EX-10.32





 Exhibit 10.32 

Execution Version 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT 

THIS AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of September 14, 2021
by and among (i) LianBio, an exempted company organized under the laws of the Cayman Islands (“LianBio”), (ii) LianBio, LLC, a limited liability company organized under the laws of the State of Delaware, the United States of
America (the “Company”), and (iii) Debra Yu, an American citizen whose passport number is                  (the “Employee”). 

WHEREAS, LianBio, the parent of the Company, and the Employee entered into an employment agreement on September 18, 2019 (the
“2019 Agreement”) under which LianBio employs the Employee as its President and the Chief Business Officer subject to the terms and conditions of the 2019 Agreement. 

WHEREAS, LianBio desires to promote the Employee to the role of President and Chief Strategy Officer subject to the terms and conditions of
the Agreement. 
 WHEREAS, LianBio and the Employee each desire that the Company be substituted for LianBio under the 2019 Agreement, and
the Company and the Employee agree to amend and restate the 2019 Agreement by entering into this Agreement as hereinafter set forth. 
 NOW,
THEREFORE, in consideration of the mutual covenants and obligations hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1.    Assignment. LianBio irrevocably assigns to the Company all rights and obligations of LianBio under the 2019
Agreement (the “Assignment”). The Company and the Employee hereby irrevocably accepts the Assignment, as if the Company had at all times been a party to the 2019 Agreement in place of LianBio. 

2.    Employment. The Company hereby agrees to employ the Employee and the Employee hereby accepts employment with
the Company upon the terms and conditions hereinafter set forth. 
 3.    Term. Subject to the provisions of
Sections 9, 10, 11 and 12 hereof, the initial term of the Employee’s employment with the Company, which commenced as of October 1, 2019, shall end on January 1, 2024 (the “Initial Term”).
Unless earlier terminated by the Company or the Employee in accordance with the terms and conditions set forth herein, the Employee’s employment by the Company hereunder shall automatically be renewed following the Initial Term for subsequent
one (1) year periods (each, a “Renewal Term”) unless either party gives a notice of non-renewal to the other party not later than ninety (90) days prior to the expiration of such
Initial Term or Renewal Term, as applicable (such notice, “Non-Renewal Notice”). Notwithstanding the foregoing, in the event of a Change in Control (as defined below) occurring during the
Employment Period (as defined below), the then current Initial Term or Renewal Term, as applicable, will be converted to an indefinite term, meaning that (a) the Employee or the Company may terminate the Employee’s employment at any time
pursuant to Sections 9, 10, 11 or 12 hereof, and (b) the terms hereof with respect to the renewal and/or non-renewal of the term of the Employee’s employment shall cease
to apply. The term “Employment Period” shall mean the Initial Term and, if applicable, the Renewal Term or any shorter period resulting from any termination of service under Sections 9, 10, 11 and 12
hereof. 
 4.    Location. The Employee will be initially based in the State of New Jersey, the US. For the
avoidance of doubt, the Employee may need to travel to other locations as required by the Company or the board of directors of LianBio (the “Board”) from time to time, with the understanding that the Employee is required to perform
certain of her duties at the offices of the 












 
affiliates of the Company in Shanghai, the People’s Republic of China (the “PRC”), Hong Kong and Singapore and shall spend significant time in such places every year as may
be reasonably determined by the Board. The Employee hereby agrees to sign such other agreements or documents as may reasonably be requested by the Company (or its relevant affiliate(s)) in order to obtain the relevant work permit and residence
permits issued by the PRC government and other regulators for the Employee to legally work and reside in Shanghai. For the avoidance of doubt, the Employee agrees that the requirements set forth in this Section 4 are
material terms of this Agreement. 
 5.    Duties and Responsibilities. The Employee will serve as the President
and the Chief Strategy Officer (the “CSO”) of the Company. The Employee will perform such duties and services as are customary for the positions of President and CSO in similarly situated enterprises in the biopharmaceutical
industry and such other duties as may be reasonably assigned to her from time to time by the Chief Executive Officer of the Company (the “CEO”). In furtherance of the foregoing, the Employee hereby agrees to perform faithfully such
duties and responsibilities and the other reasonable duties and responsibilities assigned to her from time to time by the CEO. 

