Document:

Exhibit
10.23

 

DOCUMENT
ESCROW AGREEMENT

 

THIS
AGREEMENT is made on __________________ 2018 between:

 

		(1)	Jurchen
                                         Investment Corporation,
                                         a company incorporated in the British Virgin Islands and having its registered/principal
                                         office at Vistra Corporation Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110,
                                         the British Virgin Islands ("Party A")

 

		(2)	Peace
                                         Range Limited,
                                         a company incorporated in the British Virgin Islands and having its registered/principal
                                         office [ ] ("Party B"); and

 

		(3)	THE
                                         LAW DEBENTURE TRUST (ASIA) LIMITED, whose registered office is at Suite 413, Hutchison
                                         House, 10 Harcourt Road, Central, Hong Kong (the “Escrow Agent”).

 

WHEREAS:

 

		A.	Party
                                         A and Party B (individually an “Appointer” and together the “Appointers”)
                                         are parties to the Supplemental Agreement (as defined below) pursuant to which Party
                                         A will deliver to the Escrow Agent the documents specified in Schedule 4 on or
                                         about ______________________ 2018.

 

		B.	The
                                         Escrow Agent has agreed with the other Parties to act as escrow agent in relation to
                                         the Escrow Documents (as defined below) subject to the conditions and on the terms of
                                         this Agreement.

 

		1.	Definitions

 

		1.1	In
                                         this Agreement the following words and expressions shall have the following meanings:-

 

“Authorised
Signatories” means those persons whose names and specimen signatures are set out in Schedule 3 or such other
persons as shall be notified to the Escrow Agent in writing by a notice, signed by two Authorised Signatories or two Directors
of the relevant Party, and incorporating specimen signatures of such persons;

 

“Business
Day” means a day (other than a Saturday or a Sunday) on which banks are generally open for the transaction of normal
commercial banking business in Hong Kong;

 

“Escrow
Documents” means (i) the documents specified in Schedule 4; and (ii) any other documents delivered to the Escrow
Agent and identified by the Party A delivering such documents as being Escrow Documents;

 

“Fee
Letter” means the letter dated on or about the date hereof between the Escrow Agent and the Party A setting out the
terms of the remuneration and costs and expenses payable under this Agreement to the Escrow Agent;

 

    Page 1 of 16

     

    

 

“Insolvency
Event” means the making of a bankruptcy order, the presentation of a winding-up petition which is not withdrawn or dismissed
within 30 days, the making of a winding-up order or passing of a winding-up resolution, the appointment of an administrator or
receiver, an insolvent reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) or the occurrence
of any similar or analogous insolvency event in any jurisdiction;

 

“Parties”
means the parties to this Agreement;

 

“Release
Notice” means a notice substantially in the form set out in Schedule 2 signed by an Authorised Signatory on behalf
of Party A and an Authorised Signatory on behalf of Party B;

 

“Standard
Conditions” means the Escrow Agent’s standard terms and conditions for document escrows applicable current at
the date of this Agreement and attached hereto;

 

“Supplemental
Agreement” means the share charge dated on or about the date of this Agreement and made between Jurchen Investment Corporation
as chargor, Peace Range Limited as the chargee and Aptorum Group Limited as the issuer and other agreements between one or both
of the Appointers and/or any other party which relates to or is in connection with the Supplemental Agreement;

 

“Transfer
Document” means the Escrow Documents referred to in a Transfer Notice;

 

“Transfer
Notice” means a notice substantially in the form set out in Schedule 1 signed by an Authorised Signatory on behalf
of Party B;

 

		1.2	Headings
                                         and sub-headings are for ease of reference only and shall not affect the construction
                                         of this Agreement or any of the Schedules hereto.

 

		2.	Standard
                                         Conditions

 

		2.1	The
                                         Standard Conditions (as amended pursuant to this Agreement) shall be deemed to be incorporated
                                         in this Agreement which the Parties hereby confirm and acknowledge.

 

		2.2	The
                                         Parties agree that the following paragraphs referred to in the Standard Conditions shall
                                         be amended and/or supplemented as follows:

 

		(a)	Paragraph
                                         2.3(i): The provisions of paragraph 2.3 (i) of the Standard Conditions shall also
                                         apply mutatis mutandis in respect of any Release Notice delivered in accordance
                                         with this Agreement as if references therein to a "Transfer Notice" were a
                                         reference to a Release Notice.

 

		(b)	Paragraph
                                         4.1: Notwithstanding any other provision of this Agreement, Party B shall have the
                                         sole right and power to remove the Escrow Agent and appoint a new Escrow Agent in accordance
                                         with paragraph 4 of the Standard Conditions should the Escrow Agent refuse or fail to
                                         comply with Clause 4 to deliver all or any of the Transfer Documents to the Party B upon
                                         receipt of a Transfer Notice, including without limitation, as a result of any of the
                                         matters referred to in paragraph 2.3(g) or paragraph 6.6 of the Standard Conditions or
                                         an Insolvency Event relating to the Escrow Agent or the Party A.

 

    Page 2 of 16

     

    

 

		(c)	Paragraph
                                         4.3: Notwithstanding any other provision of this Agreement, a replacement escrow agent
                                         shall be appointed in accordance with Clause 8.3 of this Agreement and if the Escrow
                                         Agent has resigned for any reason, the Escrow Documents shall be dealt with and delivered
                                         by the Escrow Agent strictly in accordance with Clause 8.3 of this Agreement.

 

		2.3	To
                                         the extent there are any inconsistencies between the terms of this Agreement and the
                                         Standard Conditions, the Standard Conditions shall prevail.

 

		3.	The
                                         Escrow Agent

 

		3.1	Party
                                         A and Party B hereby appoint and instruct the Escrow Agent to act, and the Escrow Agent
                                         acknowledges that it has been appointed and will act, as escrow agent subject to the
                                         conditions and on the terms of this Agreement.

 

		3.2	The
                                         Escrow Agent shall hold the Escrow Documents delivered to it in accordance with the terms
                                         of this Agreement.

 

		4.	Deposit,
                                         transfer and/or release of the Escrow Documents

 

		4.1	The
                                         Escrow Documents will be held by the Escrow Agent for safekeeping upon delivery of any
                                         such documents to it by Party A from time to time. Upon receipt of the Escrow Documents,
                                         the Escrow Agent will issue a receipt to Party A and Party B in the form set out in Schedule
                                         5 (Form of Receipt) to this Agreement. Each of Party A and Party B acknowledges that
                                         the Escrow Agent shall not, at any time, be responsible for verifying, validating, endorsing
                                         or authenticating, any Escrow Documents provided to it in accordance with this Agreement.

 

		4.2	Subject
                                         to the Escrow Agent having possession of the relevant Transfer Document(s), as soon as
                                         reasonably practicable upon the receipt by the Escrow Agent of a Transfer Notice duly
                                         executed by the Party B, or if later the date specified in the Transfer Notice, the Escrow
                                         Agent shall arrange for all Transfer Documents specified in the Transfer Notice to be
                                         delivered to Party B as specified in the Transfer Notice. In arranging for the delivery
                                         of the Transfer Documents the Escrow Agent’s sole responsibility shall be to hand
                                         the Transfer Documents, properly addressed in accordance with the Transfer Notice, to
                                         a reputable courier (or, if specified in the Transfer Notice, to the courier so specified)
                                         and the Escrow Agent shall incur no liability to any person should the Transfer Document(s)
                                         subsequently not be received by the relevant party. The costs of the courier shall be
                                         for the account of party supplying the courier. As soon as is reasonably practicable
                                         after handing the Transfer Documents to the courier the Escrow Agent shall notify Party
                                         A and Party B thereof.

