EX-10.35





 EXHIBIT 10.35 

LIANBIO 
 2021 EQUITY
INCENTIVE PLAN 
  

	1.	 DEFINED TERMS 



Exhibit A, which is incorporated by reference, defines certain terms used in the Plan and includes certain operational rules related to
those terms. 
  

	2.	 PURPOSE 



The Plan has been established to advance the interests of the Company by providing for the grant to Participants of Awards consisting of, or
based on, Shares. 
  

	3.	 ADMINISTRATION 



The Plan will be administered by the Administrator. The Administrator has discretionary authority, subject only to the express provisions of
the Plan, to administer and interpret the Plan and any Awards; to determine eligibility for and grant Awards; to determine the exercise price, base value from which appreciation is measured, or purchase price, if any, applicable to any Award, to
determine, modify, accelerate or waive the terms and conditions of any Award; to determine the form of settlement of Awards (whether in cash, Shares, other Awards or other property); to designate whether an Award will be over or with respect to
Ordinary Shares or ADSs; to prescribe forms, rules and procedures relating to the Plan and Awards; and to otherwise do all things necessary or desirable to carry out the purposes of the Plan or any Award. Determinations of the Administrator made
with respect to the Plan or any Award are conclusive and bind all persons. 
  

	4.	 SHARE POOL; LIMITS ON AWARDS 



(a) Number of Shares. Subject to adjustment as provided for herein, the maximum number of Shares that may be
delivered in satisfaction of Awards under the Plan is (i) 14,174,972 Shares, plus (ii)(A) the number of Shares available for issuance under the Prior Plan as of the Date of Adoption, plus (B) the number of Shares underlying awards under the
Prior Plan that on or after the Date of Adoption expire or terminate or are surrendered without the delivery of Shares, are forfeited to, or repurchased by, the Company, or otherwise become available again for grant under the Prior Plan in
accordance with its terms (in the case of this subclause (ii), not to exceed 10,676,210 Shares in the aggregate) (collectively, the “Initial Share Pool”). The Initial Share Pool will automatically increase on January 1st of each
year beginning in 2022 and continuing through and including 2031 by the lesser of (i) four percent (4%) of the number of Shares outstanding as of such date and (ii) the number of Shares determined by the Board on or prior to such date for
such year (the Initial Share Pool, as it may be so increased, the “Share Pool”). Up to 5,000,000 Shares from the Share Pool may be delivered in satisfaction of ISOs, but nothing in this Section 4(a) will be construed as
requiring that any, or any fixed number of, ISOs be granted under the Plan. For purposes of this Section 4(a), Shares shall not be treated as delivered under the Plan, and will not reduce the Share Pool, unless and until, and to the extent,
they are actually delivered to a Participant. Without limiting the generality of the foregoing, the Share Pool shall not be reduced by (i) any Shares withheld by the Company in payment of the exercise price or purchase price of an Award or in
satisfaction of tax withholding requirements with respect to an Award or 












 
(ii) any Shares underlying any portion of an Award that is settled in cash or that expires, becomes unexercisable, terminates or is forfeited to or repurchased by the Company, in any case,
without the delivery (or retention, in the case of Restricted Shares or Unrestricted Shares) of Shares. For the avoidance of doubt, the Share Pool will not be increased by any Shares delivered under the Plan that are subsequently repurchased using
proceeds directly attributable to Share Option exercises. The limits set forth in this Section 4(a) will be construed to comply with the applicable requirements of Section 422. 

(b) Substitute Awards. The Administrator may grant Substitute Awards under the Plan. To the extent consistent with the requirements
of Section 422 and the regulations thereunder and other applicable laws, Shares delivered in respect of Substitute Awards will be in addition to and will not reduce the Share Pool. Notwithstanding the foregoing or anything in Section 4(a)
above to the contrary, if any Substitute Award is settled in cash or expires, becomes unexercisable, terminates or is forfeited to or repurchased by the Company without the delivery (or retention, in the case of Restricted Shares or Unrestricted
Shares) of Shares, the Shares previously subject to such Award will not increase the Share Pool or otherwise be available for future delivery under the Plan. The Administrator will determine the extent to which the terms and conditions of the Plan
apply to Substitute Awards, if at all; provided, however, that Substitute Awards will not be subject to the limits described in Section 4(d) below. 

(c) Type of Shares. Shares delivered by the Company under the Plan may be authorized but unissued Ordinary Shares,
treasury Ordinary Shares or previously issued Ordinary Shares acquired by the Company or ADSs, as determined in the discretion of the Administrator. No fractional Ordinary Shares or ADSs will be delivered under the Plan. 

(d) Director Limits. In addition to the foregoing Share Pool limits, the aggregate value of all compensation
granted or paid to any Director with respect to any calendar year, including Awards granted under the Plan and cash fees or other compensation paid by the Company and its affiliates to such Director outside of the Plan for his or her services as a
Director during such calendar year, may not exceed $750,000 in the aggregate ($1,000,000 in the aggregate with respect to a Director’s first calendar year of service on the Board), calculating the value of any Awards based on the grant date
fair value in accordance with the Accounting Rules, assuming a maximum payout. For the avoidance of doubt, the limitation in this Section 4(d) will not apply to any compensation granted or paid to a Director for his or her services to the
Company or any of its affiliates other than as a Director, including, without limitation, as a consultant or advisor to the Company or any of its affiliates. 
  

