Document:

Exhibit
10.20

  

	 	Execution
    version

 

Share
Charge

 

JURCHEN
INVESTMENT CORPORATION

 

as
Chargor

 

Aptorum
Group Limited

 

as
Issuer

 

and

 

Peace
Range Limited

 

as
Chargee

  

 

 

________________
2018

   

     

     

    

 

CONTENTS

  

	CLAUSE	 	PAGE
	1.	INTERPRETATION	1
	2.	COVENANT
    TO PAY	5
	3.	SHARE
    CHARGE	6
	4.	FURTHER
    ASSURANCE	7
	5.	REPRESENTATIONS
    AND WARRANTIES	8
	6.	UNDERTAKINGS	10
	7.	Voting
    and Distribution	13
	8.	ENFORCEMENT
    AND POWERS OF THE Chargee	13
	9.	ATTORNEY	14
	10.	EXTENSION
    and variation of statutory powers	15
	11.	STATUS,
    POWERS, REMOVAL AND REMUNERATION OF RECEIVER	15
	12.	APPLICATION
    OF ENFORCEMENT PROCEEDS	18
	13.	PROTECTION
    OF Security	19
	14.	Protection
    of third parties	22
	15.	PROTECTION
    OF Secured Parties	22
	16.	DELEGATION	23
	17.	Costs
    and Expenses	24
	18.	SET-OFF	24
	19.	NOTICES	24
	20.	Changes
    to Parties	25
	21.	CURRENCY
    CLAUSES	25
	22.	MISCELLANEOUS	25
	23.	Governing
    Law	26
	24.	ENFORCEMENT	26
	25.	Service
    of Process	26
	26.	Waiver
    of immunities	27
	schedule
    1	28
	Shares	28
	Part
    I, Part II	28
	schedule
    2	29
	Form
    of Instrument of Transfer	29
	schedule
    3	30
	Irrevocable
    appointment of proxy and power of attorney	30
	schedule
    4	31
	Form
    of Letter of Authority and Undertaking	31
	schedule
    5	32
	Form
    of Resolutions	32
	schedule
    6	33
	Form
    of Deed of Undertaking	33
	schedule
    7	34
	Form
    of Letter of Instructions to Registered Agent	34

   

     

     

    

 

THIS
DEED is made on _____________________ 2018

 

BETWEEN:

 

		(1)	JURCHEN
                                         INVESTMENT CORPORATION,
                                         a limited liability company incorporated in the British Virgin Islands and whose registered
                                         office is at Vistra Corporation Services Centre, Wickhams Cay II, Road Town, Tortola,
                                         VG1110, the British Virgin Islands with business registration number 511328 (the “Chargor”);
                                         and

 

		(2)	APTORUM
                                         GROUP LIMITED, a Cayman Islands exempt company with company number 245310 and with
                                         Hong Kong business registration no. F0023235 and whose registered office is at c/o Campbells
                                         Corporate Services Limited, Floor 4, Willow House, Cricket Square, Grand Cayman KY1-9010,
                                         Cayman Islands (the “Issuer”);

 

		(3)	PEACE
                                         RANGE LIMITED a
                                         limited liability company incorporated in the British Virgin Islands with company number
                                         1839278 and whose registered address is at [ ] (the “Chargee”,
                                         which expression shall include any person from time to time appointed as a successor,
                                         replacement or additional trustee in relation to the interests created by this deed).

 

RECITALS:

 

		(A)	The
                                         Chargor is the registered legal and beneficial owner of the Shares (as defined below).

 

		(B)	The
                                         Issuer has issued or will issue the Bonds (as defined below).

 

		(C)	The
                                         Chargor and Issuer are entering into this deed in connection with the Bonds.

 

THE
PARTIES AGREE AS FOLLOWS:

 

		1.	INTERPRETATION

 

		1.1	Definitions

 

In
this deed:

 

“Account
Charge” has the meaning given to that term in the Conditions;

 

“Articles”
means the articles of association of the Issuer;

 

“Bonds”
means the US$15,000,000 aggregate principal amount of 8.00 per cent. convertible bonds due 2019 issued or to be issued by
the Issuer pursuant to the Subscription Agreement, which term shall include, unless the context requires otherwise, any further
bonds issued in accordance with Condition 16 (Further Issues) of the Conditions and consolidated and forming a single series therewith;

 

“BVI
Act” means the BVI Business Companies Act, 2004 of the British Virgin Islands as amended and supplemented from time to
time;

 

“Business
Day” has the meaning given to that term in the Conditions;

 

“Cayman
Act” means the Companies Law (2016 Revision) of the Cayman Islands as amended and supplemented from time to time;

 

“Charged
Property” means the assets charged to the Chargee pursuant to clause 3 (Share Charge) of this deed;

  

    	 	1	 

     

    

 

“Companies
Ordinance” means the Companies Ordinance (Cap. 622) of the Laws of Hong Kong;

 

“Conditions”
has the meaning given to that term in the Bonds;

 

“CPO”
means the Conveyancing and Property Ordinance (Cap. 219) of the Laws of Hong Kong;

 

“Custodian”
means The Law Debenture Trust (Asia) Limited or such other custodian appointed pursuant to the terms of the Custodian Agreement
or otherwise as agreed between the Chargor and the Chargee;

 

“Custodian
Agreement” means the escrow agreement dated on or about the date of this deed and entered into between the Chargor, the
Chargee and Custodian;

 

“Delegate”
means any delegate, agent, attorney or co-trustee appointed by the Chargee;

 

“Distribution”
means all dividends, distributions and other income paid or payable on any Share, together with all shares or other property
derived from that Share and all other allotments, accretions, rights, benefits and advantages of all kinds accruing, offered or
otherwise derived from or incidental to that Share (whether by way of conversion, redemption, bonus, preference, option or otherwise);

 

“Events
of Default” has the meaning given to that term in the Conditions;

 

“Hong
Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China;

 

“Insolvency
Proceedings” means, in relation to the Chargor, any corporate action, legal proceedings or other procedure or step referred
to in Conditions 11(vi)(Security Enforced), 11(vii)(Winding-up) or 11(viii)(Insolvency) of the Conditions or any analogous procedure
or step taken in any relevant jurisdiction;

 

“QIPO”
has the meaning given to that term in the Conditions;

 

“Receiver”
means a receiver and manager or administrative receiver in each case appointed under this deed;

 

“Register
of Directors” means the register of directors of the Issuer maintained by the Issuer in accordance with the Cayman Act;

 

“Register
of Members” means the register of members of the Issuer maintained by the Issuer in accordance with the Cayman Act;

 

“Registrar
of Corporate Affairs” means the Registrar of Corporate Affairs of the British Virgin Islands appointed under section
229 of the BVI Act;

 

“Secured
Obligations” means all present and future obligations and liabilities (whether actual or contingent and whether owed
jointly or severally or in any other capacity whatsoever) of the Transaction Obligors to any Secured Party under the Bonds and
the Transaction Documents;

 

“Secured
Party” means the Chargee, any Bondholder and a Receiver or any Delegate;

 

“Security”
means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement
or arrangement having a similar effect;

  

    	 	2	 

     

    

 

“Shares”
means:

 

		(a)	1,393,207
                                         Class B ordinary shares of the Issuer held by the Chargor which are described in Part
                                         II of schedule 1 (Shares);

 

		(b)	all
                                         rights relating to any of the shares described in paragraph (a) above which are deposited
                                         with or registered in the name of any depositary, custodian, nominee, clearing house
                                         or system, investment manager, chargee or other similar person or their nominee, in each
                                         case whether or not on a fungible basis (including any rights against any such person);
                                         and

 

		(c)	all
                                         warrants, options and other rights to subscribe for, purchase or otherwise acquire any
                                         of the shares described in paragraph (a) above,

 

in
each case now or in the future owned by the Chargor or (to the extent of its interest) in which the Chargor now or in the future
has an interest;

 

“Subscription
Agreement” means the subscription agreement dated 6 April 2018 between, amongst others, the Issuer as issuer, the Chargor
as guarantor and Peace Range Limited as subscriber, including the Conditions;

 

“Tax”
means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable
in connection with any failure to pay or any delay in paying any of the same);

 

“Transaction
Obligors” means the Chargor (including in its capacity as guarantor under the Deed of Guarantee) and the Issuer; and

 

“Transaction
Documents” has the meaning given to that term in the Conditions.

 

		1.2	Construction

 

		(a)	In
this deed, unless a contrary intention appears, a reference to:

  

		(i)	words
                                         and expressions defined in the Conditions have the same meanings when used in this deed
                                         unless otherwise defined in this deed;

 

		(ii)	“assets”
                                         includes present and future properties, revenues and rights of every description;

 

		(iii)	an
                                         “agreement” includes any legally binding arrangement, concession, contract,
                                         deed or franchise (in each case whether oral or written);

 

		(iv)	an
                                         “assignment” includes a novation, transfer and reassignment and retransfer
                                         and “assign”, “assigning” and “assigned”
                                         shall be construed accordingly;

 

		(v)	an
                                         “amendment” includes any amendment, supplement, variation, novation,
                                         modification, replacement or restatement and “amend”, “amending”
                                         and “amended” shall be construed accordingly;

 

		(vi)	a
                                         “consent” includes an authorisation, approval, exemption, licence, order,
                                         permission or waiver;

 

		(vii)	the
                                         “Chargee”, the “Chargor”, any “Bondholder”
                                         any “Secured Party”, any “Transaction Obligor” or any
                                         other person shall be construed so as to include its successors in title, permitted assignees
                                         and transferees and, in the case of the Chargee, any person for the time being appointed
                                         as Chargee or Chargees in accordance with the Bonds or the Transaction Documents;

  

    	 	3	 

     

    

 

		(viii)	“including”
                                         means including without limitation and “includes” and “included”
                                         shall be construed accordingly;

 

		(ix)	“losses”
                                         includes losses, actions, damages, claims, proceedings, costs, demands, expenses
                                         (including fees) and liabilities and “loss” shall be construed accordingly;

 

		(x)	a
                                         “person” includes any person, firm, company, corporation, government,
                                         state or agency of a state or any association, trust or partnership (whether or not having
                                         separate legal personality) or any two or more of the foregoing;

 

		(xi)	a
                                         “regulation” includes any regulation, rule, official directive, request
                                         or guideline (whether or not having the force of law) of any governmental, intergovernmental
                                         or supranational body, agency, department or regulatory, self-regulatory or other authority
                                         or organisation;

 

		(xii)	a
                                         “Bond “, a “Transaction Document” or the “Conditions”
                                         or any other agreement or instrument is a reference to that or other agreement or instrument
                                         as amended, novated, supplemented, extended or restated (however fundamentally);

 

		(xiii)	a
                                         provision of law is a reference to that provision as amended or re-enacted;

 

		(xiv)	any
                                         clause or schedule is a reference to, respectively, a clause of and schedule to this
                                         deed and any reference to this deed includes its schedules;

 

		(b)	The
                                         parties intend that this document shall take effect as a deed, notwithstanding the fact
                                         that a party may only execute it under hand;

 

		(c)	The
                                         index to and the headings in this deed are inserted for convenience only and are to be
                                         ignored in construing this deed;

 

		(d)	Words
                                         importing the plural shall include the singular and vice versa; and

 

		(e)	Unless
                                         the context otherwise requires, a reference to a Charged Property includes:

 

		(i)	any
                                         part of that Charged Property; and

 

		(ii)	the
                                         proceeds of sale of that Charged Property;

 

		(f)	“$”,
                                         “US$”, “US dollar” and “US dollars”,
                                         denote lawful currency of the United States of America; and

 

		(g)	To
                                         the fullest extent permitted by law and unless a contrary indication applies, the following
                                         provisions of the CPO shall apply to this deed:

 

		(i)	section
                                         15 (Construction of words and expressions), as if this deed was an instrument affecting
                                         land (as that expression appears in the CPO);

  

    	 	4	 

     

    

 

		(ii)	section
                                         35(1) (Implied covenants) and Part V of the First Schedule as if:

 

		(A)	this
                                         deed was a legal charge (as that expression appears in the CPO);

 

		(B)	the
                                         expression “charge” in section 35(1)(e) was construed as “mortgage, charge,
                                         assign or otherwise grant a security interest”; and

 

		(C)	references
                                         in Part V of the First Schedule to the “borrower” were construed as references
                                         to the Chargor, to the “Chargee” were construed as references to the Chargee
                                         and to “land” were construed as references to anything in action, and any interest
                                         in real or personal property;

 

		(iii)	section
                                         50 (Power to appoint receiver), as if:

 

		(A)	this
                                         deed was a legal charge, equitable mortgage and/or mortgage deed (as those expressions
                                         appear in the CPO); and

 

		(B)	references
                                         in section 50 to “land” were construed as references to anything in action,
                                         and any interest in real or personal property; and

 

		(iv)	section
                                         51 (Powers of mortgagee and receiver) and the Fourth Schedule as if:

 

		(A)	this
                                         deed was a legal charge, equitable mortgage and/or mortgage deed (as those expressions
                                         appear in the CPO); and

 

		(B)	references
                                         in the Fourth Schedule to “land” were construed as references to anything in
                                         action, and any interest in real or personal property.