 

    Page 3 of 16

     

    

 

		4.3	Subject
                                         to the Escrow Agent having possession of the relevant Escrow Document(s) and subject
                                         to any prior exercise by Party B of its right to deliver a Transfer Notice in accordance
                                         with Clause 4.2, the Escrow Agent shall arrange for the Escrow Documents to be delivered
                                         to Party A as specified in a Release Notice duly executed by the Party A and Party B.
                                         In arranging for the delivery of the Escrow Documents the Escrow Agent’s sole responsibility
                                         shall be to hand the Escrow Documents, properly addressed in accordance with the Release
                                         Notice, to a reputable courier (or, if specified in the Release Notice, to the courier
                                         so specified) and the Escrow Agent shall incur no liability to any person should the
                                         Escrow Documents subsequently not be received by the relevant party. The costs of the
                                         courier shall be for the account of party supplying the courier. As soon as is reasonably
                                         practicable after handing the Escrow Documents to the courier the Escrow Agent shall
                                         notify Party A and Party B thereof.

 

		4.4	Save
                                         as expressly permitted hereunder, no other deliveries of the Escrow Documents shall be
                                         made unless Party A and Party B agree otherwise.

 

		5.	Escrow
                                         Agent’s remuneration, costs and expenses

 

		5.1	Party
                                         A shall be liable to the Escrow Agent for the payment of remuneration to it for its services
                                         hereunder as set out in the Fee Letter and for the Escrow Agent’s costs and expenses
                                         all as additionally provided for in the Standard Conditions.

 

		6.	Benefit
                                         of Agreement

 

		6.1	This
                                         Agreement shall be binding upon and inure to the benefit of each Party and its successors
                                         and permitted assigns.

 

		6.2	Subject
                                         to Clause 6.3, no Party may assign or transfer or purport to assign or transfer any of
                                         its rights or obligations under this Agreement without the written consent of all the
                                         other Parties.

 

		6.3	Party
                                         B may at any time assign or otherwise transfer all or any part of its rights under this
                                         Agreement in accordance with Clause 20.1 of the Supplemental Agreement.

 

		6.4	In
                                         the event the Party B exercises their rights pursuant to Clause 6.3 above, the Escrow
                                         Agent will be notified as soon as reasonably practicable and shall complete the necessary
                                         money laundering checks on any assignee or successor and will be entitled to charge for
                                         its properly incurred time in accordance with the terms set out in the Standard Conditions.

 

		7.	Notices

 

		7.1	Any
                                         notice to be given under this Agreement (including a Transfer Notice) shall be in writing,
                                         shall be signed by or on behalf of the person giving it and;

 

		(a)	be
                                         in English; and

 

		(b)	if
                                         accompanied by any other documents, such accompanying documents must be:

 

		(i)	in
                                         English; or

 

    Page 4 of 16

     

    

 

		(ii)	if
                                         not in English, and if so required by the Escrow Agent, accompanied by a certified English
                                         translation and, in this case, the English translation will prevail unless the document
                                         is a constitutional, statutory or other official document.

 

		7.2	Effectiveness

 

		(a)	Any
                                         communication or document made or delivered in connection with this Agreement will only
                                         be effective:

 

		(i)	if
                                         by way of fax, at the time shown on the transmission report as being successfully sent;

 

		(ii)	if
                                         delivered personally, at the time of delivery;

 

		(iii)	if
                                         sent by courier, (a) in the case of communications to the Escrow Agent, upon receipt
                                         by the department or officer of the Escrow Agent named in Clause 7.3 below and (b) otherwise,
                                         three (3) Business Days after being couriered with a reputable international courier
                                         company in an envelope addressed to the relevant Party at the relevant address;

 

		(iv)	if
                                         sent by email; (a) in the case of communications to the Escrow Agent, written confirmation
                                         of receipt from the Escrow Agent (for the avoidance of doubt an automatically generated
                                         “received” or “read” receipt will not constitute written confirmation)
                                         and (b) otherwise, when received as evidenced by a read receipt,

 

and,
where a particular department or officer is specified as part of its address details provided under Clause 7.3, if addressed to
that department or officer.

 

		(b)	Any
                                         communication or document which becomes effective, in accordance with paragraph (a) above,
                                         after 5.00pm, or on a non- Business Day, in the place of receipt shall be deemed only
                                         to become effective on the next following Business Day in the place of receipt.

 

		7.3	Addresses

 

		(a)	The
                                         Escrow Agent’s address for the service of notices is:

 

Law
Debenture Trust (Asia) Limited

Suite
413, Hutchison House,

10
Harcourt Road

Central

Hong
Kong

 

Fax
number: +852 2234 9765

Marked
for the attention of: Trust Manager

Email:
hong.kong@lawdeb.com

 

    Page 5 of 16

     

    

 

		(b)	Party
                                         A’s address for the service of notices is:

 

Aptorum
Group Limited

17/F,
Guangdong Investment Tower,

148
Connaught Road Central

Hong
Kong

 

Fax
number: +852 2850 7286

Marked
for the attention of: Legal Department

 

		(c)	Party
                                         B’s address for the service of notices is:

 

Peace
Range Limited

 

Fax
number: 

Marked
for the attention of: Mr. Andy Cheuk / Mr. Philip Wong

 

A
communication given under this Clause 7 but received on a non-Business Day, or after close of business on a Business Day in the
place of receipt will only be deemed to be given on the next Business Day in that place.

 

		8.	Termination,
                                         extension and resignation of Escrow Agent

 

		8.1	Subject
                                         to Clauses 8.2 to 8.5, this Agreement shall automatically terminate on the earlier of
                                         the following dates:

 

		(a)	on
                                         the date when all Escrow Documents have been delivered pursuant to the delivery of the
                                         Transfer Notice;

 

		(b)	on
                                         the date when all Escrow Documents have been delivered pursuant to the delivery of the
                                         Release Notice as provided under Clause 22.5 of the Supplemental Agreement.

 

		8.2	The
                                         Parties agree, in the event that any Escrow Documents are held in accordance with the
                                         provisions of Clause 4 after the expiration of 30 months from the date hereof, that they
                                         shall extend this Agreement for such term and for such additional fees (payable by Party
                                         A to the Escrow Agent), as shall be agreed at the relevant time.