	5.	 ELIGIBILITY AND PARTICIPATION 



The Administrator will select Participants from among Employees and Directors of, and consultants to, the Company and its affiliates;
provided, however, that, subject to such express exceptions, if any, as the Administrator may establish, eligibility shall be limited to those persons as to whom the use of a Form S-8
registration statement is permissible. Eligibility for ISOs is limited to individuals described in the first sentence of this Section 5 who are employees of the Company or of a “parent corporation” or “subsidiary
corporation” of the Company as those terms are defined in Section 424 of the Code. Eligibility for Share Options, other than ISOs, and SARs is limited to individuals described in the first sentence of this Section 5 who are providing
direct services on the date of grant of the Award to the Company or to a subsidiary of the Company that would be described in the first or second sentence of Section 1.409A-1(b)(5)(iii)(E) of the Treasury
Regulations. 

  
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	6.	 RULES APPLICABLE TO AWARDS 



(a) All Awards. 

(1) Award Provisions. The Administrator will determine the terms and conditions of all Awards, subject to the
limitations provided herein. No term of an Award shall provide for automatic “reload” grants of additional Awards upon the exercise of a Share Option or SAR. By accepting (or, under such rules as the Administrator may prescribe, being
deemed to have accepted) an Award, the Participant will be deemed to have agreed to the terms and conditions of the Award and the Plan. Notwithstanding any provision of the Plan to the contrary, Substitute Awards may contain terms and conditions
that are inconsistent with the terms and conditions specified herein, as determined by the Administrator. 
 (2) Term of
Plan. No Awards may be made after ten (10) years from the Date of Adoption, but previously granted Awards may continue beyond that date in accordance with their terms. 

(3) Transferability. Neither ISOs nor, except as the Administrator otherwise expressly provides in accordance with
the third sentence of this Section 6(a)(3), other Awards may be transferred other than by will or by the laws of descent and distribution. During a Participant’s lifetime, ISOs and, except as the Administrator otherwise expressly provides
in accordance with the third sentence of this Section 6(a)(3), SARs and NSOs may be exercised only by the Participant. The Administrator may permit the gratuitous transfer (i.e., transfer not for value) of Awards other than ISOs, subject
to applicable securities and other laws and such terms and conditions as the Administrator may determine. 
 (4) Vesting;
Exercisability. The Administrator will determine the time or times at which an Award vests or becomes exercisable and the terms and conditions on which a Share Option or SAR remains exercisable. Without limiting the foregoing, the
Administrator may at any time accelerate the vesting and/or exercisability of an Award (or any portion thereof) or limit the exercisability of an Award (or portion thereof), regardless of any adverse or potentially adverse tax or other consequences
resulting from such acceleration, including in connection with a Covered Transaction or other transaction or event. Unless the Administrator expressly provides otherwise, however, the following rules will apply if a Participant’s Employment
ceases: 
 (A) Except as provided in (B) and (C) below, immediately upon the cessation of the Participant’s
Employment, each Share Option and SAR (or portion thereof) that is then held by the Participant or by the Participant’s permitted transferees, if any, will cease to be exercisable and will terminate, and each other Award that is then held by
the Participant or by the Participant’s permitted transferees, if any, to the extent not then vested, will be forfeited. 

  
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 (B) Subject to (C) and (D) below, each vested and unexercised
Share Option and SAR (or portion thereof) held by the Participant or the Participant’s permitted transferees, if any, immediately prior to the cessation of the Participant’s Employment, to the extent then exercisable, will remain
exercisable for the lesser of (i) the ninety (90)-day period beginning on the date of such cessation of Employment or (ii) the period ending on the latest date on which such Share Option or SAR could
have been exercised without regard to this Section 6(a)(4), and will thereupon immediately terminate. 
 (C)
Subject to (D) below, each vested and unexercised Share Option and SAR (or portion thereof) held by a Participant or the Participant’s permitted transferees, if any, immediately prior to the cessation of the Participant’s Employment
due to his or her death or by the Company or an affiliate due to his or her Disability, to the extent then exercisable, will remain exercisable for the lesser of (i) the one-year period ending on the
first anniversary of such cessation of Employment or (ii) the period ending on the latest date on which such Share Option or SAR could have been exercised without regard to this Section 6(a)(4), and will thereupon immediately terminate.

