Document:

Exhibit 10.1 

 

APTORUM GROUP LIMITED

17 Hanover Square

London, XO W1S 1BN

United Kingdom

 

Holder of Class A Ordinary Shares Purchase
Warrant

 

		Re:	Exchange Offer of Class A Ordinary Shares Purchase Warrant

 

Dear Holder:

 

Aptorum Group Limited
(the “Company”) is pleased to offer to you the opportunity to exchange all of the Class A Ordinary Shares Purchase
Warrants (the “Exchange Warrants”) currently held by you (the “Holder”) into shares of Common
Stock. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Securities Purchase Agreement,
dated as of February __, 2020, between the Company and the purchasers signatory thereto pursuant to which the Company issued the
Exchange Warrants. 

 

In consideration for
exchanging in full all of the Exchange Warrants held by you (the “Warrant Exchange”), the Company hereby offers
you in exchange therefor 1.0 shares of Common Stock (“Exchange Shares”) for each Warrant Share being exchanged.
Notwithstanding anything herein to the contrary, in the event that the Warrant Exchange would cause the Holder to exceed the Beneficial
Ownership Limitation (as defined in the Exchange Warrant) in the Exchange Warrant, the Company shall only issue such number of
shares of Common Stock to the Holder that would not cause the Holder to exceed the Beneficial Ownership Limitation with the balance
to be held in abeyance until written notice from the Holder that the balance (or portion thereof) may be issued in compliance with
the Beneficial Ownership Limitation, which abeyance shall be evidenced through the Existing Warrant which shall be deemed prepaid
thereafter, and exercised pursuant to a Notice of Exercise in the Exchange Warrant (provided no additional exercise shall be payable
and any rights of adjustment or termination thereunder Other than Section 3(a) thereunder shall have no force or effect). The Company
agrees that the Warrant Exchange shall in no event result in the Holder beneficially owning more than the Beneficial Ownership
Limitation. Within two Trading Days of the date hereof, the Company shall deliver the Exchange Shares to the DTC account of the
Holder via the DWAC system. The terms of the Exchange Warrant, including but not limited to the obligations to deliver the Exchange
Shares, shall remain in effect as if the acceptance of this offer was a formal Notice of Exercise of a cashless exercise to receive
the Exchange Shares (including but not limited to any liquidated damages and compensation in the event of late delivery of the
Exchange Shares).

 

The
Exchange Shares are being issued in a cashless exchange for the Exchange Warrants and the parties acknowledge and agree that in
accordance with Section 3(a)(9) of the Securities Act, the Exchange Shares shall take on the registered characteristics of the
Exchange Warrants.  The Company agrees not to take any position contrary to this Section 2(c).

 

     

     

    

 

Additionally, the
Company and the Holder hereby agree to amend and restate Section 4.11 of the Purchase Agreement as follows (which amendment shall
only become effective upon agreement to amend by all Purchasers under the Purchase Agreement): 

 

Expressly subject to
the paragraph immediately following this paragraph below, Holder may accept this offer by signing this letter below, with such
acceptance constituting Holder's exchange in full of the Exchange Warrant for Exchange Shares, subject to the Beneficial Ownership
Limitation on or before 8:00 a.m. (New York City time) on August ___, 2020.

 

Additionally, the Company
agrees to the representations, warranties and covenants set forth on Annex A attached hereto.

 

Other than an Exempt
Issuance (as defined in the Purchase Agreement), from the date hereof until 15 days following the date hereof, (i) the Company
and each Subsidiary shall not issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares
of Common Stock or any securities convertible or exchangeable into Common Stock and (ii) the Company shall not enter into any agreement
to amend, exchange or otherwise provide any incentive to exercise any of the warrants originally issued together with the Exchange
Warrant or any other warrants of the Company that are outstanding on the date hereof.

 

On or before 9:00 a.m.
(New York City time) on August __, 2020, the Company shall file a Current Report on Form 6-K with the Securities and Exchange Commission
disclosing all material terms of the transactions contemplated hereunder, including this agreement as an exhibit thereto (“6-K
Filing”). From and after the issuance of the 6-K Filing, the Company represents to the Holder that it shall not be in
possession of any material, nonpublic information received from the Company, any of its Subsidiaries or any of their respective
officers, directors, employees or agents, that is not disclosed in the 6-K Filing. In addition, effective upon the filing of the
6-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether
written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, employees or agents,
on the one hand, and the Holder or any of its affiliates, on the other hand, shall terminate. The Company shall not, and shall
cause each of its Subsidiaries and its and each of their respective officers, directors, employees and agents, not to, provide
the Holder with any material, nonpublic information regarding the Company or any of its Subsidiaries from and after the date hereof
without the express prior written consent of the Holder. To the extent that the Company, any of its Subsidiaries or any of their
respective officers, directors, employees or agents, delivers any material, non-public information to the Holder without the Holder’s
consent, the Company hereby covenants and agrees that the Holder shall not have any duty of confidentiality with respect to, or
a duty not to trade on the basis of, such material, non-public information.