6.    Time to be Devoted to Service. Except for reasonable vacations, absences due to temporary illness, and
activities that may be mutually agreed to by the parties, the Employee shall devote her entire time, attention and energies during normal business hours and such evenings and weekends as may be reasonably required for the discharge of her duties to
the business of the Company while the Employee is employed by the Company during the Employment Period. During the Employment Period, the Employee will not be engaged in any other business activity that, in the reasonable judgment of the Board,
conflicts with the duties of the Employee hereunder (including without limitation, any activities that present a conflict of interest) without the prior written consent of the Company. The Employee and the Company agree that, subject to receiving
prior written consent from the Board, the Employee may serve as a director of other corporations and/or non-profit organizations, provided that such directorships do not, individually or in the
aggregate, conflict with the duties of the Employee hereunder (including without limitation, any directorships that present a conflict of interest). 

7.    Conflict of Interest. The Employee has reviewed with the Board (i) the present directorships and other
positions or roles held by the Employee or her associate(s) in all such business organizations or arrangements that may be directly competitive or directly in conflict with the Company and (ii) ownership interests (legal or beneficial, direct
or indirect) in another company held by the Employee or her associate(s) comprising more than two percent (2%) of such company, schedules of which are listed on Schedule 1 hereto. During the Employment Period, the Employee agrees to review
with the Board any potential directorships, ownership (legal and beneficial, direct and indirect) interests and other positions or roles with business organizations or arrangements that may be directly competitive or directly in conflict with the
Company. Except as set forth in Schedule 1 hereto, the Employee or her associate(s) is precluded from owning an interest (legal and beneficial, direct and indirect) in another company comprising more than two percent (2%) of such company or
serving as an employee, director, consultant, advisor or member of such other company that may be directly competitive or directly in conflict with the Company until such interest is presented to the Board and the Board consents to such interest or
employment. 
 8.    Compensation; Benefits; Reimbursement. 

8.1    Base Salary. During the Employment Period, the Employee shall receive as compensation an initial annual base
salary of US$500,000 (the “Base Salary”), less any payroll taxes or withholdings legally required or properly requested by the Employee. This Base Salary all other compensation and reimbursement under the Agreement will be payable
in such installments as are applicable to employees of the Company at substantially the same service level as the Employee. The Board will review the Base Salary on an annual basis and may, in its sole discretion, increase the amount to adjust for
inflations and/or market changes. 

  
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 8.2    Equity Awards. During the Employment Period, the Employee
will be eligible to receive stock-based awards (including stock option awards), including in connection with the initial public offering of LianBio’s ordinary shares, under LianBio’s 2019 Equity Incentive Plan, or such other long-term
incentive plan as may be adopted by LianBio from time to time, at a level commensurate with her position and responsibilities as specified above and subject to such terms as shall be established by the Board, or a committee thereof, from time to
time in its or their discretion. 
 8.3    Bonus. At the conclusion of each calendar year during the Employment
Period, the Employee may be entitled to receive a performance-based annual bonus with a target equal to one hundred percent (100%) of the Base Salary (the “Performance Bonus”), the actual amount of which shall be determined by the
Board in its sole and exclusive discretion based on the Board’s evaluation of the Employee’s performance and other pre-agreed parameters reflecting the Company’s business plan. The Employee is
eligible to receive an additional annual cash bonus in excess of the Performance Bonus, the amount of which shall be determined by the Board, in its sole and exclusive discretion. 

8.4    Fringe Benefits. During the Employment Period, the Employee will be entitled to the fringe benefits that are
made available to officers of the Company and such other benefits as are determined by the Board or a committee thereof, in its sole and exclusive discretion. 

8.5    Reimbursements. During the Employment Period, the Employee will be reimbursed, in accordance with the
Company’s expense reimbursement policy as in effect from time to time, for all reasonable traveling expenses and other disbursements incurred by her for or on behalf of the Company in the performance of her duties hereunder upon presentation by
the Employee of appropriate vouchers. 
 8.6    Deductions. Recognizing that the Employee is an employee for all
purposes, the Company or a subsidiary of the Company shall deduct from any compensation payable to the Employee the sums which the Company or such subsidiary is required by law to deduct, including, but not limited to, government state withholding
taxes, social security taxes and state disability insurance and mandatory provident funds, and the Company or such subsidiary shall pay any amounts so deducted to the applicable governmental entities and agents entitled to receive such payments.

