shares for the Manager’s own account and for
the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement or pursuant to a Terms Agreement.

 

(p) Disclosure
of Shares Sold. The Company will disclose in its Annual Reports on Form 20-F or on Form 6-K when disclosing interim financial
reports, as applicable, the number of Shares sold through the Manager under this Agreement, the Net Proceeds to the Company and
the compensation paid by the Company with respect to sales of Shares pursuant to this Agreement during the relevant period; and,
if required by any subsequent change in Commission policy or request, more frequently by means of a Current Report on Form 6-K
or a further Prospectus Supplement.

 

(q) Rescission
Right. If to the knowledge of the Company, the conditions set forth in Section 6 shall not have been satisfied as of the applicable
Settlement Date, the Company will offer to any person who has agreed to purchase Shares from the Company as the result of an offer
to purchase solicited by the Manager the right to refuse to purchase and pay for such Shares.

 

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(r) Bring
Down of Representations and Warranties. Each acceptance by the Company of an offer to purchase the Shares hereunder, and each
execution and delivery by the Company of a Terms Agreement, shall be deemed to be an affirmation to the Manager that the representations
and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance
or of such Terms Agreement as though made at and as of such date, and an undertaking that such representations and warranties will
be true and correct as of the Settlement Date for the Shares relating to such acceptance or as of the Time of Delivery relating
to such sale, as the case may be, as though made at and as of such date (except that such representations and warranties shall
be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).

 

(s) Reservation
of Shares. The Company shall ensure that there are at all times sufficient Ordinary Shares to provide for the issuance, free
of any preemptive rights, out of its authorized but unissued Ordinary Shares or Ordinary Shares held in treasury, of the maximum
aggregate number of Shares authorized for issuance by the Board pursuant to the terms of this Agreement. The Company will use its
commercially reasonable efforts to cause the Shares to be listed for trading on the Trading Market and to maintain such listing.

 

(t) Obligation
Under Exchange Act. During any period when the delivery of a prospectus relating to the Shares is required (including in circumstances
where such requirement may be satisfied pursuant to Rule 172, 173 or any similar rule) to be delivered under the Act, the
Company will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required
by the Exchange Act and the regulations thereunder.

 

(u) DTC
Facility. The Company shall cooperate with Manager and use its reasonable efforts to permit the Shares to be eligible for clearance
and settlement through the facilities of DTC.

 

(v) Use
of Proceeds. The Company will apply the Net Proceeds from the sale of the Shares in the manner set forth in the Prospectus.

 

(w) Filing
of Prospectus Supplement. In the event any sales are made pursuant to this Agreement which are not made in “at the market”
offerings as defined in Rule 415, including, without limitation, any Placement pursuant to a Terms Agreement, the Company shall
file a Prospectus Supplement describing the terms of such transaction, the amount of Shares sold, the price thereof, the Manager’s
compensation, and such other information as may be required pursuant to Rule 424 and Rule 430B, as applicable, within the time
required by Rule 424.

 

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(x) Additional
Registration Statement. To the extent that the Registration Statement is not available for the sales of the Shares as contemplated
by this Agreement, the Company shall file a new registration statement with respect to any additional Ordinary Shares necessary
to complete such sales of the Shares and shall cause such registration statement to become effective as promptly as practicable.
After the effectiveness of any such registration statement, all references to “Registration Statement” included
in this Agreement shall be deemed to include such new registration statement, including all documents incorporated by reference
therein pursuant to Item 6 of Form F-3, and all references to “Base Prospectus” included in this Agreement
shall be deemed to include the final form of prospectus, including all documents incorporated therein by reference, included in
any such registration statement at the time such registration statement became effective.