 

		8.3	Subject
                                         to Clause 8.4, the Escrow Agent may give not less than 30 days' prior written notice
                                         to resign and be discharged from all its duties and obligations hereunder (such notice
                                         referred to in this Clause as the “Notice of Resignation”). Upon giving a
                                         Notice of Resignation, the Escrow Agent will, at the cost of Party A, cooperate with
                                         Party A and Party B in good faith so that, while Party A and Party B are making all reasonable
                                         efforts to find and appoint a successor escrow agent (the “Successor Agent”)
                                         the Escrow Agent’s resignation from its appointment hereunder will not become effective
                                         until the appointment of the Successor Agent, provided always that:

 

		(a)	if
                                         no Successor Agent mutually agreed by the Party A and Party B shall have been appointed
                                         within 15 days of the Notice of Resignation, Party B may in its sole discretion select
                                         and appoint an accounting firm, law firm or professional escrow agent (being an institutional
                                         of similar standing to the Escrow Agent) to be the Successor Agent, on the same or substantially
                                         the same terms as this Agreement subject to the aggregate remuneration and fees of such
                                         Successor Agent being capped at US$10,000; and

 

    Page 6 of 16

     

    

 

		(b)	if
                                         no Successor Agent shall have been appointed within 30 days of the Notice of Resignation,
                                         the Escrow Agent may then resign forthwith and its resignation shall be effective immediately.

 

Upon
its resignation, the Escrow Agent shall promptly, but at no risk or expense to it, deliver the Escrow Documents to the Successor
Agent or, if a Transfer Notice has not been delivered by Party B prior to such time, on the joint instructions of Party A and
Party B, to such person as they may nominate or, failing such instructions, it shall deliver the same to Party B and the Escrow
Agent’s sole responsibility in relation to such delivery shall be to hand the Escrow Document(s), properly addressed to
such person in accordance with this Clause 8.3, to a reputable courier and the Escrow Agent shall incur no liability to any person
should the Escrow Document(s) subsequently not be received by the relevant person. Should the Escrow Documents be delivered by
the Escrow Agent to Party B in accordance with this Clause 8.3 where a Successor Agent has not been appointed prior to the resignation
of the Escrow Agent, Party B agrees that it shall hold such documents in accordance with the terms of the Supplemental Agreement
pending the appointment of a Successor Agent, and shall thereafter deliver the Escrow Documents to the Successor Agent promptly
upon its appointment.

 

		8.4	A
                                         Party may terminate this Agreement with immediate effect by giving a notice ("Default
                                         Notice") to another Party (the “Defaulting Party”) copying in the remaining
                                         Party should any of the following occur to a Defaulting Party:

 

		(a)	it
                                         has committed a material breach or is in persistent breach of the terms of this Agreement
                                         and has not remedied the specified breach which is capable of being remedied within 30
                                         days of a Default Notice served on it by a non-defaulting party specifying the breach
                                         which must be remedied; or

 

		(b)	an
                                         Insolvency Event has occurred in relation to the Defaulting Party.

 

Each
Party shall immediately notify the other Parties as soon as practicable on becoming aware that it is or may become subject to
an Insolvency Event.

 

		8.5	Any
                                         termination of this Agreement under this Clause 8 shall be without prejudice to the completion
                                         of transactions entered into but not completed prior to termination and following termination,
                                         the Escrow Agent will continue to hold the Escrow Documents on the terms of this Agreement
                                         until the Escrow Documents are delivered to the person(s) entitled in accordance with
                                         the aforementioned clauses. Any fees payable under this Agreement shall be calculated
                                         up to the later of the delivery of the Escrow Documents or the expiry of any notice period
                                         and will be payable on or before the proposed day of delivery of the Escrow Documents.
                                         The Escrow Agent is not required to undertake such delivery until its fees, costs and
                                         expenses payable under this Agreement pursuant to Clause 5 have been paid in full. All
                                         remedies under the Agreement shall survive the termination of the Agreement.

 

    Page 7 of 16

     

    

 

		9.	Governing
                                         law and Jurisdiction

 

		9.1	This
                                         Agreement shall be interpreted and construed in accordance with the laws of Hong Kong.

 

		9.2	Each
                                         of the Appointers, for the benefit of the other Parties, irrevocably submits to the exclusive
                                         jurisdiction of the Courts of Hong Kong in respect of any claim, dispute or difference
                                         arising out of or in connection with this Agreement (“Proceedings”), provided
                                         that nothing contained in this Clause shall be taken to have limited the right of the
                                         Escrow Agent to proceed in the courts of any other competent jurisdiction.

 

		9.3	Party
                                         A agrees that the process by which any Proceedings are commenced in Hong Kong pursuant
                                         to Clause 9.2 may be served on it by being delivered to Aptorum Group Limited at the
                                         address referred to in Clause 7.3(b). If such person is not or ceases to be effectively
                                         appointed to accept service of process on behalf of Party A, Party A shall, on the written
                                         demand of the other Parties to this Agreement, appoint a further person in Hong Kong
                                         to accept service of process on its behalf and, failing such appointment within 14 days,
                                         the other Parties to this Agreement shall be entitled to appoint such a person by written
                                         notice to Party A. Nothing in this paragraph shall affect the right of the other Parties
                                         to serve process in any other manner permitted by law.

 

		9.4	Party
                                         B agrees that the process by which any Proceedings are commenced in Hong Kong pursuant
                                         to Clause 9.2 may be served on it by being delivered to Peace Range Limited at the address
                                         referred to in Clause 7.3(c). If such person is not or ceases to be effectively appointed
                                         to accept service of process on behalf of Party B, Party B shall, on the written demand
                                         of the other Parties to this Agreement, appoint a further person in Hong Kong to accept
                                         service of process on its behalf and, failing such appointment within 14 days, the
                                         other Parties to this Agreement shall be entitled to appoint such a person by written
                                         notice to Party B. Nothing in this paragraph shall affect the right of the other Parties
                                         to serve process in any other manner permitted by law.

 

		9.5	In
                                         the event that any dispute or controversy arises involving the Parties or any of them
                                         or any other person, firm or entity with respect to this Agreement or the Escrow Document,
                                         or if the Escrow Agent should be in doubt as to what action to take, the Escrow Agent
                                         shall have the right, but not the obligation to stop all proceedings in the performance
                                         of the services constituted by this Agreement and withhold transfer or release of the
                                         Escrow Document until such dispute or conflicting demands or determinations have been
                                         resolved and written confirmation thereof by an Authorised Signatory of each of the other
                                         Parties has been delivered to the Escrow Agent.

 

		10.	Counterparts

 

		10.1	This
                                         Agreement may be executed in one or more counterparts, all of which when taken together
                                         shall constitute one instrument.

 

		10.2	Any
                                         notice served pursuant to this Agreement may be executed in any number of counterparts,
                                         each of which shall be deemed to be an original but all of which taken together shall
                                         constitute one and the same notice.