 9.    Involuntary Termination. 

9.1    Disability. If the Employee dies, then the Employee’s employment by the Company hereunder shall
automatically terminate on the date of the Employee’s death. If the Employee is incapacitated or disabled by accident, sickness or otherwise so as to render her mentally or physically incapable of performing the services required to be
performed by her under this Agreement, either with or without reasonable accommodation, for a period of ninety (90) consecutive days or longer, or for ninety (90) days during any six (6) month period (such condition being herein
referred to as “Disability”), the Company, at its option, may terminate the Employee’s employment under this Agreement immediately upon giving her notice to that effect. In the case of a Disability, until the Company shall have
terminated the Employee’s service in accordance with the foregoing, the Employee will be entitled to receive compensation, at the rate and in the manner provided in Section 8, notwithstanding any such physical or
mental disability. Termination pursuant to this Section 9 is hereinafter referred to as an “Involuntary Termination”. 

9.2    Substitution. The Board may designate another employee to act in the Employee’s place during any period
of Disability suffered by the Employee during the Employment Period. Notwithstanding any such designation, the Employee shall continue to receive the Employee’s Base Salary and benefits in accordance with Section 8 of
this Agreement until the Employee becomes eligible for disability income under the Company’s disability income insurance (if any) or until the termination of the Employee’s employment, whichever shall first occur. 

  
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 9.3    Disability Income Payments. While receiving disability
income payments under the Company’s disability income insurance (if any), the Employee shall not be entitled to receive any Base Salary under Section 8.1, but shall continue to participate in all other compensation and
benefits in accordance with Section 8.4 until the date of the Employee’s termination of employment. 

9.4    Verification of Disability. If any question shall arise as to whether during any period the Employee is
disabled through any illness, injury, accident or condition of either a physical or psychological nature so as to be unable to perform substantially all of the Employee’s duties and responsibilities hereunder, the Employee may, and at the
request of the Company shall, submit to a medical examination by a physician selected by the Company to whom the Employee or the Employee’s guardian has no reasonable objection to determine whether the Employee is so disabled and such
determination shall for the purposes of this Agreement be conclusive of the issue. If such question shall arise and the Employee shall fail to submit to such medical examination, the Company’s determination of the issue shall be binding on the
Employee. 
 10.    Termination for Cause. The Company, on recommendation from the Board, may terminate the
employment of the Employee hereunder at any time during the Employment Period for Cause (such termination being hereinafter referred to as a “Termination for Cause”) by giving the Employee notice of such termination, upon the giving
of which such termination shall take effect immediately. For the purposes of this Agreement, “Cause” means any one of the following grounds: (i) repeated drunkenness or use of illegal drugs which adversely interferes with the
performance of the Employee’s obligations and duties in the Company; (ii) the Employee’s conviction of a felony, or any crime involving fraud or misrepresentation or violation of applicable securities laws; (iii) gross
mismanagement by the Employee of the business and affairs of the Company or any subsidiary of the Company which is reasonably likely to result in a material loss to the Company or any subsidiary of the Company; (iv) material violation of any
material terms of this Agreement or the Compliance Agreement (as defined below), which material violation has not been cured (if it is capable of being cured) within thirty (30) days after the Employee receives written notice of such violation;
or (v) a conclusive finding by an independent fact finder appointed by the Board for any wilful misconduct or dishonesty by the Employee which is materially detrimental to the interests and well-being of the Company or any subsidiary of the
Company, including, without limitation, harm to its business or reputation. 
 11.    Termination without Cause.
The Company, on recommendation from the Board, may terminate the employment of the Employee hereunder at any time during the Employment Period without Cause (such termination being hereinafter called a “Termination without Cause”)
by giving the Employee sixty (60) days’ prior written notice of such termination or pay in lieu of such notice (or any portion thereof). In the event of termination of the Employee’s employment in accordance with this
Section 11, the Company may elect to waive the period of notice, or any portion thereof, and, if the Company so elects, the Company will pay the Employee the Base Salary for the period so waived. 

12.    Termination by the Employee. 

12.1    Without Good Reason. Any termination of the employment of the Employee hereunder other than as a result of
an Involuntary Termination, a Termination for Cause, a Termination without Cause, a Termination for Good Reason (as defined below) or a Non-Renewal Termination (as defined below) will be referred to
hereinafter as a “Voluntary Termination”. A Voluntary Termination will be deemed to be effective thirty (30) days after written notice hereof. 