 

5. Payment of Expenses.
The Company agrees to pay the costs and expenses incident to the performance of its obligations under this Agreement, whether or
not the transactions contemplated hereby are consummated, including without limitation: (i) the preparation, printing or reproduction
and filing with the Commission of the Registration Statement (including financial statements and exhibits thereto), the Prospectus
and each Issuer Free Writing Prospectus, and each amendment or supplement to any of them; (ii) the printing (or reproduction)
and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the Registration
Statement, the Prospectus, and each Issuer Free Writing Prospectus, and all amendments or supplements to any of them, as may, in
each case, be reasonably requested for use in connection with the offering and sale of the Shares; (iii) the preparation,
printing, authentication, issuance and delivery of certificates for the Shares, including any stamp or transfer taxes in connection
with the original issuance and sale of the Shares; (iv) the printing (or reproduction) and delivery of this Agreement, any
blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the offering
of the Shares; (v) the registration of the Shares under the Exchange Act, if applicable, and the listing of the Shares on
the Trading Market; (vi) any registration or qualification of the Shares for offer and sale under the securities or blue sky
laws of the several states (including filing fees and the reasonable fees and expenses of counsel for the Manager relating to such
registration and qualification); (vii) the transportation and other expenses incurred by or on behalf of Company representatives
in connection with presentations to prospective purchasers of the Shares; (viii) the fees and expenses of the Company’s
accountants and the fees and expenses of counsel (including local and special counsel) for the Company; (ix) the filing fee under
FINRA Rule 5110; (x) the reasonable fees and expenses of the Manager’s counsel, not to exceed $50,000 (excluding any periodic
due diligence fees provided for under Section 4(n)), which shall be paid upon the Execution Time; and (xi) all other costs and
expenses incident to the performance by the Company of its obligations hereunder.

 

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6. Conditions to
the Obligations of the Manager. The obligations of the Manager under this Agreement and any Terms Agreement shall be subject
to (i) the accuracy of the representations and warranties on the part of the Company contained herein as of the Execution
Time, each Representation Date, and as of each Applicable Time, Settlement Date and Time of Delivery, (ii) the performance
by the Company of its obligations hereunder and (iii) the following additional conditions:

 

(a) Filing
of Prospectus Supplement. The Prospectus, and any supplement thereto, required by Rule 424 to be filed with the Commission
have been filed in the manner and within the time period required by Rule 424(b) with respect to any sale of Shares; each
Prospectus Supplement shall have been filed in the manner required by Rule 424(b) within the time period required hereunder
and under the Act; any other material required to be filed by the Company pursuant to Rule 433(d) under the Act, shall have
been filed with the Commission within the applicable time periods prescribed for such filings by Rule 433; and no stop order
suspending the effectiveness of the Registration Statement or any notice objecting to its use shall have been issued and no proceedings
for that purpose shall have been instituted or threatened.

 

(b) Delivery
of Opinion. The Company shall have caused the Company Counsel to furnish to the Manager their respective opinions and negative
assurance statement, dated as of such date and addressed to the Manager in form and substance acceptable to the Manager.

 

(c) Delivery
of Officer’s Certificate. The Company shall have furnished or caused to be furnished to the Manager a certificate of
the Company signed by the Chief Executive Officer or the President and the principal financial or accounting officer of the Company,
dated as of such date, to the effect that the signers of such certificate have carefully examined the Registration Statement, the
Prospectus, any Prospectus Supplement and any documents incorporated by reference therein and any supplements or amendments thereto
and this Agreement and that:

 

(i) the representations
and warranties of the Company in this Agreement are true and correct on and as of such date with the same effect as if made on
such date and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or
satisfied at or prior to such date;

 

(ii) no stop
order suspending the effectiveness of the Registration Statement or any notice objecting to its use has been issued and no proceedings
for that purpose have been instituted or, to the Company’s knowledge, threatened; and

 

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(iii) since
the date of the most recent financial statements included in the Registration Statement, the Prospectus and the Incorporated Documents,
there has been no Material Adverse Effect on the condition (financial or otherwise), earnings, business or properties of the Company
and its subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business, except as
set forth in or contemplated in the Registration Statement and the Prospectus.

