EX-10.34





 Exhibit 10.34 

Final Form 

LianBio 
 2019 EQUITY
INCENTIVE PLAN 
 ARTICLE I. 

PURPOSE. 
 The purpose of
the Plan is to advance the interests of the Company’s shareholders by enhancing the Company’s ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the Company by providing such
persons with equity ownership opportunities and thereby better aligning the interests of such persons with those of the Company’s shareholders. Capitalized terms used in the Plan are defined in Article XI below. 

ARTICLE II. 

ELIGIBILITY. 
 Service
Providers are eligible to be granted Awards under the Plan, subject to the limitations described herein. 
 ARTICLE III. 

ADMINISTRATION AND DELEGATION. 

3.1 Administration. The Plan will be administered by the Administrator. The Administrator shall have authority to determine which
Service Providers will receive Awards, to grant Awards and to set all terms and conditions of Awards (including, but not limited to, vesting, exercise and forfeiture provisions). In addition, the Administrator shall have the authority to take all
actions and make all determinations contemplated by the Plan and to adopt, amend and repeal such administrative rules, guidelines and practices relating to the Plan as it shall deem advisable. The Administrator may correct any defect or ambiguity,
supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem necessary or appropriate to carry the Plan and any Awards into effect, as determined by the Administrator. The Administrator
shall make all determinations under the Plan in the Administrator’s sole discretion and all such determinations shall be final and binding on all persons having or claiming any interest in the Plan or in any Award. 

3.2 Appointment of Committees. To the extent permitted by Applicable Laws and the Amended and Restated Memorandum and Articles
of Association of the Company (as may be further amended and/or restated from time to time, the “Articles”), the Board may delegate any or all of its powers under the Plan to one or more Committees. The Board may abolish any Committee at
any time and re-vest in itself any previously delegated authority. 
 ARTICLE IV. 

SHARES AVAILABLE FOR AWARDS. 

4.1 Number of Shares. Subject to adjustment under Article VIII hereof, Awards may be made under the Plan covering up to
1,300,000 Ordinary Shares. If any Award expires or lapses or is terminated, surrendered or canceled without having been fully exercised or is forfeited in whole or in part (including, without limitation, as the result of Ordinary Shares subject to
such Award being repurchased by the Company at or below the original issuance price), in any case in a manner that results in any Ordinary Shares covered by such Award not being issued or being so reacquired by the Company, the unused Ordinary
Shares covered by such Award shall again be available for the grant of Awards under the Plan. Further, Ordinary Shares delivered (either by actual delivery or attestation) to the Company by a Participant to satisfy the applicable exercise or
purchase price of an Award and/or to satisfy any applicable tax 












 
withholding obligation (including, without limitation, shares retained by the Company from the Award being exercised or purchased and/or creating the tax obligation) shall be added to the number
of Ordinary Shares available for the grant of Awards under the Plan. However, in the case of Incentive Stock Options, the foregoing provisions shall be subject to any limitations under the Code. Ordinary Shares issued under the Plan may consist in
whole or in part of authorized but unissued shares, shares purchased on the open market or treasury shares. 
 4.2 Substitute Awards.
In connection with a merger or consolidation of an entity with the Company or the acquisition by the Company of property or shares of an entity, the Administrator may grant Awards in substitution for any options or other share or share-based awards
granted prior to such merger or consolidation by such entity or an affiliate thereof. Substitute Awards may be granted on such terms as the Administrator deems appropriate in the circumstances, notwithstanding any limitations on Awards contained in
the Plan. Substitute Awards shall not count against the overall share limit set forth in Section 4.1 hereof, except as may be required by reason of Section 422 of the Code. 

ARTICLE V. 
 SHARE
OPTIONS. 
 5.1 General. The Administrator may grant Options to any Service Provider, subject to the limitations on Incentive
Stock Options described below. The Administrator shall determine the number of Ordinary Shares to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of each Option, including,
without limitation, conditions relating to Applicable Laws, as it considers necessary or advisable. 
 5.2 Incentive Stock Options.
The Administrator may grant Options intended to qualify as Incentive Stock Options only to employees of the Company, any of the Company’s present or future “parent corporations” or “subsidiary corporations” as defined in
Sections 424(e) or (f) of the Code, respectively, and any other entities the employees of which are eligible to receive Incentive Stock Options under the Code. All Options intended to qualify as Incentive Stock Options shall be subject to and
shall be construed consistently with the requirements of Section 422 of the Code. Neither the Company nor the Administrator shall have any liability to a Participant, or any other party, (i) if an Option (or any part thereof) which is
intended to qualify as an Incentive Stock Option fails to qualify as an Incentive Stock Option or (ii) for any action or omission by the Administrator that causes an Option not to qualify as an Incentive Stock Option, including, without
limitation, the conversion of an Incentive Stock Option to a Non-Qualified Stock Option or the grant of an Option intended as an Incentive Stock Option that fails to satisfy the requirements under the Code
applicable to an Incentive Stock Option. Any Option that is intended to qualify as an Incentive Stock Option, but fails to so qualify for any reason, including, without limitation, the portion of any Option becoming exercisable in excess of the
$100,000 limitation described in Treasury Regulation Section 1.422-4, shall be treated as a Non-Qualified Stock Option for all purposes. 

5.3 Exercise Price. The Administrator shall establish the exercise price of each Option and specify the exercise price in the
applicable Award Agreement. The exercise price shall be not less than 100% of the Fair Market Value on the date the Option is granted. In the case of an Incentive Stock Option granted to an employee who, at the time of grant of the Option, owns (or
is treated as owning under Section 424 of the Code) shares representing more than 10% of the voting power of all classes of shares of the Company (or a “parent corporation” or “subsidiary corporation” thereof within the
meaning of Sections 424(e) or 424(f) of the Code, respectively), the per share exercise price shall be no less than 110% of the Fair Market Value on the date the Option is granted. 