 (D) All Awards (whether or not vested or exercisable) held by a Participant or the Participant’s permitted
transferees, if any, immediately prior to the cessation of the Participant’s Employment will immediately terminate (i) upon such cessation of Employment if the termination is for Cause, (ii) upon the Administrator’s determination
that such cessation of Employment occurred in circumstances that would have constituted grounds for the Participant’s Employment to be terminated for Cause or (iii) to the maximum extent permitted by applicable law, unless the
Administrator determines otherwise, upon the Administrator’s determination that the Participant breached or violated any non-competition, non-solicitation, no-hire, non-disparagement, confidentiality, invention assignment, or other restrictive covenant in favor of the Company or any of its affiliates by which the Participant is
or was bound. 
 (5) Recovery of Compensation. The Administrator may provide in any case that any outstanding Award
(whether or not vested or exercisable), the proceeds from the exercise or disposition of any Award or Share acquired under any Award, and any other amounts received in respect of any Award or Share acquired under any Award will be subject to
forfeiture and disgorgement to the Company (or its designated affiliate), with interest and other related earnings, if the Participant to whom the Award was granted breaches, violates or otherwise fails to comply with any provision of the Plan or
any applicable Award or any non-competition, non-solicitation, no-hire,
non-disparagement, confidentiality, invention assignment or other restrictive covenant by which he or she is bound. Each Award will be subject to any policy of the Company or any of its affiliates that relates
to trading on non-public information and permitted transactions with respect to Shares, including limitations on hedging and pledging. In addition, each Award will be subject to any policy of the Company or
any of its affiliates that provides for forfeiture, disgorgement, or clawback with respect to incentive compensation that includes Awards under the Plan and will be further subject to forfeiture and disgorgement to the extent required by law or
applicable stock exchange listing standards, including, without limitation, Section 10D of the Exchange Act. Each Participant, by accepting or being deemed to have accepted an Award under the Plan, agrees (or will be deemed to have agreed) to
the terms of this Section 6(a)(5) and to any clawback, recoupment or similar policy of the Company or any of its affiliates and further agrees (or will be deemed to have further agreed) to cooperate fully with the Administrator, and to cause
any and all permitted transferees of the Participant to cooperate fully with the Administrator, to effectuate any 

  
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forfeiture or disgorgement described in this Section 6(a)(5). Neither the Administrator nor the Company nor any other person, other than the Participant and his or her permitted transferees,
if any, will be responsible for any adverse tax or other consequences to a Participant or his or her permitted transferees, if any, that may arise in connection with this Section 6(a)(5). 

(6) Taxes. The grant of an Award and the issuance, delivery, vesting and retention of Shares, cash or other
property under an Award are conditioned upon the full satisfaction by the Participant of all tax and other withholding requirements with respect to the Award under applicable laws. The Administrator will prescribe such rules for the withholding of
taxes and other amounts with respect to any Award as it deems necessary. Without limitation to the foregoing, the Company or any affiliate of the Company will have the authority and the right to deduct or withhold (by any means set forth herein or
in an Award agreement), or require a Participant to remit to the Company or an affiliate of the Company, an amount sufficient to satisfy all U.S. and non-U.S. federal, state and local income tax, social
insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to participation in the Plan and any Award hereunder and legally applicable to the Participant and required by
law to be withheld (including any amount deemed by the Company, in its discretion, to be an appropriate charge to the Participant even if legally applicable to the Company or any affiliate of the Company). Subject to applicable laws, the
Administrator, in its sole discretion, may hold back Shares from an Award or permit a Participant to tender previously-owned Shares in satisfaction of tax or other withholding requirements (but not in excess of the maximum withholding amount
consistent with the Award being subject to equity accounting treatment under the Accounting Rules). Any amounts withheld pursuant to this Section 6(a)(6) will be treated as though such amounts had been paid directly to the applicable
Participant. In addition, the Company may, to the extent permitted by law, deduct any such tax and other withholding amounts from any payment of any kind otherwise due to a Participant from the Company or any of its affiliates. 

(7) Dividend Equivalents. The Administrator may provide for the payment of amounts (on terms and subject to such
conditions established by the Administrator) in lieu of cash dividends or other cash distributions with respect to Shares subject to an Award whether or not the holder of such Award is otherwise entitled to share in the actual dividend or
distribution in respect of such Award. Any entitlement to dividend equivalents or similar entitlements will be established and administered either consistent with an exemption from, or in compliance with, the applicable requirements of
Section 409A. 
 (8) Rights Limited. Nothing in the Plan or any Award will be construed as giving any
person the right to be granted an Award or to continued employment or service with the Company or any of its affiliates, or any rights as a shareholder except as to Shares actually delivered under the Plan. The loss of existing or potential profit
in any Award will not constitute an element of damages in the event of a termination of a Participant’s Employment for any reason, even if the termination is in violation of an obligation of the Company or any of its affiliates to the
Participant. 
 (9) Coordination with Other Plans. Shares and/or Awards under the Plan may be issued or granted
in tandem with, or in satisfaction of or substitution for, other Awards under the Plan or awards made under other compensatory plans or programs of the Company or any of its affiliates. For example, but without limiting the generality of the
foregoing, awards 

  
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under other compensatory plans or programs of the Company or any of its affiliates may be settled in Shares (including, without limitation, Unrestricted Shares) under the Plan if the
Administrator so determines, in which case the Shares delivered will be treated as awarded under the Plan (and will reduce the Share Pool). 

(10) Section 409A. 

(A) Without limiting the generality of Section 11(b) hereof, each Award will contain such terms as the
Administrator determines and will be construed and administered, such that the Award either qualifies for an exemption from the requirements of Section 409A or satisfies such requirements. 