 

The
Parties have executed this Agreement on the date and year first written above

 

[Signature
pages to follow]

 

    Page 8 of 16

     

    

 

	Jurchen Investment corporation	 
	 	 	 
	By:	              	 

 

	 	 	 
	Authorised
Signatory	 	 

  

    Page 9 of 16

     

    

 

	Peace Range Limited	 
	 	 	 
	By:	         	 

 

	 	 	 
	Authorised
Signatory	 	 

 

    Page 10 of 16

     

    

 

	LAW DEBENTURE TRUST (ASIA) LIMITED	 
	 	 	 
	By:	             	 

 

	 	 	 
	Authorised
Signatory	 	 

 

    Page 11 of 16

     

    

 

SCHEDULE
1

Form
of Transfer Notice

 

To
:

 

Law
Debenture Trust (Asia) Limited

Suite
413, Hutchison House

10
Harcourt Road

Central

Hong
Kong

 

Attention:
The Trust Manager

 

Date:
[              ]

 

Dear
Sirs,

 

Escrow
Agreement dated [   ] between Jurchen Investment Corporation, Peace Range Limited and Law Debenture Trust (Asia) Limited (the “Agreement”)

 

Pursuant
to Clause 4 of the Agreement, we the undersigned hereby irrevocably instruct you to deliver as soon as reasonably practicable
after the date hereof by handing to the courier firm [ ] all Escrow Document(s) (any delivery charges shall be for our account
and be paid to you prior to your handing the Escrow Document(s) to the courier):

 

The
courier is to be instructed to deliver the above Escrow Documents to:

 

[address
and contact details]

 

 

 

Authorised
Signatory 

Signed
for and on behalf of

Peace
Range Limited

 

Note
delivery charges, if not otherwise paid, are to be credited to the account of the Escrow Agent, please quote [   ] Escrow Agreement
/ Reference [ ]:

 

	To:	The Hongkong and Shanghai Banking Corporation Ltd
	 	1
Queen’s Road Central, Hong Kong

	Favour:	Law Debenture Trust (Asia) Limited

	A/C No:	USD Savings Account No.

	SWIFT:	HSBCHKHHHKH

 

or

 

	To:	The Hongkong and Shanghai Banking Corporation Ltd
	 	1
Queen’s Road Central, Hong Kong

	Favour:	Law Debenture Trust (Asia) Limited

	A/C No:	HKD Savings Account No. 

	SWIFT:	HSBCHKHHHKH

 

    Page 12 of 16

     

    

 

SCHEDULE
2

Form
of Release Notice

 

To
:

 

Law
Debenture Trust (Asia) Limited

Suite
413, Hutchison House

10
Harcourt Road

Central

Hong
Kong

 

Attention:
The Trust Manager

 

Date:
[              ]

 

Dear
Sirs,

 

Escrow
Agreement dated [ ] between Jurchen Investment Corporation, Peace Range Limited and Law Debenture Trust (Asia) Limited (the “Agreement”)

 

Pursuant
to Clause 8.2 of the Agreement, we the undersigned hereby irrevocably instruct you to deliver as soon as reasonably practicable
after the date hereof by handing to the courier firm [ ] all Escrow Document(s) (any delivery charges shall be for our account
and be paid to you prior to your handing the Escrow Document(s) to the courier).

 

The
courier is to be instructed to deliver the above Escrow Documents to:

 

[address
and contact details]

 

	 	 	 
	Authorised Signatory	 	Authorised Signatory
	Signed for and on behalf of	 	Signed for and on behalf of
	Jurchen Investment Corporation	 	Peace Range Limited

 

Note
delivery charges, if not otherwise paid, are to be credited to the account of the Escrow Agent, please quote [ ] Escrow Agreement
/ Reference [ ]:

 

	To:	The Hongkong and Shanghai Banking Corporation Ltd
	 	1
Queen’s Road Central, Hong Kong

	Favour:	Law Debenture Trust (Asia) Limited

	A/C No:	USD Savings Account No. 

	SWIFT:	HSBCHKHHHKH

 

or

 

	To:	The Hongkong and Shanghai Banking Corporation Ltd
	 	1
Queen’s Road Central, Hong Kong

	Favour:	Law Debenture Trust (Asia) Limited

	A/C No:	HKD Savings Account No. 

	SWIFT:	HSBCHKHHHKH

 

    Page 13 of 16

     

    

 

SCHEDULE
3

Authorised
Signatories

 

	For
        Party A

         

	Name

         
	Specimen
    Signature
	 

         
	 
	 

         
	 
	 

         
	 
	 	 

         

 

A
minimum number of ____ person(s) shall be required to sign any Release Notice

 

	For
        Party B

         

	Name

         
	Specimen
    Signature
	 

         
	 
	 

         
	 
	 

         
	 
	 	 

         

 

A
minimum number of ____ person(s) shall be required to sign any Transfer Notice or Release Notice

 

    Page 14 of 16

     

    

 

Schedule
4

Description
of Escrow Document(s)

 

		1.	Share
                                         certificate relating to certain Class B shares in Aptorum Group Limited (the "Shares")
                                         referred to in Clause 3.2(a) of the Supplemental Agreement; 

 

		2.	Instrument
                                         of Transfer in respect of the Shares referred to in Clause 3.2(a) of and in the form
                                         set out in schedule 2 of the Supplemental Agreement;

 

		3.	Letter
                                         of Authority and Undertaking from directors of Aptorum Group Limited referred to in Clause
                                         3.2(b) of and in the form set out in schedule 4 of the Supplemental Agreement;

 

		4.	Board
                                         resolution of the directors of Aptorum Group Limited referred to in Clause 3.2(c) of
                                         and in the form set out in schedule 5 of the Supplemental Agreement;

 

		5.	Proxy
                                         and Power of Attorney in respect of the Shares referred to in Clause 3.2(d) of and in
                                         the form set out in schedule 3 of the Supplemental Agreement;

 

		6.	Deed
                                         of Undertaking and Confirmation from Aptorum Group Limited referred to in Clause 3.2(e)
                                         of and in the form set out in schedule 6 of the Supplemental Agreement; and

 

		7.	Letter
                                         of Instructions to Registered Agent and Acknowledgement referred to in Clause 3.2(f)
                                         of and in the form set out in schedule 7 of the Supplemental Agreement.

 

    Page 15 of 16

     

    

 

Schedule
5

Form
of Receipt

 

Law
Debenture Trust (Asia) Limited

Suite
413, Hutchison House

10
Harcourt Road

Central

Hong
Kong

 

		To:	Jurchen
                                         Investment Corporation (as Party A)

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

 

	Copy:	Peace Range Limited (as
Party B)

[Insert address]

 

[Insert
date]

 

In
connection with the Escrow Agreement entered into between us, Law Debenture Trust (Asia) Limited, Jurchen Investment Corporation
and Peace Range Limited dated [●] 2018, we hereby acknowledge receipt of the following documents into our safe keeping:

 

Date
deposited:

 

[Insert
date]

 

Escrow
Document(s):

 

[Insert
name of documents and, if applicable, date of document]

  

The
Escrow Agent hereby makes no representation or warranties as to the authenticity or validity of the documents provided to it for
safekeeping.

 

 

 

 

Authorised
Signatory

 

Law
Debenture Trust (Asia) Limited

 

 

Page 16 of 16Exhibit 10.24

 

APTORUM GROUP LIMITED

知臨集團有限公司

 

2017 SHARE OPTION PLAN

 

		1.	Purposes of the Plan. The purposes of this Plan are to attract and retain the best available
personnel, to provide additional incentives to Employees, Directors and Consultants and to promote the success of the Company’s
business.

 

		2.	Definitions. The following definitions shall apply as used herein and in the individual
Share Option Agreements except as defined otherwise in an individual Share Option Agreement. In the event a term is separately
defined in an individual Share Option Agreement, such definition shall supersede the definition contained in this Section.

 

		(a)	“Administrator” means the Board or any of the Committees appointed to administer
the Plan or such Officer or Officers as authorized by the Board or any of the Committees appointed to administer the Plan.

 

		(b)	“Affiliate” and “Associate” shall have the respective meanings
ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act.

