Document:

Exhibit 4.2 

 

THIS
NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

 

THIS
NOTE AND THE SECURITIES ISSUALBE UPON THE CONVERSION HEREOF AND WARRANT SHARES MAY NOT BE OFFERED OR SOLD IN HONG KONG BY MEANS
OF ANY DOCUMENT OTHER THAN (I) IN CIRCUMSTANCES WHICH DO NOT CONSTITUTE AN OFFER TO THE PUBLIC WITHIN THE MEANING OF THE COMPANIES
(WINDING UP AND MISCELLANEOUS PROVISIONS) ORDINANCE (CAP. 32, LAWS OF HONG KONG), OR (II) TO “PROFESSIONAL INVESTORS”
(AS DEFINED IN THE SECURITIES AND FUTURES ORDINANCE (CAP. 571, LAWS OF HONG KONG)), OR (III) IN OTHER CIRCUMSTANCES WHICH DO NOT
RESULT IN THE DOCUMENT BEING A “PROSPECTUS” WITHIN THE MEANING OF THE COMPANIES (WINDING UP AND MISCELLANEOUS PROVISIONS)
ORDINANCE (CAP. 32, LAWS OF HONG KONG) AND NO ADVERTISEMENT, INVITATION OR DOCUMENT RELATING TO THE SECURITIES MAY BE ISSUED OR
MAY BE IN THE POSSESSION OF ANY PERSON FOR THE PURPOSE OF ISSUE (IN EACH CASE WHETHER IN HONG KONG OR ELSEWHERE), WHICH IS DIRECTED
AT, OR THE CONTENTS OF WHICH ARE LIKELY TO BE ACCESSED OR READ BY, THE PUBLIC IN HONG KONG (EXCEPT IF PERMITTED TO DO SO UNDER
THE LAWS OF HONG KONG) OTHER THAN WITH RESPECT TO THE SECURITIES WHICH ARE OR ARE INTENDED TO BE DISPOSED OF ONLY TO PERSONS OUTSIDE
HONG KONG OR ONLY TO “PROFESSIONAL INVESTORS” AS DEFINED IN THE SECURITIES AND FUTURES ORDINANCE (CAP. 571, LAWS OF
HONG KONG).

 

APTORUM
GROUP LIMITED

 

SERIES
A CONVERTIBLE PROMISSORY NOTE

 

USD$____________

 

May
15, 2018 (“Issuance Date”)

 

FOR
VALUE RECEIVED, APTORUM GROUP LIMITED, a Cayman Islands company limited by shares with its registered address at c/o Floor 4,
Willow House, Cricket Square, Grand Cayman KY1-9010, Cayman Islands (the “Company”), promises to pay to _________________________with
a principal office at ___________________________________________________________, or its successor or permitted assigns (“Investor”
or “Holder”), in lawful money of the United States of America the principal sum of _______________________________U.S.
Dollars (USD$____________ (the “Principal Amount”), together with interest from the Issuance Date of this Series
A Convertible Promissory Note (this “Note”) as set forth below.

  

    	 	1	 

     

    

 

The
following is a statement of the rights of Investor and the conditions to which this Note is subject, and to which Investor, by
the acceptance of this Note, agrees:

 

1.
Payments.

 

(a) Interest. Subject
to Section 3, for the period commencing on the Issuance Date of this Note and until the Interest Payment Date, interest shall
accrue on the outstanding unconverted and unpaid Principal Amount at 1% per annum and shall be compounded annually. “Interest
Payment Date” means the first to occur of (i) the Maturity Date, and (ii) the date of any conversion of this Note in
full pursuant to the terms hereof, and (iii) the date of any other repayment or redemption of this Note in full in accordance
with the terms hereof. Interest with respect to any partial year shall be computed on the basis of a 360-day year comprised of
30-day months (or in the case of a partial month, the actual number of days elapsed therein).

 

(b) Payment
Schedule. Subject to the rights of Investor in Section 3, unless otherwise converted, redeemed or repaid pursuant to
the terms of this Note, the full outstanding and unpaid Principal Amount shall be repaid in full by the Company on the Maturity
Date. Any accrued and unpaid interest on the Note is due and payable by the Company in cash on the Interest Payment Date.

 

(c)
Prepayment. Company shall have the right to prepay this Note in full or any portion thereof at its then outstanding Principal
Amount and accrued interest, at any time after the Issuance Date and prior to the Maturity Date or the date on which this Note
is fully converted, whichever is earlier, provided that the Company give written notice to the Purchasers at least ten (10) business
days before the prepayment.

 

(d)
Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business Day, the same shall
instead be due on the next succeeding day which is a Business Day, and interest shall accrue during such extension. Investor shall
notify the Company in writing no less than five (5) Business Days prior to any scheduled or agreed payment under this Note of
the details of the account of Investor to which such payment shall be made, though the failure to provide such information on
a timely basis will not relieve the Company’s obligation to make such payment under this Note (to the extent such obligation
remains outstanding) promptly upon receipt of such information.

 

2.
Events of Default. The occurrence of any of the following shall constitute an “Event of Default”
under this Note:

 

(a) Failure
to Pay. The Company shall fail to pay to the Investor when due any Principal Amount, any interest payment or other cash payment
required under this Note (if any), and such failure shall not have been cured within three (3) days after the due date; or

 

(b) Breaches
of Covenants. The Company shall fail to observe or perform in any material respect any of the covenants, obligations, conditions
or agreements contained in Sections 4, 5, 7(a), 7(c) and 7(d) of this Note and such failure shall continue for thirty (30) days
after the Company’s receipt of written notice from the Investor of such failure; or

 

(c) Voluntary
Bankruptcy or Insolvency Proceedings. The Company, or any of its Significant Subsidiaries, or any group of subsidiaries of
the Company that together would constitute a Significant Subsidiary, shall (i) apply for or consent to the appointment of a receiver,
trustee, liquidator or custodian of itself or of all or substantially all of its property, (ii) admit in writing its inability
to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its creditors, (iv) be dissolved
or liquidated, or (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to any such
relief or to the appointment of or taking possession of its property by any official in an involuntary case or other bankruptcy
proceeding commenced against it, in the case of each of (i) through (v), other than in connection with a solvent dissolution,
liquidation, reorganization or similar corporate proceedings; or

  

    	 	2	 

     

    

 

(d) Involuntary
Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the
Company or any of its Significant Subsidiaries or any group of subsidiaries that together would constitute a Significant Subsidiary
or of all or substantially all of the Company’s property, or an involuntary case or other proceedings seeking liquidation,
reorganization or other relief with respect to the Company, any of its Significant Subsidiaries or any group of subsidiaries that
together would constitute a Significant Subsidiary or its or their debts under any bankruptcy, insolvency or other similar law
now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be stayed, dismissed
or discharged within sixty (60) days of commencement; or

 

(e) Cross
Default. Any default by the Company or any Significant Subsidiary with respect to any mortgage, agreement or other instrument
under which there is outstanding, or by which there is secured or evidenced, any indebtedness for borrowed money incurred or guaranteed
by the Company and/or any such Significant Subsidiary in excess of USD$500,000 (or the foreign currency equivalent thereof) in
the aggregate, whether such indebtedness now exists or shall hereafter be created, (A) resulting in such indebtedness becoming
or being declared due and payable before its maturity or (B) constituting a failure to pay such indebtedness when due and payable,
whether at its stated maturity, upon required repurchase, upon acceleration or otherwise, in each case in accordance with such
mortgage, agreement or instrument; or

 

(f) Adverse
Judgment. A final judgment for the payment of USD$500,000 (or the foreign currency equivalent thereof) or more (excluding
any amounts covered by insurance) is rendered against the Company or any Significant Subsidiary, which judgment is not paid, bonded
or otherwise discharged or stayed within sixty (60) days after the earlier of (i) the date on which the right to appeal thereof
has expired if no such appeal has commenced and (ii) the date on which all rights to appeal have been extinguished.

