Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(the “Agreement”), is entered into as of November 12, 2020, by and between Regencell Bioscience Holdings Limited,
incorporated under the laws of the Cayman Islands (the “Company”), and Yat-Gai Au, a holder of Hong Kong Identity Card
Number: [          ] (the “Executive”). Except with respect to the direct employment of the Executive by the Company, the
term “Company” as used herein with respect to all obligations of the Executive hereunder shall be deemed to include
the Company and all of its subsidiaries and affiliated entities (collectively, the “Group”).

 

RECITALS

 

A. The Company desires to employ the Executive
as its Chief Executive Officer and to assure itself of the services of the Executive during the term of Employment (as defined
below).

 

B. The Executive desires to be employed
by the Company as its Chief Executive Officer during the term of Employment and upon the terms and conditions of this Agreement.

 

AGREEMENT

 

The parties hereto agree as follows:

 

1. POSITION

 

The Executive hereby
accepts a position of Chief Executive Officer (the “Employment”) of the Company.

 

2. TERM

 

	 	Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be three (3) years, commencing on the closing date of the Company’s public offering of its Ordinary Shares in the U.S. (the “Effective Date”), unless terminated earlier pursuant to the terms of this Agreement. The Employment will be renewed automatically for additional 3-year terms if neither the Company nor the Executive provides a 1-month prior written notice of termination of the Employment to the other party, or otherwise proposes to renegotiate the terms of the Employment with the other party within three (3) months prior to the expiration of the applicable term, or unless the Employment is terminated earlier pursuant to the terms of this Agreement.

 

3. DUTIES AND RESPONSIBILITIES

 

		(a)	The
Executive’s duties at the Company will include all jobs assigned by the Company’s Board of the Directors (the “Board”).

 

		(b)	The
Executive shall devote all of his working time, attention and skills to the performance of his duties at the Company and shall
faithfully and diligently serve the Company in accordance with this Agreement, the Memorandum and Articles of Association of the
Company, as amended and restated from time to time (the “Charter Documents”), and the guidelines, policies and procedures
of the Company approved from time to time by the Board.

 

		(c)	The Executive shall use his best efforts to perform
his duties hereunder. The Executive shall not, without the prior written consent of the Board, become an employee of any entity
other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or interested in any business
or entity that engages in the same business in which the Company engages (any such business or entity, a “Competitor”),
provided that nothing in this clause shall preclude the Executive from holding any shares or other securities of any Competitor
that is listed on any securities exchange or recognized securities market anywhere if such shares or securities represent less
than 5% of the competitors outstanding shares and securities. The Executive shall notify the Company in writing of his interest
in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require.

         

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4. NO BREACH OF CONTRACT

 

The Executive hereby represents
to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive
of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement
or policy to which the Executive is a party or otherwise bound, except for agreements entered into by and between the Executive
and any member of the Group pursuant to applicable law, if any; (ii) that the Executive has no information (including, without
limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated
by, the Executive entering into this Agreement or carrying out his duties hereunder; (iii) that the Executive is not bound
by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s)
of the Group, as the case may be.

 

5.
Intentionally Omitted

 

6. COMPENSATION AND BENEFITS

 

		(a)	Base
Salary. The Executive shall draw a base salary of Hong Kong dollar one hundred (HK$100) per month during the Effective Date,
and such arrangement is subject to annual review and adjustment by the Board.

 

		(b)	Bonus.
The Executive shall not draw a bonus prior to and during the Effective Date, and such arrangement is subject to annual review
and adjustment by the Board.

 

		(c)	Equity
Incentives. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate
in such plan pursuant to the terms thereof as determined by the Board.

 

		(d)	Benefits.
The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may
be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance
plan and travel/holiday plan.

 

		(e)	Expenses.
The Executive shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses
incurred by the Executive in the performance of his duties under this Agreement; provided that he properly accounts for such expenses
in accordance with the Company’s policies and procedures.

 

7. TERMINATION OF THE AGREEMENT

 

		(a)	By
the Company.