(B) Notwithstanding anything to the contrary in the Plan or any Award agreement, the Administrator may unilaterally
amend, modify or terminate the Plan or any outstanding Award, including, without limitation, changing the form of the Award, if the Administrator determines that such amendment, modification or termination is necessary or desirable to avoid the
imposition of an additional tax, interest or penalty under Section 409A. 
 (C) If a Participant is determined on
the date of the Participant’s termination of Employment to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code, then, with regard to any payment that is considered nonqualified
deferred compensation under Section 409A, to the extent applicable, payable on account of a “separation from service”, such payment will be made or provided on the date that is the earlier of (i) the first business day following
the expiration of the six-month period measured from the date of such “separation from service” and (ii) the date of the Participant’s death (the “Delay Period”). Upon the
expiration of the Delay Period, all payments delayed pursuant to this Section 6(a)(10)(C) (whether they would have otherwise been payable in a single lump sum or in installments in the absence of such delay) will be paid, without interest, on
the first business day following the expiration of the Delay Period in a lump sum and any remaining payments due under the Award will be paid in accordance with the normal payment dates specified for them in the applicable Award agreement. 

(D) For purposes of Section 409A, each payment made under the Plan or any Award will be treated as a separate
payment. 
 (E) With regard to any payment considered to be nonqualified deferred compensation under
Section 409A, to the extent applicable, that is payable upon a change in control of the Company or other similar event, to the extent required 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. 

  
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 (b) Share Options and SARs. 

(1) Time and Manner of Exercise. Unless the Administrator expressly provides otherwise, no Share Option or SAR will
be deemed to have been exercised until the Administrator receives a notice of exercise in a form acceptable to the Administrator that is signed by the appropriate person and accompanied by any payment required under the Award. Any attempt to
exercise a Share Option or SAR by any person other than the Participant will not be given effect unless the Administrator has received such evidence as it may require that the person exercising the Award has the right to do so. 

(2) Exercise Price. The exercise price (or the base value from which appreciation is to be measured) per share of
each Award requiring exercise must be no less than 100% (in the case of an ISO granted to a 10-percent shareholder within the meaning of Section 422(b)(6) of the Code, 110%) of the Fair Market Value of a
Share, determined as of the date of grant of the Award, or such higher amount as the Administrator may determine in connection with the grant. 

(3) Payment of Exercise Price. Where the exercise of an Award (or portion thereof) is to be accompanied by a
payment, payment of the exercise price must be made by cash or check acceptable to the Administrator or, if so permitted by the Administrator and if legally permissible, (i) through the delivery of previously acquired unrestricted Shares, or
the withholding of unrestricted Shares otherwise deliverable upon exercise, in either case, that have a Fair Market Value equal to the exercise price; (ii) through a broker-assisted cashless exercise program acceptable to the Administrator;
(iii) by other means acceptable to the Administrator; or (iv) by any combination of the foregoing permissible forms of payment. The delivery of previously acquired Shares in payment of the exercise price under clause (i) above may be
accomplished either by actual delivery or by constructive delivery through attestation of ownership, subject to such rules as the Administrator may prescribe. 

(4) Maximum Term. The maximum term of Share Options and SARs must not exceed 10 years from the date of grant (or
five years from the date of grant in the case of an ISO granted to a 10-percent shareholder described in Section 6(b)(2) above). 

(5) No Repricing. Except in connection with a corporate transaction involving the Company (which term includes,
without limitation, any Share dividend, Share split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of Shares) or as otherwise
contemplated by Section 7 below, the Company may not, without obtaining shareholder approval, (i) amend the terms of outstanding Share Options or SARs to reduce the exercise price or base value of such Share Options or SARs;
(ii) cancel outstanding Share Options or SARs in exchange for Share Options or SARs that have an exercise price or base value that is less than the exercise price or base value of the original Share Options or SARs; or (iii) cancel
outstanding Share Options or SARs that have an exercise price or base value greater than the Fair Market Value of a Share on the date of such cancellation in exchange for cash or other consideration. 

  
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	7.	 EFFECT OF CERTAIN TRANSACTIONS 



(a) Covered Transactions. Except as otherwise expressly provided in an Award or other agreement or by the
Administrator, the following provisions will apply in the event of a Covered Transaction: 
 (1) Assumption or
Substitution. If the Covered Transaction is one in which there is an acquiring or surviving entity, the Administrator may provide for (i) the assumption or continuation of some or all outstanding Awards or any portion thereof or
(ii) the grant of new awards in substitution therefor by the acquiror or survivor or an affiliate of the acquiror or survivor. 