 

		1.3	Third
                                         party rights

 

		(a)	Any
                                         Receiver or Delegate will have the right to enforce the provisions of this deed which
                                         are given in its favour in accordance with the Contracts (Rights of Third Parties) Ordinance
                                         (Cap. 623) of the Laws of Hong Kong (the “Third Parties Ordinance”).

 

		(b)	Subject
                                         to clause 1.3(a) and unless expressly provided to the contrary in the Bonds or the Transaction
                                         Documents, a person who is not a party to this deed has no right under the Third Parties
                                         Ordinance to enforce or enjoy the benefit of any term of this deed.

 

		(c)	Notwithstanding
                                         any term of the Bonds or the Transaction Documents, the consent of any person who is
                                         not a party (including any Receiver or Delegate) is not required to rescind or vary this
                                         deed at any time.

 

		2.	COVENANT
                                         TO PAY

 

The
Chargor as primary obligor covenants with the Chargee that it will on demand pay the Secured Obligations when they fall due for
payment in the manner provided for in the Bonds and the Transaction Documents.

  

    	 	5	 

     

    

 

		3.	SHARE
                                         CHARGE

 

		3.1	Charging
                                         Clause

 

The
Chargor, as security for the Secured Obligations, charges in favour of the Chargee, as legal and beneficial owner, its right,
title and interest in all of the Shares and all corresponding Distribution by way of first fixed charge.

 

		3.2	Title
                                         documents and documentation supporting security

 

The
Chargor shall, upon the execution of this deed, deliver or procure that there shall be delivered to the Custodian the following
documents to be held by the Custodian pursuant to the terms of the Custodian Agreement:

 

		(a)	valid
                                         and duly issued share certificate(s) or other documents of title relating to the Shares
                                         specified in Part II of schedule 1 (Shares) together with an instrument of transfer,
                                         duly executed, undated and in blank, in respect of such Shares in the form set out in
                                         schedule 2 (Form of Instrument of Transfer);

 

		(b)	signed
                                         and dated letters of authority and undertaking from all the directors of the Issuer authorising
                                         the Chargee to date each of the blank instrument of transfer referred to in clause 3.2(a),
                                         the resolutions referred to in clause 3.2(c) and undertaking to approve transfers of
                                         the Shares by or in favour of the Chargee and/or its nominee (in each case, subject to
                                         the provisions of this deed) in the form set out in schedule 4 (Form of Letter of Authority
                                         and Undertaking);

 

		(c)	a
                                         signed and undated board resolution of all the directors of the Issuer to approve transfers
                                         of the Shares by or in favour of the Chargee and/or its nominee in the form set out in
                                         schedule 5 (Form of Resolutions);

 

		(d)	original
                                         of duly executed proxy and power of attorney in respect of the Shares in the form set
                                         out in schedule 3 (Irrevocable appointment of proxy and power of attorney);

 

		(e)	original
                                         of an irrevocable deed of undertaking and confirmation from the Issuer to the Chargee
                                         in the form set out in schedule 6 (Form of Deed of Undertaking) duly executed and dated
                                         by the Issuer; and

 

		(f)	certified
                                         true copy of an irrevocable letter of instructions to the registered agent of the Issuer
                                         in the form set out in schedule 7 (Form of Letter of Instructions to Registered Agent)
                                         duly signed and dated by the Issuer (the original of which shall be delivered by or on
                                         behalf of the Issuer to its registered agent immediately after execution of this deed
                                         and promptly thereafter, and in any event no later than 10 Business Days from the date
                                         of execution of this deed, the Chargor shall deliver, or cause to be delivered to the
                                         Chargee, a copy of such letter signed by the registered agent of the Issuer acknowledging
                                         and agreeing to the terms of such letter).

 

Notwithstanding
any provision of the Custodian Agreement, for the avoidance of doubt, if any of the documents referred to in clauses 3.2(a) to
3.2(f) are returned or delivered by the Custodian to the Chargor for any reason, any such return or delivery shall not in any
way affect or prejudice the security interest created or Chargee’s rights or interest under or in connection with this deed and
the security and terms of the deed shall continue in full force and effect.

  

    	 	6	 

     

    

 

		4.	FURTHER
                                         ASSURANCE

 

		4.1	General

 

		(a)	In
                                         addition and without prejudice to the covenant in paragraph 5 of Part V of the First
                                         Schedule to the CPO (as varied pursuant to this deed), the Chargor will, promptly following
                                         request by the Chargee, do all such acts and/or execute all such documents (including
                                         assignments, transfers, mortgages, charges, notices and instructions) as is necessary:

 

		(i)	to
                                         perfect or register the Security created or intended to be created under or evidenced
                                         by this deed (which may include the execution of a mortgage, charge, assignment or other
                                         Security over all or any of the assets which are, or are intended to be, the subject
                                         of this deed) or for the exercise of any rights, powers and remedies of the Chargee or
                                         any Receiver provided by or pursuant to the Bonds and the Transaction Documents or by
                                         law; and/or

 

		(ii)	to
                                         facilitate the realisation of the assets which are, or are intended to be, the subject
                                         of the Security created by this deed.

 

		(b)	The
                                         Chargor shall take all such action (including making all filings and registrations) as
                                         may reasonably be necessary for the purpose of the creation, perfection, registration,
                                         protection or maintenance of any Security conferred or intended to be conferred on the
                                         Chargee by or pursuant to this deed.

 

		4.2	HK
                                         Registration

 

In
the event the Chargor becomes a Non-Hong Kong Company under (and as defined in) Part 16 of the Companies Ordinance, the Chargor
shall ensure that details of the Security created by this deed are duly registered with the Companies Registry in Hong Kong within
five (5) Business Days after the Chargor becomes a Non-Hong Kong Company under (and as defined in) Part 16 of the Companies Ordinance.

 

		4.3	BVI
                                         and Cayman Registration 

 

		(a)	The
                                         Chargor shall:

 

		(i)	as
                                         soon as reasonably practicable after execution of this deed, and in any event within
                                         ten (10) Business Day of the date of this deed, create and maintain a register of charges
                                         (the “Register of Charges”) for the Chargor (to the extent this has
                                         not already been done in accordance with section 162 of the BVI Act), enter particulars
                                         of the security created pursuant to this deed in the Register of Charges as required
                                         by section 162 of the BVI Act and provide a certified copy of the Register of Charges
                                         to the Chargee;

 

		(ii)	as
                                         soon as reasonably practicable after execution of this deed and in any event within ten
                                         (10) Business Day of the date of this deed, effect registration, or assist the Chargee
                                         in effecting registration, of this deed with the Registrar of Corporate Affairs pursuant
                                         to section 163 of the BVI Act by making the required filing, or assisting the Chargee
                                         in making the required filing, in the approved form with the Registrar of Corporate Affairs
                                         and (if applicable) provide confirmation in writing to the Chargee that such filing has
                                         been made;

 

		(iii)	to
                                         the extent received by the Chargor, as soon as reasonably practicable after execution
                                         of this deed and in any event within ten (10) Business Days of receipt, deliver or procure
                                         to be delivered to the Chargee the certificate of registration of charge issued by the
                                         Registrar of Corporate Affairs evidencing that the requirements of Part VIII of the BVI
                                         Act as to registration have been complied with, together with the filed stamped copy
                                         of any application made by or on behalf of the Chargor containing the relevant particulars
                                         of charge;

  

    	 	7	 

     

    

 

		(iv)	as
                                         soon as reasonably practicable after the execution of this deed and in any event within
                                         three (3) Business Day of the date of this deed procure that the following notation be
                                         entered on the Register of Members and promptly thereafter:

 

“All
of the Class B ordinary shares issued under certificate number [ *****], as fully paid up and registered in the name of JURCHEN
INVESTMENT CORPORATION are charged in favour of Peace Range Limited as chargee pursuant to a share charge dated [ *** insert date
***], as amended from time to time. This notation was made in this Register of Members on [ *** insert date *** ].”; and

 

		(v)	as
                                         soon as reasonably practicable after the execution of this deed and in any event within
                                         three (3) Business Days of the date of this deed, deliver or procure to be delivered
                                         to the Chargee evidence that such annotation has been made and deliver or procure the
                                         delivery to the Chargee of a certified copy of the annotated Register of Members.

 

		5.	REPRESENTATIONS
                                         AND WARRANTIES

 

		5.1	Matters
                                         Represented

 

The
Chargor represents and warrants to the Chargee in the terms set out in clauses 5.2 (General representations and warranties) to
5.11 (Information) (inclusive) below as of the date of this dead and on each day for so long as any Security constituted by this
deed remains in force, with reference to the facts and circumstances then existing.

 

		5.2	General
                                         representations and warranties

 

The
Chargor represents and warrants to the Chargee with respect to itself in the terms as set out in clause 3 (Representations and
Warranties) of the Subscription Agreement for so long as any Security constituted by this deed remains in force, the provisions
of which are incorporated herein mutatis mutandis as if set out herein as if references therein to “the Guarantor”,
“the Transaction Documents” or “a Transaction Document” were a referent to the Chargor, the Bonds or the Transaction
Documents.

 

		5.3	Governing
                                         Law and Enforcement

 

		(a)	The
                                         choice of governing law of this deed will be recognised and enforced in its jurisdiction
                                         of incorporation; and

 

		(b)	Any
                                         judgment obtained in relation to this deed in the jurisdiction of the governing law of
                                         this deed will be recognised and enforced in its jurisdiction of incorporation.

  

    	 	8	 

     

    

 

		5.4	Insolvency

 

		(a)	No
                                         Insolvency Proceedings has been taken or, to the knowledge of the Chargor, threatened
                                         in relation to it.

 

		(b)	No
                                         distress, attachment, execution or other legal decision is levied, enforced or sued out
                                         on or against substantially all of the property, assets or revenues (as applicable) of
                                         the Chargor having an aggregate value of at least US$400,000 and is not discharged or
                                         stayed within 30 days of having been so levied, enforced or sued out on.

 

		5.5	No
                                         Filing or Stamp Taxes

 

It
is not necessary that this deed be filed, recorded or enrolled with any court or other authority or that any stamp, registration,
notarial or similar taxes or fees be paid on or in relation to this deed or the transactions contemplated by this deed except
for registration of this deed with the Registrar of Corporate Affairs and payment of associated fees, which registration and fees
will be made and paid promptly after the date of this deed.

 

		5.6	Deduction
                                         of Tax 

 

It
is not required to make any deduction for or on account of Tax from any payment it may make under this deed.

 

		5.7	Ranking

 

The
Security under this deed has the ranking in priority which it is expressed to have in and is not subject to any prior ranking
or pari passu ranking Security.

 

		5.8	Shares

 

		(a)	It
                                         is the legal and beneficial owner of the shares detailed in part II of schedule 1 (Shares)
                                         and all of those shares are fully paid.

 

		(b)	Except
                                         as provided in the Bonds or other Transaction Documents, no person has or is entitled
                                         to any conditional or unconditional option, warrant or other right to subscribe for,
                                         purchase or otherwise acquire any issued or unissued shares, or any interest in shares
                                         in the Issuer.

 

		(c)	The
                                         Charged Property comprises 5 per cent. of the aggregate of the entire issued Class A
                                         ordinary shares and the entire issued Class B ordinary shares of the Issuer as at the
                                         date of this deed and the documents referred to in clause 3.2 (Title documents and documentation
                                         supporting security) that have been delivered to the Custodian pursuant to clause 3.2
                                         (Title documents and documentation supporting security) are in respect of 5 per cent.
                                         of the aggregate of the entire issued Class A ordinary shares and the entire issued Class
                                         B ordinary shares of the Issuer as at the date of this deed.

 

		(d)	The
                                         Charged Property is free from any encumbrance, attachment or precautionary measure other
                                         than as created under or pursuant to this deed.

 

		(e)	There
                                         are no covenants or agreements, which could adversely affect the Charged Property or
                                         any part thereof.

 

		(f)	Other
                                         than the share certificates delivered to the Custodian pursuant to clause 3.2 (Title
                                         documents and documentation supporting security), no share certificates or interim certificates
                                         have been issued evidencing the Charged Property.