 

(i) For Cause. The
Company may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration is specifically
required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

 

(1) the Executive is convicted
or pleads guilty to a felony or to an act of fraud, misappropriation or embezzlement;

 

(2) the Executive has been grossly
negligent or acted dishonestly to the detriment of the Company;

 

(3) the Executive has engaged
in actions amounting to willful misconduct or failed to perform his duties hereunder and such failure continues after the Executive
is afforded a reasonable opportunity to cure such failure; or

 

(4) the Executive violates Section
8 or 10 of this Agreement.

 

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Upon termination for cause, the
Executive shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Executive will
not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Executive’s
right to all other benefits will terminate, except as required by any applicable law.

 

(ii) For death and disability.
The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically
required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

 

(1) the Executive has died, or

 

(2) the Executive has a disability
which shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Executive unable to
perform the essential functions of his employment with the Company, with or without reasonable accommodation, for more than 120
days in any 12-month period, unless a longer period is required by applicable law, in which case that longer period would apply.

 

Upon termination for death or
disability, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination. However, the
Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and
the Executive’s right to all other benefits will terminate, except as required by any applicable law.

 

(iii) Without Cause.
The Company may terminate the Employment without cause, at any time, upon one-month prior written notice. Upon termination without
cause, the Company shall provide the following severance payments and benefits to the Executive: (1) a lump sum cash payment
equal to 1 months of the Executive’s base salary as of the date of such termination; (2) a lump sum cash payment equal
to a pro-rated amount of his target annual bonus for the year immediately preceding the termination, if any; (3) payment of
premiums for continued health benefits under the Company’s health plans for 12 months fo1lowing the termination, if any;
and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Executive.

 

Upon termination without cause,
the Executive shall be entitled to the amount of base salary earned and not paid prior to termination.

 

(iv) Change of Control
Transaction. If the Company or its successor terminates the Employment upon a merger, consolidation, or transfer or sale of
all or substantially all of the assets of the Company with or to any other individual(s) or entity (the “Change of Control
Transaction”), the Executive shall be entitled to the following severance payments and benefits upon such termination:
(1) a lump sum cash payment equal to 1  months of the Executive’s base salary at a rate equal to the greater of
his/her annual salary in effect immediately prior to the termination, or his/her then current annua1 salary as of the date of such
termination; (2) a lump sum cash payment equal to a pro-rated amount of his/her target annual bonus for the year immediately
preceding the termination; (3) payment of premiums for continued health benefits under the Company’s health plans for
12 months fo1lowing the termination; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity
awards held by the Executive.

 

		(b)	By
the Executive. The Executive may terminate the Employment at any time with a one-month prior written notice to the Company,
if (1) there is a material reduction in the Executive’s authority, duties and responsibilities, or (2) there is
a material reduction in the Executive’s annual salary. Upon the Executive’s termination of the Employment due to either
of the above reasons, the Company shall provide compensation to the Executive equivalent to 1 months of the Executive’s
base salary that he is entitled to immediately prior to such termination. In addition, the Executive may resign prior to the expiration
of the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the Employment is
agreed to by the Board.

 

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		(c)	Notice
of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written
notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s)
of this Agreement relied upon in effecting the termination.

 

 8. CONFIDENTIALITY AND NON-DISCLOSURE

 

		(a)	Confidentiality
and Non-disclosure. The Executive hereby agrees at all times during the term of the Employment, to hold in the strictest confidence,
and not to use, except for the benefit of the Company, or to disclose to any person, corporation or other entity without prior
written consent of the Company, any Confidential Information. The Executive understands that “Confidential Information”
means any proprietary or confidential information of the Company, its affiliates, or their respective clients, customers or partners,
including, without limitation, technical data, trade secrets, research and development information, product plans, services, customer
lists and customers, supplier lists and suppliers, software developments, inventions, processes, formulas, technology, designs,
hardware configuration information, personnel information, marketing, finances, information about the suppliers, joint ventures,
franchisees, distributors and other persons with whom the Company does business, information regarding the skills and compensation
of other employees of the Company or other business information disclosed to the Executive by or obtained by the Executive from
the Company, its affiliates, or their respective clients, customers or partners, either directly or indirectly, in writing, orally
or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential. The confidentiality obligations
under this Clause shall survive notwithstanding the termination of this Employment Agreement for ten (10) years thereafter. Notwithstanding
the foregoing, Confidential Information shall not include information that is generally available and known to the public through
no fault of the Executive.