 

3.
Rights of Investor upon an Event of Default.

 

(a)
Upon the occurrence of any Event of Default (other than an Event of Default described in Sections 2(c) or 2(d)) and at any time
thereafter during the continuance of such Event of Default, Investor may, by written notice to the Company, declare all outstanding
and unconverted and unpaid Principal Amount and accrued and unpaid interest payable by the Company hereunder to be immediately
due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived,
anything contained herein to the contrary notwithstanding. Upon the occurrence of any Event of Default described in Sections 2(c)
or 2(d), immediately and without notice, all outstanding and unconverted and unpaid Principal Amount and accrued and unpaid interest
payable by the Company hereunder shall automatically become immediately due and payable, without presentment, demand, protest
or any other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding.

 

(b)
In the case of an Event of Default under Section 2(a), during the period when such Event of Default is continuing and not cured,
in lieu of (and not in addition to) the interest rate described in Section 1(a), interest shall accrue at 10% per annum on any
such undisputed Principal Amount or interest (or portion thereof) that remains overdue.

 

(c)
Upon the occurrence and during the continuance of any Event of Default, Investor may also exercise any other right, power or remedy
granted to it by law, either by suit in equity or by action at law, or both.

  

    	 	3	 

     

    

 

4. Conversion.

 

(a) Automatic
Conversion. All outstanding Notes (including the outstanding and unpaid Principal Amount and excluding any then-accrued
and unpaid interest) shall be converted automatically into the number of fully paid and non-assessable shares (the “Conversion
Shares”) of Class A ordinary share with a nominal or par value at USD$1.00 each (the “Class A Shares”)
without any action by the Holders and whether or not the document representing such Notes are surrendered to the Company or its
transfer agent, upon the commencement of trading on a U.S. national securities exchange of the Company’s securities to be
issued in an initial public offering (“IPO”) at a price of
56% discount to the actual price per Class A Share to be issued in the IPO (the “Conversion Price”). The Conversion
Price may be adjusted after the Issuance Date and prior to the initial closing of the IPO in accordance with Exhibit B.
As soon as practicable after the occurrence of an automatic conversion, the Company shall send a written notice substantially
in the form attached hereto as Exhibit A (the “Conversion Notice”) to all Holders notifying them to surrender
the original form of the Note (or an affidavit of loss mutilation or destruction, together with an undertaking to provide customary
indemnification to the Company in respect thereof ) to the Company in exchange a certificate or certificates for the number of
full shares of Conversion Shares issuable upon the conversion of Notes pursuant to this Section 4.

 

(b) Intentionally
Left Blank.

 

(c)
Conversion Procedure. 

 

	 	(i)	In
    connection with any conversion pursuant to Section 4(a), as soon as reasonably practicable following the receipt of a Conversion
    Notice, Investor shall surrender to the Company this Note (or a notice to the effect that the original Note has been lost,
    stolen or destroyed and an agreement acceptable to the Company whereby Investor agrees to indemnify the Company from any loss
    incurred by it in connection with such loss or destruction of this Note).

 

	 	(ii)	Promptly
    following such surrender of the Note to the Company, (A) the Company shall update its transfer agent to record the number
    of Conversion Shares to which Investor shall be entitled upon such conversion, issued as fully paid to Investor and deliver
    to Investor a certified true copy of such updated shareholder list, (B) the Company shall issue and deliver to Investor a
    certificate or certificates for the Conversion Shares, and a check payable to Investor for any cash amounts payable as described
    in Section 4(c)(iii).

 

	 	(iii)	 No
    fractional shares or securities shall be issued upon conversion of this Note. In lieu of the Company issuing any fractional
    shares to Investor upon the conversion of this Note, the Company shall pay to Investor an amount equal to the product obtained
    by multiplying the applicable Conversion Price in such conversion, by the fraction of a share or such other security not issued
    pursuant to the previous sentence.

 

(d) Reservation
of Shares Issuable Upon Conversion. The Company shall at all times reserve and keep available out of its authorized but
unissued Class A Shares solely for the purpose of effecting the conversion of this Note such number of Class A Shares as shall
from time to time be sufficient to effect the conversion of the Note; and if at any time the number of authorized but unissued
Class A Shares shall not be sufficient to effect the conversion of the entire outstanding Principal Amount of this Note, without
limitation of such other remedies as shall be available to the holder of this Note, Company will use its reasonable best efforts
to take such corporate action as may, in the opinion of counsel, be necessary to increase its authorized but unissued Class A
Shares to such number of shares as shall be sufficient for such purposes.

  

    	 	4	 

     

    

 

(e)
Whenever the Conversion Price is adjusted as herein provided, the Company shall promptly prepare a notice of such adjustment of
the Conversion Price setting forth the adjusted Conversion Price, the manner of calculation of such adjusted Conversion Price
and the date on which such adjustment becomes effective, and shall promptly send such notice to the Investor.

 

5. Discharge
of Obligations. Upon the earlier of (i) the full conversion of this Note and the Company’s delivery of the required
consideration, if any, in respect thereof pursuant to Section 4 and (ii) the full repayment or redemption of the outstanding
and unpaid Principal Amount and any then-accrued and unpaid interest under this Note in accordance with the terms of this
Note, the Company shall be forever released from all its obligations and liabilities under this Note and this Note shall be
deemed of no further force or effect, without any further action of any party, whether or not the original of this Note
has been delivered to the Company for cancellation.

 

6.
“Lock-UP” Agreement. Investor hereby agrees to enter into a lock-up agreement under which Investor agrees not
to sell or otherwise transfer or dispose of the Note and the Conversion Shares during six-month period commencing on the date
of the commencement of trading on a national securities exchange of the Company’s shares in connection with the IPO.

 

7.
Protective Provisions.

 

(a) Indebtedness.
Investor’s consent will be required for the Company to (i) incur any additional borrowing or issue any additional debt securities
ranking pari passu with this Note in excess of US$20,000,000 in the aggregate in one or a series of related transactions,
and (ii) incur any borrowing or issue any debt securities ranking senior to this Note, including any secured borrowing or debt
securities.

 

(b) Information.
The Company will deliver to Investor the documents and information set out in the Securities Purchase Agreement dated November
_____, 2017 between the Company and the Investor (the “Securities Purchase Agreement”), and the Investor shall be
entitled to the same information rights set out in Securities Purchase Agreement, subject to the same terms, conditions, restrictions
and exceptions as set out in the Securities Purchase Agreement.

 

(c) Stay,
Extension and Usury Laws. The Company covenants (to the extent it may lawfully do so) that it shall not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other
law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on this Note as
contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance
of this Note; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted
to the Investor, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

(d) Corporate
Existence; Assumption of Obligations by Successor Company. During the term of this Note, the Company shall (i) do or cause
to be done all things reasonably necessary to preserve and keep in full force and effect its corporate existence, or (ii) make
adequate provisions such that the resulting, surviving or transferee Person (the “Successor Company”), if not
the Company, shall expressly assume, by a duly executed amendment delivered to the Investor and reasonably satisfactory in form
to the Investor, all of the obligations of the Company under this Note, and upon such assumption, such Successor Company shall
succeed to and, except in the case of a lease of all or substantially all of the Company’s properties and assets, shall
be substituted for the Company, with the same effect as if it had been named herein as the party of the first part. Such Successor
Company thereupon may cause the Note to be signed and reissued in its own name, with such changes in phraseology and form (but
not in substance) as may be appropriate. The Note as so re-issued shall in all respects have the same benefit as though it had
been issued at the date of the execution hereof. In the event of any such Reorganization or election relating to a Change of Control
to which the foregoing clause (ii) is applicable, upon compliance with the foregoing clause (ii) the Person named as the “Company”
in the first paragraph of this Note (or any successor that shall thereafter have become such in the manner prescribed in this
Section) may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall
be released from its liabilities as obligor and maker of this Note and from its obligations under this Note.

