Document:

Exhibit 10.6

 

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:
Dr. Clark Cheng

 

Dear
Dr. Cheng,

 

Addendum
to Appointment Letter (the “Addendum”)

 

This
letter supplements and serves to be an addendum to the Appointment Letter dated 31 August 2017 executed between yourself and APTUS
Management Limited as appended in Appendix A; and in relation to your Appointments as the Chief Medical Officer (“CMO”)
of Aptorum Group Limited (formerly APTUS Holdings Limited) (“AGL”), and as an Executive Director of both AGL
and Aptorum Medical Limited (“AML”) (whereby together is known as the “Companies”). This Addendum
should be read together with, and forms part of, the Appointment Letter.

 

This
Addendum is to be effected on the date of which you agree with the Board of Directors on the commencement date of your Appointments
as pursuant to Clause 3 of the Appointment Letter.

 

Words
and expressions defined in the Appointment Letter shall have the same meanings in this Addendum. All other provisions contained
in the Appointment Letter, unless inconsistent with the provisions set forth in this Addendum shall continue to apply.

 

This
Addendum serves to describe the following amendments and/or additions to the Appointment Letter:

 

		i.	Company
                                         Name Change

 

All
references to APTUS Holdings Limited (“AHL”) shall be removed in its entirety and replaced with “Aptorum Group
Limited (“AGL”)”.

 

		ii.	Clause
                                         1: “The Group”

 

The
following paragraph is to be added subsequent to the single paragraph in the original clause:

 

“AGL
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”).”

 

		iii.	Clause
                                         2: “Position and Responsibilities”

 

The
original clause shall be removed in its entirety. The title of the clause shall be renamed “Position and Appointment”
and subsequent bullet points are to be added as follows:

 

“

		(a)	You
                                         will be appointed to act as the Chief Medical Officer (“CMO”) of AGL
                                         and Executive Director (“ED”) of both the Companies AGL and AML (“Appointments”
                                         or “Roles”).

 

     

     

    

 

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

 

		(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.

 

		(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.”

  

		iv.	Expanded
                                         “Duties and Responsibilities”

  

The
following points shall be added as a clause titled “Duties and Responsibilities” subsequent to Clause 3 “Date
of Commencement”:

 

“

 

		(a)	You
                                         shall be a key member of the day-to-day management and supervisory body of the Company,
                                         which will help lead and spearhead the strategic management, steering, and execution
                                         especially in relation to medical initiatives of the Group.

 

		(b)	As
                                         the CMO of the Company, you shall be responsible towards the management and supervision
                                         of the Group, and overall strategic direction of clinical and medical administration
                                         activities of the Group. Other members of the Board shall draw upon your medical expertise
                                         where suitable. You shall provide guidance, steering, and access of expert networks to
                                         the Company where appropriate and required.

 

		(c)	You
                                         are expected to fulfill operational and 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.

 

		(d)	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.

 

		(e)	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.

 

    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

 

Additionally,
you shall during your Appointment:

 

		(f)	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.

 

		(g)	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.
                                         

 

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

 

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

 

		(j)	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.

 

		(k)	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.

 

		(l)	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.

 

		(m)	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.”

 

		v.	Clause
                                         4: “Salary and Cash Bonus”

 

References
to “Compensation Committee” shall be added to paragraph (b) as follows:

 

“(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.”

 

Paragraph
(c) shall be removed in its entirety and replaced by:

 

“(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.”

 

    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

 

		vi.	Clause
                                         5: “Stock Bonus”

 

All
references to “Stock Bonus” shall be replaced with “Share Bonus”.

 

		vii.	Clause
                                         6: “Stock Option”

 

All
references to “Stock Option” shall be replaced with “Share Option”. Additionally, the contents
of this clause shall be removed in its entirety and replaced by:

 

“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.”

 

		viii.	Addition
                                         of clause: “Restriction on Other Activities”

 

The
following clause titled “Restriction on Other Activities” shall be added between clauses 6 and 7 of the original Appointment
Letter:

 

“

		(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.

 

		ix.	Addition
                                         of clause: “Insurance and Indemnity”

 

The
following clause titled “Insurance and Indemnity” shall be added subsequent to clause 7 of the original Appointment
Letter:

 

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

 

    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

 

		x.	Clause
                                         8: “Termination”

 

Paragraph
(c) shall be removed in its entirety and replaced by:

 

“

		(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 or
                                         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 amendments described in this Addendum 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: Huen Chung Yuen Ian	 	Name: Clark CHENG
	Position: Director	 	HKID No.:
	 	 	 
	 	 	 
	Date	 	Date

 

    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

 

APPENDIX
A

 

[Appointment
Letter dated 31 August 2017 executed between Clark CHENG and APTUS Management Limited]

 