 

		(g)	There
                                         is no and may not be a public market for the Charged Property herein. The Charged Property
                                         has not been and is not being registered under the U.S. Securities Act of 1933,
                                         as amended (the “Securities Act”) or any applicable state securities
                                         laws, and may not be transferred in a public market unless (i) the Charged Property has been
                                         registered for sale pursuant to the  Securities Act, (ii) the Charged Property may
                                         be sold pursuant to Rule 144 or Regulation S under the Securities Act, or (iii) the Issuer
                                         has received an opinion of counsel reasonably satisfactory to it that such transfer may
                                         lawfully be made without registration under the Securities Act or qualification under
                                         applicable state securities laws. 

  

    	 	9	 

     

    

 

		5.9	Financial
                                         Assistance

 

The
Chargor’s entry into this deed does not cause any infringement of any applicable financial assistance legislation, including Part
5, Division 5 of the Companies Ordinance.

 

		5.10	Non-Hong
                                         Kong Company

 

The
Chargor is not registered as a non-Hong Kong company under Part 16 of the Companies Ordinance nor has it made any application
to be so registered.

 

		5.11	Information

 

The
Chargor represents that:

 

		(a)	the
                                         shares specified in Part I of schedule 1 (Shares) amount to the entire issued Class B
                                         ordinary shares of the Issuer as at the date of this deed; and

 

		(b)	the
                                         shares specified in Part II of schedule 1 (Shares) amount to 5 per cent. of the aggregate
                                         of the entire issued Class A ordinary shares and the entire issued Class B ordinary shares
                                         of the Issuer as at the date of this deed.

 

		6.	UNDERTAKINGS

 

		6.1	Duration
                                         of Undertakings

 

All
of the undertakings given by the Chargor to the Chargee in this deed are given from the date of this deed and for so long as any
Security constituted by this deed remains in force.

 

		6.2	Negative
                                         Pledge 

 

The
Chargor may not, for so long as any Security constituted by this deed remains in force, create or agree to create or permit to
subsist any Security over all or any part of the Charged Property, except as expressly permitted under the Bonds or Transaction
Documents or with the prior written consent of the Chargee.

 

		6.3	Disposal
                                         Restrictions

 

The
Chargor shall not, for so long as any Security constituted by this deed remains in force and except as expressly permitted under
the Bonds or the Transaction Documents or with the prior written consent of the Chargee:

 

		(a)	sell,
                                         transfer, assign, lend or otherwise dispose of all or any part of the Charged Property
                                         or the right to receive or to be paid the proceeds arising on the disposal of the same,
                                         or agree or attempt to do so; or

 

		(b)	dispose
                                         of the equity of redemption in respect of all or any part of the Charged Property.

 

		6.4	General
                                         Undertakings

 

		(a)	Charged
                                         Property

 

		(i)	It
                                         will observe and perform all covenants and stipulations from time to time affecting the
                                         Charged Property, make all payments, carry out all necessary registrations or renewals
                                         and generally take all steps which are reasonably necessary to preserve, maintain and
                                         renew when necessary or desirable all the Charged Property.

  

    	 	10	 

     

    

 

		(ii)	It
                                         will pay all reasonable payments which may become due in respect of safekeeping and preservation
                                         of the Charged Property or any part thereof.

 

		(b)	Constitutional
                                         Documents of the Issuer 

 

The
Chargor will not amend the constitutional documents of the Issuer in any manner which would reduce, jeopardise or otherwise prejudice
the value to the Secured Parties of the Charged Property or would likely prejudice or adversely affect the rights of the Secured
Parties, without consent of the Chargee.

 

		(c)	Maintenance

 

It
will maintain all and any rights being subject to the Security so that these at all times will be kept in force.

 

		(d)	Registration
                                         as Non-Hong Kong Company

 

The
Chargor shall inform the Chargee in writing if it becomes or purports to make any application to be so registered as a non-Hong
Kong company under Part 16 of the Companies Ordinance.

 

		(e)	New
                                         directors of the Issuer 

 

Where
there is any change in the directors of the Issuer, deliver or procure that there shall be delivered to the Custodian the following
documents to be held by the Custodian pursuant to the terms of the Custodian Agreement (i) the documents described in paragraph
(b) of clause 3.2 (Title documents and documentation supporting security) in respect of the new director(s), (ii) a replacement
of the resolutions referred to in paragraph (c) of clause 3.2 (Title documents and documentation supporting security) and (iii)
a certified copy of the updated Register of Directors.

 

		6.5	Continuing
                                         Obligations

 

The
Chargor shall:

 

		(a)	ensure
                                         that the Charged Property remains free from any restrictions on transfer other than any
                                         restrictions set out or permitted in the Bonds and Transaction Documents;

 

		(b)	warrant
                                         and defend the rights and interest of the Chargee to and in the Charged Property against
                                         the claims and demands of all persons whomsoever; and

 

		(c)	promptly
                                         notify the Chargee in writing of any fact or circumstance (other than those facts or
                                         circumstances which are immaterial) which may adversely affect any of its rights hereunder.

 

		6.6	Power
                                         to Remedy

 

If
the Chargor fails to comply with any non-payment undertaking given in this deed and that failure is not remedied to the satisfaction
of the Chargee within 30 days of the Chargor becoming aware of such breach or after written notice of such failure to comply has
been given by the Chargee notifying the Chargor that remedy is required, it will allow (and irrevocably authorises) the Chargee,
or any Delegate, to take any action on behalf of the Chargor which is necessary to ensure that those undertakings are complied
with.

  

    	 	11	 

     

    

 

		6.7	Additional
                                         Title Documents

 

To
the extent not already held by the Custodian under the terms of the Custodian Agreement, the Chargor will:

 

		(a)	deposit
                                         with the Chargee (or as it shall direct) all other documents relating to the Charged
                                         Property which the Chargee from time to time reasonably requires in accordance with this
                                         deed;

 

		(b)	if
                                         requested by the Chargee, issue interim certificates or share certificates or any other
                                         documents of title or evidence of ownership or other rights in relation to the Shares
                                         to the extent such certificates have not been issued; and

 

		(c)	if,
                                         at any time, any share certificates in respect of the Shares cannot be located or have
                                         been mutilated, defaced, lost, stolen or destroyed, the Chargor undertakes to without
                                         delay cancel such share certificates.

 

		6.8	Memorandum
                                         and articles

 

Notwithstanding
anything contained in the Articles, for so long as any Security constituted by this deed remains in force, each of the Chargor
and the Issuer undertakes and agrees in favour of the Chargee as follows:

 

		(a)	the
                                         Issuer shall not redeem, repurchase, or surrender any Shares in accordance with Article
                                         6 of the Articles except with the prior written consent of the Chargee;

 

		(b)	all
                                         Shares shall be exempt from any present or future lien in favour of the Issuer that would
                                         otherwise have arisen under Article 14 of the Articles and the Issuer undertakes not
                                         to assert any lien against any such Shares;

 

		(c)	all
                                         Shares shall be exempt from any present or future call upon shareholders by the Issuer
                                         that would otherwise have arisen under Article 15 of the Articles and the Issuer shall
                                         not make any calls on any of the Shares;

 

		(d)	the
                                         Issuer shall not (and shall ensure that the Issuer’s directors do not take any action
                                         to) exercise any right or discretion under Article 16.4 or Article 16.7 of the Articles
                                         to refuse, delay or suspend the registration of any transfer of any Shares:

 

		(i)	in
                                         favour of the Chargee (or its nominee) pursuant to any enforcement of the Chargee’s rights
                                         under this deed in accordance with clause 8.1 (Exercise of Enforcement Powers); or

 

		(ii)	from
                                         the Chargee (or its nominee) pursuant to a power of sale, other right of enforcement
                                         (if any) or otherwise in accordance with this deed;

 

		(e)	the
                                         Issuer shall promptly register any transfer of Shares at the time such Shares are transferred
                                         as described in sub-paragraphs (d)(i) and (d)(ii) above and shall not register any transfer
                                         of Shares (other than as described in sub-paragraphs (d)(i) and (d)(ii) above) without
                                         the prior written consent of the Chargee except as expressly permitted under the Bonds
                                         or the Transaction Documents; and

 

		(f)	all
                                         Shares shall be exempt from the provisions of Article 18 of the Articles relating to
                                         forfeiture and the Issuer shall not exercise any rights of forfeiture in respect of any
                                         of the Shares.

  

    	 	12	 

     

    

 

		7.	Voting
                                         and Distribution

 

		7.1	Until
                                         the Security under this deed has become enforceable in accordance with clause 8.1 (Exercise
                                         of Enforcement Powers), the Chargor shall be entitled to:

 

		(a)	pay,
                                         receive and retain all Distributions and other monies paid on or derived from the Shares
                                         to the extent permitted under the Bonds or the Transaction Documents; and

 

		(b)	exercise
                                         all voting and other rights and powers attaching to the Shares provided that it shall
                                         not exercise any such voting rights or powers in a manner which is prejudicial to the
                                         interests of the Secured Parties in the Security created pursuant to any Bond or Transaction
                                         Document or the validity and enforceability of this deed.

 

		7.2	After
                                         the Security under this deed has become enforceable in accordance with clause 8.1 (Exercise
                                         of Enforcement Powers):

 

		(a)	the
                                         Chargor will promptly pay all dividends and any other Distributions and other monies
                                         paid on or derived from the Shares received by it as directed by the Chargee;

 

		(b)	the
                                         Chargee or any Receiver shall be entitled to exercise or direct the exercise of the voting
                                         and other rights attached to any Share in such manner as it or he sees fit; and

 

		(c)	the
                                         Chargor shall comply or procure the compliance with any directions of the Chargee or
                                         any Receiver in respect of the exercise of those rights and shall promptly execute and/or
                                         deliver to the Chargee or any Receiver such forms of proxy in relation to the Shares
                                         as it or he requires with a view to enabling such person as it or he selects to exercise
                                         those rights.

 

		7.3	At
                                         any time when any Shares are registered in the name of the Chargee or its nominee, the
                                         Chargee will not be under any duty to ensure that any Distributions or other monies payable
                                         in respect of those Shares are duly and promptly paid or received by it or its nominee,
                                         or to verify that the correct amounts are paid or received, or to take any action in
                                         connection with the taking up of any (or any offer of any) stocks, shares, rights, monies
                                         or other property paid, distributed, accruing or offered at any time by way of interest,
                                         dividend, redemption, bonus, rights, preference, option, warrant or otherwise on or in
                                         respect of or in substitution for, any of those Shares.

 

		8.	ENFORCEMENT
                                         AND POWERS OF THE Chargee

 

		8.1	Exercise
                                         of Enforcement Powers

 

		(a)	At
                                         any time after:

 

		(i)	an
                                         Event of Default has occurred; or

 

		(ii)	a
                                         written request from the Chargor to the Chargee that it exercise any of its powers under
                                         this deed,

 

the
Security created by or pursuant to this deed is immediately enforceable and the Chargee and/or any Receiver may in its absolute
discretion, without notice:

 

		(iii)	at
                                         the times and in the manner it thinks fit enforce all or any part of the Security and
                                         take possession of and hold, sell or otherwise dispose and/or deal with all or part of
                                         the Charged Property in such manner and for such consideration (whether payable or deliverable
                                         immediately or by instalments) as the Chargee considers appropriate;

 

		(iv)	instruct
                                         the Custodian (by signing the Transfer Notice under (and as defined in) the Custodian
                                         Agreement) to deliver in accordance with the terms of the Custodian Agreement to the
                                         Chargee the title documents and other documentation referred to in clause 3.2 (Title
                                         documents and documentation supporting security);

 

    	 	13	 

     

    

 

		(v)	exercise
                                         the power of sale and all other rights and powers conferred by this deed or by statute
                                         (as varied or extended by this deed) on the Chargee or on a Receiver, irrespective of
                                         whether the Chargee has taken possession or appointed a Receiver of the Charged Property;

 

		(vi)	apply
                                         all dividends, distributions and other monies paid on or derived from the Shares as directed
                                         by the Chargee; and

 

		(vii)	dispose
                                         of all or any of the Chargee’s other rights under this deed for such consideration (whether
                                         payable or deliverable immediately or by instalments) and in such manner as the Chargee
                                         considers appropriate.

 

		(b)	For
                                         the purpose of all rights and powers implied or granted by statute, the Secured Obligations
                                         are deemed to have fallen due on the date of this deed. The power of sale and other powers
                                         conferred by the CPO and all other enforcement powers conferred by this deed shall be
                                         immediately exercisable at any time after the Security under this deed has become enforceable
                                         in accordance with clause 8.1 (Exercise of Enforcement Powers).

 

		(c)	Any
                                         Secured Party may, at its discretion and without further notice, take such proceedings
                                         or enforce the Security under this deed as it may think fit to enforce its rights under
                                         the Bonds or Transaction Documents and to enforce all or any of the security interests
                                         created therein in accordance with the terms thereof, provided that, to the extent practicable
                                         the Secured Parties shall enforce their rights under the Account Charge prior to enforcing
                                         their rights under this deed.