  

    	 	5	 

     

    

 

(e) Notice
to Investor Prior to Certain Actions. In case of: (x) any action by the Company that would require an adjustment to the
Conversion Price pursuant to the terms hereof; (y) a Change of Control or Reorganization; or (z) voluntary or involuntary dissolution,
liquidation or winding up of the Company, then, in each case (unless notice of such event is otherwise required pursuant to another
provision of this Note) and to the extent applicable, the Company shall send to the Investor, a notice stating the date on which
a record is to be taken for the purpose of such action by the Company or, if a record is not to be taken, the date as of which
the holders of Class A Shares of record are to be determined for the purposes of such action by the Company no later than the
earlier of (1) the date notice of such date is required to be provided under applicable law or applicable rules of any stock exchange
the Class A Shares are listed on at such time and (2) such date is publicly announced by the Company. In addition, the Company
shall notify the Investor of any IPO Commencement Date within two (2) Business Days of such date.

 

(f) Tax
Matters. The Company has not made, nor will it without the prior writer consent of Investor make, any election to be
treated as other than a corporation for all U.S. federal and applicable state and local income tax purposes. The Company shall
use commercially reasonable efforts to avoid classification as a “passive foreign investment company” (a “PFIC”)
as defined in Section 1297 of the U.S. Internal Revenue of Code of 1986, as amended (the “Code”) for the current
and any future taxable year. Within ninety (90) days from the end of each taxable year of the Company beginning with the tax year
in which this Note is issued, including, for the avoidance of doubt, taxable years prior to, including and after any conversion
pursuant to Section 4 hereof, the Company shall determine, in consultation with a reputable accounting or law firm, whether it
was a PFIC in such taxable year. If it is determined that the Company was a PFIC in such taxable year (or if a governmental authority
informs the Company that it has so determined), the Company shall, within ninety (90) days from the end of such taxable year,
inform Investor of such determination and shall provide or cause to be provided such information as Investor may reasonably request
to enable Investor (or its direct or indirect owners) to elect to treat the Company as a “qualified electing fund”
(within the meaning of Section 1295 of the Code), and shall provide to Investor a complete and accurate “PFIC Annual Information
Statement” for the Company as described in Section 1.1295-1(g)(1) of the U.S. Treasury Regulations.

 

(g) Termination.
The provisions of Sections 7(a), 7(b) and 7(e) shall terminate and be of no further force and effect upon the closing of an IPO.

 

8.
Representations and Warranties.

 

(I) Representations
and Warranties of the Company. 

 

The
Company hereby represents and warrants to the Investor as of the Issuance Date as follows:

 

(a) Organization
and Qualification. The Company is a company duly organized and validly existing under the laws of the Cayman Islands.
The Company has the requisite corporate power to carry on its business as now conducted.

  

    	 	6	 

     

    

 

(b) Capitalization. The
Company has provided to Investor the fully-diluted capitalization of the Company containing a list of all outstanding shareholders
of the Company as of the Issuance Date and immediately following the issuance of this Note (the “Capitalization Tables”).
Except as set forth in the Capitalization Tables, in the Option Plan or in the Transaction Documents, there are no outstanding
preemptive rights, options, warrants, notes, conversion privileges or rights (including but not limited to rights of first refusal
or similar rights), orally or in writing, to purchase or acquire any securities from the Company including, without limitation,
any ordinary or preferred shares, or any securities convertible into or exchangeable or exercisable for ordinary or preferred
shares.

 

(c) Authorization. All
corporate action on the part of the Company, its directors and its shareholders necessary for the authorization of this Note and
the delivery and performance of all obligations of the Company hereunder, including the reservation of the Class A Shares issuable
upon conversion of the Notes has been taken or will be taken prior to the issuance of such Conversion Shares. This Note constitutes
a valid and binding obligation of the Company enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency,
moratorium, reorganization and similar laws affecting creditors’ rights generally, general equitable principles and federal
and state securities laws. The Conversion Shares, when issued in compliance with the provisions hereof will be validly issued,
fully paid and non-assessable and free of any liens or encumbrances.

 

(d) Governmental
Consents. All material consents, approvals, orders, or authorizations of, or registrations, qualifications, designations,
declarations, or filings with, any governmental authority, required on the part of the Company in connection with the issuance
of this Note and the Conversion Shares or the consummation of any other transaction contemplated hereby have been obtained or
will be effective at such time as required by applicable law.

 

(e) Compliance
with Other Instruments. Other than authorizations, approvals, consents and waivers that have been obtained prior to the Issuance
Date, the issuance of this Note and the Conversion Shares will not (i) result in any violation of or be in conflict with, or constitute,
with or without the passage of time and giving of notice, a default under, any provision, instrument, judgment, decree, order
or writ binding on the Company, (ii) result in the creation of any lien, charge or encumbrance upon any assets of the Company,
or (iii) result in the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization
or approval required by the Company, its business or operations or any of its assets or properties, in the case of each of (i)
through (iii), except as would not materially and adversely affect the rights of the Investor or the Company’s ability to
perform its obligations hereunder. The issuance of this Note and the subsequent issuance of the Conversion Shares (if any) are
not and will not be subject to any preemptive rights or rights of first refusal that have not been properly waived or complied
with.

 

(f) Financial
Statements. The Company has delivered to the Investor the unaudited consolidated balance sheet of the Company and its subsidiaries
as of December 31, 2016, and statements of income and cash flows for the six-month period ended June 30, 2017 (the “Financial
Statements”). The Financial Statements were prepared in all material respects in conformity with GAAP consistently applied,
having regard to the purpose for which they were created, are consistent in all material respects with the books and records of
the Company, and fairly present in all material respects (except as may be indicated in the notes thereto) the financial position
of the Company and its subsidiaries as of the dates thereof and the results of operations and cash flows of the Company and its
subsidiaries for the periods shown therein (subject to the absence of footnotes and normal year-end adjustments in the case of
the unaudited statements). None of the Company and its subsidiaries have any material liabilities of any kind whatsoever, whether
accrued, contingent, absolute, known, unknown, determined, determinable or otherwise, that are required to be set forth in the
Financial Statements pursuant to GAAP, and there is no existing condition, situation or set of circumstances which could reasonably
be expected to result in such a liability, other than liabilities provided for in the Financial Statements, or otherwise incurred
in the ordinary course since June 30, 2017.

 

(g) Compliance
with Law. Each of the Company and its subsidiaries have conducted its business in accordance with applicable laws and
regulations in all material respects, including (a) the U.S. Foreign Corrupt Practices Act of 1977, any rules or regulations under
this law, or any other applicable anti-corruption or anti-kickback law or regulation and (b) the economic sanctions administered
by the U.S. Office of Foreign Assets Control.

  

    	 	7	 

     

    

 

(II) Representations
and Warranties of the Investor. 

 

The
Investor hereby represents and warrants to the Company as of the Issuance Date as follows:

 

(a) Organization
and Qualification. The Investor is a company duly organized and validly existing under the laws of its jurisdiction of
incorporation. The Investor has the requisite corporate power to carry on its business as now conducted.

 

(b) Authorization. All
corporate action on the part of the Investor, its directors and its shareholders necessary for the authorization of this Note
and the delivery and performance of all obligations of the Investor hereunder has been taken. This Note constitutes a valid and
binding obligation of the Investor enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium,
reorganization and similar laws affecting creditors’ rights generally and general equitable principles.

 

(c) Governmental
Consents. All material consents, approvals, orders, or authorizations of, or registrations, qualifications, designations,
declarations, or filings with, any governmental authority, required on the part of the Investor in connection with the issuance,
execution and performance of this Note or the consummation of any other transaction contemplated hereby have been obtained or
will be effective at such time as required by applicable law.

 

(d) Compliance
with Other Instruments. The Investors’ execution and delivery of this Note and the performance by the Investors of its
obligations hereunder will not (i) result in any violation of or be in conflict with, or constitute, with or without the passage
of time and giving of notice, a default under, any provision, instrument, judgment, decree, order or writ binding on the Investor
or its Affiliates, (ii) result in the creation of any lien, charge or encumbrance upon any assets of the Investor or its Affiliates,
or (iii) result in the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization
or approval required by the Investor, its Affiliates and their business or operations or any of their assets or properties, in
the case of each of (i) through (iii), except as would not materially and adversely affect the rights of the Company or the Investor’s
ability to perform its obligations hereunder.

 

(e) Investigation;
Economic Risk. The Investor is able to fend for itself in the transactions contemplated by this Note and has the ability to
bear the economic risks of its investment in this Note and the Conversion Shares.