 5.4 Duration of Options. Each Option shall be exercisable at such times and
subject to such terms and conditions as the Administrator may specify in the applicable Award Agreement, provided that the term of any Option shall not exceed ten years. In the case of an Incentive Stock Option granted to an employee who, at the
time of grant of the Option, owns (or is treated as owning under Section 424 of the Code) shares representing more than 10% of the voting power of all classes of shares of the Company (or a “parent corporation” or “subsidiary
corporation” thereof within the meaning of Sections 424(e) or 424(f) of the Code, respectively), the term of the Option shall not exceed five years. 

5.5 Exercise of Option; Notification of Disposition. Options may be exercised by delivery to the Company of a written notice of
exercise, in a form approved by the Administrator (which may be an electronic form), signed by the person authorized to exercise the Option, together with payment in full (i) as specified in Section 5.6 hereof for the number of shares for
which the Option is exercised and (ii) as specified in Section 9.5 hereof for any applicable withholding taxes. Unless otherwise determined by the Administrator, an Option may not be exercised for a fraction of an Ordinary Share. If an
Option is designated as an Incentive Stock Option, the Participant shall give fifteen (15) days prior written notice to the Company of any disposition or other transfer of any Ordinary Shares acquired from the Option if such disposition or
transfer is made (i) within two years from the grant date with respect to such Option or (ii) within one year after the transfer of such shares to the Participant (other than any such disposition made in connection with a Change in
Control). Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition or other transfer. 

5.6 Payment Upon Exercise. Ordinary Shares purchased upon the exercise of an Option granted under the Plan shall
be paid for in cash, by wire transfer of immediately available funds or by check, payable to the order of the Company, or, subject to Section 10.8, any Company insider trading policy (including, without limitation, any blackout periods) and
Applicable Laws, by: 
 (a) If the Company is a Publicly Listed Company, unless the Administrator otherwise determines, (A) delivery of
an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to pay the exercise price, or (B) delivery by the Participant to the Company of a copy of irrevocable and
unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to pay the exercise price, provided in either case, that such amount is paid to the Company at such time as may be
required by the Administrator; 
 (b) to the extent permitted by the Administrator, delivery (either by actual delivery or attestation) of
Ordinary Shares owned by the Participant valued at their Fair Market Value, provided (A) such method of payment is then permitted under Applicable Laws, (B) such Ordinary Shares, if acquired directly from the Company, was owned by the
Participant for such minimum period of time, if any, as may be established by the Company at any time, and (C) such Ordinary Shares are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements; 

(c) to the extent permitted by the Administrator, surrendering Ordinary Shares then issuable upon exercise of the Option valued at their Fair
Market Value on the date of exercise; or 
 (d) any combination of the above permitted forms of payment (including, without limitation, cash
or check). 












 ARTICLE VI. 

RESTRICTED SHARES; RESTRICTED SHARE UNITS. 

6.1 General. The Administrator may grant Restricted Shares, or the right to purchase Restricted Shares, to any Service Provider,
subject to the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price from the Participant (or to require forfeiture of such shares if issued at no cost) in the event that conditions
specified by the Administrator in the applicable Award Agreement are not satisfied prior to the end of the applicable restriction period or periods established by the Administrator for such Award. In addition, the Administrator may grant to
Service Providers Restricted Share Units, which may be subject to vesting and forfeiture conditions during applicable restriction period or periods, as set forth in an applicable Award Agreement. 

6.2 Terms and Conditions for All Restricted Share and Restricted Share Unit Awards. The Administrator shall determine and set forth in
the applicable Award Agreement the terms and conditions applicable to each Restricted Share and Restricted Share Unit Award, including, without limitation, the conditions for vesting and repurchase (or forfeiture) and the issue price, in each case,
if any. 
 6.3 Additional Provisions Relating to Restricted Share. 

(a) Dividends. Participants holding Restricted Shares will be entitled to all ordinary cash dividends paid with respect to such shares
to the extent such dividends have a record date that is on or after the date on which the Participant to whom such Restricted Shares are granted becomes the record holder of such Restricted Shares, unless otherwise provided by the Administrator in
the applicable Award Agreement. In addition, unless otherwise provided by the Administrator, if any dividends or distributions are paid in shares, or consist of a dividend or distribution to holders of Ordinary Shares of property other than an
ordinary cash dividend, the shares or other property will be subject to the same restrictions on transferability and forfeitability as the Restricted Shares with respect to which they were paid. Each dividend payment will be made as provided in the
applicable Award Agreement, but in no event later than the end of the calendar year in which the dividends are paid to shareholders of that class of shares or, if later, the 15th day of the third month following the later of (A) the date the
dividends are paid to shareholders of that class of shares, and (B) the date the dividends are no longer subject to forfeiture.
 (b)
Share Certificates. The Company may require that any share certificates issued in respect of Restricted Shares be deposited in escrow by the Participant, together with a stock power endorsed in blank, with the Company (or its designee). 