 

		(b)	Company
Property. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created,
received or transmitted in connection with his work or using the facilities of the Company are property of the Company and subject
to inspection by the Company at any time. Upon termination of the Executive’s employment with the Company (or at any other
time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature
pertaining to his work with the Company and will provide written certification of his compliance with this Agreement. Under no
circumstances will the Executive have, following his termination, in his possession any property of the Company, or any documents
or materials or copies thereof containing any Confidential Information.

 

		(c)	Former
Employer Information. The Executive agrees that he has not and will not, during the term of his employment, (i) improperly
use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive
has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises
of the Company any document or confidential or proprietary information belonging to such former employer, person or entity unless
consented to in writing by such former employer, person or entity. The Executive will indemnify the Company and hold it harmless
from and against all claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of suit,
arising out of or in connection with any violation of the foregoing.

 

		(d)	Third
Party Information. The Executive recognizes that the Company may have received, and in the future may receive, from third
parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality
of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company
and such third parties, during the Executive’s employment by the Company and thereafter, a duty to hold all such confidential
or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner
consistent with, and for the limited purposes permitted by, the Company’s agreement with such third party.

 

This Section 8 shall
survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 8, the Company shall
have right to seek remedies permissible under applicable law.

 

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 9. CONFLICTING EMPLOYMENT

 

The Executive
hereby agrees that, during the term of his employment with the Company, he will not engage in any other employment, occupation,
consulting or other business activity related to the business in which the Company is now involved or becomes involved during the
term of the Executive’s employment, nor will the Executive engage in any other activities that conflict with his obligations
to the Company without the prior written consent of the Company.

 

 10. NON-COMPETITION AND NON-SOLICITATION

 

In consideration
of the compensation and benefits paid to the Executive by the Company and subject to applicable law, the Executive agrees that
during the term of the Employment and for a period of two (2) years following the termination of the Employment for whatever reason:

 

		(a)	The
Executive will not approach clients, customers or contacts of the Company or other persons or entities introduced to the Executive
in the Executive’s capacity as a representative of the Company for the purposes of doing business with such persons or entities
which will harm the business relationship between the Company and such persons and/or entities;

 

		(b)	The
Executive will not assume employment with or provide services as a director or otherwise for any Competitor, or engage, whether
as principal, partner, licensor or otherwise, in any Competitor; and

 

		(c)	The
Executive will not seek, directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit
the services of any employee of the Company employed as at or after the date of such termination, or in the year preceding such
termination.

 

The provisions contained
in Section 10 are considered reasonable by the Executive and the Company. In the event that any such provisions should be
found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of application
reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.

 

This Section 10 shall
survive two (2) years after the termination of this Agreement for any reason. In the event the Executive breaches this Section
10, the Executive acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief
and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate). In
any event, the Company shall have right to seek all remedies permissible under applicable law.

 

 11. WITHHOLDING TAXES

 

Notwithstanding anything
else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise
due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes
as may be required to be withheld pursuant to any applicable law or regulation.

 

 12. ASSIGNMENT

 

This Agreement is personal
in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any
rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights
or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a Change of Control Transaction,
this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor
shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

 

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 13. SEVERABILITY

 

If any provision of
this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of
this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this
Agreement are declared to be severable.

 

 14. ENTIRE AGREEMENT

 

This Agreement constitutes
the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes
all prior or contemporaneous oral or written agreements concerning such subject matter, including any prior agreements between
the Executive and a member of the Group. The Executive acknowledges that he has not entered into this Agreement in reliance upon
any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must be in
writing and signed by the Executive and the Company.

 

 15. GOVERNING LAW; JURISDICTION

 

This Agreement shall
be governed by and construed in accordance with the laws of Hong Kong and each of the parties irrevocably consents to the jurisdiction
and venue of the courts located in Hong Kong.

 

 16. AMENDMENT

 

This Agreement may
not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring
to this Agreement, which agreement is executed by both of the parties hereto.

 

 17. WAIVER

 

Neither the failure
nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege
with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.
No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

 18. NOTICES

 

All notices, requests,
demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been
duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by
a recognized courier with next-day or second-day delivery to the last known address of the other party.

 

 19. COUNTERPARTS

 

This Agreement may
be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears
thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or
more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the
signatories.

 

Photographic copies
of such signed counterparts may be used in lieu of the originals for any purpose.