 

(d) Delivery
of Accountants’ “Comfort” Letter. The Company shall have requested and caused the Accountants to have furnished
to the Manager letters (which may refer to letters previously delivered to the Manager), dated as of such date, in form and substance
satisfactory to the Manager, confirming that they are independent accountants within the meaning of the Act and the Exchange Act
and the respective applicable rules and regulations adopted by the Commission thereunder and that they have performed a review
of any unaudited interim financial information of the Company included or incorporated by reference in the Registration Statement
and the Prospectus and provide customary “comfort” as to such review in form and substance satisfactory to the Manager.

 

(e) No
Material Adverse Event. Since the respective dates as of which information is disclosed in the Registration Statement, the
Prospectus and the Incorporated Documents, except as otherwise stated therein, there shall not have been (i) any change or
decrease in previously reported results specified in the letter or letters referred to in paragraph (d) of this Section 6
or (ii) any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise),
earnings, business or properties of the Company and its subsidiaries taken as a whole, whether or not arising from transactions
in the ordinary course of business, except as set forth in or contemplated in the Registration Statement, the Prospectus and the
Incorporated Documents (exclusive of any amendment or supplement thereto) the effect of which, in any case referred to in clause (i)
or (ii) above, is, in the sole judgment of the Manager, so material and adverse as to make it impractical or inadvisable to
proceed with the offering or delivery of the Shares as contemplated by the Registration Statement (exclusive of any amendment thereof),
the Incorporated Documents and the Prospectus (exclusive of any amendment or supplement thereto).

 

(f) Payment
of All Fees. The Company shall have paid the required Commission filing fees relating to the Shares within the time period
required by Rule 456(b)(1)(i) of the Act without regard to the proviso therein and otherwise in accordance with Rules 456(b)
and 457(r) of the Act and, if applicable, shall have updated the “Calculation of Registration Fee” table in accordance
with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration Statement or on the cover page of a
prospectus filed pursuant to Rule 424(b).

 

(g) No
FINRA Objections. FINRA shall not have raised any objection with respect to the fairness and reasonableness of the terms and
arrangements under this Agreement.

 

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(h) Shares
Listed on Trading Market. The Shares shall have been listed and admitted and authorized for trading on the Trading Market,
and satisfactory evidence of such actions shall have been provided to the Manager.

 

(i) Other
Assurances. Prior to each Settlement Date and Time of Delivery, as applicable, the Company shall have furnished to the Manager
such further information, certificates and documents as the Manager may reasonably request.

 

If any of the conditions
specified in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions and
certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the Manager
and counsel for the Manager, this Agreement and all obligations of the Manager hereunder may be canceled at, or at any time prior
to, any Settlement Date or Time of Delivery, as applicable, by the Manager. Notice of such cancellation shall be given to the Company
in writing (including by email) or by telephone promptly confirmed in writing.

 

The documents required
to be delivered by this Section 6 shall be delivered to the office of Ellenoff Grossman & Schole LLP, counsel for the Manager,
at 1345 Avenue of the Americas, New York, New York 10105, email: capmkts@egsllp.com, on each such date as provided in this Agreement.

 

7. Indemnification
and Contribution.

 

(a) Indemnification
by Company. The Company agrees to indemnify and hold harmless the Manager, the directors, officers, employees and agents of
the Manager and each person who controls the Manager within the meaning of either the Act or the Exchange Act against any and all
losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange
Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement for the registration of the Shares as originally filed or in any amendment
thereof, or in the Base Prospectus, any Prospectus Supplement, the Prospectus, any Issuer Free Writing Prospectus, or in any amendment
thereof or supplement thereto, or arise out of or are based upon 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 or result from or relate to any breach
of any of the representations, warranties, covenants or agreements made by the Company in this Agreement, and agrees to reimburse
each such indemnified party 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 to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement
or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information
furnished to the Company by the Manager specifically for inclusion therein. This indemnity agreement will be in addition to any
liability that the Company may otherwise have.

