Document:

Exhibit 10.4

 

 

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

 

25
September 2017

 

Attn:
Mr. Lui Wang Yip Darren

  

Dear
Mr. Lui,

 

Appointment
Letter

 

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

 

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

 

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

  

		1.	The
                                         Company and the Group

 

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

 

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

  

		2.	Position
                                         and Appointment

 

		(a)	You
                                         will be appointed to act as the President, Chief Business Officer (“CBO”)
                                         and Executive Director (“ED”) of the Company (“Appointments”
                                         or “Roles”).

 

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

  

     

     

    

  

 
Aptorum Group Limited

Aptus Management Limited

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

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

 

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

  

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

  

		3.	Date
                                         of Commencement

 

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

  

		4.	Duties
                                         and Responsibilities

 

		(a)	You
                                         shall be 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
                                         of business, medical, and financial initiatives of the Group.

 

		(b)	As
                                         the CBO of the Company, you shall be responsible towards the management and supervision
                                         of the Group, and overall strategic direction of business development activities of the
                                         Group. Other members of the Board shall draw upon your business insight and financial
                                         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.

  

    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

 

		(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.

 

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.

  

		5.	Salary
                                         and Cash Bonus

 

		(a)	Your
                                         starting salary will be HKD 150,000 per month, paid out in an equivalent amount
                                         of thirteen (13) months per calendar year.

 

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

 

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

 

    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

 

		6.	Share
                                         Bonus:

 

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

  

		7.	Share
                                         Option

 

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

  

		8.	Restriction
                                         on Other Activities

 

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

 

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

 

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

  

		9.	Privacy
                                         of Information

 

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

  

    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

 

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

 

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

  

		10.	Insurance
                                         and Indemnity

 

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

  

		11.	Termination

 

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

 

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

 

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

 

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

 

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

 

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

  

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

  

    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

 

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

 

Yours
faithfully, 

  

	For and on behalf of	 	 
	 	 	 
	APTORUM GROUP LIMITED	 	Agreed and accepted by:
	 	 	 
	 	 	 
	Name: Huen Chung Yuen Ian	 	Name: Lui Wang Yip Darren
	Position: Director	 	HKID No.: Z302315(0)
	 	 	 
	 	 	 
	Date	 	Date

 

 

6Exhibit
10.5

 

 

APTUS Management Limited

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

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

 

31st
August 2017

 

Dr.
Clark Cheng

 

Dear
Dr. Cheng,

Employment
Letter

 

We
are pleased and welcome your acceptance to be appointed as an Executive Director of the Board of Directors for both APTUS Holdings
Limited (“AHL”) and Aptorum Medical Limited (“APML”) (whereby together shall be known as the
“Companies”). You shall be employed full-time under the hiring entity APTUS Management Limited (“AML”),
a wholly owned subsidiary of AHL. Additionally, you shall be appointed the designation of Chief Medical Officer of AHL.
The Companies are incorporated with limited liabilities under the laws of Cayman Islands and AML is duly incorporated with limited
liabilities in Hong Kong. The Companies have affiliate companies in the Cayman Islands, Hong Kong, and Macau, whereby collectively,
shall be depicted as “APTUS” or the “Group”.

 

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

  

		1.	The
                                         Group

 

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

 

		2.	Position
                                         and Responsibilities

 

		(a)	You
                                         will be enlisted to act as an Executive Director on the Board of Directors for
                                         both AHL and APML, and appointed as the Chief Medical Officer (“CMO”)
                                         of AHL (collectively the “Roles”).

 

		(b)	You
                                         shall be a member of the management team of the Companies, which will have a duty to
                                         oversee and manage the operations of the Group.

 

		(c)	As
                                         an Executive Director of the Companies and CMO of AHL, you shall be responsible towards
                                         the management and supervision of the Companies, particularly in aspects associated to
                                         the business, research, and development activities of the Companies. Other members of
                                         the Executive Board shall draw upon your academic insight and medical expertise where
                                         suitable. You shall provide guidance, steering, and access of expert networks to the
                                         Group where appropriate and required.

   

     

     

    

   

 

APTUS Management Limited

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

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

 

		(d)	You
                                         are expected to fulfill operational and management duties as requested by the Companies,
                                         the shareholders of the Companies, 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.