(2) Cash-Out of Awards. Subject to Section 7(a)(5) below, the
Administrator may provide for payment, which may be made in cash, property, rights or a combination of the foregoing (a “cash-out”), with respect to some or all Awards or any portion thereof
(including only the vested portion thereof, with the unvested portion terminating without payment due as provided in Section 7(a)(4) below), equal in the case of each applicable Award or portion thereof to the excess, if any, of (i) the
fair market value of one Share multiplied by the number of Shares subject to the Award or such portion, minus (ii) the aggregate exercise or purchase price, if any, of such Award or such portion thereof (or, in the case of a SAR, the aggregate
base value above which appreciation is measured), in each case, on such payment and other terms and subject to such conditions (which need not be the same as the terms and conditions applicable to holders of Shares generally), as the Administrator
determines, including that any amounts paid in respect of such Award in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate. For the avoidance of doubt, if
the per Share exercise or purchase price (or base value) of an Award or portion thereof is equal to or greater than the fair market value of one Share, such Award or portion may be cancelled with no payment due hereunder or otherwise in respect
thereof. 
 (3) Acceleration of Certain Awards. Subject to Section 7(a)(5) below, the Administrator may
provide that any Award requiring exercise will become exercisable, in full or in part, and/or that the delivery of any Shares remaining deliverable under any outstanding Award of Share Units (including Restricted Share Units and Performance Awards
to the extent consisting of Share Units) will be accelerated, in full or in part, in each case on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Administrator, following the exercise of the Award or the
delivery of the Shares, as the case may be, to participate as a shareholder in the Covered Transaction. 
 (4) Termination of
Awards upon Consummation of Covered Transaction. Except as the Administrator may otherwise determine, each Award will automatically terminate (and in the case of outstanding Restricted Shares, will automatically be forfeited)
immediately upon the consummation of the Covered Transaction, other than (i) any Award that is assumed, continued or substituted for pursuant to Section 7(a)(1) above and (ii) any Award that by its terms, or as a result of action
taken by the Administrator, continues following the Covered Transaction; provided that any vested Award for which the exercise or purchase price (or base value) of such Award, or portion thereof, is less than the fair market value of a Share may
only be terminated or forfeited pursuant to this Section 7(a)(4) to the extent that the holder thereof receives payment equal to the fair market value of the Shares subject to such Award less the aggregate value of the exercise or purchase
price (or base value) of the Award. 

  
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 (5) Additional Limitations. Any Share and any cash or other
property or other award delivered pursuant to Section 7(a)(1), Section 7(a)(2) or Section 7(a)(3) above with respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any, as the Administrator
deems appropriate, including to reflect any performance or other vesting conditions to which the Award was subject and that did not lapse (and were not satisfied) in connection with the Covered Transaction. For purposes of the immediately preceding
sentence, a cash-out under Section 7(a)(2) above or an acceleration under Section 7(a)(3) above will not, in and of itself, be treated as the lapsing (or satisfaction) of a performance or other
vesting condition. In the case of a Restricted Share that does not vest and is not forfeited in connection with the Covered Transaction, the Administrator may require that any amounts delivered, exchanged or otherwise paid in respect of such Share
in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate to carry out the intent of the Plan. 

(6) Uniform Treatment. For the avoidance of doubt, the Administrator need not treat Participants or Awards (or
portions thereof) in a uniform manner, and may treat different Participants and/or Awards differently, in connection with a Covered Transaction. 

(b) Changes in and Distributions with Respect to Shares. 

(1) Basic Adjustment Provisions. In the event of a Share dividend, Share split or combination of Shares (including
a reverse Share split), recapitalization or other change in the Company’s capital structure that constitutes an equity restructuring within the meaning of the Accounting Rules, the Administrator shall make appropriate adjustments to the Share
Pool, and shall make appropriate adjustments to the number and kind of Shares or securities underlying Awards then outstanding or subsequently granted, any exercise or purchase prices (or base values) relating to Awards and any other provision of
Awards affected by such change. 
 (2) Certain Other Adjustments. The Administrator may also make adjustments of
the type described in Section 7(b)(1) above to take into account distributions to shareholders other than those provided for in Sections 7(a) and 7(b)(1) above, or any other event, if the Administrator determines that adjustments are
appropriate to avoid distortion in the operation of the Plan or any Award. 
 (3) Continuing Application of Plan
Terms. References in the Plan to Shares will be construed to include any shares or securities, other property and/or rights resulting from an adjustment pursuant to this Section 7. 

 

	8.	 LEGAL CONDITIONS ON DELIVERY OF SHARES 



The Company will not be obligated to deliver any Shares pursuant to the Plan or to remove any restriction from Shares previously delivered
under the Plan until: (i) the Company is satisfied that all legal matters in connection with the issuance and delivery of such Shares have been addressed and resolved; (ii) if the outstanding Shares are at the time of delivery listed on
any stock exchange or national market system, the Shares to be delivered have been listed or authorized to 

  
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be listed on such exchange or system upon official notice of issuance; and (iii) all conditions of the Award have been satisfied or waived. The Company may require, as a condition to the
exercise of an Award or the delivery of Shares under an Award, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of the Securities Act of 1933, as amended, or any other applicable laws. Any
Shares delivered under the Plan will be evidenced in such manner as the Administrator determines appropriate, including book-entry registration or delivery of share certificates. In the event that the Administrator determines that share certificates
will be issued in connection with Shares issued under the Plan, the Administrator may require that such certificates bear an appropriate legend reflecting any restriction on transfer applicable to such Shares, and the Company may hold the
certificates pending the lapse of the applicable restrictions. 
  

	9.	 AMENDMENT AND TERMINATION 



The Administrator may at any time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by
applicable law, and may at any time terminate the Plan as to any future grants of Awards; provided, however, that except as otherwise expressly provided in the Plan or the applicable Award, the Administrator may not, without the
Participant’s consent, alter the terms of an Award so as to affect materially and adversely the Participant’s rights under the Award, unless the Administrator expressly reserved the right to do so in the Plan or at the time the applicable
Award was granted. Any amendments to the Plan will be conditioned upon shareholder approval only to the extent, if any, such approval is required by applicable law, as determined by the Administrator. For the avoidance of doubt, without limiting the
Administrator’s rights hereunder, no adjustment to any Award pursuant to the terms of Section 7 or Section 12 hereof will be treated as an amendment requiring a Participant’s consent. 