 

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(b) Indemnification
by Manager. The Manager agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who
signs the Registration Statement, and each person who controls the Company within the meaning of either the Act or the Exchange
Act, to the same extent as the foregoing indemnity and reimbursement from the Company to the Manager, but only with reference to
written information relating to the Manager furnished to the Company by the Manager specifically for inclusion in the documents
referred to in the foregoing indemnity; provided, however, that in no case shall the Manager be responsible for any
amount in excess of the Broker Fee applicable to the Shares and paid hereunder. This indemnity agreement will be in addition to
any liability which the Manager may otherwise have.

 

(c) Indemnification
Procedures. Promptly after receipt by an indemnified party under this Section 7 of notice of the commencement of any action,
such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 7,
notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will
not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of
such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will
not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the
indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for
which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses
of any separate counsel retained by the indemnified party or parties except as set forth below); provided, however,
that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election
to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate
counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate
counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel
with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available
to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of the institution of such action or (iv) the indemnifying party shall authorize
the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without
the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect
to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim,
action, suit or proceeding.

 

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(d) Contribution.
In the event that the indemnity provided in paragraph (a), (b) or (c) of this Section 7 is unavailable to or
insufficient to hold harmless an indemnified party for any reason, the Company and the Manager agree to contribute to the aggregate
losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating
or defending the same) (collectively “Losses”) to which the Company and the Manager may be subject in such proportion
as is appropriate to reflect the relative benefits received by the Company on the one hand and by the Manager on the other from
the offering of the Shares; provided, however, that in no case shall the Manager be responsible for any amount in
excess of the Broker Fee applicable to the Shares and paid hereunder. If the allocation provided by the immediately preceding sentence
is unavailable for any reason, the Company and the Manager severally shall contribute in such proportion as is appropriate to reflect
not only such relative benefits but also the relative fault of the Company on the one hand and of the Manager on the other in connection
with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits
received by the Company shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received
by it, and benefits received by the Manager shall be deemed to be equal to the Broker Fee applicable to the Shares and paid hereunder
as determined by this Agreement. Relative fault shall be determined by reference to, among other things, whether any untrue or
any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
provided by the Company on the one hand or the Manager on the other, the intent of the parties and their relative knowledge, access
to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Manager agree that
it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which
does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d),
no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 7, each person who controls
the Manager within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of the Manager
shall have the same rights to contribution as the Manager, and each person who controls the Company within the meaning of either
the Act or the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each director of
the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions
of this paragraph (d).

 

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8. Termination.

 

(a) The Company
shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating
to the solicitation of offers to purchase the Shares in its sole discretion at any time upon five (5) Business Days’ prior
written notice. Any such termination shall be without liability of any party to any other party except that (i) with respect
to any pending sale, through the Manager for the Company, the obligations of the Company, including in respect of compensation
of the Manager, shall remain in full force and effect notwithstanding the termination and (ii) the provisions of Sections 5,
6, 7, 8, 9, 10, 12, the second sentence of 13 and 14 of this Agreement shall remain in full force and effect notwithstanding such
termination.

 

(b) The Manager
shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating
to the solicitation of offers to purchase the Shares in its sole discretion at any time upon five (5) Business Days’ prior
written notice. Any such termination shall be without liability of any party to any other party except that the provisions of Sections 5,
6, 7, 8, 9, 10, 12, the second sentence of 13 and 14 of this Agreement shall remain in full force and effect notwithstanding such
termination.

 

(c) Unless
otherwise terminated pursuant to this Section 8, this Agreement shall remain in full force and effect until such date that this
Agreement is terminated pursuant to Sections 8(a) or (b) above or otherwise by mutual agreement of the parties, provided
that any such termination by mutual agreement shall in all cases be deemed to provide that Sections 5, 6, 7, 8, 9, 10, 12,
the second sentence of 13 and 14 shall remain in full force and effect.