 

(f) Purchase
for Own Account. The Investor is, or will be, acquiring this Note and the Conversion Shares for its own account, not as a
nominee or agent, and not with a view to or in connection with the sale or distribution of any part thereof. By executing this
Note, the Investor further represents that it does not have any contract, undertaking, agreement or arrangement with any person
to sell, transfer or grant participation to such person or any third person, with respect to any such securities, assets or property.

 

(g) Investment
Experience. The Investor has experience in evaluating and investing in transactions of securities in companies and has such
knowledge and experience in financial and business matters.

  

    	 	8	 

     

    

 

9.
Definitions. Except as set forth below, capitalized terms used but not defined herein shall have the respective meanings
ascribed to such terms in the Securities Purchase Agreement (as defined below).

 

“Affiliate”
shall mean, in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, such Person.

 

“Business
Day” shall mean a day (other than Saturdays, Sundays or statutory holidays) on which banks generally are open to the
public for business in Hong Kong and the United States of America.

 

“Control”
shall mean, with respect to any Person, having the ability to direct the management and affairs of such Person, whether through
the ownership of voting securities or by contract, and such ability shall also be deemed to exist when any Person or “group”
(as that term is used in Sections 13(d) and 14(d) of the United States Securities Exchange Act of 1934, as amended) attains a
level of ownership of more than 50% of the voting securities on a fully-diluted and as-converted basis, or the economic rights
and benefits, of such Person; and “Controlled” shall be construed accordingly.

 

“Change
of Control” shall mean (i) any merger or consolidation, scheme of arrangement or other similar transaction (including,
without limitation, an acquisition of the Company by way of a share acquisition), of the Company or any of its subsidiaries with
or into another entity outside the Group, where such merger or consolidation, scheme of arrangement or other similar transaction
(including, without limitation, an acquisition of the Company by way of a share acquisition), results in a change of Control of
the Company, (ii) the sale, license or lease of all or substantially all of the Company’s and its subsidiaries’ assets
in one transaction or a series of related transactions, or (iii) the sale (or exclusive license) of all or substantially all of
the Company’s intellectual property, provided that, for purposes of this Note, any internal restructuring of the Group,
the IPO and any restructuring in connection with the IPO (each an “Internal Restructuring”) shall not be deemed
a Change of Control.

 

“Group”
shall mean, collectively, the Company, its subsidiaries and any other Person (excluding any natural person) Controlled by the
Company.

 

“GAAP”
means the United States generally accepted accounting principles applied on a consistent basis during the periods involved.

 

“IPO
Commencement Date” shall mean the date on which the Company first files publicly any preliminary registration statement,
prospectus or other similar document with any applicable securities regulator or stock exchange in connection with an IPO.

 

“Maturity
Date” shall mean the earlier of the 12th month anniversary of the Issuance Date and the date when the Company
redeems this Note at its outstanding Principal Amount, provided that the Company has not consummated the IPO within 12 months
of the Issuance Date; otherwise, the Maturity Date means the date of the initial closing of the IPO of the Company.

 

“Option
Plan” shall mean the share incentive plan established by the Company on October 13, 2017, as amended.

 

“Class
A Shares” shall mean the Class A ordinary shares in the share capital of the Company, with a par value of USD$1.00 each,
with the rights and privileges as set forth in the Articles.

 

“Class
B Shares” shall mean the Class B ordinary shares in the share capital of the Company, with a par value of USD$1.00 each,
with the rights and privileges as set forth in the Articles.

 

“Person”
shall mean any corporation, company, partnership, firm, limited liability company, other business organization, entity, government,
state or agency of state or any joint venture, association, works council or employee representative body (whether or not having
separate legal personality) and any individual.

  

    	 	9	 

     

    

 

“Reorganization”
shall mean any capital reorganization, reclassification, recapitalization or statutory exchange of the shares of the Company in
such a way that holders of Class A Shares shall be entitled to receive shares, securities or assets in exchange for Class A Shares
(in each case other than an Internal Restructuring).

 

“Significant
Subsidiary” shall mean any subsidiary of the Company that meets the definition of “significant subsidiary”
in Article 1, Rule 1-02 of Regulation S-X under the United States Securities Exchange Act of 1934, as amended, as in effect on
the date of this Note.

 

“Transaction
Documents” shall mean, collectively, (i) the Company’s Memorandum and Articles of Association of the Company,
each as may be amended or restated from time to time (the “Articles”), (ii) a securities purchase agreement
among the Company and Investors dated May 15, 2018 (the “Securities Purchase Agreement”), (iii) a lock-up agreement
among the Company and Investors dated May 15, 2018 and (iv) an escrow deposit agreement among the Company, Signature Bank and
Boustead.

 

“Voting
Ordinary Shares” shall mean the voting ordinary shares of the Company carrying one vote per share as set forth in the
Articles.

 

10.
Miscellaneous.

 

(a)
Successors and Assigns. Subject to the restrictions on transfer described in this Section 10(a), the rights and obligations
of the Company and Investor shall be binding upon and benefit the successors, permitted assigns, heirs, administrators and permitted
transferees of the parties. Neither this Note nor any of the rights, interests or obligations hereunder may be assigned or transferred,
by operation of law or otherwise, in whole or in part, by the Company or Investor without the prior written consent of the other
party; provided that, (i) the Investor or any of its direct or indirect permitted transferees under this Section 10(a)(i) may
assign its rights and interests (together with the related obligations) in connection with a transfer of this Note in whole or
in part to an Affiliate of the Investor (provided that there shall be no more than four (4) transfers pursuant to this Section
10(a)(i) in the aggregate) (each, a “Permitted Transfer”); provided, however, that (A) the Company is given
a written notice at the time of each Permitted Transfer stating the name and address of the transferee and identifying the amount
of the Note being transferred; and (B) any such transferee shall receive such rights and interests, subject to all the terms and
conditions of this Note, including the provisions of this Section 10, and agree to abide by this Note by executing a joinder agreement
substantially in the form of Exhibit C hereto, and (ii) for purposes of this Note, a Change of Control shall
not be deemed to be an assignment or transfer and shall not be subject to this Section 10(a), and following such Change of Control,
the rights and obligations of the Company shall be binding upon and benefit the successor of the Company or such other surviving
or resulting entity of such Change of Control. Any permitted transferee of Investor shall be subject to all the terms and conditions
of this Note and such transferee shall agree to abide by the terms of this Note by executing a joinder agreement substantially
in the form of Exhibit C hereto. At any time that the Investor elects to transfer less than all of this Note
in accordance with this Section 10, upon written notice to the Company, the Company will (x) issue a new note (consistent in all
respects with this Note other than with respect to principal amount) to the transferee in the aggregate principal amount equal
to such portion of this Note that the Investor requests to be transferred to the transferee and (y) will issue a new note (consistent
in all respects with this Note other than with respect to principal amount) to the Investor in the aggregate principal amount
equal to such portion of the Note not transferred to the transferee.

  

    	 	10	 

     

    

 

(b)
Waiver and Amendment. This Note and the other documents delivered pursuant hereto constitute the full and entire understanding
and agreement between the parties with regard to the subjects hereof and thereof. Any provision of this Note may be amended and
the observance of any term may be waived (either generally or in a particular instance and either retroactively or prospectively),
with the written consent of the Company and Investor. No delay or omission on the part of either party hereto in exercising any
right hereunder shall operate as a waiver of such right or of any other right. A waiver on any one occasion shall not be construed
as a bar to or waiver of any such right and/or remedy in any future occasion.

 

(c)
Confidentiality.

 

(i) Disclosure
of Terms. Each party hereto acknowledges that the terms and conditions of this Note, the Transaction Documents, and all exhibits,
schedules, restatements and amendments hereto and thereto, including their existence and any negotiations in connection with them,
shall be considered confidential information and shall not be disclosed by it to any third party except in accordance with the
provisions set forth below.