 

		8.2	Appointment
                                         of Receiver 

 

At
any time after the Security created by or pursuant to this deed has become enforceable under clause 8.1 (Exercise of Enforcement
Powers), or if the Chargor so requests the Chargee in writing at any time, the Chargee may, without prior notice to the Chargor,
by deed, under seal or by writing under hand signed by any officer or manager of the Chargee, appoint any person (or persons)
to be a Receiver of all or any part of the Charged Property (including in respect of separate parts of the Charged Property).
Any restriction on the right of the Chargee to appoint a Receiver conferred by law does not apply to this deed.

 

		9.	ATTORNEY

 

		9.1	Appointment
                                         and power

 

The
Chargor, by way of security, irrevocably appoints the Chargee, each Receiver and any of its Delegates or sub-delegates and any
person nominated for the purpose by the Chargee or any Receiver (in writing and signed by an officer of the Chargee or Receiver)
as its attorney (with full power of substitution and delegation) in its name and on its behalf and as its act and deed to, execute,
seal and deliver (using the company seal where appropriate) and perfect any deed, agreement or other instrument and to do any
act or thing:

 

		(a)	which
                                         the Chargor is required to do by the terms of any Bond or Transaction Document (including
                                         the execution and delivery of deeds, charges, assignments or other security and any transfers
                                         of Charged Property and perfecting and/or releasing the Security created or intended
                                         to be crated in respect of the Charged Property); and/or

  

    	 	14	 

     

    

 

		(b)	which
                                         is for the purpose of enabling the exercise of any rights or powers conferred on the
                                         Chargee or any Receiver by any Bond or Transaction Document or by law (including the
                                         exercise of any right of a legal or beneficial owner of the Charged Property).

 

		9.2	Ratification

 

The
Chargor ratifies, confirms and agrees to ratify and confirm whatever any such attorney shall do in the exercise or purported exercise
of the power of attorney granted by it in clause 9.1 (Appointment and power).

 

		10.	EXTENSION
                                         and variation of statutory powers

 

		10.1	Statutory
                                         Powers

 

		(a)	The
                                         powers conferred on mortgagees or receivers by statute shall apply to the Security created
                                         by this deed, unless they are expressly or impliedly excluded. If there is ambiguity
                                         or conflict between the powers conferred by statute and those contained in this deed,
                                         those contained in this deed shall prevail.

 

		(b)	The
                                         statutory power of sale, of appointing a Receiver and the other statutory powers conferred
                                         on mortgagees by section 51 (Powers of mortgagee and receiver) and section 53 (Sale by
                                         mortgagee) of the CPO and the Fourth Schedule (Powers of mortgagee and receiver) to the
                                         CPO as varied and extended by this deed shall arise on the date of this deed, and for
                                         that purpose the Secured Obligations are deemed to have fallen due on the date of this
                                         deed, and no restriction imposed by any ordinance or other statutory provision in relation
                                         to the exercise of any power of sale shall apply to this deed.

 

		(c)	Each
                                         Receiver and Chargee is entitled to all the rights, powers, privileges and immunities
                                         conferred by law (including the CPO) on mortgagees and receivers duly appointed under
                                         any law (including the CPO).

 

		10.2	Exercise
                                         of Powers

 

All
or any of the powers conferred upon mortgagees by the CPO as varied or extended by this deed, and all or any of the rights and
powers conferred by this deed on a Receiver (whether expressly or impliedly), may be exercised by the Chargee without further
notice to the Chargor at any time after the Security under this deed has become enforceable in accordance with clause 8.1 (Exercise
of Enforcement Powers), irrespective of whether the Chargee has taken possession or appointed a Receiver of the Charged Property.

 

		10.3	Statutory
                                         Restrictions

 

No
restriction imposed by any ordinance (including paragraph 11 of the Fourth Schedule to the CPO) or other statutory provision in
relation to the exercise of any power of sale, application of proceeds or any other right or on the consolidation of mortgages
or other security shall apply to the Security constituted by this deed which powers may be exercised by the Chargee without notice
to the Chargor on or at any time after the Security under this deed has become enforceable in accordance with clause 8.1 (Exercise
of Enforcement Powers).

 

		11.	STATUS,
                                         POWERS, REMOVAL AND REMUNERATION OF RECEIVER

 

		11.1	Receiver
                                         as Agent

 

Each
Receiver shall be the agent of the Chargor which shall be solely responsible for his or her acts or defaults, and for his or her
remuneration and expenses, and be liable on any contracts, engagements, acts, omissions, defaults and losses of a Receiver and
the liabilities incurred by a Receiver. No Secured Party will incur any liability (either to the Chargor or to any other person)
by reason of the appointment of a Receiver or for any other reason, including for any misconduct, negligence or default of a Receiver.

  

    	 	15	 

     

    

 

		11.2	Relationship
                                         with Chargee

 

To
the fullest extent allowed by law, any right, power or discretion conferred by this deed (either expressly or impliedly) or by
law on a Receiver may, after the Security created by or pursuant to this deed becomes enforceable, be exercised by the Chargee
in relation to any Charged Property without first appointing a Receiver and notwithstanding the appointment of a Receiver.

 

		11.3	Powers
                                         of Receiver

 

Each
Receiver appointed under this deed shall have all the powers conferred from time to time on receivers by the CPO (which is deemed
incorporated in this deed), so that the powers set out in the Fourth Schedule to the CPO (to the extent not amended and/or varied
under this deed) shall extend to every Receiver. In addition, notwithstanding any liquidation of the Chargor, each Receiver shall
have power to:

 

		(a)	take
                                         immediate possession of, collect and get in the Charged Property (including any income
                                         accruing from time to time);

 

		(b)	sell,
                                         transfer, assign, exchange, lend or otherwise dispose of or realise all or any part of
                                         the Charged Property in such manner and generally on such terms as he thinks fit;

 

		(c)	borrow
                                         or raise money or incur any other liability in connection with the Charged Property on
                                         any terms for whatever purpose which the Receiver thinks fit, whether secured or unsecured,
                                         and whether to rank for payment in priority to this security or not;

 

		(d)	enter
                                         into bonds, covenants, guarantees, indemnities and other commitments in connection with
                                         the Charged Property and to make all payments needed to effect, maintain or satisfy them;

 

		(e)	manage
                                         and use the Charged Property and to exercise and do (or permit the Chargor or any nominee
                                         of it to exercise and do) all such powers, authorities, rights and things as the Receiver
                                         would be capable of exercising or doing if he were the absolute beneficial owner of the
                                         Charged Property;

 

		(f)	redeem
                                         any prior Security on or relating to the Charged Property and settle and pass the accounts
                                         of the person entitled to that prior Security, so that any accounts so settled and passed
                                         shall (subject to any manifest error) be conclusive and binding on the Chargor and the
                                         money so paid shall be deemed to be an expense properly incurred by the Receiver;

 

		(g)	appoint,
                                         hire and employ officers, employees, contractors, agents, advisors and others for any
                                         of the purposes of this deed and/or to protect or realise the Charged Property upon terms
                                         as to remuneration or otherwise as he may think fit and to discharge any such persons
                                         and any such persons appointed, hired or employed by the Chargor;

 

		(h)	bring,
                                         prosecute, enforce, defend and abandon any action, suit or proceedings in relation to
                                         any Charged Property and to submit to arbitration, negotiation, compromise which the
                                         Receiver thinks fit. A Receiver may also settle any applications, claims, accounts, disputes,
                                         questions and demands with or by any person who is or claims to be a creditor of the
                                         Chargor or relating to any of the Charged Property and in addition to take or defend
                                         proceeding for the compulsory winding-up of the Chargor;

  

    	 	16	 

     

    

 

		(i)	exercise
                                         all voting and other rights attaching to the Shares and stocks, shares and other securities
                                         owned by the Chargor and comprised in the Charged Property;

 

		(j)	do
                                         all other acts and things (including signing and executing all documents and deeds) as
                                         the Receiver may consider to be desirable, conducive, incidental or conducive to any
                                         of the matters or powers in this clause 11.3 (Powers of Receiver) or provided under law,
                                         or otherwise incidental or conducive to the preservation, improvement or realisation
                                         of the Charged Property, and use the name of the Chargor for all such purposes;

 

		(k)	in
                                         the exercise of any of its powers, to spend such sums as it thinks fit and the Chargor
                                         shall within 3 Business Days on written demand repay to the Chargee or Receiver (as the
                                         case may be) all sums so spent together with interest on those sums at such rates as
                                         the Chargee may from time to time determine from the time they are paid or incurred and
                                         until repayment, those sums (together with such interest) shall be secured by this deed;

 

		(l)	give
                                         a valid receipt for any moneys and execute any assurance or thing which may be proper
                                         or desirable for realising any Charged Property;

 

		(m)	sell,
                                         exchange, convert into money and realise any Charged Property by public auction or private
                                         contract and generally in any manner and on any terms which the Receiver thinks fit.
                                         The consideration for any such transaction may consist of cash, debentures or other obligations,
                                         shares, stock or other valuable consideration and any such consideration may be payable
                                         in a lump sum or by instalments spread over any period which the Receiver thinks fit;
                                         and

 

		(n)	to
                                         do anything else he may think fit for the realisation of the Charged Property or incidental
                                         to the exercise of any of the rights conferred on the Receiver under or by virtue of
                                         any Bond or Transaction Document to which the Chargor is party, the CPO, the Companies
                                         Ordinance and other applicable statutory provisions and common law,

 

and
in each case may use the name of the Chargor and exercise the relevant power in relation to the Charged Property in any manner
which he may think fit.

 

		11.4	Removal
                                         of Receiver

 

The
Chargee may by notice remove from time to time any Receiver appointed by it and, whenever it may deem appropriate, appoint a new
Receiver in the place of any Receiver whose appointment has terminated, for whatever reason.

 

		11.5	Remuneration
                                         of Receiver

 

The
Chargee may from time to time fix the remuneration of any Receiver appointed by it and any maximum rate imposed by any law will
not apply.

 

		11.6	Several
                                         Receivers

 

If
at any time there is more than one Receiver, each Receiver may separately exercise all of the powers conferred by this deed and
to the exclusion of any other Receiver (unless the document appointing such Receiver states otherwise).

  

    	 	17	 

     

    

 

		12.	APPLICATION
                                         OF ENFORCEMENT PROCEEDS

 

		12.1	Order
                                         of Application

 

		(a)	All
                                         proceeds of enforcement (whether cash or non-cash) received or recovered by the Chargee
                                         or any Receiver pursuant to this deed shall (subject to any claims having priority under
                                         mandatory provisions of the CPO and other claims of any creditors mandatorily preferred
                                         by law) be applied in the following order:

 

		(i)	first,
                                         in or towards the payment of all costs, losses, liabilities, expenses and remuneration
                                         of and incidental to the appointment of any Receiver or Delegate and the exercise of
                                         any of his rights, including his remuneration and all outgoings paid by him under or
                                         in connection with this deed; and

 

		(ii)	secondly,
                                         in or towards payment pro rata of any accrued interest, fee or commission due but unpaid
                                         under the Bond Documents;

 

		(iii)	thirdly,
                                         in or towards payment pro rata of any principal due but unpaid under the Bonds and Transaction
                                         Documents;

 

		(iv)	fourthly,
                                         in or towards payment pro rata of any other sum due but unpaid under the Bonds and Transaction
                                         Documents; and

 

		(v)	fifthly,
                                         the balance (if any) after payment of the amounts referred to in paragraphs (a)(i) to
                                         (iv) of clause 12.1 (Application of Proceeds) above, in payment or distribution to the
                                         Chargor

 

the
Chargee may vary the order as set out in paragraphs (a)(i) to (d)(iv) of clause 12.1 (Order of Application) above.

 

		(b)	This
                                         clause 12.1 (Order of Application) is subject to the payment of any claims having priority
                                         over this deed. This clause 12.1 (Order of Application) does not prejudice the right
                                         of any Secured Party to recover any shortfall from a Transaction Obligor.

 

		12.2	Application
                                         against Secured Obligations

 

Subject
to clause 12.1 (Order of Application), any moneys or other proceeds (whether cash or non-cash) received or realised by the Chargee
from the Chargor or a Receiver under this deed may be applied by the Chargee to any item of account or liability or transaction
forming part of the Secured Obligations to which they may be applicable in any order or manner which the Chargee may determine.

 

		12.3	Suspense
                                         Account

 

		(a)	Until
                                         the Secured Obligations are paid in full, each Secured Party may place and keep (for
                                         such time as it shall determine) any recoveries or other proceeds of enforcement (whether
                                         cash or non-cash) received pursuant to this deed or on account of the Chargor’s liability
                                         in respect of the Secured Obligations in a separate suspense account (to the credit of
                                         either the Chargor or the Chargee as the Chargee shall think fit) and the Receiver may
                                         retain the same for the period which he and the Chargee consider expedient without having
                                         any obligation to apply all or any part of the same in or towards discharge of the Secured
                                         Obligations.