 

(d) Any termination
of this Agreement shall be effective on the date specified in such notice of termination, provided that such termination shall
not be effective until the close of business on the date of receipt of such notice by the Manager or the Company, as the case may
be. If such termination shall occur prior to the Settlement Date or Time of Delivery for any sale of the Shares, such sale of the
Shares shall settle in accordance with the provisions of Section 2(b) of this Agreement.

 

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(e) In the
case of any purchase of Shares by the Manager pursuant to a Terms Agreement, the obligations of the Manager pursuant to such Terms
Agreement shall be subject to termination, in the absolute discretion of the Manager, by prompt oral notice given to the Company
prior to the Time of Delivery relating to such Shares, if any, and confirmed promptly by electronic mail, if since the time of
execution of the Terms Agreement and prior to such delivery and payment, (i) trading in the Ordinary Shares shall have been
suspended by the Commission or the Trading Market or trading in securities generally on the Trading Market shall have been suspended
or limited or minimum prices shall have been established on such exchange, (ii) a banking moratorium shall have been declared
either by Federal or New York State authorities or (iii) there shall have occurred any outbreak or escalation of hostilities,
declaration by the United States of a national emergency or war, or other calamity or crisis the effect of which on financial markets
is such as to make it, in the sole judgment of the Manager, impractical or inadvisable to proceed with the offering or delivery
of the Shares as contemplated by the Prospectus (exclusive of any amendment or supplement thereto).

 

9. Representations
and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of the
Company or its officers and of the Manager set forth in or made pursuant to this Agreement will remain in full force and effect,
regardless of any investigation made by the Manager or the Company or any of the officers, directors, employees, agents or controlling
persons referred to in Section 7, and will survive delivery of and payment for the Shares.

 

10. Notices.
All communications hereunder will be in writing and effective only on receipt, and will be mailed, delivered, or e-mailed to the
addresses of the Company and the Manager, respectively, set forth on the signature page hereto.

 

11. Successors.
This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers,
directors, employees, agents and controlling persons referred to in Section 7, and no other person will have any right or
obligation hereunder.

 

12. No Fiduciary
Duty. The Company hereby acknowledges that (a) the purchase and sale of the Shares pursuant to this Agreement is an arm’s-length
commercial transaction between the Company, on the one hand, and the Manager and any affiliate through which it may be acting,
on the other, (b) the Manager is acting solely as sales agent and/or principal in connection with the purchase and sale of
the Company’s securities and not as a fiduciary of the Company and (c) the Company’s engagement of the Manager
in connection with the offering and the process leading up to the offering is as independent contractors and not in any other capacity.
Furthermore, the Company agrees that it is solely responsible for making its own judgments in connection with the offering (irrespective
of whether the Manager has advised or is currently advising the Company on related or other matters). The Company agrees that it
will not claim that the Manager has rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar
duty to the Company, in connection with such transaction or the process leading thereto.

 

    37

     

    

 

13. Integration.
This Agreement and any Terms Agreement supersede all prior agreements and understandings (whether written or oral) between the
Company and the Manager with respect to the subject matter hereof. Notwithstanding anything herein to the contrary, the letter
agreement, dated as of August 17, 2020 and amended as of September 29, 2020, by and between the Company and the Manager shall continue
to be effective and the terms therein shall continue to survive and be enforceable by the Manager in accordance with its terms,
provided that, in the event of a conflict between the terms of the letter agreement and this Agreement, the terms of this Agreement
shall prevail.

 

14. Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and the Manager. No waiver of any default with respect to any provision, condition
or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default
or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any
right hereunder in any manner impair the exercise of any such right.