12.2    With Good Reason. The Employee may terminate the services of such Employee hereunder at any time for Good
Reason, provided that (i) the Employee provides written notice to the Company, setting forth in reasonable detail the nature of the condition giving rise to Good Reason, within thirty (30) days of the initial existence of such condition,
(ii) the condition remains uncured by the Company for a period of thirty (30) days following such notice and (iii) the 

  
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Employee terminates her employment, if at all, not later than thirty (30) days after the expiration of such cure period (such termination being hereinafter referred to as a
“Termination for Good Reason”). For purposes of this Agreement, the term “Good Reason” shall mean (a) any material diminution of the Employee’s duties or responsibilities hereunder (except in each case in
connection with the Termination for Cause or pursuant to Section 9.2) or the assignment to the Employee of duties or responsibilities that are materially inconsistent with the Employee’s then current position; or
(b) any material breach of the Agreement by the Company. 
 13.    Effect of Termination on Services. 

13.1    Non-Renewal by the Employee, Voluntary Termination or a
Termination for Cause. In the event that the Initial Term or any Renewal Term is not automatically renewed as a result of the Employee providing a Non-Renewal Notice (hereinafter a “Non-Renewal by the Employee”), or upon the termination of the Employee’s employment hereunder pursuant to a Voluntary Termination or a Termination for Cause, neither the Employee nor her beneficiary or
estate will have any further rights or claims against the Company, its affiliates, or its subsidiaries under this Agreement except to receive: 
  

	 	(i)	 the unpaid portion of the Base Salary provided for in Section 8.1, computed on a
pro rata basis to the date of such termination; 


  

	 	(ii)	 reimbursement for any expenses for which the Employee shall not have theretofore been reimbursed as provided in
Section 8.5; and 


  

	 	(iii)	 any other benefits as required by applicable law. 



13.2    Involuntary Termination. Upon the termination of the Employee’s employment hereunder pursuant to an
Involuntary Termination, neither the Employee nor her beneficiary or estate will have any further rights or claims against the Company, its affiliates or its subsidiaries under this Agreement except to receive: 

 

	 	(i)	 a termination payment equal to that provided for in Section 13.1(i) hereto;



  

	 	(ii)	 an aggregate amount equal to the Base Salary and fringe benefits for twelve (12) months (the
“Severance Payment”), payable from the date of such termination in accordance with the Company’s normal payroll policies and at the same rate and in the same manner as set forth in Sections 8.1 and 8.3 hereof,
plus any additional compensation as may be expressly required under applicable law; 


  

	 	(iii)	 reimbursement for any expenses for which the Employee shall not have theretofore been reimbursed as provided in
Section 8.5; and 


  

	 	(iv)	 any other benefits as required by applicable law. 



13.3    Non-Renewal by the Company. In the event that the Initial Term or
any Renewal Term is not automatically renewed as a result of the Company providing a Non-Renewal Notice (hereinafter a “Non-Renewal by the Company”, and
together with the Non-Renewal by the Employee, collectively referred to as the “Non-Renewal Termination(s)”), neither the Employee nor her beneficiary
or estate will have any further rights or claims against the Company, its affiliates or its subsidiaries under this Agreement except to receive: 
  

	 	(i)	 a termination payment equal to that provided for in Section 13.1(i) hereto;




  
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	 	(ii)	 one hundred percent (100%) of the Severance Payment, payable from the date of such termination in accordance
with the Company’s normal payroll policies and at the same rate and in the same manner as set forth in Sections 8.1 and 8.3 hereof, plus any additional compensation as may be expressly required under applicable law;



  

	 	(iii)	 reimbursement for any expenses for which the Employee shall not have theretofore been reimbursed as provided in
Section 8.5; and 


  

	 	(iv)	 any other benefits as required by applicable law. 



13.4    Other Terminations. Upon the termination of the Employee’s employment hereunder pursuant to a
Termination without Cause or a Termination for Good Reason, neither the Employee nor her beneficiary or estate will have any further rights or claims against the Company, its affiliates or its subsidiaries under this Agreement except to receive:

  

	 	(i)	 a termination payment equal to that provided for in Section 13.1(i) hereto;



  

	 	(ii)	 the Severance Payment, payable from the date of such termination in accordance with the Company’s normal
payroll policies and at the same rate and in the same manner as set forth in Sections 8.1 and 8.3 hereof, plus any additional compensation as may be expressly required under applicable law; 



 

	 	(iii)	 reimbursement for any expenses for which the Employee shall not have theretofore been reimbursed as provided in
Section 8.5; and 


  

	 	(iv)	 any other benefits as required by applicable law. 