 

		(b)	If
                                         the Security created by this deed is enforced at a time when no amount is due under the
                                         Bonds and Transaction Documents but at the time when amounts may or will become due,
                                         a Secured Party may pay any recoveries or other proceeds of enforcement into a suspense
                                         account.

  

    	 	18	 

     

    

 

		13.	PROTECTION
                                         OF Security

 

		13.1	Continuing
                                         Security

 

The
Security created pursuant to this deed is to be a continuing security notwithstanding any intermediate payment or settlement of
all or any part of the Secured Obligations or any other matter or thing.

 

		13.2	Other
                                         Security

 

		(a)	This
                                         Security is to be in addition to, independent of and shall neither be merged in nor in
                                         any way exclude or prejudice or be affected by any other security or other right which
                                         the Chargee or any other Secured Party may now or after the date of this deed hold for
                                         any of the Secured Obligations or any other obligations, or any rights, powers and remedies
                                         provided by law and notwithstanding any receipt, release or discharge endorsed on or
                                         given in respect of or under any such other security.

 

		(b)	The
                                         Chargor waives any right it may have of first requiring the Chargee (or any trustee or
                                         agent on its behalf) to proceed against or enforce any other rights or security or claim
                                         payment from any person before claiming from the Chargor under this deed. This waiver
                                         applies irrespective of any law or any provision of a Bond or Transaction Document to
                                         the contrary.

 

		13.3	Cumulative
                                         Powers

 

		(a)	The
                                         powers which this deed confers on the Chargee and the other Secured Parties are cumulative,
                                         without prejudice to their respective powers under the general law, and may be exercised
                                         as often as the relevant person thinks appropriate.

 

		(b)	The
                                         Chargee or the other Secured Parties may, in connection with the exercise of their powers,
                                         join or concur with any person in any transaction, scheme or arrangement whatsoever.

 

		(c)	The
                                         respective powers of the Chargee and the other Secured Parties will in no circumstances
                                         be suspended, waived or otherwise prejudiced by anything other than an express consent
                                         or amendment.

 

		13.4	Amounts
                                         Avoided

 

If
any discharge, release or arrangement (whether in respect of the obligations of the Chargor or any security for those obligations
or otherwise) is made in whole or in part on the basis that any amount paid by the Chargor in respect of the Secured Obligations
is capable of being avoided or set aside on insolvency, liquidation or administration of the Chargor or otherwise, without limitation,
then amount shall not be considered to have been paid and the liabilities of the Chargor and the Security created pursuant to
this deed shall continue or be reinstated.

 

		13.5	Discharge
                                         Conditional

 

If
any discharge, release arrangement (whether in respect of the obligations of the Chargor or any other Transaction Obligor, or
in respect of any security for those obligations or otherwise) is made by a Secured Party in whole or in part on the basis of
any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or
otherwise, without limitation, then the liability of the Chargor under this deed will continue or be reinstated as if the discharge,
release or arrangement had not occurred.

  

    	 	19	 

     

    

 

		13.6	Waiver
                                         of Defences

 

The
obligations assumed by the Chargor under this deed, the Security created under this deed and the rights, powers and remedies of
the Chargee provided by or pursuant to this deed or by law will not be affected by an act, omission, matter or thing which, but
for this provision, would reduce, release or prejudice any of its obligations under this deed (without limitation and whether
or not known to it or any Secured Party) including:

 

		(a)	any
                                         time, waiver or consent granted to, or composition with, any person (including any Transaction
                                         Obligor);

 

		(b)	the
                                         release of any person (including any Transaction Obligor) under the terms of any composition
                                         or arrangement;

 

		(c)	the
                                         taking, variation, compromise, exchange, renewal or release of, or refusal or neglect
                                         to perfect, take up or enforce, any rights against, or security over assets of, any person
                                         (including any Transaction Obligor);

 

		(d)	any
                                         incapacity or lack of power, authority or legal personality of or dissolution or change
                                         in the members or status of any person (including any Transaction Obligor);

 

		(e)	any
                                         amendment, novation, supplement, extension, restatement (however fundamental and whether
                                         or not more onerous) or replacement of a Bond or Transaction Document or any other document
                                         or security including without limitation any change in the purpose of, any extension
                                         of or any increase in any facility or the addition of any new facility under any Bond
                                         or Transaction Document or other document or security;

 

		(f)	any
                                         unenforceability, illegality or invalidity of any obligation of any person under any
                                         Bond or Transaction Document or any other document or security;

 

		(g)	any
                                         insolvency, liquidation, winding-up, provisional supervision, supervision, administration,
                                         receivership or similar proceedings;

 

		(h)	any
                                         other Security, guarantee or indemnity now or thereafter held by the Chargee or any other
                                         person in respect of the Secured Obligations or any other liabilities; or

 

		(i)	any
                                         postponement, discharge, reduction, non-provability or other similar circumstance affecting
                                         any obligations of the Chargor or other person under any Bond or Transaction Document
                                         resulting from any insolvency, liquidation or dissolution proceedings or from any law,
                                         regulation or order.

 

		13.7	Chargor
                                         intention

 

Without
prejudice to the generality of clause 13.6 (Waiver of defence), the Chargor expressly confirms that it intends that the Security
created pursuant to this deed shall extend from time to time to any (however fundamental) variation, increase, extension or addition
of or to any of the Bonds or Transaction Documents and/or any facility or amount made available under any of the Bonds or other
Transaction Documents as agreed by the Issuer and/or the Chargor for the purposes of or in connection with any of the following:
business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carry out restructurings;
refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrower; any other variation
or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs
and/or expenses associated with any of the foregoing.

  

    	 	20	 

     

    

 

		13.8	Deferral
                                         of rights

 

Until
all the Secured Obligations have been irrevocably paid in full and facilities which might give rise to Secured Obligations have
been terminated and unless the Chargee otherwise directs or except as permitted under the Bonds or Transaction Documents, the
Chargor will not exercise any rights which it may have by reason of performance by it of its obligations under the Bonds or Transaction
Documents or by reason of any amount being payable, or liability arising, under this deed:

 

		(a)	to
                                         be indemnified by any person;

 

		(b)	to
                                         claim any contribution from any other provider of Security for or any other guarantor
                                         of the Chargor’s obligations under the Bonds or Transaction Documents;

 

		(c)	to
                                         take the benefit (in whole or in part and whether by way of subrogation or otherwise)
                                         of any rights of the Secured Parties under the Bonds or Transaction Documents or of any
                                         guarantee or other security taken pursuant to, or in connection with, the Bond Documents
                                         by any Finance Party;

 

		(d)	to
                                         bring legal or other proceedings for an order requiring any Finance Party to make any
                                         payment, or perform any obligation, in respect of which the Chargor has given a guarantee,
                                         undertaking or indemnity;

 

		(e)	to
                                         exercise any right of set-off against any person; and/or

 

		(f)	to
                                         claim or prove as a creditor of any person in competition with any Finance Party.

 

If
the Chargor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution
to the extent necessary to enable all amounts which may be or become payable to the Secured Parties under or in connection with
the Bonds or Transaction Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the
same to the Chargee or as the Chargee may direct for application in accordance with clause 12.1 (Order of Application).

 

		13.9	Subsequent
                                         Security – Ruling-off Accounts

 

If
the Chargee or any other Secured Party receives notice of any subsequent Security or other interest affecting any of the Charged
Property (except as permitted by the Bonds or Transaction Documents) it may open a new account for the Chargor in its books. If
it does not do so then (unless it gives express notice to the contrary to the Chargor), as from the time it receives that notice,
all payments made by the Chargor to it shall (in the absence of any express appropriation to the contrary) be treated as having
been credited to a new account of the Chargor and not as having been applied in reduction of the Secured Obligations.

 

		13.10	Redemption
                                         of Prior Charges

 

To
the extent applicable, the Chargee may redeem any prior Security on or relating to any of the Charged Property or procure the
transfer of that Security to itself, and may settle and pass the accounts of any person entitled to that prior Security. Any account
so settled and passed shall (subject to any manifest error) be conclusive and binding on the Chargor. The Chargor will on demand
pay to the Chargee all principal monies and interest and all costs, expenses and losses incidental to any such redemption or transfer.

  

    	 	21	 

     

    

 

		14.	Protection
                                         of third parties

 

		14.1	No
                                         Obligation to Enquire

 

No
purchaser from, or other person dealing with, the Chargee or any Receiver (or Delegate) shall be obliged or concerned to enquire
whether:

 

		(a)	the
                                         right of the Chargee or any Receiver to exercise any of the powers conferred by this
                                         deed has arisen or become exercisable or as to the propriety or validity of the exercise
                                         or purported exercise of any such power; or

 

		(b)	any
                                         of the Secured Obligations remains outstanding or be concerned with notice to the contrary
                                         and the title and position of such a purchaser or other person shall not be impeachable
                                         by reference to any of those matters.

 

		14.2	Receipt
                                         Conclusive

 

The
receipt of the Chargee or any Receiver shall be an absolute and a conclusive discharge to a purchaser, and shall relieve him of
any obligation to see to the application of any moneys or other consideration paid to or by the direction of the Chargee or any
Receiver.

 

		15.	PROTECTION
                                         OF Secured Parties

 

		15.1	Liabilities
                                         of the Secured Parties

 

Neither
the Chargee nor any Receiver or Delegate shall be liable in respect of any of the Charged Property or for any loss or damage which
arises out of the exercise or the attempted or purported exercise of, or the failure to exercise any of, their respective powers,
unless caused by its or his gross negligence, wilful misconduct, fraud or wilful breach of any obligations under the Bonds or
Transaction Documents. The Chargee will not be liable in respect of any gross negligence or wilful misconduct or fraud of a Receiver
or Delegate.

 

		15.2	No
                                         obligations in relation to Charged Property

 

The
Chargee is not obliged to do any of the following in respect of any Charged Property:

 

		(a)	perform
                                         any obligation of the Chargor;

 

		(b)	make
                                         any payment;

 

		(c)	make
                                         any enquiry as to the nature or sufficiency of any payment received by it or the Chargor;

 

		(d)	present
                                         or file any claim or take any other action to collect or enforce the payment of any amount
                                         to which it or the Chargor may be entitled; or

 

		(e)	exercise
                                         any rights to which it or the Chargor may be entitled.

 

		15.3	Possession
                                         of Charged Property

 

Without
prejudice to clause 15.1 (Liabilities of the Secured Parties), if the Chargee or the Receiver or Delegate enters into possession
of the Charged Property, it will not be liable:

 

		(a)	to
                                         account as mortgagee in possession or for any loss on realisation or enforcement of rights
                                         and may at any time at its discretion go out of such possession or

 

		(b)	for
                                         any default or omission for which a mortgagee in possession might be liable.

  

    	 	22	 

     

    

 

		15.4	Liability
                                         of the Chargor

 

The
Chargor shall be deemed to be a principal debtor and the sole, original and independent obligor for the Secured Obligations and
the Charged Property shall be deemed to be a principal security for the Secured Obligations. The liability of the Chargor under
this deed and the charges contained in this deed shall not be impaired by any forbearance, neglect, indulgence, extension of time,
release, surrender or loss of securities, dealing, variation or arrangement by the Chargee, or by any other act, event or matter
whatsoever whereby the liability of the Chargor (as a surety only) or the charges contained in this deed (as secondary or collateral
charges only) would, but for this provision, have been discharged.

 

		15.5	Indemnity

 

		(a)	The
                                         Chargor shall promptly indemnify the Chargee and every Receiver and Delegate against
                                         any cost, loss or liability incurred by any of them as a result of:

 

		(i)	acting
                                         or relying on any notice, request or instruction issued or given by the Chargor under
                                         this deed which it reasonably believes to be genuine, correct and appropriately authorised
                                         provided such costs, loss or liability was not directly caused by the wilful misconduct,
                                         gross negligence or fraud on the part of the relevant Secured Party;

 

		(ii)	the
                                         taking, holding, protection or enforcement of the Security constituted by this deed;

 

		(iii)	the
                                         exercise of any of the rights, powers, discretions, authorities and remedies vested in
                                         the Chargee and each Receiver and Delegate by this deed or by law;

 

		(iv)	any
                                         default by the Chargor in the performance of any of the obligations expressed to be assumed
                                         by it in this deed;

 

		(v)	actual
                                         or alleged breach by any person of any applicable law or regulation) incurred in connection
                                         with this deed by any Secured Party, Receiver, attorney, manager, agent or other person
                                         appointed by the Chargee under this deed, including any arising from any actual or alleged
                                         breach by any person of any applicable law or regulation; or

 

		(vi)	acting
                                         as Chargee, Receiver or Delegate (otherwise, in each case, than by reason of the relevant
                                         Chargee’s, Receiver’s or Delegate’s gross negligence, wilful misconduct or fraud).