 

(ii) Permitted
Disclosures. The confidentiality obligations set out in this Section 10(c) do not apply to:

 

	 	(A)	information
    which was in the public domain or otherwise known to the relevant party before it was furnished to it by the other party or,
    after it was furnished to that party, entered the public domain otherwise than as a result of (i) a breach by that party of
    this Section 10(c), or (ii) a breach of a confidentiality obligation by that party, where the breach was known to that party;

 

	 	(B)	disclosure
    which is necessary in order to comply with any applicable law, the order of any competent court or authority, the requirements
    of a stock exchange, parliamentary body, governmental agency or to obtain tax or other clearances or consents from any relevant
    authority or in connection with responding to any request from any tax authority; or

 

	 	(C)	disclosure
    by either party hereto to its Affiliates, and its and their employees, financial advisers, consultants, auditors, insurers
    and legal or other advisers and to their respective existing and potential investors.

 

	 	(iii)	Announcements.

 

		(A)	No
party shall make or authorize the making of any announcement concerning the existence or subject matter of this Note unless the
other party shall have given their prior consent to such announcement (such consent not to be unreasonably withheld or delayed).

 

	 	(B)	Section
    10(c)(iii)(A) shall not apply to:

 

(1)
any information which is required to be announced pursuant to any applicable laws or any requirement of any competent governmental
or statutory authority or rules or regulations of any relevant regulatory, administrative or supervisory body (including without
limitation, any relevant stock exchange or securities council); or

 

(2)
any information which is required to be announced pursuant to any legal process issued by any court or tribunal of competent jurisdiction.

  

    	 	11	 

     

    

 

(d)
Applicable Law: Disputes. All questions concerning the construction, validity, enforcement and interpretation of the Transaction
Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without
regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought
against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents)
shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein
(including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not
to assert in any Action, any claim that it is not personally subject to the jurisdiction of any such court, that such Action is
improper or is an inconvenient venue for such Action. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such Action by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action to enforce any
provisions of the Transaction Documents, the prevailing party in such Action shall be reimbursed by the non-prevailing party for
its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution
of such Action.

 

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

 

(f)
Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant
to this Note shall be in writing and shall be conclusively deemed to have been duly given: (a) when hand delivered to a party;
(b) when sent by facsimile at the number set forth below, upon a successful transmission report being generated by the sender’s
machine; (c) when sent by email at the time the email is sent (provided that a copy of the notice is sent by another method referred
to in this Section 10(f) within one (1) Business Day of sending the email) or (d) three (3) Business Days after deposit with an
internationally reputable delivery service provider, postage prepaid, provided that the sending party receives a confirmation
of delivery from the delivery service provider.

  

	To the Company:	 	
        Aptorum Group Limited

        17th Floor, Guangdong Investment Tower

        148 Connaught Road

        Central, Hong Kong

        Telephone: +852 2117 6611

        Facsimile: +852 2850 7286

        Attention: Investor Relations

        Email: investor.relations@aptorumgroup.com

	 	 	 
	To Investor:	 	___________________________
	 	 	___________________________
	 	 	___________________________
	 	 	Telephone: _______________
	 	 	Facsimile:   _________________
	 	 	Attention:   _________________
	 	 	Email:      _________________
	 	 	 
	
        with copies (which will not constitute notice)

        to the

        following:
	 	
        Hunter Taubman Fischer & Li LLC

        1450 Broadway, 26th Floor

        New York, New York 10018

        Attention: Louis E. Taubman (General Counsel)

        Facsimile: 212-202-6380

        Email: LTaubman@htflawyers.com

 

A
party may change or supplement the addresses and numbers given above, or designate additional addresses and numbers, for purposes
of this Section 10(f) by giving the other parties written notice of the new address or number (as relevant) in the manner set
forth above.

 

(g)
Payment. Unless converted pursuant to the terms hereof, payment shall be made in lawful tender of the United States.

 

(h)
Expenses. All costs and expenses incurred in connection with this Note shall be paid by the party incurring such cost or
expense.

 

(i)
Counterparts. This Note may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute
but one and the same Note.

 

(Signature
Page Follows)

  

    	 	12	 

     

    

 

IN
WITNESS WHEREOF, the Company has executed and delivered this Note the date and year first above written.

  

	THE COMPANY
	 
	
        APTORUM GROUP LIMITED

        a Cayman Islands company

 

	By:	 	 
	Name: 	 Ian Huen	 
	Title:	Executive Director & CEO	 

 

SIGNATURE
PAGE TO CONVERTIBLE PROMISSORY NOTE

  

    	 	13	 

     

    

 

EXHIBIT
A TO NOTES

 

CONVERSION
NOTICE

 

Dear
Noteholder,

 

We
refer to the Convertible Promissory Note (the “Note”) dated May 15, 2018 issued by the Aptorum Group Limited
(the “Company”) to you. Capitalized terms used but not defined in this Conversion Notice shall have the meanings
specified in the Note.

 

We
hereby give you the Conversion Notice pursuant to Section 4 of the Note that this Note has been automatically converted into ___________
shares of Class A Shares at a price of $________1 per Class A Share on __________, 20____.

 

Please
kindly deliver the original form of this Note (or an affidavit of loss mutilation or destruction, together with an undertaking
to provide customary indemnification to the Company in respect thereof) to :

 

	Aptorum
        Group Limited

        17th
        Floor, Guangdong Investment Tower

        148
        Connaught Road

        Central,
        Hong Kong

        Telephone:
        +852 2117 6688

        Facsimile:
        +852 2850 7286

        Attention: Investor Relations

        Email
        address: investor.relations@aptorumgroup.com

 

	Yours faithfully,	 
	 	Aptorum Group Limited

  

	 	     
	 	Name: 	Ian Huen
	 	Title: 	Executive Director & CEO

  

 

1
The initial conversion price shall be equal to a 56% discount to the actual price per Class A Share at the applicable initial
public offering and at the commencement of trading on a U.S. national securities exchange of the Company’s securities to
be issued in such offering.

 

    	 	14	 

     

    

 

EXHIBIT
B TO NOTES

ADJUSTMENTS
TO CONVERSION PRICE

 

	1.	In
    case the Company, at any time or from time to time, shall subdivide its outstanding Class A Shares into a greater number of
    shares (by any share split, share dividend or otherwise), the Conversion Price in effect immediately prior to such subdivision
    shall be proportionately reduced and, conversely, in case the Company, at any time or from time to time, shall combine its
    outstanding Class A Shares into a smaller number of shares (by any reverse share split or otherwise), the Conversion Price
    in effect immediately prior to such combination shall be proportionately increased. In the case of any such subdivision, no
    further adjustment shall be made pursuant to Section 2 below by reason thereof.

 

	2.	If,
    the Company, at any time or from time to time, shall effect any capital reorganization, reclassification, recapitalization
    or statutory exchange of the shares of the Company in such a way that holders of Class A Shares shall be entitled to receive
    shares, securities or assets in exchange for Class A Shares (in each case other than an Internal Restructuring) (a “Reorganization”),
    then, lawful and adequate provisions shall be made whereby the Investor shall thereupon have the right to receive, upon the
    basis and upon the terms and conditions specified herein and in lieu of the Voting Ordinary Shares immediately theretofore
    receivable upon the full conversion of any unpaid and unconverted Principal Amount then remaining outstanding, such shares,
    securities or assets as may be issued or payable in exchange for a number of outstanding Voting Ordinary Shares equal to the
    number of Voting Ordinary Shares immediately theretofore receivable for such full conversion of such unpaid and unconverted
    Principal Amount remaining outstanding had such Reorganization not taken place.

 

	3.	Prior
    to the IPO, except as provided in Section 4 below and except in the case of an event described in Sections 1 or 2 above, if
    the Company shall issue or sell, or is, in accordance with this Section 3, deemed to have issued or sold, any new Class A
    Share for a consideration per share less than the Conversion Price in effect immediately prior to such issuance or sale (the
    “Pre-Adjustment Conversion Price”), then, upon such issuance or sale (or deemed issuance or sale), the
    Conversion Price shall be determined as follows:

 

NCP
= OCP * (OS + (NP/OCP))/(OS + NS)

 

WHERE:

 

NCP
= the new Conversion Price,

 

OCP
= the Pre-Adjustment Conversion Price,

 

OS
= the total outstanding Class A Shares immediately before the issuance or sale of the new Class A Shares plus the
total Class A Shares issuable upon conversion of all the outstanding preference shares and exercise of outstanding options and
convertible securities,

 

NP
= the total consideration received for the issuance or sale of the new Class A Shares, and

 

NS
= the number of new Class A Shares issued or sold.