13.5    Change in Control Termination. Upon the termination of the Employee’s employment hereunder pursuant to
a Termination without Cause or a Termination for Good Reason within twelve (12) months following a Change in Control (hereinafter a “Change in Control Termination”), neither the Employee nor her beneficiary or estate will have
any further rights or claims against the Company, its affiliates or its subsidiaries under this Agreement except to receive: 
  

	 	(i)	 a termination payment equal to that provided for in Section 13.1(i) hereto;



  

	 	(ii)	 the Severance Payment, payable from the date of such termination in accordance with the Company’s normal
payroll policies and at the same rate and in the same manner as set forth in Sections 8.1 and 8.3 hereof, plus any additional compensation as may be expressly required under applicable law; 



 

	 	(iii)	 one hundred percent (100%) accelerated vesting of any then-outstanding unvested stock options or other
equity-based incentives granted to the Employee by the Company; 


  

	 	(iv)	 reimbursement for any expenses for which the Employee shall not have theretofore been reimbursed as provided in
Section 8.5; and 


  

	 	(v)	 any other benefits as required by applicable law. 



For purposes of this Agreement, “Change in Control” means the occurrence of any of the following: 

  
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	 	(i)	 any one person, or more than one person acting as a group (“Person”), acquires ownership of
the stock of LianBio that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of LianBio, except that any change in the ownership of the stock of LianBio as a result of a private financing
of LianBio that is approved by the Board will not be considered a Change in Control; or 


  

	 	(ii)	 the sale of all or substantially all assets of LianBio. 



For purposes of this definition, Persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger,
consolidation, purchase or acquisition of stock, or similar business transaction with LianBio. Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to re-domicile LianBio in a jurisdiction other than its original jurisdiction of incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by
the persons who held LianBio’s securities immediately before such transaction. With regard to any payment considered to be nonqualified deferred compensation under Section 409A (as defined below), to the extent applicable, that is payable
upon a Change in Control, to avoid the imposition of an additional tax, interest or penalty under Section 409A, no amount will be payable unless such change in control constitutes a “change in control event” within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations. 
 13.6    Release.
The parties acknowledge and agree that damages which will result to the Employee for Termination without Cause by the Company or other breach of this Agreement by the Company shall be extremely difficult or impossible to establish or prove, and
agree that the Severance Payment shall constitute liquidated damages for any breach of this Agreement by the Company through the date of termination. The Employee agrees that, except for such other payments and benefits to which the Employee may be
entitled as expressly provided by the terms of this Agreement or any applicable benefit plan, such liquidated damages shall be in lieu of all other claims that the Employee may make by reason of termination of her employment or any such breach of
this Agreement and that, as a condition to receiving the Severance Payment, the Employee will execute a release of claims in a form reasonably satisfactory to the Company. 

14.    Indemnification of Employee. 

14.1    Indemnification. In the event that (a) the Employee was or is a party or is threatened to be made a
party to any Proceeding (as defined below) by reason of the Employee’s Corporate Status (as defined below) or (b) the Employee was or is a party or is threatened to be made a party to any Proceeding by or in the right of the Company to
procure a judgment in its favor by reason of the Employee’s Corporate Status, the Employee shall be indemnified by the Company against all Expenses (as defined below) and Liabilities (as defined below) incurred or paid by the Employee in
connection with such Proceeding (referred to herein as “Indemnifiable Amounts”). For purposes hereof, the terms (i) “Proceeding” means any threatened, pending or completed claim, action, suit, arbitration, alternate
dispute resolution process, investigation, administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative, arbitrative or investigative, whether formal or informal, (ii) “Corporate Status” means the
status of the Employee as an employee and/or director of the Company, as applicable, (iii) “Expenses” means all fees, costs and expenses incurred in connection with any Proceeding, including, without limitation, reasonable
attorneys’ fees, disbursements and retainers, fees and disbursements of expert witnesses, private investigators and professional advisors (including, without limitation, accountants and investment bankers), court costs, transcript costs, fees
of experts, travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges, postage, delivery services, secretarial services and other disbursements and expenses and (iv) “Liabilities” means
judgments, damages, liabilities, losses, penalties, excise taxes, and fines. 