 

 20. NO INTERPRETATION AGAINST DRAFTER

 

Each party recognizes
that this Agreement is a legally binding contract and acknowledges that he has had the opportunity to consult with legal counsel
of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis
of that party being the drafter of such terms.

 

[Remainder of this page has been intentionally
left blank.]

 

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IN WITNESS WHEREOF, this Agreement has
been executed as of the date first written above.

 

	 	Regencell Bioscience Holdings Limited
	 	 	 
	 	By:	 
	 	Name: 	Yat-Gai Au     
	 	Title:	Chief Executive Officer    

 

	 	Executive
	 	 	 
	 	Signature: 	 
	 	Name:	Yat-Gai Au

 

 

7Exhibit 10.3

 

SUPPLEMENTAL AGREEMENT

 

This Supplemental Agreement (the “Supplemental
Agreement”) of the Deed of Rights Transfer, Strategic Partnership and Undertaking Agreement is made and entered into
on November 10, 2020 (“Effective Date”) by and between:

 

		(1)	Regencell Bioscience
limited, a limited liability company incorporated in Hong Kong, whose business address is at 11/F First Commercial
Building, 33-35 Leighton Road, Causeway Bay, Hong Kong; (the “Company”); and

 

		(2)	Mr. Sik-Kee Au, the holder of Hong Kong Identity
Card No. [          ], being the Listed Chinese Medicine Practitioner with the Listed No. [          ] maintained by the Chinese Medicine
Practitioners Board of the Chinese Medicine Council of Hong Kong (the “TCM Practitioner”).

 

Company and TCM Practitioner are sometimes
referred to herein individually as a “Party” and collectively as the “Parties”. All terms
not herein defined shall have the meaning given to them in the Partnership Agreement (as defined below).

 

Recitals:

 

WHEREAS, the Company is an early
stage bioscience company that focuses on research, development, and commercialization of Traditional Chinese Medicine (“TCM”)
for the treatment of neurocognitive disorders and degeneration, specifically Attention Deficit Hyperactivity Disorder (“ADHD”)
and Autism Spectrum Disorder (“ASD”);

 

WHEREAS, The TCM Practitioner has
been practicing TCM under the guidance of the Chinese Medicine Ordinance (Chapter 549 of the Laws of Hong Kong) and has accumulated
over thirty years of research and clinical practice experience.;

 

WHEREAS, the Parties have entered
Deed of Rights Transfer, Strategic Partnership and Undertaking agreement (the “Partnership Agreement”) on January
1, 2018, pursuant to which the TCM Practitioner transfers his legal and beneficial ownership of the intellectual property rights
of the his TCM Formulae and TCM Inventions and the Company undertakes to pay for all costs and expenses incurred by the TCM Practitioner
in his research, testing, attending meetings/seminars, compiling records/reports or performing any similar acts in relation to
the development of his TCM Formulae. Unless the context otherwise requires, words defined in the Partnership Agreement shall have
the same meaning in this Supplemental Agreement. The rules of interpretation set out in the Partnership Agreement shall apply to
this Supplemental Agreement;

 

WHEREAS, the Parties desire to enter
this Supplemental Agreement to provide the terms and conditions upon which the TCM Practitioner accepts the supervisions and direction
of the Company on his TCM Formulae research, non-competition, and the non-disclosure restrictions in his practice under the Partnership
Agreement.

 

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NOW, THEREFORE, in consideration
of the foregoing premises and the mutual promises, covenants, agreements, representations, warranties and indemnities and conditions
contained in this Supplemental Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are
acknowledged by the Parties, the Parties agree as follows:

 

		1.	Definitions

 

		1.1	“Affiliate” means (i) all business units
and divisions of a party or its parent company/corporation and (ii) any entity controlled by, controlling, or under common control
with such party. Such entity shall be deemed to be an “Affiliate” only so long as such control exists.

 

		1.2	“Applicable Laws” means all applicable
laws, treaties, statutes, codes, rules, regulations, regulatory policies, practices, guidelines, ordinances, judgments, orders,
rulings or decisions of any governmental authorities and other pronouncements having the effect of law of any national, multinational,
city or other political subdivision, domestic or foreign, in each case binding on or applicable to a Party referred to in the
context in Hong Kong.