 

		(e)	You
                                         shall:

 

		(i)	Observe
                                         and comply with all statutory rules, and regulations where applicable as governed by
                                         the internal policies and guidelines of the Company, and the laws of Hong Kong Special
                                         Administrative Region;

 

		(ii)	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.

 

		3.	Date
                                         of Commencement

 

Your
official date of appointment of the said Roles for the Companies shall commence on ________________ (“Effective Date”),
as mutually agreed upon between yourself and the Executive Board of Directors of the Companies.

 

		4.	Salary
                                         and Cash Bonus

 

		(a)	Your
                                         starting salary will be HKD 150,000 (Hong Kong Dollars One Hundred Fifty Thousand)
                                         per month paid out in twelve instalments per calendar year.

 

		(b)	Annual
                                         increment of your salary will be assessed on the basis of professional merit and the
                                         Group’s performance, and is awarded at the discretion of the Board of Directors
                                         of the Companies and approval of the remuneration committee.

 

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

 

		5.	Stock
                                         Bonus:

 

You
shall be entitled to receive upon employment a stock bonus in the amount of 5% of issued ordinary share capital of Aptorum Medical
Limited, with investor rights on a parri passu basis to founding shareholders of APML. Such said shares shall be allocated to
your provided shareholder name at a timely but practical date subsequent to the Effective Date of this Agreement.

 

At
each anniversary date from the Effective Date, your ownership APML is eligible to increase by 1% of issued ordinary share capital
per year up to a maximum additional amount of 5% of issued ordinary share capital by the 5th anniversary from the Effective
Date. Effective ownership is subjected to dilution effects in alignment of all ordinary shareholders in the event of external
financing activities whereby ordinary shares are to be issued to new investors.

  

    2 

     

    

  

 

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
terms and conditions of stock bonuses shall be assessed based on the overall financial position and performance of the Group,
as well as your contribution and performance upon rendering services by yourself during your employment under this Agreement.

 

		6.	Stock
                                         Option

 

You
may be granted an option to purchase shares of the stock in the Companies with the particulars of: the amount (percentage of issued
and outstanding stock of the Companies), the term, extended terms (if any), option pricing and valuation method, and any other
particulars associated to eligibility of stock option purchases, shall be definitively defined in a subsequent “Stock Option
and Stock Bonus Addendum” at a future date as mutually agreed upon between yourself and the Executive Board of Directors.

 

		7.	Mandatory
                                         Provident Fund

 

You
will be entitled to become a member of AML’s Mandatory Provident Fund scheme in accordance with the company’s policy
and the statutory requirements.

 

		8.	Medical
                                         Insurance

 

You
will be admitted to the Group’s Medical scheme, which provides reimbursement of consultation and hospitalization expenses
in accordance with the terms of the scheme.

 

		9.	Restriction
                                         on Other Activities

 

		(a)	During
                                         your employment, you shall diligently and faithfully serve the Companies 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 of whatsoever nature
                                         outside the Companies, unless otherwise approved and consented by the Board of Directors
                                         in writing.

 

		10.	Privacy
                                         of Information

 

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

 

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

  

    3 

     

    

  

 
APTUS Management Limited

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

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

 

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

 

		11.	Annual
                                         Holiday

 

You
shall be entitled to an annual leave of 20 working days (exclusive of statutory holidays) during each twelve-month period to be
taken at such time as the Group shall consider most convenient having regard to the requirements of the business of the Companies.
The said holiday shall not be accumulated beyond each twelve-month period and if not taken in full in any particular period you
shall not be entitled to salary or remuneration in lieu of taking such holiday.

 

		12.	Termination

 

Your
appointment as an Executive Director of the Companies and CMO of AHL may individually or wholly be terminated:

 

		(a)	By
                                         you after giving one or both Companies not less than three (3) months’ notice in
                                         writing respectively;

 

		(b)	By
                                         one or both the Companies after giving you three (3) months’ notice in writing
                                         respectively; or

 

		(c)	By
                                         both the Companies without notice or compensation in the event of your 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 Companies, or those as governed
                                         by the laws of Hong Kong Special Administrative Region.

 

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

  

Yours
faithfully, 

 

	For and on behalf of	 	 
	 	 	 
	APTUS MANAGEMENT LIMITED	 	Agreed and accepted by:
	 	 	 
	 	 	 
	Name: Huen Chung Yuen Ian	 	Name: Clark Cheng
	Position: Director	 	HKID No.:
	 	 	 
	 	 	 
	Date	 	Date

 

 

4

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