  
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 14.2    Advancement of Expenses. The Company agrees that the
Company shall pay to the Employee all Indemnifiable Amounts incurred by the Employee in connection with any Proceeding, including a Proceeding by the right of the Company, in advance of the final disposition of such Proceeding, as the same are
incurred, provided that the Employee provides the Company with a written undertaking to repay the amount of Indemnifiable Amounts if it is finally determined by a court of competent jurisdiction that the Employee is not entitled under this Agreement
to indemnification with respect to such Indemnifiable Amounts. 
 14.3    Limitation on Indemnification. The
Employee shall not be entitled to any indemnification under this Section 14 if the Employee knowingly violated any duty, responsibility or obligation of the Employee imposed under this Agreement, the Compliance Agreement or
any Company policy. 
 14.4    Change in Law. To the extent that a change in applicable law (whether by statute
or judicial decision) shall permit broader indemnification or advancement of expenses than is provided under this Agreement, the Employee shall be entitled to such broader indemnification and advancements, and this Agreement shall be deemed to be
amended to such extent. 
 15.    Compliance Agreement. The Employee agrees to continue to be bound by the
Agreement Regarding Confidentiality, Trade Secrets, Intellectual Property and Competitive Activities executed by the Company and the Employee on September 19, 2019 (the “Compliance Agreement”, attached hereto as Exhibit
A), the terms and conditions of which are specifically incorporated herein by reference. Notwithstanding the foregoing, the parties hereto hereby agree that Section 3(a)(2) of the Compliance Agreement shall not apply to the Employee
following the date of termination if the Employee’s employment is terminated as a result of (a) a Non-Renewal by the Company or (b) a Change in Control Termination. The obligation of the Company
to make payments to or on behalf of the Employee under Section 13.2(ii), Section 13.3(ii), Section 13.4(ii) or Section 13.5(ii) above is
expressly conditioned upon the Employee’s continued performance of the Employee’s obligations under the Compliance Agreement. 

16.    Compliance with Anti-Bribery, Anti-Corruption, Etc. The Employee hereby agrees to attend any and all
compliance trainings required by the Company and to comply with all applicable laws relating to anti-bribery, anti-corruption, anti-money laundering, record keeping and internal control laws, including but not limited to the People’s Republic
of China Criminal Law, the People’s Republic of China Anti-Unfair Competition Law, the United States Foreign Corrupt Practices Act and the United Kingdom Bribery Act (together, “ABAC Policies”), with respect to all activities
undertaken on behalf or in connection with the business of the Company, its affiliates or its subsidiaries. The Employee further agrees that the Employee will not, directly or indirectly, offer, authorize, promise, condone or participate in:
(a) the making of any gift or payment of anything of value to any public official by any person or entity to obtain any improper advantage, affect or influence any act or decision of any such public official, or assist the Company, its
affiliates or its subsidiaries in obtaining or retaining business for, or with, or directing business to, any person or entity, (b) the taking of any action by any person or entity which (i) would violate ABAC Policies, if taken by an
entity subject to ABAC Policies, or (ii) could reasonably be expected to constitute a violation of any applicable law, (c) the making of any false or fictitious entries in the books or records of the Company, its affiliates or its
subsidiaries by any person or entity, or (d) the using of any assets of the Company, its affiliates or its subsidiaries for the establishment of any unlawful or unrecorded fund of monies or other assets, or the making of any unlawful or
undisclosed payment. 
 17.    Enforcement. It is the desire and intent of the parties hereto that the provisions
of this Agreement will be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, to the extent that a restriction contained in this Agreement is more
restrictive than permitted by the laws of any jurisdiction whose law may be deemed to govern the review and interpretation of this Agreement, the terms of such restriction, for the purpose only of the operation of such restriction in such
jurisdiction, 

  
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will be the maximum restriction allowed by the laws of such jurisdiction and such restriction will be deemed to have been revised accordingly herein. A court having jurisdiction over an action
arising out of or seeking enforcement of any restriction contained in this Agreement may modify the terms of such restriction in accordance with this Section 17. 

18.    Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing
and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on
the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) two (2) business days after deposit with an internationally recognized
overnight courier, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address as set forth on the signature page, or to such
e-mail address, facsimile number or address as subsequently modified by written notice given in accordance with this Section 18. 