 

		1.3	“Business”
means all business and affiliates carried out by the Company and its Affiliates from time to time, including but not limited to
the research, development, and commercialization of TCM for the treatment of neurocognitive disorders and degeneration, specifically
ADHD and ASD.

 

		1.4	
        “Confidential Information”
means all information, know-how and records (in whatever form held) in any way connected with the Company, its Business and the
Research, whether proprietary or otherwise, including (without prejudice to the generality of the foregoing) without limitation
all TCM Inventions, TCM Formulae, the intellectual property rights, designs, specifications, drawings, data, operations and testing
procedures, manuals and instructions and all customer, patient, and supplier information and lists, sales information, business
plans and methods, processes, systems, research and development, forecasts and all technical or other expertise, and all accounting
and tax records, correspondence, orders and enquiries that are confidential or not generally known.

 

Confidential Information shall
include information in written, oral, electronic or any other form whether or not it is clearly identified in writing at the time
of disclosure as confidential. For avoidance of doubt, Confidential Information shall not include information that (i) is or becomes
a part of the public domain through no act or omission of the other Party; (ii) was in the other Party’s lawful possession
prior to the disclosure and had not been obtained by the other Party either directly or indirectly from the disclosing Party;
(iii) is lawfully disclosed to the other Party by a third party without restriction on disclosure; or (iv) is independently developed
by the other Party without use of or reference to the other Party’s Confidential Information.

 

		1.5	
        “Research”
means all services, materials, products, TCM Formulae, TCM Inventions, or intellectual property provided, developed, and researched
by TCM Practitioner to the Company and its Affiliates under this Supplemental Agreement and the Partnership Agreement or as otherwise
agreed by the Parties from time to time.

 

		1.6	
        “Results” means
all data and information generated or derived from the Research and from other research performed by the TCM Practitioner under
this Supplemental Agreement and Partnership Agreement, including but not limited to new TCM Formulae, TCM Inventions, and intellectual
property.

 

		2.	Scope of the Supplemental
Agreement

 

		2.1	TCM Practitioner shall perform
the Research, in accordance with the terms and conditions of this Supplemental Agreement. TCM Practitioner shall use reasonable
efforts to perform the Research and to meet all standards, obligations and completion dates described in this Supplemental Agreement
or to be agreed by the Parties.

 

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		2.2	The Company has full discretion
to assign, refine, update or redesign tasks of the Research to the TCM Practitioner from time-to-time. Such instructions and changes
shall be effective upon notice to TCM Practitioner.

 

		2.3	TCM Practitioner shall provide
the Research in accordance with the terms and conditions set forth in this Supplemental Agreement and all Applicable Laws.

 

		2.4	Upon request by the Company,
which shall be made from time to time, TCM Practitioner shall transfer all: (i) Results, and/or (ii) any other materials, data,
information and all other data it possesses with regard to each Research to the Company, in such form as requested by the Company
or as is then currently in the possession of TCM Practitioner.

 

		3.	Research

 

		3.1	TCM Practitioner may assign
appropriately qualified personnel to perform any and some of the Research with the Company’s prior written consent (the
“Development Team”). The Development Team shall use high professional standards while performing the Research
and maintaining full compliance with any and all specification and instructions set by the Company from time to time.

 

		3.2	TCM Practitioner shall protect,
promote and act in the best interests of the Company, including but not limited to:

 

		(i)	devote the whole of his
attention and skill to the interests and affairs of the Company in the discharge of the Research;

 

		(ii)	in the discharge of the
Research and in the exercise of such powers, comply with all and any lawful directions and instructions from time to time made
or given to him by the Company according to the best of his skills and ability, and comply with all resolutions and regulations
from time to time passed or made by the Company;

 

		(iii)	faithfully and diligently
perform the Research with due care and skill, and exercise only such powers as are consistent with the Research in relation to,
and use commercially reasonable efforts to promote, the interests of the Company;

 

		(iv)	keep the Company promptly
and fully informed of his and the Development Team’s conduct of the Research and give promptly to the Company (in writing
if so requested) all such information as the Company may reasonably require in relation to its conduct of the Research insofar
as such information is or ought to be within the knowledge of TCM Practitioner and provide such written explanations to the Company
may require in connection therewith; and

 

		(v)	use commercially reasonable
efforts to ensure that they are available at all times on reasonable notice to provide the Research as the Company may require.