  

    	 	15	 

     

    

 

For
purposes of this Section 3, the following shall also be applicable:

 

	(i)	Issuance
    of Rights or Options 

 

If
the Company at any time or from time to time, shall in any manner grant (whether directly or by assumption in a merger or otherwise)
any warrants or other rights to subscribe for or to purchase, or any options for the purchase of, Class A Shares or any shares
or security convertible into or exchangeable for Class A Shares (such warrants, rights or options being called “Options”
and such convertible or exchangeable shares or securities being called “Convertible Securities”), in each case
for consideration per share (determined as provided in this paragraph and in Section 3(v) below) less than the Conversion Price
then in effect, whether or not such Options or the right to convert or exchange any such Convertible Securities are immediately
exercisable, then the total maximum number of Class A Shares issuable upon the exercise of such Options, or upon conversion or
exchange of the total maximum amount of such Convertible Securities issuable upon exercise of such Options, shall be deemed to
have been issued as of the date of granting of such Options, at a price per share equal to the amount determined by dividing (A)
the total amount, if any, received or receivable by the Company as consideration for the granting of such Options, plus the minimum
aggregate amount of additional consideration payable to the Company upon the exercise of all such Options, plus, in the case of
such Options which relate to Convertible Securities, the minimum aggregate amount of additional consideration, if any, payable
upon the issuance or sale of such Convertible Securities and upon the conversion or exchange thereof, by (B) the total maximum
number of Class A Shares deemed to have been so issued. Except as otherwise provided in Section 3(iii) below, no adjustment of
the Conversion Price shall be made upon the actual issuance of such Class A Shares or of such Convertible Securities upon exercise
of such Options or upon the actual issuance of such Class A Shares upon conversion or exchange of such Convertible Securities.

 

	(ii)	Issuance
    of Convertible Securities 

 

If
the Company at any time or from time to time, shall in any manner issue or sell any Convertible Securities for consideration per
share (determined as provided in this paragraph and in Section 3(v) below) less than the Conversion Price then in effect, whether
or not the rights to exchange or convert any such Convertible Securities are immediately exercisable, then the total maximum number
of Class A Shares issuable upon conversion or exchange of all such Convertible Securities shall be deemed to have been issued
as of the date of the issuance or sale of such Convertible Securities, at a price per share equal to the amount determined by
dividing (A) the total amount, if any, received or receivable by the Company as consideration for the issuance or sale of such
Convertible Securities, plus the minimum aggregate amount of additional consideration, if any, payable to the Company upon the
conversion or exchange thereof, by (B) the total maximum number of Class A Shares deemed to have been so issued; provided,
that (1) except as otherwise provided in Section 3(iii) below, no adjustment of the Conversion Price shall be made upon the actual
issuance of such Class A Shares upon conversion or exchange of such Convertible Securities and (2) if any such issuance or sale
of such Convertible Securities is made upon exercise of any Options to purchase any such Convertible Securities, no further adjustment
of the Conversion Price shall be made by reason of such issuance or sale.

  

    	 	16	 

     

    

 

	(iii)	Change
    in Option Price or Conversion Rate 

 

If,
at any time or from time to time, there shall occur a change in (A) the maximum number of Class A Shares issuable in connection
with any Option referred to in Section 3(i) above or any Convertible Securities referred to in Section 3(i) or Section 3(ii) above,
(B) the purchase price provided for in any Option referred to in Section 3(i) above, (C) the additional consideration, if any,
payable upon the conversion or exchange of any Convertible Securities referred to in Section 3(i) or Section 3(ii) above or (D)
the rate at which Convertible Securities referred to in Section 3(i) or Section 3(ii) above are convertible into or exchangeable
for Class A Shares (in each case, other than in connection with an event described in Section 4 below), then the Conversion Price
in effect at the time of such event shall be readjusted to the relevant Conversion Price that would have been in effect at such
time had such Options or Convertible Securities that are still outstanding provided for such changed maximum number of shares,
purchase price, additional consideration or conversion rate, as the case may be, at the time initially granted, issued or sold,
but only if as a result of such adjustment the Conversion Price then in effect is thereby reduced; and on the termination of any
such Option or any such right to convert or exchange such Convertible Securities, the Conversion Price then in effect hereunder
shall be increased to the Conversion Price that would have been in effect at the time of such termination had such Option or Convertible
Securities, to the extent outstanding immediately prior to such termination (i.e., to the extent that fewer than the number of
Class A Shares deemed to have been issued in connection with such Option or Convertible Securities were actually issued), never
been issued or sold or been issued or sold at such higher price, as the case may be.

 

	(iv)	Share
    Dividends 

 

If
the Company, at any time or from time to time, shall declare or make, or fix a record date for the determination of holders of
Class A Shares entitled to receive, a dividend or make any other distribution upon any shares of the Company payable in Class
A Shares, Options or Convertible Securities, any Class A Shares, Options or Convertible Securities, as the case may be, issuable
in payment of such dividend or distribution shall be deemed to have been issued or sold without consideration, the Conversion
Price will be adjusted pursuant to this Section 3; provided, that no adjustment shall be made to the conversion price
as a result of such dividend or distribution if the holders of the Note are entitled to, and do, receive such dividend or distribution
in accordance with Article 42 of the Articles; and, provided, further, that if any adjustment is made
to the Conversion Price as a result of the declaration of a dividend and such dividend is not effected, the Conversion Price shall
be appropriately readjusted to the Conversion Price that would have been in effect had such dividend not been declared.

  

	(v)	Consideration
    for Shares 

 

If
the Company, at any time or from time to time, shall issue or sell, or is deemed to have issued or sold, any Class A Shares for
cash, the consideration received therefor shall be deemed to be the amount received or to be received by the Company therefor
(determined with respect to deemed issuances and sales in connection with Options and Convertible Securities in accordance with
clause (A) of Section 3(i) or Section 3(ii) above, as appropriate) as determined in good faith by the board of directors of the
Company. In case any Class A Shares shall be issued or sold, or deemed issued or sold, for a consideration other than cash, the
amount of the consideration other than cash received by the Company (the “Board”) shall be deemed to be the
fair value of such consideration received or to be received by the Company (determined with respect to deemed issuances and sales
in connection with Options and Convertible Securities in accordance with clause (A) of Section 3(i) or Section 3(ii) above, as
appropriate) as determined in good faith by the Board and the holders of a majority of the Class A Shares then outstanding. In
case any Options shall be issued in connection with the issuance and sale of other securities of the Company, together comprising
one integral transaction in which no specific consideration is allocated to such Options by the parties thereto, such Options
shall be deemed to have been issued for such consideration as determined in good faith by the Board and the holders of a majority
of the Class A Shares then outstanding.

  

    	 	17	 

     

    

 

	(vi)	Record
    Date 

 

If
the Company, at any time or from time to time, shall take a record of the holders of its Class A Shares for the purpose of entitling
them (A) to receive a dividend or other distribution payable in Class A Shares, Options or Convertible Securities or (B) to subscribe
for or purchase Class A Shares, Options or Convertible Securities, then such record date shall be deemed to be the date of the
issuance or sale of the Class A Shares deemed to have been issued or sold upon the declaration of such dividend or the making
of such other distribution or the granting of such right of subscription or purchase, as the case may be.

 

	(vii)	Treasury
    Shares 

 

The
number of Class A Shares outstanding at any given time shall not include shares owned or held by or for the account of the Company; provided,
that the disposition of any such shares shall be considered an issuance or sale of Class A Shares for the purpose of this Section
3.