6.4 Additional Provisions Relating to Restricted Share Units. 

(a) Settlement. Upon the vesting of a Restricted Share Unit, the Participant shall be entitled to receive from the Company one Ordinary
Share or an amount of cash or other property equal to the Fair Market Value of one Ordinary Share on the settlement date, as the Administrator shall determine and as provided in the applicable Award Agreement. The Administrator may provide that
settlement of Restricted Share Units shall occur upon or as soon as reasonably practicable after the vesting of the Restricted Share Units or shall instead be deferred, on a mandatory basis or at the election of the Participant, in a manner that
complies with Section 409A.
 (b) Voting Rights. A Participant shall have no voting rights with respect to any Restricted Share
Units unless and until shares are delivered in settlement thereof.
 (c) Dividend Equivalents. To the extent provided by the
Administrator, a grant of Restricted Share Units may provide a Participant with the right to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, may be settled in cash and/or
Ordinary Shares and may be subject to the same restrictions on transfer and forfeitability as the Restricted Share Units with respect to which the Dividend Equivalents are paid, as determined by the Administrator, subject, in each case, to such
terms and conditions as the Administrator shall establish and set forth in the applicable Award Agreement. 












 ARTICLE VII. 

OTHER SHARE-BASED AWARDS. 

Other Share-Based Awards may be granted hereunder to Participants, including, without limitation, Awards entitling Participants to receive
Ordinary Shares to be delivered in the future. Such Other Share-Based Awards shall also be available as a form of payment in the settlement of other Awards granted under the Plan, as stand-alone payments and/or as payment in lieu of compensation to
which a Participant is otherwise entitled. Other Share-Based Awards may be paid in Ordinary Shares, cash or other property, as the Administrator shall determine. Subject to the provisions of the Plan, the Administrator shall determine the
terms and conditions of each Other Share-Based Award, including, without limitation, any purchase price, transfer restrictions, vesting conditions and other terms and conditions applicable thereto, which shall be set forth in the applicable Award
Agreement. 
 ARTICLE VIII. 

ADJUSTMENTS FOR CHANGES IN ORDINARY SHARES AND CERTAIN OTHER EVENTS. 

8.1 Certain Transactions or Events. In the event that the Administrator determines that any dividend or other distribution (whether in
the form of cash, Ordinary Shares, other securities, or other property), reorganization, merger, consolidation, combination, repurchase, recapitalization, liquidation, dissolution, or sale, transfer, exchange or other disposition of assets of the
Company, or sale or exchange of Ordinary Shares or other securities of the Company, issuance of warrants or other rights to purchase Ordinary Shares or other securities of the Company, or other similar corporate transaction or event, as determined
by the Administrator, affects the Ordinary Shares such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made
available under the Plan or with respect to any Award, then the Administrator may, in such manner as it may deem equitable, adjust any or all of: 

(a) the number and kind of Ordinary Shares (or other securities or property) with respect to which Awards may be granted or awarded (including,
but not limited to, adjustments of the limitations in Section 4.1 hereof on the maximum number and kind of shares which may be issued); 

(b) the number and kind of Ordinary Shares (or other securities or property) subject to outstanding Awards; 

(c) the grant or exercise price with respect to any Award; and 

(d) the terms and conditions of any Awards (including, without limitation, any applicable financial or other performance “targets”
specified in an Award Agreement). 
 8.2 Additional Transactions or Events. In the event of any transaction or event described in
Section 8.1 hereof (including, without limitation any change in control) or any unusual or nonrecurring transaction or event affecting the Company or the financial statements of the Company, or any change in any Applicable Laws or accounting
principles, the Administrator, on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of the event and either automatically or upon the Participant’s request, is hereby
authorized to take any one or more of the following actions whenever the Administrator determines that such action is appropriate in order to (x) prevent dilution or enlargement of the benefits or potential benefits intended by the Company to
be made available under the Plan or with respect to any Award granted or issued under the Plan, (y) to facilitate such transaction or event or (z) give effect to such changes in Applicable Laws or accounting principles: 












 (a) To provide for the cancellation of any such Award in exchange for either an amount of
cash or other property with a value equal to the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights under the vested portion of such Award, as
applicable; provided that, if the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant’s rights, in any case, is equal to or less than zero, then the vested
portion of such Award may be terminated without payment; 
 (b) To provide that such Award shall vest and, to the extent applicable, be
exercisable as to all shares covered thereby, notwithstanding anything to the contrary in the Plan or the provisions of such Award; 
 (c)
To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by awards covering the shares of the successor or survivor corporation, or a parent or subsidiary thereof,
with appropriate adjustments as to the number and kind of shares and applicable exercise or purchase price, in all cases, as determined by the Administrator; 

(d) To make adjustments in the number and type of Ordinary Shares (or other securities or property) subject to outstanding Awards, and/or in
the terms and conditions of (including, without limitation, the grant or exercise price), and the criteria included in, outstanding Awards; 

(e) To replace such Award with other rights or property selected by the Administrator; and/or 

(f) To provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event. 

8.3 Equity Restructurings. In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary
in this Article VIII, the Administrator will equitably adjust each outstanding Award, which adjustments may include adjustments to the number and type of securities subject to each outstanding Award and/or the exercise price or grant price thereof,
if applicable, the grant of new Awards to Participants, and/or the making of a cash payment to Participants, as the Administrator deems appropriate to reflect such Equity Restructuring. The adjustments provided under this Section shall be
nondiscretionary and shall be final and binding on the affected Participant and the Company; provided that whether an adjustment is equitable shall be determined by the Administrator. 

8.4 Administrative Stand Still. In the event of any pending share dividend, share split, combination or exchange of shares, merger,
consolidation or other distribution (other than normal cash dividends) of Company assets to shareholders, or any other change affecting the Ordinary Shares or the share price of the Ordinary Shares, including, without limitation, any Equity
Restructuring, for reasons of administrative convenience the Administrator may refuse to permit the exercise of any Award during a period of up to thirty days prior to the consummation of any such transaction. 