 

		(b)	The
                                         Chargor expressly acknowledges and agrees that the continuation of its indemnity obligations
                                         under this clause 15.5 (Indemnity) will not be prejudiced by any release of security
                                         or disposal of any Charged Property.

 

		(c)	The
                                         Chargor and every Receiver and Delegate may, in priority to any payment to the other
                                         Secured Parties, indemnify itself out of the Charged Property in respect of, and pay
                                         and retain, all sums necessary to give effect to the indemnity in this clause 15.5 (Indemnity).

 

		15.6	Discretion

 

Any
liberty or power which may be exercised by or any determination which may be made under this deed by the Chargee or any Receiver
may, subject to the provisions of the Bonds or Transaction Documents, be exercised or made in its absolute and unfettered discretion
without any obligation to give reasons.

 

		16.	DELEGATION

 

The
Chargee may delegate by power of attorney or in any other manner all or any of the powers, authorities and discretions which are
for the time being exercisable by it under this deed to any person or persons upon such terms and conditions (including the power
to sub-delegate) as it may think fit. The Chargee will not be liable or responsible to the Chargor or any other person for any
losses arising from any wilful default, gross misconduct or gross negligence on the part of any delegate.

  

    	 	23	 

     

    

 

		17.	Costs
                                         and Expenses

 

		17.1	Initial
                                         Expenses

 

The
provisions of clause 13 (Expenses and Payments) of the Subscription Agreement shall be deemed incorporated into this deed as if
fully set out herein mutatis mutandis as if any reference therein to “this Agreement” or a Bond or the Transaction
Documents were a reference to this deed.

 

		17.2	Enforcement
                                         and preservation costs and expenses

 

Upon
the Security under this deed has become enforceable in accordance with clause 8.1 (Exercise of Enforcement Powers), the Chargor
shall, within 3 Business Days of demand, pay to each Secured Party the amount of all costs and expenses (including legal fees)
incurred by it in connection with the enforcement of, or the preservation of any rights under, any Bond or Transaction Document
and any proceedings instituted by or against that Secured Party as a consequence of it entering into a Bond or Transaction Document,
taking or holding the Security created pursuant to this deed, or enforcing those rights.

 

		17.3	Stamp
                                         Taxes

 

The
Chargor shall:

 

		(a)	pay
                                         all stamp duty, registration and other similar Taxes payable in respect of this deed;
                                         and

 

		(b)	within
                                         3 Business Days of demand, indemnify the Chargee against any cost, loss or liability
                                         that the Chargee incurs in relation to any stamp duty, registration or other similar
                                         Tax paid or payable in respect of this deed.

 

		17.4	Default
                                         Interest

 

The
provisions of Condition 6(b) (Interest applicable upon Default) of the Conditions shall be deemed incorporated into this deed
as if fully set out herein mutatis mutandis as if any reference therein to “this Condition” or a Bond or Transaction
Document were a reference to this deed.

 

		18.	SET-OFF

 

		(a)	Any
                                         Secured Party may set off any matured obligation due from the Chargor under the Bonds
                                         or Transaction Documents (to the extent beneficially owned by that Secured Party) against
                                         any matured obligation owed by that Secured Party to the Chargor, regardless of the place
                                         of payment, booking branch or currency of either obligation. If the obligations are in
                                         different currencies, the Chargee may convert either obligation at a market rate of exchange
                                         in its usual course of business for the purpose of the set-off.

 

		(b)	If
                                         the relevant obligation or liability of the Chargor is unliquidated or unascertained,
                                         the Secured Party may set-off the amount which it estimates (in good faith) will be the
                                         final amount of that obligation or liability once it becomes liquidated or ascertained.

 

		19.	NOTICES

 

Clause
15 (Communications) in the Subscription Agreement shall apply also to this deed.

  

    	 	24	 

     

    

 

		20.	Changes
                                         to Parties

 

		20.1	Assignment
                                         by the Chargee

 

The
Chargee may at any time assign or otherwise transfer all or any part of its rights under this deed in accordance with the Bonds
and Transaction Documents.

 

		20.2	Changes
                                         to Parties

 

		(a)	The
                                         Chargor authorises and agrees to change the parties under condition 3(b) (Transfer) of
                                         the Conditions and authorises the Chargee to execute on its behalf any document required
                                         to effect the necessary transfer of rights or obligations contemplated by those provisions.

 

		(b)	The
                                         Chargor may not assign, novate, transfer, sub-participate, encumber, declare a trust
                                         over or otherwise deal with all or any of its rights and/or obligations under this deed.

 

		21.	CURRENCY
                                         CLAUSES

 

		21.1	Conversion

 

All
monies received or held by the Chargee or any Receiver under this deed may be converted into any other currency which the Chargee
considers necessary to discharge any obligations and liabilities comprised in the Secured Obligations in that other currency at
a market rate of exchange then prevailing.

 

		21.2	No
                                         Discharge

 

Subject
to clause 22.5 (Covenant to release), no payment to the Chargee (whether under any judgement or court order or otherwise) shall
discharge the obligation or liability of the Chargor in respect of which it was made unless and until the Chargee has received
payment in full in the currency in which the obligation or liability is payable or, if the currency of payment is not specified,
was incurred. To the extent that the amount of any such payment shall on actual conversion into that currency fall short of that
obligation or liability expressed in that currency, the Chargee shall have a further separate cause of action against the Chargor
and shall be entitled to enforce the security constituted by this deed to recover the amount of the shortfall.

 

		22.	MISCELLANEOUS

 

		22.1	Certificates
                                         Conclusive

 

Provided
that calculation in reasonable detail has been provided, a certificate or determination of the Chargee as to any amount payable
under this deed will be conclusive and binding on the Chargor, except in the case of manifest error or wilful default.

 

		22.2	Invalidity
                                         of any Provision

 

If
any provision of this deed is or becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality
and enforceability of the remaining provisions shall not be affected or impaired in any way.

 

		22.3	Counterparts

 

This
deed may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were
on a single copy of this deed.

  

    	 	25	 

     

    

 

		22.4	Failure
                                         to Execute

 

Failure
by one or more parties (“Non-Signatories”) to execute this deed on the date hereof will not invalidate the provisions
of this deed as between the other parties who do execute this deed. Such Non-Signatories may execute this deed on a subsequent
date and will thereupon become bound by its provisions.

 

		22.5	Covenant
                                         to Release

 

On
the earlier of:

 

		(a)	all
                                         the Secured Obligations have been paid in full and none of the Chargee nor any Secured
                                         Party has any actual or contingent liability to advance further monies to, or incur liability
                                         on behalf of, any member of the Group (as defined in Subscription Agreement), but not
                                         otherwise; and

 

		(b)	the
                                         successful QIPO,

 

provided
no Event of Default has occurred, the Chargee and each other Secured Party shall, at the request and cost of the Chargor, take
any action which may be necessary to release the Charged Property from the security constituted by this deed and procure the reassignment
to the Chargor of the property and assets assigned to the Chargee pursuant to this deed (in each case subject to clause 13.4 (Amounts
Avoided)) without recourse to, or any representation or warranty by, the Chargee or any of other Secured Party and instruct the
Custodian (by signing the Release Notice under (and as defined in) the Custodian Agreement) to deliver in accordance with the
terms of the Custodian Agreement to the Chargor the title documents and other documentation referred to in clause 3.2 (Title documents
and documentation supporting security).

 

		23.	Governing
                                         Law

 

This
deed is governed by the laws of Hong Kong.

 

		24.	ENFORCEMENT

 

		(a)	The
                                         courts of Hong Kong are to have exclusive jurisdiction to settle any disputes which may
                                         arise out of or in connection with this deed and accordingly any legal action or proceedings
                                         arising out of or in connection with this deed (“Proceedings”) may be
                                         brought in such courts. Pursuant to this deed, the Chargor irrevocably submits to the
                                         jurisdiction of such courts and waives any objection to Proceedings in any such courts
                                         whether on the ground of venue or on the ground that the Proceedings have been brought
                                         in an inconvenient forum.

 

		(b)	This
                                         clause 24 (Enforcement) is for the benefit of the Chargee only. As a result, the Chargee
                                         shall not be prevented from taking proceedings relating to ant Proceedings in any other
                                         courts with jurisdiction. To the extent allowed by law, the Chargee may take concurrent
                                         proceedings in any number of jurisdictions.

 

		25.	Service
                                         of Process

 

		(a)	Without
                                         prejudice to any other mode of service allowed under any relevant law, the Chargor:

 

		(i)	irrevocably
                                         appoints Aptorum Group Limited with its address at 17/F, Guangdong Investment Tower,
                                         148 Connaught Road Central, Hong Kong as its agent for service of process in relation
                                         to any proceedings before the Hong Kong courts in connection with any Bond Documents;
                                         and

 

		(ii)	agrees
                                         that failure by a process agent to notify the Chargor of the process will not invalidate
                                         the proceedings concerned.

  

    	 	26	 

     

    

 

		(b)	The
                                         Chargor shall inform the Chargee, in writing, of any change in the address of its process
                                         agent within 5 Business Days of such change.

 

		(c)	If
                                         such process agent ceases to be able to act as such or to have an address in Hong Kong,
                                         the Chargor agrees to promptly appoint a new process agent in Hong Kong reasonably acceptable
                                         to the Chargee and to deliver to the Chargee within 5 Business Days a copy of a written
                                         acceptance of appointment by the new process agent.

 

		26.	Waiver
                                         of immunities

 

The
Chargor irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective
of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from:

 

		(a)	suit;

 

		(b)	jurisdiction
                                         of any court;

 

		(c)	relief
                                         by way of injunction or order for specific performance or recovery of property;

 

		(d)	attachment
                                         of its assets (whether before or after judgment); and

 

		(e)	execution
                                         or enforcement of any judgment to which it or its revenues or assets might otherwise
                                         be entitled in any proceedings in the courts of any jurisdiction (and irrevocably agrees,
                                         to the extent permitted by applicable law, that it will not claim any immunity in any
                                         such proceedings).

 

IN
WITNESS whereof this deed has been duly executed and delivered as a deed on the date first above written.

  

    	 	27	 

     

    

 

schedule
1

 

Shares

 

Part
I

 

Total
issued Class A shares of the Issuer

 

	Registered Shareholder(s)	 	Number of share(s)	 	 	Share Certificate Number(s)
	JURCHEN INVESTMENT CORPORATION	 	 	1,784,608	 	 	Nil
	Other shareholders	 	 	3,641,773	 	 	Nil
	Total:	 	 	5,426,381	 	 	 

  

Total
issued Class B shares of the Issuer

 

	Registered Shareholder(s)	 	Number of share(s)	 	 	Share Certificate Number(s)
	JURCHEN INVESTMENT CORPORATION	 	 	16,061,469	 	 	Nil
	Other shareholders	 	 	6,376,285	 	 	Nil
	Total:	 	 	22,437,754	 	 	 

  

Part
II

 

The
number of Class B Shares of the Issuer subject to the Security created pursuant to this deed

 

	Registered Shareholder(s)	 	Number of share(s)	 	 	Share Certificate Number(s)
	JURCHEN INVESTMENT CORPORATION	 	 	1,393,207	 	 	Number 1
	Total:	 	 	1,393,207	 	 	 

  

    	 	28	 

     

    

 

schedule
2

 

Form
of Instrument of Transfer

 

INSTRUMENT
OF TRANSFER

  

Aptorum
Group Limited

 

 

	I/We,	 
	of	 
	For
    value received from / in consideration of the sum of	 
	paid
    to me/us by (name)	 
	(occupation)	 
	of
    (address)	 
	 	 	 	 	 

(hereinafter
“the said Transferee”)

	do
    hereby transfer to the said Transferee the	 	share(s)
	Numbered	 
	 	 	 	 

standing
in my/our name in the register of:-

 

Aptorum
Group Limited

 

to
hold unto the said Transferee his executors, administrators or assigns, subject to the several conditions upon which I/we hold
the same at the time of execution hereof. And I/we, the said Transferee do hereby agree to take the said share(s) subject to the
same conditions.

  

Witness
our hands the ____________________ .