 

		(c)	“Applicable Laws” means the legal requirements relating to the Plan and the
Options under applicable provisions of the corporate and securities laws of any jurisdiction, the Code, the rules of any applicable
stock exchange or national market system, and the rules of any jurisdiction applicable to Option granted to residents therein.

 

		(d)	“Appointment Letter” refers to documentation that describes the terms and conditions
in which each Employee, Director, or Consultant is employed, appointed, or enlisted to service the Company and/or its subsidiaries
and affiliated companies.

 

		(e)	“Articles” refers to the Company’s Second Amended and Restated Memorandum
of Articles of Association (Amended and Restated by special resolutions dated ____________ 2017).

 

		(f)	“Board” means the Board of Directors of the Company.

 

		(g)	“Change in Control” means a change in ownership or control of the Company effected
through either of the following transactions:

 

		i.	the direct or indirect acquisition by any person or related group of persons (other than an acquisition
from or by the Company or by a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is
controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule13d-3 of the Exchange
Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding
securities pursuant to a tender or exchange offer made directly to the Company’s shareholders, or

 

    1

     

    

 

		ii.	a change in the composition of the Board over a period of thirty-six (36) months or less such that
a majority of the Board members (rounded up to the next whole number) ceases, by reason of one or more contested elections for
Board membership, to be comprised of individuals who are Continuing Directors.

 

		(h)	“Class A Ordinary Shares” means the Class A Ordinary Shares in the capital of
the Company having a par value of USD 1.00 each having rights, and subject to the restrictions provided in the Company’s
Articles. One Class A Ordinary Share shall equate to one vote per share for each share held by the shareholder and cannot be converted
to any other class of share at any time.

 

		(i)	“Class B Ordinary Shares” means the Class B Ordinary Shares in the capital of
the Company having a par value of USD 1.00 each having the rights, and subject to the restrictions provided in the Company’s
Articles. One Class B Ordinary Share shall equate to ten votes per share for each share held by the shareholder and can be converted
to Class A Shares on a 1-to-1 basis at any time.

 

		(j)	“Code” means the Internal Revenue Code of 1986, as amended.

 

		(k)	“Committee” means any committee composed of members of the Board appointed by
the Board to administer the Plan, including but not limited to the Compensation Committee as appointed by the Board.

 

		(l)	“Company” means Aptorum Group Limited, an
exempt company incorporated in Cayman Islands.

 

		(m)	“Consultant” means any person (other than an Employee or a Director, solely
with respect to rendering services in such person’s capacity as a Director) who is engaged by the Company or any Related
Entity to render consulting or advisory services to the Company or such Related Entity.

 

		(n)	“Continuing Directors” means members of the Board who either (i) have been Board
members continuously for a period of at least thirty-six (36) months or (ii) have been Board members for less than thirty-six (36)
months and were elected or nominated for election as Board members by at least a majority of the Board members described in clause
(i) who were still in office at the time such election or nomination was approved by the Board.

 

		(o)	“Continuous Service” means that the provision of services to the Company or
a Related Entity in any capacity of Employee, Director or Consultant (collectively, “Service Provider”) is not interrupted
or terminated. In jurisdictions requiring notice in advance of an effective termination as an Employee, Director or Consultant,
Continuous Service shall be deemed terminated upon the actual cessation of providing services to the Company or a Related Entity
notwithstanding any required notice period that must be fulfilled before a termination as an Employee, Director or Consultant can
be effective under Applicable Laws. An Optionee’s Continuous Service shall be deemed to have terminated either upon an actual
termination of Continuous Service or upon the entity for which the Optionee provides services ceasing to be a Related Entity. Continuous
Service shall not be considered interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company,
any Related Entity, or any successor, in any capacity of Employee, Director or Consultant, or (iii) any change in status as long
as the individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director or Consultant
(except as otherwise provided in the Option Agreement). An approved leave of absence shall include sick leave, military leave,
or any other authorized personal leave.

 

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		(p)	“Corporate Transaction” means any of the following transactions, provided, however,
that the Administrator shall determine under parts (iv) and (v) whether multiple transactions are related, and its determination
shall be final, binding and conclusive:

 

		i.	a merger or consolidation in which the Company is not the surviving entity, except for a transaction
the principal purpose of which is to change the jurisdiction in which the Company is incorporated;

 

		ii.	the sale, transfer or other disposition of all or substantially all of the assets of the Company;

 

		iii.	the complete liquidation or dissolution of the Company;

 

		iv.	any reverse merger or series of related transactions culminating in a reverse merger (including,
but not limited to, a tender offer followed by a reverse merger) in which the Company is the surviving entity but (A) the Ordinary
Shares outstanding immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether
in the form of securities, cash or otherwise, or (B) in which securities possessing more than forty percent (40%) of the total
combined voting power of the Company’s outstanding securities are transferred to a person or persons different from those
who held such securities immediately prior to such merger or the initial transaction culminating in such merger, but excluding
any such transaction or series of related transactions that the Administrator determines shall not be a Corporate Transaction;
or

 

		v.	acquisition in a single or series of related transactions by any person or related group of persons
(other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3
of the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s
outstanding securities but excluding any such transaction or series of related transactions that the Administrator determines shall
not be a Corporate Transaction.

 

		(q)	“Director” means a member of the Board or the board of directors of any Related
Entity.

 

		(r)	“Disability” means as defined under the long-term disability policy of the Company
or the Related Entity to which the Optionee provides services regardless of whether the Optionee is covered by such policy. If
the Company or the Related Entity to which the Optionee provides service does not have a long-term disability plan in place, “Disability”
means that an Optionee is unable to carry out the responsibilities and functions of the position held by the Optionee by reason
of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. An Optionee
will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy
the Administrator in its discretion.

 

    3

     

    

 

		(s)	“Effective Date” means the date The Plan is adopted and approved by the shareholders
of the Company, whether it be the first time the Plan is approved, or each date the Plan is renewed pursuant to shareholder approval
in subsequent terms.

 

		(t)	“Employee” means any person, including an Officer or Director, who is in the
employment of the Company or any Related Entity, subject to the control and direction of the Company or any Related Entity as to
both the work to be performed and the manner and method of performance. The payment of a director’s fee by the Company or
a Related Entity shall not be sufficient to constitute “employment” by the Company.

 

		(u)	“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

		(v)	“Fair Market Value” means, as of any date, the value of the subject Shares determined
as follows:

 

		i.	If the Shares at issue are listed on one or more established stock exchanges or national market
systems, including without limitation the American Stock Exchange or The Nasdaq Global Market, its Fair Market Value shall be the
closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system
on which the subject Shares are listed (as determined by the Administrator) on the date of determination (or, if no closing sales
price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid
was reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

 

		ii.	If the subject Shares are regularly quoted on an automated quotation system (including the OTC
Bulletin Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as
quoted on such system on the date of determination, but if selling prices are not reported, the Fair Market Value of the subject
Shares shall be the mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such
prices were reported on that date, on the last date such prices were reported), as reported in The Wall Street Journal or such
other source as the Administrator deems reliable; or

 

		iii.	In the absence of an established market for the subject Shares of the type described in (i) and
(ii), above, the Fair Market Value thereof shall be determined by the Administrator in good faith.

 

		(w)	“Listing” refers to a successful initial public offering in the Company’s
Class A Ordinary Shares to be traded on a globally accredited stock exchange.