8.5 Miscellaneous. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no Participant
shall have any rights by reason of any subdivision or consolidation of shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the
Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, 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 thereof shall be made with respect to, the number of Ordinary Shares subject to an Award or the grant or exercise price of any Award. The existence of the Plan, any Award Agreements and the Awards granted
hereunder shall not affect or restrict in any way the right or 












 
power of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, (ii) any merger,
consolidation dissolution or liquidation of the Company or sale of Company assets or (iii) any sale or issuance of securities, including, without limitation, securities with rights superior to those of the Ordinary Shares or which are
convertible into or exchangeable for the Ordinary Shares. The Administrator may treat Participants and Awards (or portions thereof) differently under this Article VIII. 

ARTICLE IX. 
 GENERAL
PROVISIONS APPLICABLE TO AWARDS. 
 9.1 Transferability. Except as the Administrator may otherwise determine or provide in an
Award Agreement or otherwise, in any case in accordance with Applicable Laws, Awards, including any interest therein, may not be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily
or by operation of law, except by will or the laws of descent and distribution, and, during the life of the Participant, shall be exercisable only by the Participant. References to a Participant, to the extent relevant in the context, shall include
references to authorized transferees. 
 9.2 Documentation. Each Award shall be evidenced in an Award Agreement, which may be in such
form (written, electronic or otherwise) as the Administrator shall determine. Each Award may contain terms and conditions in addition to those set forth in the Plan. 

9.3 Discretion. Except as otherwise provided by the Plan, each Award may be made alone or in addition or in relation to any other
Award. The terms of each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions thereof) uniformly. 

9.4 Termination of Status. The Administrator shall determine the effect on an Award of the disability, death, retirement, authorized
leave of absence or any other change or purported change in a Participant’s Service Provider status and the extent to which, and the period during which, the Participant, the Participant’s legal representative, conservator, guardian or
Designated Beneficiary may exercise rights under the Award, if applicable. 
 9.5 Withholding. Each Participant shall pay to
the Company, or make provision satisfactory to the Administrator for payment of, and authorize the Company (and/or the Company’s parent or subsidiary company employing or retaining the Participant), to the extent determined appropriate
by the Administrator and permissible under Applicable Law, to withhold from the Participant’s wages or other cash compensation payable to the Participant by the Company (and/or the Company’s parent or subsidiary company employing or
retaining the Participant), any taxes required by law to be withheld in connection with Awards to such Participant no later than the date of the event creating the tax liability. Except as the Administrator may otherwise determine, all such payments
shall be made in cash, by wire transfer of immediately available funds or by certified check. Notwithstanding the foregoing, Participants may satisfy such tax obligations, subject to Section 10.8, any Company insider trading policy (including
blackout periods) and Applicable Laws, (i) to the extent permitted by the Administrator, in whole or in part by delivery of Shares, including Shares retained from the Award creating the tax obligation, valued at their Fair Market Value, and
(ii) if there is a public market for Shares at the time the tax obligations are satisfied, unless the Administrator otherwise determines, (A) delivery (including, without limitation, telephonically to the extent permitted by the Company)
of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to satisfy the tax obligations, or (B) delivery by the Participant to the Company of a copy of irrevocable
and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to satisfy the tax withholding; provided that such amount is paid to the Company at such time as may be required by
the Administrator. The Company may, to the extent permitted by Applicable Laws, deduct any such tax obligations based on applicable withholding rates from any payment of any kind otherwise due to a Participant. 












 9.6 Amendment of Award. The Administrator may amend, modify or terminate any
outstanding Award, including but not limited to, substituting therefor another Award of the same or a different type, changing the date of exercise or settlement, and converting an Incentive Stock Option to a
Non-Qualified Stock Option. The Participant’s consent to such action shall be required unless (i) the Administrator determines that the action, taking into account any related action, would not
materially and adversely affect the Participant, or (ii) the change is permitted under Article VIII and Section 10.6 hereof. 

9.7 Conditions on Delivery of Shares. The Company will not be obligated to deliver any Ordinary Shares pursuant to the Plan or to
remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other legal
matters in connection with the issuance and delivery of such shares have been satisfied, including, without limitation, any applicable securities laws and any applicable stock exchange or stock market rules and regulations, and (iii) the
Participant has executed and delivered to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy the requirements of any Applicable Laws. The inability of the Company to obtain authority from
any regulatory body having jurisdiction, which authority is determined by the Administrator to be necessary to the lawful issuance and sale of any securities 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. 
 9.8 Acceleration. The Administrator may at any
time provide that any Award shall become vested and/or exercisable in full or in part, free of some or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be. 

ARTICLE X. 

MISCELLANEOUS. 
 10.1 No
Right To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with the
Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan or any Award, except as expressly provided in an applicable Award
Agreement. 
 10.2 No Rights As Shareholder; Certificates. Subject to the provisions of the applicable Award Agreement, no
Participant or Designated Beneficiary shall have any rights as a shareholder with respect to any Ordinary Shares to be distributed with respect to an Award until becoming the record holder of such shares. Notwithstanding any other provision of the
Plan, unless otherwise determined by the Administrator or required by any Applicable Laws, the Company shall not be required to deliver to any Participant certificates evidencing Ordinary Shares issued in connection with any Award and instead such
Ordinary Shares may be recorded in the books of the Company (or, as applicable, its transfer agent or share plan administrator). The Company may place legends on share certificates issued under the Plan deemed necessary or appropriate by the
Administrator in order to comply with Applicable Laws. 
 10.3 Effective Date and Term of Plan. The Plan shall become effective on
the date on which it is adopted by the Board. No Awards shall be granted under the Plan after the completion of ten years from the earlier of (i) the date on which the Plan was adopted by the Board or (ii) the date the Plan was approved by
the Company’s shareholders, but Awards previously granted may extend beyond that date in accordance with the terms of the Plan. 