 

15. Applicable Law.
This Agreement and any Terms Agreement will be governed by and construed in accordance with the laws of the State of New York applicable
to contracts made and to be performed within the State of New York. Each of the Company and the Manager: (i) agrees that any
legal suit, action or proceeding arising out of or relating to this Agreement shall be instituted exclusively in New York Supreme
Court, County of New York, or in the United States District Court for the Southern District of New York, (ii) waives any objection
which it may have or hereafter to the venue of any such suit, action or proceeding, and (iii) irrevocably consents to the jurisdiction
of the New York Supreme Court, County of New York, and the United States District Court for the Southern District of New York in
any such suit, action or proceeding. Each of the Company and the Manager further agrees to accept and acknowledge service of any
and all process which may be served in any such suit, action or proceeding in the New York Supreme Court, County of New York, or
in the United States District Court for the Southern District of New York and agrees that service of process upon the Company mailed
by certified mail to the Company’s address shall be deemed in every respect effective service of process upon the Company,
in any such suit, action or proceeding, and service of process upon the Manager mailed by certified mail to the Manager’s
address shall be deemed in every respect effective service process upon the Manager, in any such suit, action or proceeding. If
either party shall commence an action or proceeding to enforce any provision of this Agreement, then the prevailing party in such
action or proceeding shall be reimbursed by the other party for its reasonable attorney’s fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding.

 

16.
Waiver of Jury Trial. The Company hereby irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to this Agreement, any Terms Agreement or the transactions
contemplated hereby or thereby. 

 

17. Counterparts.
This Agreement and any Terms Agreement may be signed in one or more counterparts, each of which shall constitute an original and
all of which together shall constitute one and the same agreement, which may be delivered via e-mail.

 

***************************

 

    38

     

    

 

18. Headings.
The section headings used in this Agreement and any Terms Agreement are for convenience only and shall not affect the construction
hereof.

 

If the foregoing is
in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this
letter and your acceptance shall represent a binding agreement among the Company and the Manager.

 

	Very truly yours,	 
	 	 
	Aptorum Group Limited	 
	 	 	 
	By:	                             	 
	Name:	 	 
	Title:	 	 

 

Address for Notice:

17 Hanover Square

London W1S 1BN, United Kingdom

Attention:

Email:

 

	The foregoing Agreement is hereby confirmed and accepted as of the date first written above.	 
	 	 	 
	H.C. WAINWRIGHT & CO., LLC	 
	 	 	 
	By:	                              	 
	Name:	 	 
	Title:	 	 

 

Address for Notice:

430 Park Avenue

New York, New York 10022

Attention: Chief Executive Officer

E-mail: notices@hcwco.com

 

    39

     

    

 

ANNEX A

 

Authorized Representatives of the Company

 

 

Darren Lui – President and Executive Director [EMAIL OF DARREN LUI]

 

Sabrina Khan - Chief Financial Officer [EMAIL OF SABRINA KHAN]

 

Authorized Representatives of the Manager

 

[EMAIL OF THE MANAGER] 

 

    40

     

    

 

Form of Terms Agreement

 

ANNEX B

 

Aptorum
Group Limited

 

TERMS AGREEMENT

 

Dear Sirs:

 

Aptorum Group Limited (the “Company”) proposes, subject to the terms and conditions stated herein and
in the At The Market Offering Agreement, dated March __, 2021 (the “At The Market Offering Agreement”), between
the Company and H.C. Wainwright & Co., LLC (“Manager”), to issue and sell to Manager the securities specified
in the Schedule I hereto (the “Purchased Shares”).

 

Each of the provisions of the At The Market Offering Agreement not specifically related to the solicitation by the Manager, as
agent of the Company, of offers to purchase securities is incorporated herein by reference in its entirety, and shall be deemed
to be part of this Terms Agreement to the same extent as if such provisions had been set forth in full herein. Each of the representations
and warranties set forth therein shall be deemed to have been made at and as of the date of this Terms Agreement and the Time of
Delivery, except that each representation and warranty in Section 3 of the At The Market Offering Agreement which makes reference
to the Prospectus (as therein defined) shall be deemed to be a representation and warranty as of the date of the At The Market
Offering Agreement in relation to the Prospectus, and also a representation and warranty as of the date of this Terms Agreement
and the Time of Delivery in relation to the Prospectus as amended and supplemented to relate to the Purchased Shares.