 

    2

     

    

 

The Company acknowledges
and agrees that the obligations of the Holder under this letter agreement are several and not joint with the obligations of any
other holder of Common Stock purchase warrants of the Company (each, an “Other Holder”) under any other agreement
related to the exercise of such warrants (“Other Warrant Exchange Agreement”), and the Holder shall not be responsible
in any way for the performance of the obligations of any Other Holder or under any such Other Warrant Exchange Agreement. Nothing
contained in this letter agreement, and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder
and the Other Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that
the Holder and the Other Holders are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated by this letter agreement and the Company acknowledges that the Holder and the Other Holders are not acting in concert
or as a group with respect to such obligations or the transactions contemplated by this letter agreement or any Other Warrant Exchange
Agreement. The Company and the Holder confirm that the Holder has independently participated in the negotiation of the transactions
contemplated hereby with the advice of its own counsel and advisors. The Holder shall be entitled to independently protect and
enforce its rights, including, without limitation, the rights arising out of this letter agreement, and it shall not be necessary
for any Other Holder to be joined as an additional party in any proceeding for such purpose.

 

The Company hereby
represents and warrants as of the date hereof and covenants and agrees from and after the date hereof until the three (3) month
anniversary of the date hereof that none of the terms offered to any Other Holder with respect to any Other Warrant Exchange Agreement
(or any amendment, modification or waiver thereof), is or will be more favorable to such Other Holder than those of the Holder
and this letter agreement. If and whenever on or after the date hereof, the Company enters into an Other Warrant Exchange Agreement,
then (i) the Company shall provide notice thereof to the Holder promptly following the occurrence thereof and (ii) the terms and
conditions of this letter agreement shall be, without any further action by the Holder or the Company, automatically amended and
modified in an economically and legally equivalent manner such that the Holder shall receive the benefit of the more favorable
terms and/or conditions (as the case may be) set forth in such Other Warrant Exchange Agreement (or any amendment, modification or waiver to this or the Purchase
Agreement, including the issuance of additional
Exchange Shares or the issuance of new Common Stock purchase warrants to the Other Holder), including, without limitation, the
same price discount and the same issuance of new warrants as in the Other Warrant Exchange Agreement, provided that upon written
notice to the Company at any time the Holder may elect not to accept the benefit of any such amended or modified term or condition,
in which event the term or condition contained in this letter agreement shall apply to the Holder as it was in effect immediately
prior to such amendment or modification as if such amendment or modification never occurred with respect to the Holder. The provisions
of this paragraph shall apply similarly and equally to each Other Warrant Exchange Agreement.

 

Except as expressly
set forth herein, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and
all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this
letter agreement. The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in connection with
the delivery of any Exchange Shares. This letter agreement shall be governed by the laws of the State of New York without regard
to the principles of conflicts of law thereof.

 

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

 

    3

     

    

  

To accept this offer,
Holder must counter execute this letter agreement and return the fully executed agreement to the Company at e-mail: ________, attention:
_______, on or before 8:00 am (New York City time) on August ___, 2020.

 

Please do not hesitate
to call me if you have any questions.

 

		Sincerely yours,
	 	 
	 	APTORUM GROUP LIMITED
	 	 
	 	By:	       
	 	Name:	 
	 	Title:	 

 

Accepted and Agreed to:

 

Name of Holder: ___________________________________________________________

 

Signature of Authorized Signatory of
Holder: ____________________________________

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Exchange Warrant Shares: _____________________

 

Exchange Shares: _____________________

 

DTC Instructions:

 

    4

     

    

 

Annex A

 

Representations, Warranties and Covenants
of the Company. The Company hereby makes the following representations and warranties to the Holder:

 

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

 

(b) No
Conflicts. The execution, delivery and performance of this letter agreement by the Company and the consummation by the Company
of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s
certificate or articles of incorporation, bylaws or other organizational or charter documents; or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien
upon any of the properties or assets of the Company in connection with, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt
or other material instrument (evidencing Company debt or otherwise) or other material understanding to which such Company is a
party or by which any property or asset of the Company is bound or affected; or (iii) conflict with or result in a violation of
any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which
the Company is subject (including federal and state securities laws and regulations), or by which any property or asset of the
Company is bound or affected.

 

(c) Nasdaq
Corporate Governance. The transactions contemplated under this letter agreement, comply with all rules of the Nasdaq Stock
Market.