 

	(viii)	Other
    Issuances or Sales 

 

In
calculating any adjustment to the Conversion Price pursuant to this Section 3: any Options or Convertible Securities that provide,
as of the effective date of such adjustment, for the issuance upon exercise, conversion or exchange thereof of an indeterminable
number of Class A Shares shall (together with the Class A Shares issuable upon exercise, conversion or exchange thereof) be disregarded; provided,
that at such time as the number of Class A Shares issuable upon exercise, conversion or exchange of such Options or Convertible
Securities becomes determinable, the Conversion Price shall be adjusted as provided in Section 3(iii) above.

 

	4.	Certain
    Issues or Transfer Excepted

 

Anything
in this Note to the contrary notwithstanding, the Company shall not be required to make any adjustment of the Conversion Price
in the case of the issuance or transfer of (i) Class A Shares upon conversion of this Note; (ii) Class A Shares or other awards
to acquire Class A Shares under the Option Plan and any other employee incentive plan of the Company and/or outside of the Option
Plan as approved in accordance with the Articles, or (iii) any Class A Shares issued by the Company in exchange for the assets
or shares of another Person in connection with the acquisition of such Person by the Company, whether by merger, purchase of all
or substantially all of the assets of such Person, or otherwise, which acquisition has been approved in accordance with the Articles.

 

Capitalized
terms used in this Exhibit B but not defined herein have the meanings given to them in the Note.

  

    	 	18	 

     

    

  

EXHIBIT
C TO NOTES

 

JOINDER
AGREEMENT

 

This
Joinder Agreement (“Joinder Agreement”) is executed by the undersigned (the “Transferee”)
pursuant to the terms of that certain Convertible Promissory Note dated as of May 15, 2018 (as may be amended, restated or otherwise
modified form time to time, the “Note”) by and between Aptorum Group Limited, a company limited by shares incorporated
in the Cayman Islands (the “Company”) and ___________________________________(“Investor”),
and in consideration of the Note purchased by the Transferee and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged. Capitalized terms used but not defined herein shall have the respective meanings ascribed to
such terms in the Note. By the execution of this Joinder Agreement, the Transferee agrees as follows:

 

1. Acknowledgment.
Transferee acknowledges that Transferee is acquiring _____ in Principal Amount of the Note and the rights, interests and obligations
thereunder from _______________ (the “Transferor”), subject to the terms and conditions of the Note (the “Transfer”).

 

2. Agreement.
Immediately upon the Transfer, Transferee (i) agrees that the Transferee shall be bound by and subject to the terms of the Note
applicable to the Transferor, including those set forth in the Lock-Up Agreement, if applicable and in such case, to provide the
Company with a copy of the Lock-Up Agreement signed by the Transferee at the time of such transfer, and (ii) hereby adopts the
Note and shall have all of the rights and obligations of the “Investor” thereunder with the same force and effect
as if Transferee were originally a party thereunder in the capacity of the Investor and agrees to duly and punctually perform
and discharge all liabilities and obligations whatsoever from time to time to be performed or discharged by Transferee under or
by virtue of the Note in all respects as if named as a party therein. The Transferee hereby ratifies, as of the date hereof, and
agrees to be bound by, all of the terms, provisions and conditions contained in the Note.

 

3. Notice.
Any notice required or permitted by the Note shall be given to Transferee at the address listed beside Transferee’s signature
below.

 

4. Joinder
Agreement to be Construed in Conjunction with Agreement. This Joinder Agreement shall hereafter be read and construed in conjunction
and as one document with the Note and references in the Note to “the Note” or “this Note”, and references
in all other instruments and documents executed thereunder or pursuant to the Note, shall for all purposes refer to the Note incorporating
and as supplemented by this Joinder Agreement. Except to the extent that it is expressly amended by this Joinder Agreement, the
Note and all other documents or instruments executed pursuant to, or in connection with, the Note shall remain in full force and
effect.

 

5. Governing
Law. This Joinder Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of
New York without reference to its conflict of laws principles.

 

IN
WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written below.

  

	Signature:  	 	 
	 	 	 
	Date:	 	 

 

 

19Exhibit
10.1

 

Aptorum
Group Limited

Aptus
Management Limited

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

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

 

25
September 2017

 

Attn:
Mr. Chung Yuen Ian Huen

 

Dear
Mr. Huen,

 

Appointment
Letter

 

We
are pleased and welcome your acceptance to be appointed as the Chief Executive Officer and an Executive Director of Aptorum
Group Limited (“AGL” or the “Company”). You shall also be required to be appointed as
Executive Director of the group companies of AGL from time to time. You shall be employed full-time under the hiring entity APTUS
Management Limited (“AML”), a wholly owned subsidiary of the Company. The Company is incorporated with limited
liabilities under the laws of Cayman Islands and AML is duly incorporated with limited liabilities in Hong Kong. The Company also
has subsidiary companies in the Cayman Islands, Hong Kong, and Macau, whereby collectively, shall be depicted as “Aptorum”
or the “Group”.

 

The
following letter seeks to illustrate the context of your employment under AML and appointment by AGL, and the terms and conditions
as set out herewith (the “Agreement”).

 

This
letter will supersede all previous appointment contract or agreement, if applicable, entered into between yourself and the Company
(or its affiliated subsidiaries). By signing this letter and therefore accepting the appointment as stated, you agree to terminate
all other previous appointments with the Group commencing from the Effective Date.

 

	1.	The
                                         Company and the Group

 

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

 

The
Company is a privately held company that has engaged in plans to pursue an initial public offering on the Nasdaq Global Market
in the near future (the “Listing”).

 

	2.	Position
                                         and Appointment

 

		(a)	You
                                         will be appointed to act as the Chief Executive Officer (“CEO”) and
                                         Executive Director (“ED”) on the board of directors (the “Board”)
                                         of the Company (“Appointments” or “Roles”).

 

		(b)	The
                                         Appointment is subject to the Company’s Memorandum and Articles of Association
                                         ("Articles") and nothing in this letter shall be taken to exclude or vary the
                                         terms of the Articles as they apply to your Appointment.

 

     

     

    

 

Aptorum
Group Limited

Aptus
Management Limited

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

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

 

		(c)	You
                                         shall be an Officer of the Company as covered in the Rule 16a-1(f) under the Securities
                                         and Exchange Act of 1934.

 

		(d)	The
                                         continuation of the Appointment is contingent to your ongoing fulfillment of your obligations
                                         and successful re-election by the Company’s shareholders at the Company’s
                                         Annual General Meeting (the “AGM”). It is further subject to your agreement
                                         to apply yourself and discharge your duties as an Executive Director in accordance with
                                         the Articles of the Company and the Cayman Islands Company Law (2016 Revision) (as amended)
                                         ("Company Law"), as well as you upholding the high standards of corporate governance
                                         as set forth in the Nasdaq Listing Rule 5600 Series subsequent to the Listing.

 

	3.	Date
                                         of Commencement

 

Your
official date of appointment as the CEO and Executive Director of the Company shall commence on 1 October 2017 (“Effective
Date”), as mutually agreed upon between yourself and the Executive Board of Directors of the Company.

 

	4.	Duties
                                         and Responsibilities

 

		(a)	You
                                         shall be the key member ultimately responsible for the day-to-day management decisions
                                         and supervisory requirements of the Group. You shall be responsible for leading the development
                                         and execution of the Group’s long term strategy across all its business segments
                                         with a view to creating shareholder value.

 

		(b)	As
                                         the CEO of the Company, you shall be responsible towards the overall strategic direction
                                         of business development activities, and the implementation of long and short term plans
                                         for the Group. Other members of the Board shall also draw upon your leadership, insight,
                                         and expertise where suitable. You shall provide guidance, steering, and access of expert
                                         networks to the Company where appropriate and required.

 

		(c)	You
                                         shall act as a direct liaison between the Board and management of the Company and Group,
                                         and communicate to the Board on behalf of the management.

 

		(d)	You
                                         shall communicate on behalf of the Company and Group to shareholders, employees, Government
                                         authorities, other stakeholders and the public.

 

		(e)	You
                                         are expected to fulfill management duties as required by the Company, the shareholders
                                         of the Company, and members of the Non-Executive Board, on a day-to-day basis during
                                         official office hours where necessary. Your contribution shall be vital and appreciated
                                         in regards to the execution of business decisions made by the Executive Board.