19.    Survival. The provisions set forth in Sections 13, 17, 19, 21, 25,
27 and 30 of this Agreement shall survive the termination of this Agreement. 
 20.    Binding
Agreement; Benefit. The provisions of this Agreement will be binding upon and will inure to the benefit of, the respective heirs, legal representatives and successors of the parties hereto. 

21.    Governing Law. This Agreement shall be governed by and construed under the laws of the State of New Jersey,
the US, without giving effect to any choice of law rule that would cause the application of the laws of any other jurisdiction. 

22.    Waiver of Breach. The waiver by either party of a breach of any provision of this Agreement by the other
party must be in writing and will not operate or be construed as a waiver of any subsequent breach by such other party. 

23.    Entire Agreement; Amendments. This Agreement contains the entire agreement between the parties with respect
to the subject matter hereof and supersedes all prior agreements or understanding among the parties with respect thereto. This Agreement may be amended only by an agreement in writing signed by each of the parties hereto. 

24.    Headings. The Section headings contained in this Agreement are for reference purposes only and will not
affect in any way the meaning or interpretation of this Agreement. 
 25.    Severability. Subject to the
provisions of Section 17 above, any provision of this Agreement that is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction. 

26.    Assignment. This Agreement is personal in its nature and the parties hereto shall not, without the consent
of the other party hereto, assign or transfer this Agreement or any rights or obligations hereunder, provided, however, that the rights and obligations of the Company hereunder shall be assignable and delegable in connection with any subsequent
merger, consolidation, sale of all or substantially all of the assets or shares of the Company or similar transaction involving the Company or a successor corporation. 

27.    Confidentiality. The Employee agrees not to disclose this Agreement or its terms to any person or entity,
other than the Employee’s agents, advisors or representatives, except as consented to by the Company in writing or as may be required by law. 

  
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 28.    Further Assurances. The Employee agrees to execute,
acknowledge, seal and deliver such further assurances, documents, applications, agreements and instruments, and to take such further actions, as the Company may reasonably request in order to accomplish the purposes of this Agreement. 

29.    Counterparts. The parties may execute this Agreement in any number of counterparts and, as so delivered, the
counterparts shall together constitute one and the same document. The parties agree that each such counterpart is an original and shall be binding upon all of the parties, even though all of the parties are not signatories to the same counterpart.

 30.    Dispute Resolution. 

30.1    Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this
Agreement, or the interpretation, breach, termination, validity or invalidity thereof, shall be referred to and conclusively determined by arbitration upon the demand of any party to the dispute with notice (the “Arbitration
Notice”) to the other party or parties. The only claims not covered by this agreement to arbitrate are claims for benefits under U.S. workers’ compensation or unemployment insurance statutes and other claims that cannot be arbitrated
as a matter of law. Any Dispute must be brought to arbitration within the statute of limitations for bringing such Dispute in court or before the appropriate administrative agency, as applicable. 

30.2    The Dispute shall be settled by arbitration in New Jersey administered by JAMS in accordance with its Employment
Arbitration Rules & Procedures. In the event that JAMS fails or refuses to conduct the arbitration in New Jersey, then the Dispute shall be resolved by binding arbitration before JAMS in New York. 

30.3    The disputing parties may jointly select one (1) arbitrator, or agree that JAMS shall select the arbitrator.
In the absence of such agreement, there shall be three (3) arbitrators, the claimant to the Dispute, or in the case of multiple claimants, all such claimants acting collectively (the “Claimant”) shall select one
(1) arbitrator and the respondent to the Dispute, or in the case of more than one respondent, the respondents acting collectively (the “Respondent”) shall select one (1) arbitrator. All selections shall be made within
thirty (30) days after the selecting party gives or receives the demand for arbitration. Such arbitrators shall be freely selected, and neither the Claimant nor the Respondent shall be limited in their selection to any prescribed list. The
Chairman of JAMS shall select the third arbitrator who will act as chairman of the arbitration board. If any arbitrator to be appointed by a party has not been appointed and consented to participate within thirty (30) days after the selection
of the first arbitrator, the relevant appointment shall be made by the Chairman of JAMS. 
 30.4    The arbitral
proceedings shall be conducted in English. To the extent that the Employment Arbitration Rules & Procedures of JAMS are in conflict with the provisions of this Section, including the provisions concerning the appointment of the arbitrators,
the provisions of this Section shall prevail. 
 30.5    Each party to the arbitration shall cooperate with each other
party to the arbitration in making full disclosure of and providing complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding
on such party. If the arbitration is conducted in New York, the arbitrator shall permit adequate discovery, shall issue a written award, and is authorized to award any type of relief recoverable in court. 