 

	10.	 OTHER COMPENSATION ARRANGEMENTS 



The existence of the Plan or the grant of any Award will not affect the right of the Company or any of its affiliates to grant any person
bonuses or other compensation in addition to Awards under the Plan. 
  

	11.	 MISCELLANEOUS 



(a) Waiver of Jury Trial. By accepting or being deemed to have accepted an Award under the Plan, each Participant
waives (or will be deemed to have waived), to the maximum extent permitted under applicable law, any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan or any Award, or under any amendment,
waiver, consent, instrument, document or other agreement delivered or which in the future may be delivered in connection therewith, and agrees (or will be deemed to have agreed) that any such action, proceedings or counterclaim will be tried before
a court and not before a jury. By accepting (or being deemed to have accepted) an Award under the Plan, each Participant certifies that no officer, representative, or attorney of the Company or any of its affiliates has represented, expressly or
otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers. Notwithstanding anything to the contrary in the Plan, nothing herein is to be construed as limiting the ability of
the Company and a Participant to agree to submit any dispute arising under the terms of the Plan or any Award to binding arbitration or as limiting the ability of the Company to require any individual to agree to submit such disputes to binding
arbitration as a condition of receiving an Award hereunder. 

  
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 (b) Limitation of Liability. Notwithstanding anything to the
contrary in the Plan or any Award, none of the Company, nor any of its affiliates, nor the Administrator, nor any person acting on behalf of the Company, any of its affiliates, or the Administrator, will be liable to any Participant, to any
permitted transferee, to the estate or beneficiary of any Participant or any permitted transferee, or to any other person by reason of any acceleration of income, any additional tax, or any penalty, interest or other liability asserted by reason of
the failure of an Award to satisfy the requirements of Section 422 or Section 409A or by reason of Section 4999 of the Code, or otherwise asserted with respect to any Award. 

(c) Unfunded Plan. The Company’s obligations under the Plan are unfunded, and no Participant will have any
right to specific assets of the Company in respect of any Award. Participants will be general unsecured creditors of the Company with respect to any amounts due or payable under the Plan. 

 

	12.	 ESTABLISHMENT OF SUB-PLANS 



The Administrator may at any time and from time to time (including before or after an Award is granted) establish, adopt, or revise any rules
and regulations as it may deem necessary or advisable to administer the Plan for Participants based outside of the U.S. and/or subject to the laws of countries other than the U.S., including by establishing one or more
sub-plans, supplements or appendices under the Plan or any Award agreement for the purpose of complying or facilitating compliance with non-U.S. laws or taking advantage
of tax favorable treatment or for any other legal or administrative reason determined by the Administrator. Any such sub-plan, supplement or appendix may contain, in each case, (i) such limitations on the
Administrator’s discretion under the Plan and (ii) such additional or different terms and conditions, as the Administrator deems necessary or desirable and will be deemed to be part of the Plan but will apply only to Participants within
the group to which the sub-plan, supplement or appendix applies (as determined by the Administrator); provided, however, that no sub-plan, supplement or appendix,
rule or regulation established pursuant to this provision shall increase the Share Pool. 
  

	13.	 GOVERNING LAW 



(a) Certain Requirements of Corporate Law. Awards and Shares will be granted, issued and administered consistent
with the requirements of the laws of the Cayman Islands relating to the issuance of shares and the consideration to be received therefor, and with the applicable requirements of the stock exchanges or other trading systems on which the Shares are
listed or entered for trading, in each case, as determined by the Administrator. 
 (b) Other Matters. Except as
otherwise provided by the express terms of an Award agreement, under a sub-plan described in Section 12 above or as provided in Section 13(a) above, the domestic substantive laws of the State of
Delaware govern the provisions of the Plan and of Awards under the Plan and all claims or disputes arising out of or based upon the Plan or any Award under the Plan or relating to the subject matter hereof or thereof without giving effect to any
choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

  
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 (c) Jurisdiction. Subject to Section 11(a) above, by
accepting (or being deemed to have accepted) an Award, each Participant agrees or will be deemed to have agreed to (i) submit irrevocably and unconditionally to the jurisdiction of the federal and state courts located within the geographic
boundaries of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon the Plan or any Award; (ii) not commence any suit, action or other proceeding
arising out of or based upon the Plan or any Award, except in the federal and state courts located within the geographic boundaries of the United States District Court for the District of Delaware; and (iii) waive, and not assert, by way of
motion as a defense or otherwise, in any such suit, action or proceeding, any claim that he or she is not subject personally to the jurisdiction of the above-named courts that his or her property is exempt or immune from attachment or execution,
that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the Plan or any Award or the subject matter thereof may not be enforced in or by such court. 