 10.4 Amendment of Plan. The Administrator may amend, suspend or terminate the Plan or
any portion thereof at any time; provided that no amendment of the Plan shall materially and adversely affect (as determined by the Administrator) any Award outstanding at the time of such amendment without the consent of the affected Participant.
Awards outstanding under the Plan at the time of any suspension or termination of the Plan shall continue to be governed in accordance with the terms of the Plan and the applicable Award Agreement, as in effect prior to such suspension or
termination. The Board shall obtain shareholder approval of any Plan amendment to the extent necessary to comply with Applicable Laws. 

10.5 Provisions for Foreign Participants. The Administrator may modify Awards granted to Participants who are foreign nationals or
employed outside the United States or establish subplans or procedures under the Plan to address differences in laws, rules, regulations or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other
matters. 
 10.6 Section 409A.

(a) General. To the extent a Participant is or may become subject to U.S. federal income tax, the Company intends that all Awards be
structured in compliance with, or to satisfy an exemption from, Section 409A, such that no adverse tax consequences, interest, or penalties under Section 409A apply in connection with any Awards. Notwithstanding anything herein or in any
Award Agreement to the contrary, the Administrator may, without a Participant’s prior consent, amend this Plan and/or Awards, adopt policies and procedures, or take any other actions (including, without limitation, amendments, policies,
procedures and actions with retroactive effect) as are necessary or appropriate to preserve the intended tax treatment of Awards under the Plan, including, without limitation, any such actions intended to (A) exempt this Plan and/or any Award
from the application of Section 409A, and/or (B) comply with the requirements of Section 409A, including, without limitation any such regulations, guidance, compliance programs and other interpretative authority that may be issued
after the date of grant of any Award. The Company makes no representations or warranties as to the tax treatment of any Award under Section 409A or otherwise. The Company shall have no obligation under this Section 10.6(f) or otherwise to
take any action (whether or not described herein) to avoid the imposition of taxes, penalties or interest under Section 409A with respect to any Award and shall have no liability to any Participant or any other person if any Award, compensation
or other benefits under the Plan are determined to constitute non-compliant, “nonqualified deferred compensation” subject to the imposition of taxes, penalties and/or interest under
Section 409A. 
 (b) Separation from Service. With respect to any Award that constitutes “nonqualified deferred
compensation” under Section 409A, any payment or settlement of such Award that is to be made upon a termination of a Participant’s Service Provider relationship shall, to the extent necessary to avoid the imposition of taxes under
Section 409A, be made only upon the Participant’s “separation from service” (within the meaning of Section 409A), whether such “separation from service” occurs upon or subsequent to the termination of the
Participant’s Service Provider relationship. For purposes of any such provision of this Plan or any Award Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment” or
like terms shall mean “separation from service.” 
 (c) Payments to Specified Employees. Notwithstanding any contrary
provision in the Plan or any Award Agreement, any payment(s) of “nonqualified deferred compensation” that are otherwise required to be made under an Award to a “specified employee” (as defined under Section 409A and
determined by the Administrator) as a result of his or her “separation from service” shall, to the extent necessary to avoid the imposition of taxes under Code Section 409A(a)(2)(B)(i), be delayed until the expiration of the six-month period immediately following such “separation from service” (or, if earlier, until the date of death of the specified employee) and shall instead be paid (in a manner set forth in the Award
agreement) on the day that immediately follows the end of such six-month period or as soon as administratively practicable thereafter (without interest). Any payments of “nonqualified deferred
compensation” under such Award that are, by their terms, payable more than six months following the Participant’s “separation from service” shall be paid at the time or times such payments are otherwise scheduled to be made. 












 10.7 Limitations on Liability. Notwithstanding any other provisions of the Plan,
no individual acting as a director, officer, other employee or agent of the Company will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or expense incurred in connection
with the Plan or any Award, nor will such individual be personally liable with respect to the Plan because of any contract or other instrument he or she executes in his or her capacity as an Administrator, director, officer, other employee or agent
of the Company. The Company will indemnify and hold harmless each director, officer, other employee and agent of the Company to whom any duty or power relating to the administration or interpretation of the Plan has been or will be granted or
delegated, against any cost or expense (including, without limitation, attorneys’ fees) or liability (including, without limitation, any sum paid in settlement of a claim with the Administrator’s approval) arising out of any act or
omission to act concerning this Plan unless arising out of such person’s own fraud or bad faith.
 10.8 Lock-Up Period. By accepting an Award, each Participant agrees that the Participant will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final
prospectus relating to an initial public offering of any of the Company’s securities and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days, or such other
period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, but not limited
to, the restrictions contained in FINRA Rule 2241 or NYSE Rule 472(f)(4)), (i) lend; offer; pledge; charge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant
to purchase; or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Ordinary Shares held immediately before the effective date
of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Ordinary Shares or other securities, in cash, or otherwise. The foregoing provisions of this Section shall apply only to an initial public offering of the Company’s
securities and shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement for such initial public offering. The underwriters in connection with such registration are intended third-party beneficiaries of this
Section and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Each Participant further agrees to execute such agreements as may be reasonably requested by the underwriters in connection
with such registration that are consistent with this Section or that are necessary to give further effect thereto. 
 10.9 Right of First
Refusal. 
 (a) Before any Ordinary Shares held by a Participant or any permitted transferee (each, a “Holder”)
may be sold, pledged, assigned, hypothecated, transferred, or otherwise disposed of (each, a “Transfer”), the Company or its assignee(s) shall have a right of first refusal to purchase the Ordinary Shares proposed to be
Transferred on the terms and conditions set forth in this Section 10.9 (the “Right of First Refusal”). In the event that the Articles and/or a shareholders’ agreement or other agreement applicable to the Ordinary
Shares contain a right of first refusal with respect to the Ordinary Shares, such right of first refusal shall apply to the Ordinary Shares to the extent such provisions are more restrictive than the Right of First Refusal set forth in this
Section 10.9 and the Right of First Refusal set forth in this Section 10.9 shall not in any way restrict the operation of the Articles or the operation of any applicable shareholders’ agreement or such other agreement. In the event
any Holder desires to Transfer any Ordinary 