 

		3.3	TCM Practitioner shall not
subcontract or delegate the performance of all or part of the Research to any personnel other than the Development Team, without
written consent given by the Company.

 

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		4.	Research Fees and Payment

 

		4.1	In consideration of due performance
of TCM Practitioner’s obligations under this Supplemental Agreement and Partnership Agreement, TCM Practitioner shall be
entitled to receive with effect from the Effective Date during the Term (defined hereunder) a research fee covering all costs
and expenses incurred by the TCM Practitioner in conducting research, testing, attending meetings/seminars, compiling records/reports
or performing any similar acts in relation to the development of the TCM Invention, TCM Formulae and all intellectual property
rights  (including any tax and duties payable by TCM Practitioner pursuant to the Applicable Laws and any compensation rights
that TCM Practitioner may have as a result of his compliance with Clause 7 hereunder) (“Research Fee”).

 

		4.2	TCM Practitioner shall issue
an invoice of Research Fees to the Company on monthly basis. The Research Fee shall be due within thirty (30) days from the date
of the invoice.

 

		4.3	The Company shall only be
responsible for retaining and discharging, and paying Research Fee that are the reasonable fees, charges and expenses related
to the performance of the Research incurred by the TCM Practitioner.

 

		4.4	Payment of such Research
Fees to TCM Practitioner shall be made by the Company. Payment in full or in part of the Research Fees shall be without prejudice
to any claims or rights of the Company against TCM Practitioner in respect of the provision of the Research.

 

		4.5	All Research Fees are inclusive
of taxes, charges or remittance fees. Each Party shall pay any and all tax due under Applicable Laws by such Party in respect
of all payments it receives or makes under this Supplemental Agreement. Each Party shall be solely responsible for the payment
of all taxes imposed on its share of income arising directly or indirectly from the efforts of the Parties under this Supplemental
Agreement and the Partnership Agreement.

 

		4.6	All payments due under this
Supplemental Agreement and the Partnership Agreement to TCM Practitioner shall be made via check or bank wire transfer which is
notified by TCM Practitioner in advance in immediately available funds to a bank account designated by the TCM Practitioner, free
and clear of any withholding tax, administrative fees, bank charges, transfer fees or other similar charges under the Applicable
Laws.

 

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		5.	Representations and Warranties

 

		5.1	Each Party represents, warrants
and covenants to the other Party that:

 

		(i)	each Party has taken
all actions to authorize the execution, delivery and performance of the obligations undertaken in this Supplemental Agreement,
and no other corporate actions are necessary with respect thereto; and

 

		(ii)	when executed and delivered
by it, this Supplemental Agreement will constitute a legal, valid and binding obligation of it, enforceable against it in accordance
with this Supplemental Agreement’s terms.

 

		5.2	The TCM Practitioner further
represents and warrants to the Company that as of the Effective Date and at all times during the Term of the Supplemental Agreement:

 

		(i)	the Supplemental Agreement
has been duly executed and delivered by, and is the legal and valid obligations upon TCM Practitioner and the entry into, the
execution and delivery of, and the carrying out and other performance of its obligations under this Supplemental Agreement by
TCM Practitioner: (a) does not conflict with, or contravene or constitute any default under, any agreement, instrument or understanding,
oral or written, to which he is a party, and (b) does not violate Applicable Laws;

 

		(ii)	TCM Practitioner shall
not enter into any other agreements which would interfere with or prevent the performance of the obligations described herein;

 

		(iii)	TCM Practitioner maintains
and shall maintain during the Term of this Supplemental Agreement equipment and personnel sufficient to enable him to perform
the Research in accordance with the Supplemental Agreement;

 

		(iv)	the TCM Formulae, TCM
Inventions, and its intellectual property rights to be developed in the future under the Partnership Agreement by the TCM Practitioner
will be original, and will not be subject to any third party’s rights or claims; the TCM Formulae, TCM Inventions and its
intellectual property rights will not be published, in whole or part, without the Company’s prior written consent;

 

		(v)	no third party shall
acquire, own, or possess any right or interest in any TCM Formulae, TCM Inventions, and its intellectual property rights to be
developed in the future that arises out of or is made as a consequence of any Research by TCM Practitioner pursuant to this Supplemental
Agreement and Partnership Agreement.