 

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		(x)	“Incentive Share Option” means an Option that is to qualify as an Incentive
Share Option as such term is defined in Section 422 of the Code.

 

		(y)	“Officer” means a person who is an officer of the Company or a Related Entity
within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

 

		(z)	“Option” means an option to purchase Class A Ordinary Shares pursuant to an
Option Agreement granted under the Plan.

 

		(aa)	“Option Agreement” means the written agreement evidencing the grant of an Option
executed by the Company and the Optionee, including any amendments thereto.

 

		(bb)	“Optionee” means an Employee, Director or Consultant who receives an Option
under the Plan.

 

		(cc)	“Ordinary Shares” means the ordinary shares in the capital of the Company having
a par value of USD 1.00 each, inclusive of Class A Ordinary Shares and Class B Ordinary Shares, having rights, and subject to restrictions,
provided in the Company’s Articles.

 

		(dd)	“Plan” means this Aptorum Group Limited知臨集團有限公司
2017 Share Option Plan.

 

		(ee)	“Related Entity” means any Parent or Subsidiary of the Company and any business,
corporation, partnership, limited liability company or other entity in which the Company or a Parent or a Subsidiary of the Company
holds a substantial ownership interest, directly or indirectly.

 

		(ff)	“Replaced” means that pursuant to a Corporate Transaction the Option is replaced
with a comparable share Option or a cash incentive program of the Company, the successor entity (if applicable) or Parent of either
of them which preserves the compensation element of such Option existing at the time of the Corporate Transaction and provides
for subsequent payout in accordance with the same (or a more favorable) vesting schedule applicable to such Option. The determination
of Option comparability shall be made by the Administrator and its determination shall be final, binding and conclusive.

 

		(gg)	“Share” or “Shares” means Class A Ordinary Shares of the Company.

 

		(hh)	“Subsidiary” means a “subsidiary corporation”, whether now or hereafter
existing, as defined in Section 424(f) of the Code.

 

		(ii)	“Trading Market Approval” means the pre-approval required from the globally
accredited stock exchange or other stock exchange on which the Company’s Shares are then listed for trading for certain Share
issuances.

 

    5

     

    

 

		3.	Shares Subject to the Plan.

 

		(a)	Subject to the provisions of Section 10 below, the maximum aggregate number of Class A Ordinary
Shares reserved and available pursuant to this Plan shall be the aggregate of (i) 5,500,000 Shares, and (ii) on each January 1,
starting with January 1, 2020, an additional number of shares equal to the lesser of (A) 2% of the outstanding number of Ordinary
Shares (on a fully-diluted basis) on the immediately preceding December 31, and (B) such lower number of Ordinary Shares as may
be determined by the Committee, subject in all cases to adjustment as provided in Section 10 below (the “Evergreen Plan”).

 

		(b)	Further, if, after the Effective Date of the Plan, any Shares underlying an Option are forfeited,
or if an Option otherwise terminates without the delivery of Shares or of other consideration, then the Shares underlying such
Option, or the number of Shares otherwise counted against the aggregate number of Shares available under the Plan with respect
to the Option, to the extent of any such forfeiture or termination, shall again be, or shall become, available for granting options
under the Plan.

 

For the avoidance of doubt it
is noted that, no Class B Ordinary Shares may be issued under the Plan.

 

		4.	Administration of the Plan.

 

		(a)	Plan Administrator.

 

		i.	Administration with Respect to Directors and Officers. With respect to grants of Options
to Directors or Employees who are also Officers or Directors of the Company, the Plan shall be administered by (A) the Board or
(B) the Compensation Committee designated by the Board, which Compensation Committee shall be constituted in such a manner as to
satisfy the Applicable Laws. Once appointed, such Compensation Committee shall continue to serve in its designated capacity contingent
to its members’ ongoing fulfillment of obligations, the terms of termination of Committee members as stipulated by their
Appointment Letters, or until otherwise directed by the Board. In the case of Options for Employees or Consultants who are neither
Directors nor Officers of the Company, the Board may authorize one or more Officers to grant such Options and may limit such authority
as the Board determines from time to time.

 

		ii.	Administration Errors. In the event an Option is granted in a manner inconsistent
with the provisions of this subsection (a), such Option shall be presumptively valid as of its grant date to the extent permitted
by the Applicable Laws.

 

		(b)	Powers of the Administrator. Subject to Applicable Laws, especially but not limited to those
regarding shareholders approval, and the provisions of the Plan (including any other powers given to the Administrator hereunder),
and except as otherwise provided by the Board, the Administrator shall have the authority, in its discretion:

 

		i.	To select the Employees, Directors and Consultants to whom Options may be granted;

 

    6

     

    

 

		ii.	To determine whether and to what extent Options are granted hereunder;

 

		iii.	To determine the number of Shares or the amount of other consideration to be covered by each Option
granted hereunder;

 

		iv.	To approve forms of Option Agreements for use under the Plan;

 

		v.	To determine the terms and conditions of any Option subject to the terms and conditions contained
herein;

 

		vi.	To amend the terms of any outstanding Option granted under the Plan, provided that (A) any amendment
that would adversely affect the Optionee’s rights under an outstanding Option shall not be made without the Optionee’s
written consent, (B) the reduction of the exercise price of any Option shall be subject to the Optionee’s written consent
and (C) canceling an Option at a time when its exercise price exceeds the Fair Market Value of the underlying Shares, in exchange
for another Option shall be subject to the Optionee’s approval, unless the cancellation and exchange occurs in connection
with a Corporate Transaction. Notwithstanding the foregoing, canceling an Option in exchange for another Option with an exercise
price, purchase price that is equal to or greater than the exercise price of the original Option shall not be subject to the Optionee’s
approval;

 

		vii.	To construe and interpret the terms of the Plan and Options, including without limitation, any
notice of Option or Option Agreement, granted pursuant to the Plan;

 

		viii.	To take such other action, not inconsistent with the terms of the Plan, as the Administrator deems
appropriate.

 

		(c)	Indemnification. In addition to such other rights of indemnification as they may have as
members of the Board or as Officers or Employees of the Company or a Related Entity, members of the Board and any Officers or Employees
of the Company or a Related Entity to whom authority to act for the Board, the Administrator or the Company is delegated shall
be defended and indemnified by the Company to the extent permitted by law on an after-tax basis against all reasonable expenses,
including attorneys’ fees, actually and necessarily incurred in connection with the defense of any claim, investigation,
action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of
any action taken or failure to act under or in connection with the Plan, or any Option granted hereunder, and against all amounts
paid by them in settlement thereof (provided such settlement is approved by the Company) or paid by them in satisfaction of a judgment
in any such claim, investigation, action, suit or proceeding, except in relation to matters as to which it shall be adjudged in
such claim, investigation, action, suit or proceeding that such person is liable for gross negligence, bad faith or intentional
misconduct; provided, however, that within thirty (30) days after the institution of such claim, investigation, action, suit
or proceeding, such person shall offer to the Company, in writing, the opportunity at the Company’s expense to defend the
same.

 

For the purpose of this clause
“gross negligence” means in relation to a person a standard of conduct constituting extreme carelessness, beyond ordinary
negligence, whereby that person’s actions or inactions demonstrate reckless disregards for the duty of care owed to another.