  

	Witness to the signature(s) of the Transferor -	)	For and on behalf of
	 	)	 
	 	 	 
	Witness’s name and address:	)	 
	 	)	 
	 	)	

	 	)	

	 	)	Authorized Signature(s)
	 	)	 

 

	Witness to the signature(s) of the Transferee –	)	For and on behalf of
	 	)	 
	 	)	 
	 	)	 
	Witness’s name and address:	)	 
	 	)	 
	 	)	

	 	)	Authorized Signature(s)
	 	)	 

  

    	 	29	 

     

    

 

schedule
3

 

Irrevocable
appointment of proxy and power of attorney

 

Aptorum
Group Limited

 

We,
JURCHEN INVESTMENT CORPORATION, hereby irrevocably appoint [●] as our:

 

		(a)	proxy
                                         to vote at meetings of the shareholders of Aptorum Group Limited (the “Company”)
                                         in respect of the shares in the Company charged pursuant to the share charge dated [●]
                                         2018 between Jurchen Investment Corporation, the Company and Peace Range Limited which
                                         may have been or may from time to time be issued and/or registered in our name (the “Shares”);
                                         and

 

		(b)	duly
                                         authorised representative and duly appointed attorney-in-fact to sign resolutions in
                                         writing of the Company in respect of any Shares.

 

This
proxy and this power of attorney are irrevocable by reason of being coupled with the interest of [●] as chargee of the Shares.

 

IN
WITNESS whereof this instrument has been duly executed as a deed this [   ] day of [       ].

 

	EXECUTED as a DEED and DELIVERED by JURCHEN INVESTMENT CORPORATION:	)	 
	 	)	 
	 	)	 
	 	)	 
	 	 	 
	Director/authorised signatory signature: 	 	 
	 	 	 
	Director/authorised signatory name:	 	 
	 	 	 
	Occupation:	 	 

 

    	 	30	 

     

    

 

schedule
4

 

Form
of Letter of Authority and Undertaking

 

To:[Chargee]

 

[Address
details]

  

Date:

 

Dear
Sirs

 

Aptorum
Group Limited (the “Company”)

 

I
irrevocably authorise you or any of your officers to complete, date and put into effect the attached blank share transfer form
and resolution signed by me, in accordance with the provisions of the Share Charge relating to the Company dated [●] 2018
(the “Share Charge”) when the security constituted by the Share Charge has become enforceable.

 

After
the security constituted by the Share Charge has become enforceable, I also irrevocably undertake to vote in favour of any resolution
approving that any Shares of the Company comprised in the Charged Property (as defined in the Share Charge) be registered in your
name or in the name of your nominees and, in the name of any purchaser of those shares or its nominee.

 

This
letter has been executed as a deed and is delivered as a deed on the date stated at the beginning of it.

 

Yours
faithfully

  

	SIGNED, SEALED AND DELIVERED as a deed

 by [insert name of director]

 in the presence of:	
        )

        )

        )
	 
	 	 	
	Signature	 	 
	 	 	 
	Signature of witness	 	 
	 	 	 
	Name of witness	 	 
	 	 	 
	Address of witness	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Occupation of witness	 	 

  

    	 	31	 

     

    

 

schedule
5

 

Form
of Resolutions

 

Aptorum
Group Limited

(the “Company”)

 

WRITTEN
RESOLUTIONS OF THE BOARD OF DIRECTORS made pursuant to Article ____ of the Articles of Association of the Company1

 

		1.	TRANSFER
                                         OF SHARES

 

IT
IS RESOLVED that the following transfers be approved, subject to stamping and that the Share Certificates be issued by the
Company in favour of the transferees:

 

	 	Transferor(s)	 	Transferee(s)	 	No.
    of Shares
	 	 	 	 	 	 

 

		2.	REGISTER
                                         OF MEMBERS

 

IT
IS RESOLVED that the Register of Members of the Company be updated to record the transfer of the shares to the transferee referred
to above and the secretary of the Company be hereby authorised and instructed to:

 

		a.	update
                                         the original Register of Members to record the transferee as the registered holder of
                                         the relevant shares; and

 

		b.	provide
                                         to the Transferee a copy of the updated extract of the Register of Members showing the
                                         holding of the Transferee only.

   

Dated:
______________________________

   

	 	 	 
	[Director]	 	[Director]
	 	 	 
	[Include signature blocks for all other Directors]	 	 

 

 

 

		1	Note:
To be signed by all directors of the Company

 

    	 	32	 

     

    

 

schedule
6

 

Form
of Deed of Undertaking

  

Aptorum
Group Limited

 

[Date]

 

[●]

 

Dear
Sirs

 

Aptorum
Group Limited (the “Company”)

 

We
refer to the share charge in respect of shares of the Company dated [●] 2018 between Jurchen Investment Corporation (the
“Chargor”), the Company and Peace Range Limited as Chargee (the “Chargee”) whereby, inter alia,
the Chargor, granted a charge over the Charged Property in favour of the Chargee (the “Charge”).

 

Capitalised
words and expressions used in this deed poll which are not expressly defined herein have the meanings ascribed to them in the
Charge.

 

This
deed of undertaking and confirmation is given pursuant to the Charge.

 

		1.	For
                                         valuable consideration receipt of which is hereby acknowledged, the Company hereby irrevocably
                                         and unconditionally undertakes to register (and hereby permits the Chargee or its nominee(s)
                                         or, as the case may be, the Company’s registered agent if they have custody of the original
                                         Register of Members to register) in the Register of Members any and all share transfers
                                         to the Chargee or its nominee in respect of the Charged Property submitted to the Company
                                         by the Chargee in the event the Charge has become enforceable.

 

		2.	The
                                         Company hereby confirms that it has instructed its registered agent to make an annotation
                                         of the existence of the Charge and the security interests created thereby in the Register
                                         of Members pursuant to the Charge.

 

		3.	The
                                         Company hereby confirms that the Register of Members provided to the Chargee pursuant
                                         to the Charge is a certified copy of the original Register of Members and that the Company
                                         will not redesignate or otherwise seek to recreate the Register of Members.

 

IN
WITNESS whereof this deed poll has been executed by the parties on the day and year first above written.

   

	EXECUTED as a DEED and DELIVERED by

 APTORUM GROUP LIMITED:	)

                                              )
	 
	 	)	 
	 	)	 
	 	 	 
	Director/authorised signatory signature: 	 	 
	 	 	 
	Director/authorised signatory name:	 	 
	 	 	 
	Occupation:	 	 

  

    	 	33	 

     

    

 

schedule
7

 

Form
of Letter of Instructions to Registered Agent

 

Aptorum
Group Limited

 

[Date]

 

[Registered
Agent]

 

[Address
details]

 

		cc:	[Insert
name and address of Chargee]

 

Dear
Sirs

 

Aptorum
Group Limited (the “Company”) – instructions to Registered Agent

 

		1.	We
                                         irrevocably instruct you that during the period starting from the date on which Peace
                                         Range Limited (the “New Instructing Party”) (or any of its successor
                                         in title) informs you that there has been an Event of Default (as defined in the share
                                         charge between Jurchen Investment Corporation as chargor, the Company and the New Instructing
                                         Party dated [   ] in respect of shares in the Company (the “Charge”))
                                         and ending on the date on which the New Instructing Party (or its successor-in-title)
                                         informs you that such Event of Default no longer subsists or has been waived, you will
                                         be irrevocably instructed to regard the New Instructing Party (or its successor-in-title)
                                         as the sole instructing party for the Company in relation to the shares the subject of
                                         the Charge and without limiting the foregoing if at any time the New Instructing Party
                                         instructs you to in relation to the shares the subject of the Charge register the New
                                         Instructing Party or its nominee (or any successor in title) as the registered holder
                                         of any of the shares the subject of the Charge you are hereby authorised and instructed
                                         to do so and update the original Register of Members of the Company accordingly without
                                         notice to us or consent from us.

 

		2.	We
                                         irrevocably instruct you to make an annotation of the existence of the Charge and the
                                         security interests created thereby in the Company’s Register of Members pursuant to the
                                         Charge, and to provide a copy of the undated, filed Register of Member to the New Instructing
                                         Party.

 

Please
confirm by countersigning below and returning a copy of such countersigned letter to us with a copy to the New Instructing Party
that you have received this correspondence and that you have actioned the above and updated your records accordingly.

  

Yours
faithfully

 

For
and on behalf of Aptorum Group Limited

  

[Name
of Director]

Director

    

	Acknowledged and agreed.	 
	 	 
	 	 
	[           ]	
	For and on behalf of	 
	[Registered Agent]	 

  

    	 	34	 

     

    

 

SIGNATORIES
TO THE SHARE CHARGE

 

The
Chargor

  

	EXECUTED as a DEED and DELIVERED by

 JURCHEN INVESTMENT CORPORATION:	 ) 
)	 
	 	)	 
	 	)	 
	 	 	 
	 	 	 
	Director/authorised signatory signature: 	 	 
	 	 	 
	Director/authorised signatory name:	 	 
	 	 	 
	Occupation:	 	 
	 	 	 
	Witness signature: 	 	 
	Witness name:	 	 
	Occupation:	 	 
	 	 	 

  

    Project Life - Borrower Share Charge

     

    

 

The
Issuer

  

	EXECUTED as a DEED and DELIVERED by 

APTORUM GROUP LIMITED:	 ) 
)	 
	 	)	 
	 	)	 
	 	 	 
	Director/authorised signatory signature: 	 	 
	 	 	 
	Director/authorised signatory name:	 	 
	 	 	 
	Occupation:	 	 
	 	 	 
	Witness signature: 	 	 
	Witness name:	 	 
	Occupation:	 	 
	 	 	 

 

    Project Life - Borrower Share Charge

     

    

 

The
Chargee

  

	Signed for and on behalf of 	)	 
	PEACE RANGE LIMITED by	)	 
	 	)	 
	 	 	 
	 	 	 

  

 

 Project Life - Borrower Share ChargeExhibit 10.21

 

	 	 	EXECUTION
VERSION

 

 

 

Deed
of Guarantee

 

 

 

Jurchen
Investment Corporation

as
Guarantor of the Bonds issued by

 

Aptorum
Group Limited

 

as
acknowledged by

Peace
Range Limited

 

in
favour of the Bondholders

 

 

 

 

 

 

 

 

 

 

 

 

 

in
relation to USD15,000,000 8.00 per cent. 

Convertible Bonds due 2019 convertible into 

shares of Aptorum Group Limited

 

25
April 2018

 

     

     

    

 

CONTENTS

 

	CLAUSE	PAGE
	 	 	 
	1.	INTERPRETATION	1
	 	 	 
	2.	GUARANTEE
    AND INDEMNITY	1
	 	 	 
	3.	PAYMENTS	3
	 	 	 
	4.	UNDERTAKING
    TO REGISTER SECURITY	4
	 	 	 
	5.	AMENDMENT
    AND TERMINATION	4
	 	 	 
	6.	BENEFIT	4
	 	 	 
	7.	GOVERNING
    LAW AND JURISDICTION	5

 

     

     

    

 

THIS
DEED is made on 25 April 2018

 

BETWEEN:

 

		(1)	JURCHEN
                                         INVESTMENT CORPORATION (the “Guarantor”) of the bonds issued by

 

		(2)	APTORUM
                                         GROUP LIMITED as issuer (the “Issuer”),

 

AS
ACKNOWLEDGED BY:

 

		(3)	PEACE
                                         RANGE LIMITED as subscriber under the Subscription Agreement (the “Subscriber”).

 

IN
FAVOUR OF:

 

	(4)	THE
                                         HOLDERS for the time being and from time to time of the Bonds referred to below (each
                                         a “Bondholder” or the “holder” of a Bond).

 

RECITALS

 

		(A)	The
                                         Issuer proposes to issue USD15,000,000 principal amount of Bonds to be known as its 8.00
                                         per cent. Convertible Bonds due 2019 (the “Bonds”) convertible into
                                         Class A ordinary shares of the Issuer.

 

		(B)	The
                                         Guarantor has agreed to unconditionally and irrevocably guarantee to the Bondholders
                                         the payment of all sums expressed to be payable from time to time by the Issuer under
                                         the Bonds on the following terms and conditions.

 

		(C)	The
                                         parties hereto intend this document to take effect as a deed.

 

THE
PARTIES AGREE AS FOLLOWS:

 

	1.	INTERPRETATION

 

	1.1	In
                                         this Deed of Guarantee, unless otherwise defined herein, capitalised terms shall have
                                         the same meaning given to them in the terms and conditions of the Bonds (the “Conditions”).
	 	 
	1.2	Headings
                                         shall be ignored in construing this Deed of Guarantee.

 

	1.3	References
                                         in this Deed of Guarantee to this Deed of Guarantee or any other document are to this
                                         Deed of Guarantee or these documents as amended, supplemented or replaced from time to
                                         time in relation to the Bonds and includes any document that amends, supplements or replaces
                                         them.