 

 

5Exhibit
10.2

 

Lock-Up
Agreement

  

August
[●], 2020

 

Aptorum
Group Limited

17
Hanover Square,

London
W1S 1BN, United Kingdom

 

Re:
Shares Underlying Jurchen Investment Corporation Warrants 

 

Ladies
and Gentlemen:

 

The
undersigned understands that you (“Aptorum” or the “Company”) propose to enter
into certain warrant exchange agreements (the “Exchange Agreements”) with the non-affiliate holders
of certain existing warrants (the “Exchanged Warrants”) to purchase class A ordinary shares, par value
$1.00 per share (the “Class A Ordinary Shares”), of the Company. Pursuant to the Exchange Agreement,
the non-affiliate holders and Aptorum agreed that, in consideration for exchanging in full all of the warrants held by the non-affiliate
holders (the “Warrant Exchange”), Aptorum offered the undersigned in exchange for each one (1) warrant,
one (1) class A ordinary shares, par value $1.00 per share of Aptorum (the “Exchange Shares”). The Exchanged
Warrants were acquired pursuant to a registered offering made by the Company in February 2020 (the “Offering”).

 

The
undersigned, a corporation owned by Ian Huen, the Company’s 62.28% shareholder and CEO, also participated in the Offering
with a certain purchase agreement (the “Affiliated Purchase Agreement”) and acquired warrants (“Jurchen
Warrants”) to purchase 540,540 Class A Ordinary Shares (“Jurchen Warrant Shares”) on the
same terms as the offer to the non-affiliated holders but will not participate in the Warrant Exchange.

 

In
consideration of the execution of the Exchange Agreement by Aptorum, and for other good and valuable consideration, the undersigned
hereby irrevocably agrees that, without the prior written consent of Aptorum, the undersigned will not, directly or indirectly,
(a) offer for sale, sell, pledge, or otherwise transfer or dispose of (or enter into any transaction or device that is designed
to, or could be expected to, result in the transfer or disposition by any person at any time in the future of) any Jurchen Warrant
Shares (including, without limitation, Jurchen Warrant Shares that may be deemed to be beneficially owned by the undersigned in
accordance with the rules and regulations of the Securities and Exchange Commission and Ordinary Shares that may be issued upon
exercise of any options or warrants) or securities convertible into or exercisable or exchangeable for Ordinary Shares; (b) enter
into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or
risks of ownership of Jurchen Warrant Shares, whether any such transaction described in clause (a) or (b) above is to be settled
by delivery of Jurchen Warrant Shares or other securities, in cash or otherwise; (c) except as provided for below, make any demand
for or exercise any right or cause to be filed a registration statement, including any amendments thereto, with respect to the
registration of any Jurchen Warrant Shares or securities convertible into or exercisable or exchangeable for Ordinary Shares or
any other securities of the Company; or (d) publicly disclose the intention to do any of the foregoing for a period commencing
on the date hereof and ending six (6) months after the date of any future exercising of the Jurchen Warrants, in whole or in part
as applicable (such six-month period, the “Lock-Up Period”).

 

    

     

    

 