 
Shares, the Holder shall deliver to the Company a written notice (the “Notice”) stating: (A) the Holder’s bona fide intention to sell or otherwise Transfer such
Ordinary Shares; (B) the name of each proposed purchaser or other transferee (“Proposed Transferee”); (C) the number of Ordinary Shares to be Transferred to each Proposed Transferee; and (D) the price for which
the Holder proposes to Transfer the Ordinary Shares (the “Offered Price”), and the Holder shall offer such Ordinary Shares at the Offered Price to the Company or its assignee(s). 

(b) Within twenty-five days after receipt of the Notice, the Company and/or its assignee(s) may elect in writing to purchase all or any
portion of the Ordinary Shares proposed to be Transferred to any one or more of the Proposed Transferees by delivery of a written exercise notice to the Holder (a “Company Notice”). The purchase price (“Purchase
Price”) for the Ordinary Shares repurchased under this Section 10.9 shall be the Offered Price. 
 (c) Payment of the
Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check or wire transfer), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an
assignee, to the assignee), or by any combination thereof, within five days after delivery of the Company Notice or in the manner and at the times mutually agreed to by the Company and the Holder. Should the Offered Price specified in the Notice be
payable in property other than cash, the Company or its assignee shall have the right to pay the purchase price in the form of cash equal in amount to the value of such property, as determined by the Administrator. 

(d) If all or a portion of the Ordinary Shares proposed in the Notice to be Transferred are not purchased by the Company and/or its
assignee(s) as provided in this Section 10.9, then the Holder may sell or otherwise Transfer such Ordinary Shares to that Proposed Transferee at the Offered Price or at a higher price; provided that such sale or other Transfer is consummated
within sixty days after the date of the Notice; and provided, further, that any such sale or other Transfer is effected in accordance with any Applicable Laws and the Proposed Transferee agrees in writing that the provisions of this Plan and the
applicable Award Agreement and any other applicable agreements governing the Ordinary Shares to be Transferred shall continue to apply to the Ordinary Shares in the hands of such Proposed Transferee. If the Ordinary Shares described in the Notice
are not Transferred to the Proposed Transferee within such sixty-day period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal,
as provided herein, before any Ordinary Shares held by the Holder may be sold or otherwise Transferred. 
 (e) Anything to the contrary
contained in this Section 10.9 notwithstanding and to the extent permitted by the Administrator, the Transfer of any or all of the Ordinary Shares during a Participant’s lifetime or upon a Participant’s death by will or intestacy to
the Participant’s Immediate Family or a trust for the benefit of the Participant’s Immediate Family shall be exempt from the Right of First Refusal. As used herein, “Immediate Family” shall mean spouse, lineal
descendant or antecedent, father, mother, brother or sister or stepchild (whether or not adopted). In such case, the transferee or other recipient shall receive and hold the Ordinary Shares so Transferred subject to the provisions of this Plan
(including, without limitation, the Right of First Refusal), the applicable Award Agreement and any other applicable agreements governing the Ordinary Shares to be Transferred, and there shall be no further Transfer of such Ordinary Shares except in
accordance with the terms of this Section 10.9 (or otherwise as expressly provided under the Plan). 
 (f) The Right of First Refusal
shall terminate as to all Ordinary Shares if the Company becomes a Publicly Listed Company upon such occurrence. 