 

    7

     

    

 

		5.	Eligibility. The Optionees shall be such persons as the Administrator may select from among
the Employees and Consultants.

 

		6.	Terms and Conditions of Options.

 

		(a)	Designation of Option. Each Option shall be designated in the Option Agreement.

 

		(b)	Conditions of Option. Subject to the terms of the Plan, the Administrator shall determine
the provisions, terms, and conditions of each Option including, but not limited to, the Option vesting schedule, repurchase provisions,
rights of first refusal, forfeiture provisions, form of payment (cash, Shares, cashless settlement, or other consideration) upon
settlement of the Option, payment contingencies and the exercise price.

 

		(c)	Deferral of Option Payment. The Administrator may establish one or more programs under the
Plan to permit selected Optionees the opportunity to elect to defer receipt of consideration upon exercise of an Option, or other
event that absent the election would entitle the Optionee to payment or receipt of Shares or other consideration under an Option.
The Administrator may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual
of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions,
rules and procedures that the Administrator deems advisable for the administration of any such deferral program.

 

		(d)	Early Exercise. The Option Agreement may, but need not, include a provision whereby the
Optionee may elect at any time while an Employee, Director or Consultant to exercise any part or all of the Option prior to full
vesting of the Option. Any unvested Shares received pursuant to such exercise may be subject to a repurchase right in favor of
the Company or a Related Entity or to any other restriction the Administrator determines to be appropriate.

 

		(e)	Term of Option. The term of each Option shall be the term stated in the Option Agreement,
provided, however that in the case of an option that is to qualify as an Incentive Share Option, the term shall not exceed ten
(10) years.

 

		(f)	Transferability of Options. Options shall be transferable (i) by will and by the laws of
succession and distribution and (ii) during the lifetime of the Optionee, to the extent and in the manner authorized by the Administrator.
Notwithstanding the foregoing, the Optionee may designate one or more beneficiaries of the Optionee’s Option in the event
of the Optionee’s death on a beneficiary designation form provided by the Administrator.

 

    8

     

    

 

		(g)	Termination of Employment Other than by Death or Disability.

 

		i.	If an Optionee ceases to be an Employee for any reason other than his or her death or disability,
the Optionee shall have the right, subject to the provisions of this Section 6, to exercise any Option held by the Optionee at
any time within ninety (90) days after his or her termination of employment, but not beyond the otherwise applicable term of the
Option and only to the extent that on such date of termination of employment the Optionee’s right to exercise such Option
has vested.

 

		ii.	For purposes of this Section 6(j), the employment relationship shall be treated as continuing intact
while the Optionee is an active Employee of the Company or any Affiliate, or is on military leave, sick leave, or other bona fide
leave of absence to be determined in the sole discretion of the Administrator.

 

		(h)	Death of Optionee. If an Optionee dies while an Employee, or after ceasing to be an Employee
but during the period while he or she could have exercised an Option under Section 6(j), any Option granted to the Optionee may
be exercised, to the extent it had vested at the time of death and subject to the Plan, at any time within twelve (12) months after
the Optionee’s death, by the executors or administrators of his or her estate or by any person or persons who acquire the
Option by will or the laws of succession and distribution, but not beyond the otherwise applicable term of the Option.

 

		(i)	Disability of Optionee. If an Optionee ceases to be an Employee due to becoming totally
and permanently disabled within the meaning of Section 22(e)(3) of the Code, any Option granted to the Optionee may be exercised
to the extent it had vested at the time of cessation and, subject to the Plan, at any time within twelve (12) months after the
Optionee’s termination of employment, but not beyond the otherwise applicable term of the Option.

 

		(j)	Time of Granting Options. The date of grant of an Option shall for all purposes be on the
date which the Administrator makes the determination to grant such Option, or such other date as is determined by the Administrator.

 

		7.	Option Exercise or Purchase Price, Consideration and Taxes.

 

		(a)	Exercise or Purchase Price. The Administrator shall determine the exercise or purchase price
in accordance with the Applicable Laws and/or pursuant to the Option Agreement to be executed between the Company and Optionee,
if applicable or other relevant agreement between such parties.

 

    9

     

    

 

		(b)	Consideration. Subject to Applicable Laws, the consideration to be paid for the Shares to
be issued upon exercise or purchase of an Option including the method of payment shall be determined by the Administrator. In addition
to any other types of consideration the Administrator may determine, the Administrator is authorized to accept as consideration
for Shares issued under the Plan the following:

 

		i.	cash;

 

		ii.	cheque;

 

		iii.	with respect to Options, payment through a broker-dealer sale and remittance procedure pursuant
to which the Optionee (A) shall provide written instructions to a Company designated brokerage firm to effect the immediate sale
of some or all of the purchased Shares and remit to the Company sufficient funds to cover the aggregate exercise price payable
for the purchased Shares and (B) shall provide written directives to the Company to deliver the certificates for the purchased
Shares directly to such brokerage firm in order to complete the sale transaction;

 

		iv.	cashless election; or

 

		v.	any combination of the foregoing methods of payment.

 

		(c)	Taxes. No Shares shall be delivered under the Plan to any Optionee or other person until
such Optionee or other person has made arrangements acceptable to the Administrator for the satisfaction of any national, provincial
or local income and employment tax withholding obligations. Upon exercise of an Option the Company shall have the right, but not
the obligation (except as required by applicable law), to withhold or collect from Optionee an amount sufficient to satisfy such
tax obligations. The Optionee will be solely responsible for his/her own tax obligations.

 

		8.	Exercise of Option.

 

		(a)	Procedure for Exercise; Rights as a Shareholder.

 

		i.	Any Option granted hereunder shall be exercisable at such times and under such conditions as determined
by the Administrator under the terms of the Plan and specified in the Option Agreement.

 

		ii.	An Option shall be deemed to be exercised when written notice of such exercise has been given to
the Company in accordance with the terms of the Option by the person entitled to exercise the Option and when the Company receives
full payment for the Shares with respect to which the Option is exercised, including, to the extent selected, use of the broker-dealer
sale and remittance procedure to pay the purchase price as provided in Section 7(b)(iii).

 

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		9.	Conditions Upon Issuance of Shares.

 

		(a)	Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option
and the issuance and delivery of such Shares pursuant thereto shall comply with all Applicable Laws, and shall be further subject
to the approval of counsel for the Company with respect to such compliance.

 

		(b)	As a condition to the exercise of an Option, the Company may require the person exercising such
Option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without
any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is
required by any Applicable Laws.