 

    5

     

    

 

		6.	Confidentiality; Non-Disclosure

 

		6.1	The TCM Practitioner, his agents, subcontractors, development
team, and Affiliates shall, during or after the Term, directly or indirectly publish, disseminate or otherwise disclose, deliver
or make available to any third party any Confidential Information, without prior written notice given by the Company. The TCM
Practitioner shall use the Confidential Information solely for the purpose(s) set forth in this Supplemental Agreement, the Partnership
Agreement, or for such other purposes as may be agreed upon by the Parties in writing. The confidentiality obligations under this
Clause 6 shall survive notwithstanding the termination of this Supplemental Agreement for ten (10) years thereafter.

 

		6.2	The TCM Practitioner, his agents, subcontractors, development
team, and Affiliates undertake to use the Confidential Information only for the fulfilment of the Research, and shall not at any
time:   (i) divulge or communicate to any person any Confidential Information except those of the employees of the Company
or the third party without the Company’s prior written consent; and   (ii) through any failure to exercise all due
care and diligence cause any unauthorized disclosure of any Confidential Information (including without limitation): relating
to the Research, dealings, organization, business, finance, transactions or any other affairs of the Company.

 

		6.3	The TCM Practitioner agrees, on behalf of himself, his
agents, subcontractors, development team and Affiliates, not to publish or present any and all information, data and/or documents,
whether patentable or not, as generated in the course of and/or as a result of the Research.

 

		6.4	The TCM Practitioner shall not disclose the terms herein
of this Supplemental Agreement and the Partnership Agreement and/or any relationship between TCM Practitioner and the Company
to any third party.

 

		7.	Restraint on Activities of TCM Practitioner; Non-Competition

 

		7.1	During the Term, TCM Practitioner undertakes and shall
cause himself to undertake to the Company that he will devote his time and attention to the Company and will use his best endeavors
to develop the business and interests of the Company and will not be concerned with any other business other than the Business.

 

		7.2	For two (2) years after the expiration or termination of
this Supplemental Agreement, whichever is earlier, the TCM Practitioner shall not be directly or indirectly concerned with or
engaged or interested in any other business which is in any respect in competition with or similar to the Business conducted by
the Company.

 

    6

     

    

 

		8.	Term; Termination

 

		8.1	Unless otherwise earlier
terminated pursuant to this Clause 8.2-8.4, this Supplemental Agreement shall be effective on the Effective Date and shall remain
effective until the Partnership Agreement is expired or terminated (“Term”). In the event that both Parties
agree to extend the Term or to renew this Supplemental Agreement, the Parties may do so by executing a separate written agreement
or extension or renewal.

 

		8.2	The Company may terminate
this Supplemental Agreement for any reason in the Company’s sole discretion and without any indemnity or damages being due
to TCM Practitioner with thirty (30) days prior written notice.

    

		8.3	In addition, the Company
may terminate this Supplemental Agreement:

 

		(i)	upon any breach by TCM
Practitioner of his obligations under this Supplemental Agreement which is not cured within thirty (30) days of the notification
of such; and

 

		(ii)	immediately if TCM Practitioner
is no longer able to perform the Research; commits any act of gross or willful misconduct or any serious, willful, grossly negligent
or material breach of any of the provisions contained in this Supplemental Agreement; commits any fraud or act of dishonesty,
engages in any conduct which, in the reasonable opinion of the Company, has caused or is likely to cause detriment to the interests
of the Company, is otherwise prohibited by Applicable Laws from providing the Research, refuses to carry out any reasonable lawful
order given to TCM Practitioner by the Company in the Term, is incompetent or fail to diligently attend to the Research.

 

		8.4	The TCM Practitioner may
terminate this Supplemental Agreement in the event that the Company fails to meet its payment obligations under Clause 4.2 of
this Supplemental Agreement which is not cured within thirty (30) days of the notification of such by the Company.

 

		8.5	Upon expiration or termination of this Supplemental Agreement,
the TCM Practitioner shall:

 

		(i)	immediately deliver to the Company all Confidential
Information and all other property of or relating to the Company which may then be in TCM Practitioner’s possession or under
TCM Practitioner’s power or control and all copies thereof or extracts therefrom; and

 

		(ii)	immediately delete all
Confidential Information from any computer discs, USB devices, tapes or other re-useable material in TCM Practitioner’s
possession or control and destroy all other documents and tangible items in TCM Practitioner’s possession or under TCM Practitioner’s
control which contain or refer to any Confidential Information.