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 EXHIBIT A 

Definition of Terms 

The following terms, when used in the Plan, have the meanings and are subject to the provisions set forth below: 

“Accounting Rules”: Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor
provision. 
 “Administrator”: The Compensation Committee, except that the Board may at any time act in the capacity of the
Administrator (including with respect to such matters that are not delegated to the Compensation Committee by the Board (whether pursuant to committee charter or otherwise)). The Compensation Committee (or the Board) may delegate (i) to one or
more of its members (or one or more other members of the Board) such of its duties, powers and responsibilities as it may determine; (ii) to one or more officers of the Company the power to grant Awards to the extent permitted by applicable
law; and (iii) to such Employees or other persons as it determines such ministerial tasks as it deems appropriate. For purposes of the Plan, the term “Administrator” will include the Board, the Compensation Committee, and the person
or persons delegated authority under the Plan to the extent of such delegation, as applicable. 
 “ADS”: An American
Depository Share representing Ordinary Shares on deposit with a U.S. banking institution selected by the Company and which are registered pursuant to a Form F-6. 

“Award”: Any or a combination of the following: 

(i) Share Options. 

(ii) SARs. 

(iii) Restricted Shares. 

(iv) Unrestricted Shares. 

(v) Share Units, including Restricted Share Units. 

(vi) Performance Awards. 

(vii) Awards (other than Awards described in (i) through (vi) above) that are convertible into or otherwise based on
Shares. 
 “Board”: The Board of Directors of the Company. 

“Cause”: In the case of any Participant who is party to an employment, change of control or severance-benefit agreement with
the Company or any of its affiliates that contains a definition of “Cause,” the definition set forth in such agreement applies with respect to such Participant for purposes of the Plan for so long as such agreement is in effect. In every
other case, “Cause” 

  
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means, as determined by the Administrator, (i) a substantial failure of the Participant to perform the Participant’s duties and responsibilities to the Company or any of its affiliates
or substantial negligence in the performance of such duties and responsibilities; (ii) the commission by the Participant of a felony or a crime involving moral turpitude; (iii) the commission by the Participant of theft, fraud,
embezzlement, material breach of trust or any material act of dishonesty involving the Company or any of its affiliates; (iv) a violation by the Participant of the code of conduct of the Company or any of its affiliates, of any policy of the
Company or any of its affiliates, or of any statutory or common law duty of loyalty to the Company or any of its affiliates; (v) breach of any of the terms of the Plan or any Award made under the Plan, or of the terms of any other agreement
between the Company or any of its affiliates and the Participant; or (vi) other conduct by the Participant that could be expected to be harmful to the business, interests or reputation of the Company or any of its affiliates. 

“Change in Control”: The consummation of (i) the sale of all or substantially all of the assets of the Company on a
consolidated basis to an unrelated individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”); (ii) a merger, reorganization or consolidation pursuant to which the holders
of the Company’s outstanding voting securities immediately prior to such transaction do not own more than fifty percent (50%) of the outstanding voting securities of the surviving or resulting entity (or its ultimate parent, if applicable);
(iii) the acquisition of more than fifty percent (50%) the outstanding voting securities of the Company in a single transaction or a series of related transactions by any Person; (iv) approval by shareholders of the Company (or, if no
shareholder approval is required, by the Board alone) of the complete dissolution or liquidation of the Company; or (v) any analogous situation as determined by the Administrator solely at its discretion; provided that, in the case of
each of (i) to (iv), a Change in Control shall not be deemed to have occurred until the Administrator has determined by resolution of the Administrator that such event has occurred; provided further that a Change in Control will
not occur for purposes of Awards that are subject to Section 409A of the Code unless the event also constitutes a “change in control event” within the meaning of Section 1.409A-3(i)(5) of
the Treasury Regulations. For the avoidance of doubt, the Company’s initial public offering, any subsequent public offering or anther capital raising event, a merger effected solely to change the Company’s domicile or any acquisition by
the Company or any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its subsidiaries or affiliates shall not constitute a “Change in Control”. 

“Code”: The U.S. Internal Revenue Code of 1986, as from time to time amended and in effect, or any successor statute as from
time to time in effect. 
 “Company”: LianBio, an exempted company organized under the laws of the Cayman Islands, or any
successor thereto. 
 “Compensation Committee”: The Compensation Committee of the Board. 

“Covered Transaction”: Any of (i) a consolidation, merger or similar transaction or series of related transactions,
including a sale or other disposition of Shares, in which the Company is not the surviving corporation or which results in the acquisition of all or substantially all of the Company’s then outstanding Shares by a single person or entity or by a
group of persons and/or entities acting in concert; (ii) a sale or transfer of all or substantially all the Company’s assets; (iii) 

  
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a Change in Control, (iv) a dissolution or liquidation of the Company or (v) any other analogous transaction the Administrator determines to be a Covered Transaction, solely at its
discretion. Where a Covered Transaction involves a tender offer that is reasonably expected to be followed by a merger described in clause (i) (as determined by the Administrator), the Covered Transaction will be deemed to have occurred upon
consummation of the tender offer. 
 “Date of Adoption”: The earlier of the date the Plan was approved by the
Company’s shareholders or adopted by the Board. 
 “Director”: A member of the Board who is not an Employee. 

“Disability”: In the case of any Participant who is party to an employment, change of control or severance-benefit agreement
that contains a definition of “Disability” (or a corollary term), the definition set forth in such agreement applies with respect to such Participant for purposes of the Plan for so long as such agreement is in effect. In every other case,
“Disability” means, as determined by the Administrator, absence from work due to a disability for a period in excess of ninety (90) days in any twelve (12)-month period that would entitle the Participant to receive benefits
under the Company’s long-term disability program as in effect from time to time (if the Participant were a participant in such program). 