 

6Exhibit 10.7

 

 

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

 

30 October 2017

 

Attn: Dr. Clark Cheng

 

Dear Dr. Cheng,

 

Second Addendum to Appointment Letter
(the “2nd Addendum”)

 

This letter supplements and serves to be
an addendum to the Appointment Letter dated 31 August 2017 executed between yourself and APTUS Management Limited, and the Addendum
to Appointment Letter dated 25 September 2017, executed between yourself and Aptorum Group Limited, both appended in Appendix A;
and in relation to your Appointments as the Chief Medical Officer (“CMO”) of Aptorum Group Limited (“AGL”),
and as an Executive Director of both AGL and Aptorum Medical Limited (“AML”) (whereby together is known as the
“Companies”). Collectively, the Addendum, and this 2nd Addendum should be read together with, and forms
part of, the Appointment Letter.

 

This 2nd Addendum is to be effected
on the date when first fully executed by both yourself on behalf of the Consultant, and the Company.

 

Words and expressions defined in the Appointment
Letter or the Addendum shall (both herein appended in Appendix A) have the same meanings in this 2nd Addendum. All other
provisions contained in the Appointment Letter or the Addendum, unless inconsistent with the provisions set forth in this 2nd
Addendum shall continue to apply.

 

This 2nd Addendum serves to
describe the following amendments and/or additions to the Appointment Letter and/or the Addendum:

 

		i.	Change in the appointed counter-party:

 

All references to Clark Cheng,
“You”, or “Your” as a natural individual (HKID No. Z243983(3)) (the “Individual”), unless
otherwise described, shall be removed and replaced with, or refer to “Cheng, Clark”, a unlimited company duly incorporated
in Hong Kong with a registered business address at Flat D, 5/F Block 6, Hillview Court, Ka Shue Road, Clear Water Bay, Sai King,
New Territories, Hong Kong and with the Certificate No. 56061911 (the “Consultant”).

 

		ii.	Clause iii of the Addendum and Clause 2 of the Appointment Letter both titled “Position
and Responsibilities”:

 

Both clauses shall be renamed
to “Scope of Service”.

 

All references to “You”
or the Individual under the said clauses shall refer the Clark Cheng, as the Individual and sole director of the Consultant being
appointed to render services provided under the Appointment.

 

		iii.	Clause iv of the Addendum titled ‘Expanded “Duties
and Responsibilities”’:

 

All contents of this clause shall be consolidated under the clause titled “Scope of Service” as described above.

 

     

     

    

 

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

 

All references to “You”
or the Individual under the said clauses shall refer the Clark Cheng, as the Individual and sole director of the Consultant being
appointed to render services provided under the Appointment.

 

		iv.	Clause v of the Addendum and Clause 4 of the Appointment Letter both titled “Salary and
Cash Bonus”

 

Both clauses shall be renamed
“Service Fees and Compensation”.

 

All references to “Salary”
shall be removed in entirety and replaced with “Service Fees”; All references to “Bonus” shall be in the
context of monetary compensation (if any), to be paid to the Consultant.

 

		v.	Clause vi of the Addendum and Clause 5 of the Appointment Letter both titled “Stock Bonus”;
and Clause vii of the Addendum and Clause 6 of the Appointment Letter both titled “Stock Option”:

 

All entitlements in the above
said clauses refer to compensation and potential ownership to be rewarded to the Consultant and not the Individual, subject to
the same terms, conditions, and restrictions as stipulated in the respective and original clauses of The Appointment Letter.

 

		vi.	Clause 7 of the Appointment Letter: “Mandatory Provident Fund”

  

This clause shall be removed
in its entirety. For avoidance of doubt, neither the Consultant nor the Individual will be required to make periodic contributions,
nor shall the Consultant or the Company be subjected to statutory requirements of the Mandatory Provident Fund Schemes Ordinance,
nor shall the Company be obligated to make contributions to the beneficiary of the Consultant.

 

Please signify your acceptance of the above
amendments described in this 2nd Addendum by signing and returning to us the enclosed duplicate copy of this letter.

 

Yours faithfully, 

 

	For and on behalf of	 	Agreed and accepted for on behalf of:
	 	 	 
	APTORUM GROUP LIMITED	 	CHENG, CLARK
	 	 	 
	 	 	 
	Name: HUEN Chung Yuen Ian	 	Name: Clark CHENG
	Position: Director	 	HKID No.: Z243983(3)
	 	 	Position: Sole Director 
	 	 	 
	Date	 	Date

 

    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

 

APPENDIX A

 

[Appointment Letter dated 31 August 2017
executed between Clark CHENG and APTUS Management Limited]

 

[The Addendum dated 25 September 2017 executed
between Clark CHENG and Aptorum Group Limited]

 

 

3

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