 

		10.	Adjustments Upon Changes in Capitalization.

 

Subject to any required action
by the shareholders of the Company, the number of Shares covered by each outstanding Option, and the number of Shares which have
been authorized for issuance under the Plan but as to which no Options have yet been granted or which have been returned to the
Plan, the exercise or purchase price of each such outstanding Option, the maximum number of Shares with respect to which Options
may be granted to any Optionee in any fiscal year of the Company, as well as any other terms that the Administrator determines
require adjustment shall be proportionately adjusted for (i) any increase or decrease in the number of issued Ordinary Shares resulting
from a share split, reverse share split, share dividend, combination or reclassification of the Ordinary Shares, or similar transaction
affecting the Shares , (ii) any other increase or decrease in the number of issued Ordinary Shares effected without receipt of
consideration by the Company, or (iii) as the Administrator may determine in its discretion, any other transaction with respect
to Ordinary Shares including a corporate merger, consolidation, acquisition of property or equity, separation (including a spin-off
or other distribution of shares or property), reorganization, liquidation (whether partial or complete) or any similar transaction;
provided, however that conversion of any convertible securities of the Company, including conversion of Class B Ordinary Shares,
shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the
Administrator and its determination shall be final, binding and conclusive. Except as the Administrator determines, no issuance
by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason
hereof shall be made with respect to, the number or price of Shares subject to an Option. In the event of a spin-off transaction,
the Administrator may in its discretion make such adjustments and take such other action as it deems appropriate with respect to
outstanding Options under the Plan, including but not limited to: (i) adjustments to the number and kind of shares, the exercise
or purchase price per share and the vesting periods of outstanding Options, (ii) prohibit the exercise of Options during certain
periods of time prior to the consummation of the spin-off transaction, or (iii) the substitution, exchange or grant of Options
to purchase securities of the Subsidiary; provided that the Administrator shall not be obligated to make any such adjustments
or take any such action hereunder.

 

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		11.	Corporate Transactions and Changes in Control.

 

		(a)	Termination of Option to Extent Not Assumed in Corporate Transaction. Effective upon the
consummation of a Corporate Transaction, all outstanding Options under the Plan shall terminate; provided, however, that to extent
any Options are assumed in connection with the Corporate Transaction (“Assumed”), such Options shall not terminate.

 

		(b)	Acceleration of Option Upon Corporate Transaction or Change in Control.

 

		i.	Corporate Transaction. The Administrator may determine, in the event of a Corporate Transaction,
for the portion of each Option that is neither Assumed nor Replaced, such portion of the Option shall automatically become fully
vested and exercisable and be released from any repurchase or forfeiture rights (other than repurchase rights exercisable at Fair
Market Value) for all of the Shares (or other consideration) at the time represented by such portion of the Option, immediately
prior to the specified effective date of such Corporate Transaction, provided that the Optionee’s Continuous Service has
not terminated prior to such date.

 

		ii.	Change in Control. The Administrator may determine, in the event of a Change in Control
(other than a Change in Control which also is a Corporate Transaction), each Option which is at the time outstanding under the
Plan automatically shall become fully vested and exercisable and be released from any repurchase or forfeiture rights (other than
repurchase rights exercisable at Fair Market Value), immediately prior to the specified effective date of such Change in Control,
for all of the Shares (or other consideration) at the time represented by such Option, provided that the Optionee’s Continuous
Service has not terminated prior to such date.

 

		12.	Effective Date and Term of Plan. 

 

The Plan shall become effective
upon its approval by the shareholders of the Company. It shall continue in effect for a term of ten (10) years unless sooner terminated
or unless renewed for another period not to exceed 10 years pursuant to shareholder approval. Subject to Section 17, below, and
Applicable Laws, Options may be granted under the Plan upon its becoming effective.

 

		13.	Amendment, Suspension or Termination of the Plan.

 

		(a)	The Board may at any time amend, suspend or terminate the Plan; provided, however, that no
such amendment shall be made without the approval of the Company’s shareholders to the extent such approval is required by
Applicable Laws, or if such amendment would change any of the provisions of Section 3(a), Section 4(b)(vi) or this Section 13(a).

 

		(b)	No Option may be granted during any suspension of the Plan or after termination of the Plan.

 

		(c)	No suspension or termination of the Plan (including termination of the Plan under Section 12 above)
shall adversely affect any rights under Options already granted to an Optionee.

 

    12

     

    

 

		14.	Reservation of Shares.

 

		(a)	The Company, during the term of the Plan, will at all times reserve and keep available out of its
authorized but unissued Shares, such number of Shares as shall be sufficient to satisfy the requirements of the Plan.

 

		(b)	The inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder,
shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority
shall not have been obtained.

 

		15.	No Effect on Terms of Employment/Consulting Relationship. 

 

The Plan shall not confer upon
any Optionee any right with respect to the Optionee’s Continuous Service, nor shall it interfere in any way with his or her
right or the right of the Company or any Related Entity to terminate the Optionee’s Continuous Service at any time, with
or without Cause, and with or without notice. The ability of the Company or any Related Entity to terminate the employment of an
Optionee who is employed at will is in no way affected by its determination that the Optionee’s Continuous Service has been
terminated for Cause for the purposes of this Plan. For Cause shall have the meaning and conditions set forth under Termination
clauses, where applicable, in each such Optionee’s Appointment Letter with the Company.

 

		16.	No Effect on Retirement and Other Benefit Plans. 

 

Except as specifically provided
in a retirement or other benefit plan of the Company or a Related Entity, Options shall not be deemed compensation for purposes
of computing benefits or contributions under any retirement plan of the Company or a Related Entity, and shall not affect any benefits
under any other benefit plan of any kind or any benefit plan subsequently instituted under which the availability or amount of
benefits is related to level of compensation. The Plan is not a “Retirement Plan” or “Welfare Plan” under
the Employee Retirement Income Security Act of 1974, as amended.

 

		17.	Shareholder and Trading Market Approval. 

 

		(a)	Subject to the Applicable Laws, including but not limited to Nasdaq Rule 5635(c), once this Plan
is approved by the shareholders of the Company, the granting of individual Options hereunder will not require any further shareholder
approvals, unless such approval is required under Applicable Laws.

 

		(b)	If required by the Applicable Laws, no Options shall be granted unless and until the Company received
Trading Market Approval of such Options and the Shares underlying such Options.

 

    13

     

    

 

		18.	Unfunded Obligation. 

 

Optionees shall have the status
of general unsecured creditors of the Company. Any amounts payable to Optionees pursuant to the Plan shall be unfunded and unsecured
obligations for all purposes. Neither the Company nor any Related Entity shall be required to segregate any monies from its general
funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at
all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment
obligations hereunder. Any investments or the creation or maintenance of any trust or any Optionee account shall not create or
constitute a trust or fiduciary relationship between the Administrator, the Company or any Related Entity and an Optionee, or otherwise
create any vested or beneficial interest in any Optionee or the Optionee’s creditors in any assets of the Company or a Related
Entity. The Optionees shall have no claim against the Company or any Related Entity for any changes in the value of any assets
that may be invested or reinvested by the Company with respect to the Plan.

 

		19.	Shareholder Rights

 

Except as
otherwise provided in this Plan an Optionee shall have none of the rights of a shareholder of the Company with respect to the Shares
covered by any Option until the Optionee becomes the recorded owner of such Shares, which typically occurs upon the exercise of
any such Option and then only with respect to the Shares received upon such exercise.

 

		20.	Construction. 

 

Captions and titles contained
herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise
indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or”
is not intended to be exclusive, unless the context clearly requires otherwise.

 

		21.	Information to Optionees. 

 

Each Optionee shall be provided
with such information regarding the Company as the Board or the Committee from time to time deems necessary or appropriate;
provided, however, that each Optionee shall at all times be provided with such information as is required to be provided from time
to time pursuant to applicable regulatory requirements.

 

		22.	Governing Law

 

The Plan and any Agreements
under the Plan hereunder shall be administered, interpreted and enforced under the laws of the Cayman Islands without regard to
conflicts of laws thereof.

 

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