“Employee”: Any person who is employed by the Company or any of its affiliates. 

“Employment”: A Participant’s employment or other service relationship with the Company or any of its affiliates.
Employment will be deemed to continue, unless the Administrator otherwise determines at the time of grant or anytime thereafter, so long as the Participant is employed by, or otherwise is providing services in a capacity described in Section 5
of the Plan to, the Company or any of its affiliates. If a Participant’s employment or other service relationship is with any affiliate and that entity ceases to be an affiliate, the Participant’s Employment will be deemed to have
terminated when the entity ceases to be an affiliate unless the Participant transfers Employment to the Company or one of its remaining affiliates. Notwithstanding the foregoing, in construing the provisions of any Award relating to the payment of
“nonqualified deferred compensation” (subject to Section 409A) upon a termination or cessation of Employment, references to termination or cessation of employment, separation from service, retirement or similar or correlative terms
will be construed to require a “separation from service” (as that term is defined in Section 1.409A-1(h) of the Treasury Regulations, after giving effect to the presumptions contained therein)
from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single “service recipient” with the Company under Section 1.409A-1(h)(3) of the
Treasury Regulations. The Company may, but need not, elect in writing, subject to the applicable limitations under Section 409A, any of the special elective rules prescribed in Section 1.409A-1(h) of
the Treasury Regulations for purposes of determining whether a “separation from service” has occurred. Any such written election will be deemed a part of the Plan. 

“Exchange Act”: The Securities Exchange Act of 1934, as amended. 

  
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 “Fair Market Value”: As of a particular date, (i) the closing price
for an Ordinary Share or ADS, as applicable, reported on the Nasdaq Global Market (or any other national securities exchange on which the Ordinary Share or ADS, as applicable, is then listed) for that date or, if no closing price is reported for
that date, the closing price on the immediately preceding date on which a closing price was reported or (ii) in the event that no Ordinary Share or ADS, as applicable, is traded on a national securities exchange, the fair market value of a
Share determined by the Administrator consistent with the rules of Section 422 and Section 409A, to the extent applicable. 

“ISO”: A Share Option intended to be an “incentive stock option” within the meaning of Section 422. Each Share
Option granted pursuant to the Plan will be treated as providing by its terms that it is to be an NSO unless, as of the date of grant, it is expressly designated as an ISO in the applicable Award agreement. 

“NSO”: A Share Option that is not intended to be an “incentive stock option” within the meaning of
Section 422. 
 “Ordinary Share”: An ordinary share of the Company. 

“Participant”: A person who is granted an Award under the Plan. 

“Performance Award”: An Award subject to performance vesting conditions, which may include Performance Criteria. 

“Performance Criteria”: Specified criteria, other than the mere continuation of Employment or the mere passage of time, the
satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award. A Performance Criterion and any targets with respect thereto need not be based upon an increase, a positive or improved result or avoidance of
loss and may be applied to a Participant individually, or to a business unit or division of the Company or to the Company as a whole. A Performance Criterion may also be based on individual performance and/or subjective performance criteria (or any
combination of any of the criteria described in this definition). The Administrator may provide that one or more of the Performance Criteria applicable to such Award will be adjusted in a manner to reflect events (for example, but without
limitation, acquisitions or dispositions) occurring during the performance period that affect the applicable Performance Criterion or Criteria. 

“Plan”: This LianBio 2021 Equity Incentive Plan, as from time to time amended and in effect. 

“Prior Plan”: The LianBio 2019 Equity Incentive Plan, as from time to time amended and in effect. 

“Restricted Share”: A Share subject to restrictions requiring that it be forfeited, redelivered or offered for sale to the
Company if specified performance or other vesting conditions are not satisfied. 
 “Restricted Share Unit”: A Share Unit
that is, or as to which the delivery of Shares or of cash in lieu of Shares is, subject to the satisfaction of specified performance or other vesting conditions. 

  
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 “SAR”: A right entitling the holder upon exercise to receive an amount
(payable in cash or in Shares of equivalent value) equal to the excess of the Fair Market Value of the Shares subject to the right over the base value from which appreciation under the SAR is to be measured. 

“Section 409A”: Section 409A of the Code and the regulations thereunder. 

“Section 422”: Section 422 of the Code and the regulations thereunder. 

“Share”: An Ordinary Share. If there are ADSs available, if determined by the Administrator, “Share” will
also mean the number of ADSs equal to an Ordinary Share. If the ratio of ADSs to Ordinary Shares is not 1:1, then (i) all amounts determined under Section 4; (ii) all adjustments made pursuant to Section 7; and (iii) all Awards
designated as Awards over Ordinary Shares will automatically be adjusted to reflect the ratio of the ADSs to Ordinary Shares, as reasonably determined by the Administrator. 

“Share Option”: An option entitling the holder to acquire Shares upon payment of the exercise price. 

“Share Unit”: An unfunded and unsecured promise, denominated in Shares, to deliver Shares or cash measured by the value of
Shares in the future. 
 “Substitute Award”: An Award granted under the Plan in substitution for one or more equity
awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition. 
 “Unrestricted
Share”: A Share not subject to any restrictions under the terms of the Award. 

  
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