 10.10 Data Privacy. As a condition of receipt of any Award, each Participant
explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as described in this paragraph by and among, as applicable, the Company and its subsidiaries and affiliates for the exclusive
purpose of implementing, administering and managing the Participant’s participation in the Plan. The Company and its subsidiaries and affiliates may hold certain personal information about a Participant, including but not limited to, the
Participant’s name, home address and telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title(s), any shares held in the Company or any of its subsidiaries and
affiliates, details of all Awards, in each case, for the purpose of implementing, managing and administering the Plan and Awards (the “Data”). The Company and its subsidiaries and affiliates may transfer the Data amongst
themselves as necessary for the purpose of implementation, administration and management of a Participant’s participation in the Plan, and the Company and its subsidiaries and affiliates may each further transfer the Data to any third parties
assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in the Participant’s country, or elsewhere, and the Participant’s country may have different data privacy laws and
protections than the recipients’ country. Through acceptance of an Award, each Participant authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing,
administering and managing the Participant’s participation in the Plan, including, without limitation, any requisite transfer of such Data as may be required to a broker or other third party with whom the Company or the Participant may elect to
deposit any Ordinary Shares. The Data related to a Participant will be held only as long as is necessary to implement, administer, and manage the Participant’s participation in the Plan. A Participant may, at any time, view the Data held by the
Company with respect to such Participant, request additional information about the storage and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to the Participant or refuse or
withdraw the consents herein in writing, in any case without cost, by contacting his or her local human resources representative. The Company may cancel Participant’s ability to participate in the Plan and, in the Administrator’s
discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws his or her consents as described herein. For more information on the consequences of refusal to consent or withdrawal of consent, Participants may
contact their local human resources representative. 
 10.11 Severability. In the event any portion of the Plan or any action taken
pursuant thereto shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provisions had not been
included, and the illegal or invalid action shall be null and void. 
 10.12 Governing Documents. In the event of any contradiction
between the Plan and any Award Agreement or any other written agreement between a Participant and the Company or any Subsidiary of the Company that has been approved by the Administrator, the terms of the Plan shall govern, unless it is expressly
specified in such Award Agreement or other written document that a specific provision of the Plan shall not apply. 
 10.13
Submission to Jurisdiction; Waiver of Jury Trial. By accepting an Award, each Participant irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of the State of Delaware and of the United States
of America, in each case located in the State of Delaware, for any action arising out of or relating to the Plan (and agrees not to commence any litigation relating thereto except in such courts), and further agrees that service of any process,
summons, notice or document by U.S. registered mail to the address contained in the records of the Company shall be effective service of process for any litigation brought against it in any such court. By accepting an Award, each Participant
irrevocably and unconditionally waives any objection to the laying of venue of any litigation arising out of Plan or Award hereunder in the courts of the State of Delaware or the United States of America, in each case located in the State of
Delaware, and further irrevocably and unconditionally waives and agrees not to plead or 












 
claim in any such court that any such litigation brought in any such court has been brought in an inconvenient forum. By accepting an Award, each Participant irrevocably and unconditionally
waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any litigation arising out of or relating to the Plan or any Award hereunder. 

10.14 Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance
with the laws of the State of Delaware, disregarding choice-of-law principles of the law of any state that would require the application of the laws of a jurisdiction
other than such state. 
 10.15 Restrictions on Shares; Claw-back Provisions. Awards and Ordinary Shares acquired in respect
of Awards shall be subject to such terms and conditions as the Administrator shall determine, including, without limitation, restrictions on the transferability of Awards or Ordinary Shares, the right of the Company to repurchase Ordinary Shares,
the right of the Company to require that Ordinary Shares be transferred in the event of certain transactions, tag-along rights, bring-along rights, redemption and
co-sale rights and voting requirements. Such terms and conditions may be additional to those contained in the Plan and may, as determined by the Administrator, be contained in the applicable Award Agreement or
in an exercise notice, shareholders’ agreement or in such other agreement as the Administrator shall determine, in each case in a form determined by the Administrator. The issuance of such Ordinary Shares shall be conditioned on the
Participant’s consent to such terms and conditions and the Participant’s entering into such agreement or agreements. All Awards (including, without limitation, any proceeds, gains or other economic benefit actually or constructively
received by Participant upon any receipt or exercise of any Award or upon the receipt or resale of any Ordinary Shares underlying the Award) shall be subject to the provisions of any claw-back policy implemented by the Company, including, without
limitation, any claw-back policy adopted to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, to the extent set forth in such claw-back policy and/or in
the applicable Award Agreement. 
 10.16 Titles and Headings. The titles and headings of the Sections in the Plan are for convenience
of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 10.17
Conformity to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the
Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan and all Awards granted hereunder shall be administered only in such a manner as to conform to such
laws, rules and regulations. To the extent permitted by Applicable Laws, the Plan and all Award Agreements shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 

ARTICLE XI. 

DEFINITIONS. AS USED IN THE PLAN, THE FOLLOWING WORDS AND PHRASES SHALL HAVE THE FOLLOWING MEANINGS: 

11.1 “Administrator” means the Board or a Committee to the extent that the Board’s powers or authority under the
Plan have been delegated to such Committee. 
 11.2 “Applicable Laws” means the requirements relating to the
administration of equity incentive plans under U.S. federal and state and PRC national and local securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system on which the Ordinary
Shares are listed or quoted and the applicable laws and rules of any foreign country or other jurisdiction where Awards are granted or issued under the Plan. 












 11.3 “Award” means, individually or collectively, a grant
under the Plan of Options, Restricted Shares, Restricted Share Units or Other Share-Based Awards. 
 11.4 “Award
Agreement” means a written agreement evidencing an Award, which agreements may be in electronic medium and shall contain such terms and conditions with respect to an Award as the Administrator shall determine, consistent with and
subject to the terms and conditions of the Plan. 
 11.5 “Board” means the Board of Directors of the Company. 

11.6 “Change in Control” means (i) a merger or consolidation of the Company with or into any other corporation or
other entity or person, (ii) a sale, lease, exchange or other transfer in one transaction or a series of related transactions of all or substantially all of the Company’s assets, or (iii) any other transaction, including, without
limitation, the sale by the Company of new shares or a transfer of existing shares of the Company, the result of which is that a third party that is not an affiliate of the Company or its shareholders (or a group of third parties not affiliated with
the Company or its shareholders) immediately prior to such transaction acquires or holds capital shares of the Company representing a majority of the Company’s outstanding voting power immediately following such transaction; provided that the
following events shall not constitute a “Change in Control”: (A) a transaction (other than a sale of all or substantially all of the Company’s assets) in which the holders of the voting securities of the Company immediately prior to
the merger or consolidation hold, directly or indirectly, a majority of the voting securities in the successor corporation or its parent immediately after the merger or consolidation; (B) a sale, lease, exchange or other transaction in one
transaction or a series of related transactions of all or substantially all of the Company’s assets to an affiliate of the Company; (C) an initial public offering of any of the Company’s securities or any other transaction or series
of related transactions principally for bona fide equity financing purposes; (D) a reincorporation of the Company solely to change its jurisdiction; or (E) a transaction undertaken for the primary purpose of creating a holding company that
will be owned in substantially the same proportion by the persons who held the Company’s securities immediately before such transaction. Notwithstanding the foregoing, if a Change in Control would give rise to a payment or settlement event with
respect to any Award that constitutes “nonqualified deferred compensation,” the transaction or event constituting the Change in Control must also constitute a “change in control event” (as defined in Treasury Regulation Section 1.409A-3(i)(5)) in order to give rise to the payment or settlement event for such Award, to the extent required by Section 409A. 