 

An amendment to the Registration Statement (as defined in the At The Market Offering Agreement), or a supplement to the Prospectus,
as the case may be, relating to the Purchased Shares, in the form heretofore delivered to the Manager is now proposed to be filed
with the Securities and Exchange Commission.

 

Subject to the terms and conditions set forth herein and in the At The Market Offering Agreement which are incorporated herein
by reference, the Company agrees to issue and sell to the Manager and the latter agrees to purchase from the Company the number
of shares of the Purchased Shares at the time and place and at the purchase price set forth in the Schedule I hereto.

 

If the foregoing
is in accordance with your understanding, please sign and return to us a counterpart hereof, whereupon this Terms Agreement, including
those provisions of the At The Market Offering Agreement incorporated herein by reference, shall constitute a binding agreement
between the Manager and the Company.

 

    41

     

    

 

	Aptorum Group Limited	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

ACCEPTED as of the date first written above.

 

	H.C. WAINWRIGHT & CO., LLC	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    42

     

    

 

ANNEX C

 

Form of Sales Notice

 

	From:	Aptorum Group Limited
	To:	H.C. WAINWRIGHT & CO., LLC
	Subject:	Sales Notice
	Date:  	[●], 202[●]

 

Ladies and Gentlemen:

 

Pursuant to the terms
and subject to the conditions contained in the At The Market Offering Agreement (the “ATM Agreement”) between
APTORUM GROUP LIMITED, a Cayman Islands exempted company (the “Company”), and H.C. WAINWRIGHT & CO., LLC
(the “Manager”), dated March ___, 2021, the Company hereby requests that the Manager sell up to [●] Class
A Ordinary Shares of the Company, par value $1.00 per share (the “Shares”), at a minimum market price of $[●]
per share, during the time period beginning [month, day, time] and ending [month, day, time] [and with no more than [●]Shares
sold in any one Trading Day]. Notwithstanding the foregoing, the total value of the Shares sold during the time designated herein
should not exceed $[●].

 

[The Company may include
such other sale parameters as it deems appropriate.]

 

Capitalized terms used
and not defined herein shall have the respective meanings assigned to them in the ATM Agreement.

 

    43

     

    

 

Schedule 3(p) Litigation

 

Threatened Shareholder Suit

 

On October 6, 2020, the Company received
a letter from Sterlington PLLC on behalf Karen Cheung, a shareholder of the Company.  The letter alleged unspecified violations
of the Securities Exchange Act of 1934, allegedly arising from Ms. Cheung’s opening a “discretionary” trading
account with Aeneas Capital Limited (“ACL”).  ACL is a Hong Kong registered brokerage firm that shares
common ownership with certain insiders of the Company.  The letter alleged, inter alia, that the relationship between
ACL and the Company was not sufficiently disclosed to Ms. Cheung and that the account was used to purchase shares of the Company
against Ms. Cheung’s wishes and without her knowledge.  The Company, through counsel, responded to the letter instructing
Sterlington to direct future correspondence to the Company’s outside counsel.  A second letter, dated November 20, 2020,
was sent to counsel.  The second letter expanded on the alleged claims in the first letter and alleged damages of “no
less than $750,000.”  In response to the receipt of the second letter, the Company’s Board of Directors requested
that outside counsel commence an internal review of the allegations set forth in the two letters.  This review is ongoing
but to date has not discovered any facts to support Ms. Cheung’s allegations. The Company views this threatened shareholder
suit as not material and not required to be disclosed in the SEC Reports.

 

FINRA Trading Review

 

On October 6, 2020, the Company was notified
that the Financial Industry Regulatory Authority (“FINRA”) is conducting a routine review of trading in the
stock of Aptorum Group Limited (APM) with regard to the September 29, 2020 announcement that APM would create an infectious disease
subsidiary, Aptorum Innovations, to work with Accelerate Technologies. The Company has been cooperating with FINRA
in connection with this review and has continued to respond to FINRA’s requests in this regard.

 

 

44

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