 

		8.6	Termination of this Supplemental
Agreement shall not limit either Party from pursuing other remedies available to it, including injunctive relief. For the avoidance
of doubt, if the Supplemental Agreement hereunder is terminated by Company for cause, Company shall not be obligated to continue
making any additional Research Fees as of the date of termination.

 

    7

     

    

 

		8.7	In the event of expiration
or termination of this Supplemental Agreement, Clauses 1, 6, 7, 8.5-8.7, 9 and 10, as well as any provisions which are to survive
by nature, shall survive such expiration or termination.

 

		9.	Governing Law and Jurisdiction

 

		9.1	This Supplemental Agreement
is governed by and shall be construed in all respects in accordance with the laws of Hong Kong.

 

		9.2	Any dispute, controversy,
difference or claim arising out of or relating to this Supplemental 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. The arbitration proceeding
shall be conducted in Hong Kong. There shall be three (3) arbitrators, each Party shall appoint one (1) arbitrator and the third
arbitrator shall be jointly appointed by the appointed arbitrators.

 

		10.	Miscellaneous

 

		10.1	This Supplemental Agreement,
and the rights and obligations hereunder, may not be assigned or transferred by either Party without prior written consent of
the other Party, except that Company may assign this Supplemental Agreement to an Affiliate or in connection with a merger, consolidation
or sale of all or substantially all of its assets.

 

		10.2	Unless otherwise provided
in this Supplemental Agreement, no changes, amendments or alternations to this Supplemental Agreement shall be allowed unless
in writing and are signed by duly authorized representatives of both Parties.

 

		10.3	In the event that any one
or more of the provisions contained in this Supplemental Agreement, shall for any reason, be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Supplemental Agreement
and the Partnership Agreement, and all other provisions in this Supplemental Agreement and the Partnership Agreement shall remain
in full force and effect. If any of the provisions of this Supplemental Agreement are held to be excessively broad, it shall be
reformed and construed by limiting and reducing it so as to be enforceable to the maximum extent permitted by the Applicable Laws.

 

		10.4	Neither Parties shall be
held liable for nonfulfillment or delayed performance of this Supplemental Agreement or of part thereof due directly or indirectly
to any cause outside the defaulting Party’s control, provided that notice of its inability to perform and the causes thereof
shall be given immediately by the affected Party to the other.

 

		10.5	This Supplemental Agreement
may be executed in one or more counterparts, each of which shall be deemed an original and all of which, when taken together,
shall constitute one original instrument.

 

    8

     

    

 

		10.6	Headings to clauses herein
are for the convenience of the parties only and are not intended to be or to affect the meaning or interpretation of this Supplemental
Agreement.

 

		10.7	All notice, requests, demands,
approvals or consents, or other communications hereunder shall be in writing and shall be deemed given if delivered: (i) by electronic
mail stated below, (ii) by registered mail with acknowledgement of receipt, or (iii) personally to the appropriate party at the
address below:

 

If to the Company:

 

	 	Address:	
        11/F First Commercial Building

        33-35 Leighton Road

        Causeway Bay, Hong Kong

	 	 
	 	 
	 	Email:	[            ]
	 	Attention:   	Mr. Yat-Gai Au

 

If to TCM Practitioner:

 

	 	
        Address:
	22/F First Commercial Building

        33-35 Leighton Road

        Causeway Bay, Hong
        Kong

	 	Email: 	[              ]
	 	Attention:   	Mr. Sik-Kee Au

 

[Signature page to follow]

 

    9

     

    

 

IN WITNESS WHEREOF, the Parties
have executed this Supplemental Agreement in two (2) originals by their respective officers duly authorized as of the Effective
Date.

 

	Regencell bioscience limited	 
	 	 
	
        /s/

        
	 
	Name: 	Yat-Gai Au	 
	Title: 	Chief Executive Officer	 

 

	sik-kee
    au
	 	 
	/s/	 
	Name: 	Sik-Kee Au	 
	Title:	TCM Practitioner	 

 

 

10

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