The
foregoing paragraph shall not apply to (a) transactions relating to ordinary shares or other securities acquired in the open market,
provided that no filing under Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), shall be required or shall be voluntarily made in connection with such transfers; (b) bona fide gifts
of shares of any class of the Company’s capital stock or any security convertible into Jurchen Warrant Shares, in each case
that are made exclusively between and among the undersigned or members of the undersigned’s family, or affiliates of the
undersigned, including its partners (if a partnership) or members (if a limited liability company); (c) any transfer of Jurchen
Warrant Shares or any security convertible into Jurchen Warrant Shares by will or intestate succession upon the death of the undersigned;
(d) transfer of Jurchen Warrant Shares or any security convertible into Jurchen Warrant Shares to an immediate family member
(for purposes of this Lock-Up Letter Agreement, “immediate family” shall mean any relationship by blood, marriage
or adoption, not more remote than first cousin) or any trust, limited partnership, limited liability company or other entity for
the direct or indirect benefit of the undersigned or any immediate family member of the undersigned; provided that, in
the case of clauses (b), (c) and (d) above, it shall be a condition to any such transfer that (i) the transferee/donee
agrees to be bound by the terms of this Lock-Up Letter Agreement (including, without limitation, the restrictions set forth in
the preceding sentence) to the same extent as if the transferee/donee were a party hereto; (ii) each party (donor, donee, transferor
or transferee) shall not be required by law (including without limitation the disclosure requirements of the Securities Act of
1933, as amended (the “Securities Act”), and the Exchange Act) to make, and shall agree to not voluntarily
make, any filing or public announcement of the transfer or disposition prior to the expiration of the six-month period referred
to above; and (iii) the undersigned notifies Aptorum at least two (2) business days prior to the proposed transfer or disposition;
(e) the transfer of shares to the Company to satisfy withholding obligations for any equity award granted pursuant to the terms
of the Company’s stock option/incentive plans, such as upon exercise, vesting, lapse of substantial risk of forfeiture,
or other similar taxable event, in each case on a “cashless” or “net exercise” basis (which, for the avoidance
of doubt shall not include “cashless” exercise programs involving a broker or other third party), provided
that as a condition of any transfer pursuant to this clause (e), that if the undersigned is required to file a report under Section
16(a) of the Exchange Act, reporting a reduction in beneficial ownership of Jurchen Warrant Shares or any securities convertible
into or exercisable or exchangeable for Jurchen Warrant Shares during the Lock-Up Period, the undersigned shall include a statement
in such report, and if applicable an appropriate disposition transaction code, to the effect that such transfer is being made
as a share delivery or forfeiture in connection with a net value exercise, or as a forfeiture or sale of shares solely to cover
required tax withholding, as the case may be; (f) transfers of Jurchen Warrant Shares or any security convertible into or
exercisable or exchangeable for Jurchen Warrant Shares pursuant to a bona fide third party tender offer made to all holders of
ordinary shares, merger, consolidation or other similar transaction involving a change of control (as defined below) of the Company,
including voting in favor of any such transaction or taking any other action in connection with such transaction, provided
that in the event that such merger, tender offer or other transaction is not completed, the Jurchen Warrant Shares and any
security convertible into or exercisable or exchangeable for Jurchen Warrant Shares shall remain subject to the restrictions set
forth herein; (g) the exercise of warrants or the exercise of stock options granted pursuant to the Company’s stock
option/incentive plans or otherwise outstanding on the date hereof; provided, that the restrictions shall apply to Jurchen
Warrant Shares issued upon such exercise or conversion; (h) the establishment of any contract, instruction or plan that satisfies
all of the requirements of Rule 10b5-1 (a “Rule 10b5-1 Plan”) under the Exchange Act; provided,
however, that no sales of Jurchen Warrant Shares or securities convertible into, or exchangeable or exercisable for, Jurchen
Warrant Shares, shall be made pursuant to a Rule 10b5-1 Plan prior to the expiration of the Lock-Up Period; provided further,
that the Company is not required to report the establishment of such Rule 10b5-1 Plan in any public report or filing with the
Commission under the Exchange Act during the lock-up period and does not otherwise voluntarily effect any such public filing or
report regarding such Rule 10b5-1 Plan; and (i) any demands or requests for, exercise any right with respect to, or take any action
in preparation of, the registration by the Company under the Securities Act of the undersigned’s Jurchen Warrant Shares,
provided that no transfer of the undersigned’s Jurchen Warrant Shares registered pursuant to the exercise of any such right
and no registration statement shall be filed under the Securities Act with respect to any of the undersigned’s Jurchen Warrant
Shares during the Lock-Up Period. For purposes of clause (f) above, “change of control” shall mean the consummation
of any bona fide third party tender offer, merger, purchase, consolidation or other similar transaction the result of which is
that any “person” (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, becomes the beneficial
owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of a majority of total voting power of the voting stock of the
Company.

 

    2

     

    

 

The
undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar
against the transfer of the undersigned’s securities subject to this Lock-Up Letter Agreement except in compliance with
this Lock-Up Letter Agreement.

 

It
is understood that, if a non-affiliate holder notifies Aptorum that it does not intend to proceed with the Warrant Exchange, if
the Exchange Agreement does not become effective, or if the Exchange Agreement (other than the provisions thereof which survive
termination) shall terminate or be terminated prior to payment for and delivery of the Shares, the undersigned will be released
from its obligations under this Lock-Up Letter Agreement.

 

 

This
letter agreement shall automatically terminate upon (a) the termination of the Exchange Agreement prior to the issuance and delivery
of the Exchange Shares, (b) the date that either a non-affiliate holder or Aptorum provides written notice to the other that it
has determined not to proceed with Warrant Exchange and, with respect to the Company, is terminating this letter agreement on
behalf of all of the Company’s holders of securities subject to a Lock-Up Agreement.

 

This
Lock-Up Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the
conflict of laws principles thereof. Delivery of a signed copy of this Lock-Up Agreement by facsimile or e-mail/.pdf transmission
shall be effective as the delivery of the original hereof.

 

The
undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Letter
Agreement and that, upon request, the undersigned will execute any additional documents necessary in connection with the enforcement
hereof. Any obligations of the undersigned shall be binding upon the heirs, personal representative, successors and assigns of
the undersigned.

 

[Signature
page follows]

 

    3

     

    

 

	 	Very
    truly yours,
	 	 
	 	
	 	(Name)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name of
    Signatory, in the case of entities –  Please Print)
	 	 
	 	 
	 	(Title of
    Signatory, in the case of entities – Please Print)
	 	 
	 	Address: 	                                                                                   
	 	 
	 	

 

 

4

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