 

		(f)	You
                                         will exercise your powers of your Appointment having regard to the relevant obligations
                                         under prevailing law and regulation, including the Cayman Islands Company Law, and while
                                         in pursuit of and subsequent to the Listing, also the rules and responsibilities stipulated
                                         by the U.S. Securities and Exchange Commission (“SEC”), and the Nasdaq Regulatory
                                         Authority; including but not limited to the Listing Rule 5600 Series.

 

    2

     

    

 

Aptorum
Group Limited

Aptus
Management Limited

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

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

 

		(g)	In
                                         concert with Board members, you are to develop Board agendas and to request that special
                                         meeting of the Board be called when appropriate. You shall also determine the date, time,
                                         and location of the annual meeting of shareholders and to develop the agenda for the
                                         meeting.

 

		(h)	Subsequent
                                         to the Listing, you as an ED along with other Directors of the board are to meet when
                                         possible in executive session, where such sessions should occur at least four times a
                                         year. Furthermore, you are to sit on the committees of the Board where appropriate as
                                         determined by the Board.

 

Additionally,
you shall during your Appointment:

 

		(i)	Ensure
                                         the Company is appropriately organized and staffed, and has authority to hire and terminate
                                         staff as necessary to enable it to achieve the approved strategy.

 

		(j)	In
                                         conjunction with other members of management, ensure that expenditures of the Company
                                         are within the authorized annual budget of the Company.

 

		(k)	Assess
                                         the principal risks of the Company and to ensure that these risks are being monitored
                                         and managed.

 

		(l)	Ensure
                                         effective internal controls and management information systems are in place.

 

		(m)	Ensure
                                         that the Company has appropriate systems to enable it to conduct its business activities
                                         both lawfully and ethically.

 

		(n)	Observe
                                         and comply with the Company’s adopted Code of Business Conduct and Ethics, where
                                         that any waivers given to directors or executive officers must be approved by the Board.

 

		(o)	Observe
                                         and comply with all statutory rules, and regulations where applicable as governed by
                                         the laws of your residence and jurisdictions in which operate on behalf of the Group.

 

		(p)	Confirm
                                         you are able to, and will devote sufficient time to perform your Roles.

 

		(q)	Consider
                                         the interests of the Company and its employees when implementing executive decisions.

 

		(r)	Keep
                                         abreast of all material undertakings and activities of the Company and all material external
                                         factors affecting the Company and to ensure that processes and systems are in place to
                                         ensure that you and management of the Company are adequately informed.

 

		(s)	Ensure
                                         that the Directors are properly informed and that sufficient information is provided
                                         to the Board to enable the Directors to form appropriate judgment.

 

    3

     

    

 

Aptorum
Group Limited

Aptus
Management Limited

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

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

 

		(t)	Ensure
                                         the integrity of all public disclosure of the Company.

 

		(u)	Provide
                                         traceable contact during and after office hours, on weekdays and weekends, or during
                                         public holidays, whereby your availability may occasionally and reasonably be sought.

 

		(v)	Declare
                                         any conflicts that are apparent at present, or become apparent, between the Group and
                                         your external activities, interests, or roles. Should any potential conflicts of interest
                                         arise, you will disclose this to the Board as soon as they become apparent.

 

		(w)	Obtain
                                         clearance from the Board prior to dealing in publicly traded shares in the Company subsequent
                                         to the Listing and shall adhere to the Insider Trading Policy as adopted by the Company.

 

		(x)	Observe
                                         and comply with the disclosure requirements and obligations of you and/or your affiliated
                                         party(s) as applicable in accordance with U.S. securities laws, regulations and SEC disclosure
                                         requirements.

 

	5.	Salary
                                         and Cash Bonus

 

		(a)	Your
                                         starting salary will be HKD 180,000 per month, paid out in an equivalent amount
                                         of thirteen (13) months per calendar year.

 

		(b)	Annual
                                         increment of your salary will be assessed on the basis of professional merit and the
                                         Group’s performance, and is awarded at the discretion of the Board of Directors
                                         of the Company and as approved by the Compensation Committee.

 

		(c)	With
                                         completion of one full year’s service (or a pro-rata portion thereof if service
                                         is less than one year), you may be entitled to a bonus as determined at the full discretion
                                         of the Board of Directors of the Company and approval of the Compensation Committee.
                                         Any bonus will only be payable only if you are still in the employment of the Company
                                         on the bonus payment date which shall be payable in December or subsequent January of
                                         each calendar year.

 

	6.	Share
                                         Bonus:

 

You
shall be entitled to receive share bonuses for your services rendered as an ED with the amount, cap, timing of payouts, vesting
rate and schedule, subject to the full discretion of the Company and approval of the Compensation Committee. All terms and conditions
of share bonuses shall be assessed based on the overall financial position and performance of the Group, as well as your contribution
and performance upon rendering services by yourself during your Appointment under this Agreement. Any particulars associated to
your eligibility to share bonuses shall be definitively defined at a future date as mutually agreed upon between yourself and
the Executive Board of Directors, and as approved by the Compensation Committee.

 

    4

     

    

 

Aptorum
Group Limited

Aptus
Management Limited

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

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

 

	7.	Share
                                         Option

 

You
shall be granted an option to purchase Class A ordinary shares of the authorized share capital in the Company as pursuant to the
particulars described by the Company’s Share Option Plan subject to the ongoing effect of your Appointments.

 

	8.	Restriction
                                         on Other Activities

 

		(a)	During
                                         your employment, you shall diligently and faithfully serve the Company and not act in
                                         any way which is in conflict with the interest of the Group.

 

		(b)	You
                                         shall not during your employment be engaged or interested directly or indirectly in any
                                         capacity in any other trade, business, occupation, or assignment outside the Company,
                                         unless otherwise approved and consented by the Board of Directors in writing.

 

		(c)	Consult
                                         with the Chairman of the Board prior to accepting any other (or further) directorships
                                         of companies or any major external appointments and promptly inform the Board of acceptance
                                         of any such appointment.

 

	9.	Privacy
                                         of Information

 

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

 

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

 

		(c)	The
                                         Company however, agrees to provide you with any information concerning areas of interest
                                         and relevance of the Group as required by you in order to enable you to fulfill your
                                         Roles of the Group.

 

	10.	Insurance
                                         and Indemnity

 

The
Company shall establish directors’ and officers’ liability coverage and it is intended to maintain such coverage through
the period of your Appointments.

 

    5

     

    

 

Aptorum
Group Limited

Aptus
Management Limited

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

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

 

	11.	Termination

 

Your
Appointments with the Company and Group may only be terminated:

 

		(a)	By
                                         you after giving the Company not less than three (3) months’ notice in writing;

 

		(b)	By
                                         the Company after giving you three (3) months’ notice in writing; or

 

		(c)	By
                                         the Company with immediate effect in the event that you:

 

		(i)	Conduct
                                         dishonesty, fraud, gross negligence, willful default or refusal to carry out any lawful
                                         order or instructions, or the repeated breach of any rules or regulations of the Company,
                                         or those as governed by the laws of your residency or jurisdictions in which you operate
                                         on behalf of the Group.

 

		(ii)	Commit
                                         a material breach of your obligations under this letter;

 

		(iii)	Commit
                                         any serious or repeated breach or non-observance of your obligations to the Company and
                                         Group;

 

		(iv)	Are
                                         convicted of a criminal offence other than an offence under road traffic legislation
                                         in the jurisdiction of your residency or elsewhere for which a fine or non-custodial
                                         penalty is imposed;

 

		(v)	Declare
                                         bankruptcy or have made an arrangement with or for the benefit of your creditors; or

 

		(vi)	Are
                                         disqualified from acting as a director.

 

Please
signify your acceptance of the above terms and conditions by signing and returning to us the enclosed duplicate copy of this letter.

 

Yours
faithfully,

 

	For
    and on behalf of	 	 
	 	 	 
	APTORUM
    GROUP LIMITED	 	Agreed
    and accepted by:
	 	 	 
	 	 	 
	Name:	 	Name:
    Huen Chung Yuen Ian
	Position:
    Director	 	HKID
    No.:
	 	 	 
	 	 	 
	Date	 	Date

 

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]