30.6    The decision of the arbitral tribunal shall be final and binding upon the parties thereto, and the prevailing
party may apply to a court of competent jurisdiction for enforcement thereof. 

  
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 30.7    The arbitral tribunal shall decide any Dispute submitted by the
parties to the arbitration strictly in accordance with the substantive laws of the State of New Jersey. 
 30.8    Any
party to the Dispute shall be entitled, without posting any bond, to seek preliminary injunctive relief, temporary restraining order or other temporary relief (if applicable), from any court of competent jurisdiction pending the constitution of the
arbitral tribunal. 
 30.9    During the course of the arbitral tribunal’s adjudication of the Dispute, this
Agreement shall continue to be performed except with respect to the part in dispute and under adjudication. 

30.10    (i) The Employee acknowledges and agrees that no claims will be arbitrated on a class action or collective action
basis, (ii) the arbitration costs incurred by the Employee shall not exceed the cost of filing a complaint in a court of law or equity, and (iii) the parties expressly waive all rights to a jury trial in court on all statutory or other
claims. 
 31.    Timing of Payments and Section 409A. 

31.1    Notwithstanding anything to the contrary in this Agreement, if at the time the Employee’s employment
terminates, the Employee is a “specified employee,” as defined below, any and all amounts payable under this Agreement on account of such separation from service that would (but for this provision) be payable within six (6) months
following the date of termination, shall instead be paid on the next business day following the expiration of such six (6)-month period or, if earlier, upon the Employee’s death; except (A) to the extent of amounts that do not constitute a
deferral of compensation within the meaning of Treasury regulation Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in
Section 1.409A-1(b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (B) benefits which qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A-1(a)(5); or (C) other amounts or benefits that are not subject to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended
(“Section 409A”). 
 31.2    For purposes of this Agreement, to the extent required
to comply with Section 409A, all references to “termination of employment” and correlative phrases shall be construed to require a “separation from service” (as defined in
Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term “specified employee” means an individual determined by the Company to be
a specified employee under Treasury regulation Section 1.409A-1(i) 

31.3    Any reimbursement for expenses that would constitute nonqualified deferred compensation subject to
Section 409A shall be subject to the following additional rules: (i) no reimbursement of any such expense shall affect the Employee’s right to reimbursement of any such expense in any other taxable year; (ii) reimbursement of the
expense shall be made, if at all, promptly, but not later than the end of the calendar year following the calendar year in which the expense was incurred; and (iii) the right to reimbursement shall not be subject to liquidation or exchange for
any other benefit. 
 31.4    In no event shall the Company have any liability relating to the failure or alleged
failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A. 
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remainder of this page has been left intentionally blank] 

  
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 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above
written. 
 LIANBIO: 
  

							
	LianBio	  		  	 Address: Harbour Place, 2nd Floor, 103 South Church Street,

PO Box 472, George Town, Grand Cayman KY1-1106,

Cayman Islands

				
	By:	 	 /s/ Yizhe Wang
	  	        	  	
	Name:	 	Yizhe Wang	  		  	Tel:
	Title: Chief Executive Officer	  		  	Fax:
		 		  		  	Attn: Yizhe Wang
		 		  		  	Email: Yizhe.Wang@lianbio.com
			
	COMPANY:	  		  	
			
	LianBio, LLC	  		  	 Address: 103 Carnegie Center Drive, Suite 215, Princeton,

New Jersey 08540

				
	By:	 	 /s/ Yizhe Wang
	  		  	 Tel:

	Name:	 	Yizhe Wang	  		  	 Fax:

	 Title: Chief Executive Officer
	  		  	 Attn: Yizhe Wang

		 		  		  	 Email: 

			
	EMPLOYEE:	  		  	
				
		 		  		  	 Address:

			
	/s/ Debra Yu	  		  	
	 Debra Yu
	  		  	 Tel:

Fax:

Attn:

Email:


 [Signature Page to Executive Employment Agreement] 












 SCHEDULE 1 

CONFLICT OF INTEREST 

  
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 EXHIBIT A 

AGREEMENT REGARDING CONFIDENTIALITY, TRADE SECRETS, 

INTELLECTUAL PROPERTY AND COMPETITIVE ACTIVITIES 

  
 A-1