11.7 “Code” means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder. 

11.8 “Committee” means one or more committees or subcommittees of the Board or the Company, which may be comprised of
one or more directors and/or executive officers of the Company, in either case, to the extent permitted in accordance with Applicable Laws. 

11.9 “Company” means LianBio, an exempted company organized under the Laws of the Cayman Islands, or any successor
thereto. Except where the context otherwise requires, the term “Company” includes any of the Company’s present or future parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Code and any other
business venture (including, without limitation, joint venture or limited liability company) in which the Company has a significant interest, as determined by the Administrator. 












 11.10 “Consultant” means any person, including,
without limitation, any advisor, engaged by the Company or a parent or subsidiary of the Company to render services to such entity if: (i) the consultant or adviser renders bona fide services to the Company; (ii) the services
rendered by the consultant or advisor are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities; and (iii) the
consultant or advisor is a natural person, or such other advisor or consultant as is approved by the Administrator. 
 11.11
“Designated Beneficiary” means the beneficiary or beneficiaries designated, in a manner determined by the Administrator, by a Participant to receive amounts due or exercise rights of the Participant in the event of the
Participant’s death or incapacity In the absence of an effective designation by a Participant, “Designated Beneficiary” shall mean the Participant’s estate. 

11.12 “Director” means a member of the Board. 

11.13 “Disability” means a permanent and total disability within the meaning of Section 22(e)(3) of the
Code, as it may be amended from time to time. 
 11.14 “Dividend Equivalents” means a right granted to a Participant
pursuant to Section 6.4(c) hereof to receive the equivalent value (in cash or Ordinary Shares) of dividends paid on Ordinary Shares. 

11.15 “Employee” means any person, including, without limitation, officers and Directors, employed by the Company
(within the meaning of Section 3401(c) of the Code) or any parent or subsidiary of the Company. 
 11.16 “Equity
Restructuring” means, as determined by the Administrator, a non-reciprocal transaction between the Company and its shareholders, such as a share dividend, share split, spin-off or recapitalization through a large, nonrecurring cash dividend, that affects the Ordinary Shares (or other securities of the Company) or the share price of the Ordinary Shares (or other securities of the
Company) and causes a change in the per share value of the Ordinary Shares underlying outstanding Awards. 
 11.17 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 11.18 “Fair Market Value” means, as of
any date, the value of Shares determined as follows: (i) if the Ordinary Shares are listed on any established stock exchange, its Fair Market Value shall be the closing sales price for such Ordinary Shares as quoted on such exchange for such
date, or if no sale occurred on such date, the first market trading day immediately prior to such date during which a sale occurred, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; (ii) if
the Ordinary Shares are not traded on a stock exchange but is quoted on a national market or other quotation system, the last sales price on such date, or if no sales occurred on such date, then on the date immediately prior to such date on which
sales prices are 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 Ordinary Shares, the Fair Market Value thereof shall be
determined by the Administrator in its sole discretion. 
 11.19 “Incentive Stock Option” means an “incentive
stock option” as defined in Section 422 of the Code. 
 11.20 “Non-Qualified
Stock Option” means an Option that is not intended to be or otherwise does not qualify as an Incentive Stock Option. 

11.21 “Option” means an option to purchase Ordinary Shares. 












 11.22 “Ordinary Shares” means the ordinary shares of the Company.
 
 11.23 “Other Share-Based Awards” means other Awards of Ordinary Shares, and other Awards that are valued in
whole or in part by reference to, or are otherwise based on, Ordinary Shares or other property. 
 11.24
“Participant” means a Service Provider who has been granted an Award under the Plan. 
 11.25
“Plan” means this 2018 Equity Incentive Plan. 
 11.26 “PRC” means the People’s
Republic of China. 
 11.27 “Publicly Listed Company” means that the Company or its successor (i) is required
to file periodic reports pursuant to Section 12 of the Exchange Act and (ii) the Ordinary Shares listed on one or more National Securities Exchanges (within the meaning of the Exchange Act) or is quoted on Nasdaq or a successor interdealer
quotation system. 
 11.28 “Restricted Share” means Ordinary Shares awarded to a Participant pursuant to
Section 6.1 hereof that is subject to certain vesting conditions and other restrictions. 
 11.29 “Restricted Share
Unit” means an unfunded, unsecured right to receive, on the applicable settlement date, one Ordinary Share or an amount in cash or other consideration determined by the Administrator equal to the value thereof as of such payment date,
which right may be subject to certain vesting conditions and other restrictions. 
 11.30
“Section 409A” means Section 409A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder. 

11.31 “Securities Act” means the Securities Act of 1933, as amended from time to time. 

11.32 “Service Provider” means an Employee, Consultant or Director. 

11.33 “Termination of Service” means the date the Participant ceases to be a Service Provider. 

* * *