 

	2.	GUARANTEE
                                         AND INDEMNITY
	 	 
	2.1	Guarantee

 

The
Guarantor unconditionally and irrevocably guarantees that if the Issuer does not pay any sum payable by it under the Bonds or
any Transaction Documents by the time and on the date specified for such payment (whether on the normal due date, on acceleration
or otherwise), the Guarantor shall pay that sum to each Bondholder before close of business on that date in the city to which
payment is so to be made. All payments under this Deed of Guarantee by the Guarantor shall be made subject to and in accordance
with the Conditions.

 

    1

     

    

 

	2.2	Guarantor
as Principal Debtor

 

As
between the Guarantor and the Bondholders but without affecting the Issuer’s obligations, the Guarantor shall be
liable under this Deed of Guarantee as if it were the sole principal debtor and not merely a surety. Accordingly, its
obligations shall not be discharged, nor shall its liability be affected, by anything that would not discharge it or affect
its liability if it were the sole principal debtor, including (1) any time, indulgence, waiver or consent at any time given
to the Issuer or any other person, (2) any amendment to any other provisions of this Deed of Guarantee or the Conditions or
to any security or other guarantee or indemnity, (3) the making or absence of any demand on the Issuer or any other person
for payment, (4) the enforcement or absence of enforcement of this Deed of Guarantee, the Bonds or of any security or other
guarantee or indemnity, (5) the taking, existence or release of any security, guarantee or indemnity, (6)  the
dissolution, amalgamation, reconstruction or reorganisation of the Issuer or (7) the illegality, invalidity or
unenforceability of or any defect in any provision of this Deed of Guarantee, the Bonds, any Transaction Documents or any of
the Issuer’s obligations under any of them.

 

	2.3	Guarantor’s
Obligations Continuing

 

The
Guarantor’s obligations under this Deed of Guarantee (i) are and shall remain in full force and effect by way of continuing security
until no sum remains payable under the Bonds, this Deed of Guarantee or any other Transaction Document and (ii) shall be released
upon the maturity, redemption and/or conversion of all of the Bonds. Furthermore, those obligations of the Guarantor are additional
to, and not instead of, any security or other guarantee or indemnity at any time existing in favour of any person, whether from
the Guarantor or otherwise and may be enforced without first having recourse to the Issuer, any other person, any security or
any other guarantee or indemnity. The Guarantor irrevocably waives all notices and demands of any kind.

 

	2.4	Exercise
of Guarantor’s Rights

 

So
long as any sum remains payable under the Bonds, this Deed of Guarantee or any Transaction Documents, the Guarantor shall not
exercise or enforce any right, by reason of the performance of any of its obligations under this Deed of Guarantee, to be indemnified
by the Issuer or to take the benefit of or enforce any security or other guarantee or indemnity.

 

	2.5	Avoidance
of Payments

 

The
Guarantor shall on demand indemnify the Bondholders, on an after tax basis, against any cost, loss, expense or liability sustained
or incurred by it as a result of it being required for any reason (including any bankruptcy, insolvency, winding-up, dissolution
or similar law of any jurisdiction) to refund all or part of any amount received or recovered by it in respect of any sum payable
by the Issuer under the Bonds, this Deed of Guarantee or any other Transaction Document and shall in any event pay to it on demand
the amount as refunded by it.

 

	2.6	Debts
of Issuer

 

After
the occurrence of any Event of Default, the Guarantor shall procure that the Issuer shall not (except in the event of the liquidation
of the Issuer), so long as any amounts payable pursuant to the Bonds, this Deed of Guarantee and/or any other Transaction Document
remain unpaid, pay any moneys for the time being due from the Issuer to the Guarantor.

 

    2

     

    

 

	2.7	Indemnity

 

As
separate, independent and alternative stipulations, the Guarantor unconditionally and irrevocably agrees: (1) that any sum that,
although expressed to be payable by the Issuer under the Bonds, this Deed of Guarantee and/or any other Transaction Document,
is for any reason (whether or not now existing and whether or not now known or becoming known to the Issuer, the Guarantor or
a Bondholder) not recoverable from the Guarantor on the basis of a guarantee shall nevertheless be recoverable from it as if it
were the sole principal debtor and shall be paid by it to the Bondholders on demand pursuant to the Bonds, this Deed of Guarantee
and/or any other Transaction Document; and (2) as a primary obligation to indemnify each Bondholder against any loss suffered
by it as a result of any sum expressed to be payable by the Issuer under the Bonds, this Deed of Guarantee and/or any other Transaction
Document not being paid on the date and otherwise in the manner specified in this Deed of Guarantee or in the Conditions or any
payment obligation of the Issuer under the Bonds, this Deed of Guarantee and/or any other Transaction Document being or becoming
void, voidable or unenforceable for any reason (whether or not now existing and whether or not now known or becoming known to
a Bondholder) other than fraud, wilful misconduct or gross negligence on the part of the Subscriber, the amount of that loss being
the amount expressed to be payable by the Issuer in respect of the relevant sum.

 

	2.8	Incorporation
of Terms

 

The
Guarantor agrees that it will comply with and be bound by all such provisions contained in the Conditions which relate to it.

 

	3.	PAYMENTS

 

	3.1	Payments
Free of Taxes

 

Save
in respect of any amounts payable to the Bondholders for their own account, all payments by the Guarantor under this Deed of Guarantee
shall be made free and clear of, and without withholding or deduction for, any present or future taxes, duties, assessments or
governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or within Hong Kong, the British Virgin
Islands, the Cayman Islands or the United States or any political subdivision or any authority therein or thereof having power
to tax, unless such withholding or deduction is required by law. In such event, the Guarantor shall pay such additional amounts
(“Additional Tax Amounts”) as will result in receipt by the Bondholders of such amounts as would have been received
by them had no such withholding or deduction been required, except that no Additional Tax Amounts shall be payable in respect
of any Bond:

 

		(a)	Other
                                         connection

 

to
a holder (or to a third party on behalf of a holder) who is liable to such taxes, duties, assessments or governmental charges
in respect of such Bond by reason of such holder having some connection with a Relevant Jurisdiction other than the mere holding
of the Bond or by the receipt of amounts in respect of the Bond; or

 

		(b)	Surrender
                                         more than 30 days after the Relevant Date

 

(in
the case of a payment of principal or premium) if the Bond Certificate in respect of such Bond is surrendered more than 30 days
after the Relevant Date except to the extent that the holder of it would have been entitled to such additional amounts on surrendering
the relevant Bond Certificate for payment on the last day of such period of 30 days; or

 

		(c)	Tax
                                         declaration

 

for
or on account of any tax, assessment, withholding or deduction required by FATCA, any current or future U.S. Treasury
Regulations or rulings promulgated thereunder, any intergovernmental agreement between the United States and any other
jurisdiction to implement FATCA, any law, regulation or other official guidance enacted or published in any jurisdiction
implementing FATCA or an intergovernmental agreement with respect thereto, or any agreement with the U.S. Internal Revenue
Service under FATCA.

 

    3

     

    

 

	3.2	Stamp
Duties

 

The
Guarantor will pay any stamp, issue, registration, documentary, transfer or other similar taxes and duties, including interest
and penalties, payable in the British Virgin Islands, Hong Kong, the Cayman Islands, the United States or any other relevant jurisdiction
or any political subdivision or taxing authority thereof or therein in respect of the execution or delivery of this Deed of Guarantee.
The Bondholders shall not be liable to pay any such taxes and duties in any jurisdiction and shall not be concerned with, or obligated
or required to enquire into, the sufficiency of any amount paid by the Guarantor for this purpose and shall not be liable for
any losses as a result of any non-payment by the Guarantor of any such taxes and duties in any jurisdiction. The Guarantor will
indemnify the Bondholders, on an after tax basis, from and against all stamp, issue, registration, documentary, transfer or other
similar taxes paid by any of them in any jurisdiction in connection with any action taken by or on behalf of the Bondholders to
enforce the Guarantor’s obligations under this Deed of Guarantee.

 

	4.	UNDERTAKING
                                         TO REGISTER SECURITY

 

The
Guarantor, as the chargor of the Share Charge granted in favour of the Subscriber, undertakes that it will as soon as reasonably
practicable and, in any event, within ten Business Days of the date of the Share Charge (i) register or cause to be registered
with the Registrar of Corporate Affairs in the BVI, and update of its register of charges with details of the security interests
created by, the Share Charge, in accordance with the BVI Business Companies Act, (ii) use its best endeavours to complete such
registration and obtain a registration record from its registered agent in the BVI and a certificate of registration of charge
from the Registrar of Corporate Affairs in the BVI, (iii) deliver to the Bondholders copies of such registration record, certificate
of registration of charge, and a certificate signed by a director or duly authorised officer of the Guarantor confirming the completion
of the registration of the Share Charge and (iv) comply with all applicable laws of the British Virgin Islands (“BVI laws”)
and regulations in relation to the Share Charge.

 

The
Guarantor together with the Issuer will give a notice to the Subscriber confirming the completion of the BVI Registration Conditions
within five Business Days after completion of such BVI Registration Conditions.

 

	5.	AMENDMENT
                                         AND TERMINATION

 

The
Guarantor may not amend, vary, terminate or suspend this Deed of Guarantee or its obligations hereunder unless such amendment,
variation, termination or suspension shall have been approved by the Subscriber. Unless otherwise agreed mutually by the Subscriber
and the Guarantor, nothing in this clause 5 shall prevent the Guarantor from increasing or extending its obligations hereunder
by way of supplement to this Deed of Guarantee at any time.

 

This
Deed of Guarantee, along with the Guarantor’s obligations hereunder, shall terminate on the Expiration Date.

 

	6.	BENEFIT

 

This
Deed of Guarantee shall enure for the benefit of the Bondholders.

 

    4

     

    

 

	7.	GOVERNING
                                         LAW AND JURISDICTION

 

	7.1	Governing
Law

 

This
Deed of Guarantee shall be governed by and construed in accordance with Hong Kong laws.

 

	7.2	Arbitration

 

		(a)	Any
                                         dispute, controversy, difference or claim arising out of or relating to this Agreement,
                                         including the existence, validity, interpretation, performance, breach or termination
                                         thereof or any dispute regarding non-contractual obligations arising out of or relating
                                         to it shall be referred to and finally resolved by arbitration administered by the Hong
                                         Kong International Arbitration Centre (“HKIAC”) under the HKIAC Administered
                                         Arbitration Rules in force when the Notice of Arbitration is submitted.

 

		(b)	The
                                         law of this arbitration clause shall be Hong Kong law.

 

		(c)	The
                                         seat of arbitration shall be Hong Kong.

 

		(d)	The
                                         number of arbitrators shall be three. The arbitration proceedings shall be conducted
                                         in English.

 

		(e)	For
                                         the avoidance of doubt, any dispute, controversy, difference or claim arising out of
                                         or relating to the Account Charge or Share Charge shall be referred to and finally resolved
                                         by the courts of Hong Kong pursuant to the provisions of the Account Charge or Share
                                         Charge, as the case may be.

 

	7.3	Independence
and Waiver of Immunity

 

The
Guarantor represents and warrants to and for the benefit of the Bondholders that (i)  it is a separate legal and
independent entity organised under the laws of British Virgin Islands; and (ii) it has the capacity independently to assume
civil liabilities to the extent permitted by applicable laws. The Guarantor hereby waives any right to claim sovereign or
other immunity from jurisdiction or execution and any similar defence, and irrevocably consents to the giving of any relief
or the issue of any process, including, without limitation, the making, enforcement or execution against any property
whatsoever (irrespective of its use or intended use) of any order or judgment made or given in connection with any
Proceedings.

  

    5

     

    

 

IN
WITNESS whereof this Deed of Guarantee has been executed and delivered as a deed on the date first above written.

 

EXECUTION

 

	EXECUTED
    as a DEED and DELIVERED by	)	 
	JURCHEN
    INVESTMENT CORPORATION:	)	 
	 	)	 
	 	)	 
	 	 	 
	Director/authorised
    signatory signature:	 	/s/
Ian Huen
	Director/authorised
    signatory name:	 	Ian
    Huen
	Occupation:	 	Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEED
OF GUARANTEE (SIGNATURE PAGE)

 

     

     

    

 

	EXECUTED
    as a DEED and DELIVERED by	)	 
	APTORUM GROUP LIMITED:	)	 
	 	)	 
	 	)	 
	 	 	 
	Director/authorised
    signatory signature:	 	/s/
Ian Huen
	 	 	 
	Director/authorised
    signatory name:	 	Ian
    Huen
	Occupation:	 	Executive Director & CEO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEED
OF GUARANTEE (SIGNATURE PAGE)

 

     

     

    

 

Acknowledged by:

 

PEACE RANGE LIMITED

 

	By:	/s/ Paul Lincoln Heffner	 
	Name:	Paul Lincoln Heffner	 
	Title:	Director	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEED
OF GUARANTEE (SIGNATURE PAGE)

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