Document:

EX-10.28

 Exhibit 10.28 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of February 21, 2017 (the “Effective Date”)
by and between ATHENEX, INC., a company existing under the laws of Delaware having its principal office at Conventus Building, 1001 Main Street, Suite 600, Buffalo, New York 14203 (the “Company”), and Mr. Jeffrey Yordon, an
individual residing at #### ## ### ##### #####, #########, ## #####, USA (“Executive”). 

1.    Employment; Term. Subject to the terms and conditions set forth in this Agreement, the Company hereby agrees
to employ Executive, and Executive hereby accepts employment, as Chief Operating Officer of the Company, for the period beginning on the Effective Date of this Agreement and continuing for an initial term of three (3) years (the
“Term”) unless earlier terminated as hereinafter set forth. Upon the end of the Term, this Employment Agreement shall continue to renew for additional one (I) year Terms until terminated pursuant to this Agreement. 

2.    Position and Duties. During the employment relationship, Executive shall serve as Chief Operating Officer of
the Company, and will report to the Chief Executive Officer, and will have such responsibilities, duties and authorities, and render such services to the Company as are reasonably consistent with such positions and as the Chief Executive Officer may
from time to time direct. Executive acknowledges that his duties and responsibilities will require 80% of his full-time business efforts and agrees that during the employment relationship, he will not engage in any other business activity or have
any business pursuits or interests except activities or interests which the Chief Executive Officer has determined, in his reasonable judgment, after notice by Executive, do not conflict with the business of the Company or interfere with the
performance of Executive’s duties hereunder. Executive agrees to perform his duties and discharge his responsibilities in a diligent, efficient and faithful manner, and to promote the best interests of the Company. Notwithstanding the
foregoing, Executive may devote a reasonable amount of time to civic, educational, community, or charitable activities that do not interfere with the performance of Executive’s duties and responsibilities hereunder and, with the prior consent
of the Chief Executive Officer, serve as a director of entities other than the Company. Executive’s duties (the “Executive Duties”) shall include such duties as are assigned to Executive by the Chief Executive Officer from time to
time and: 
  

	 	a.	preserving the business relationships of the Company; 

  

	 	b.	participating in the creation, communication, and implementation of the Company’s vision, mission, and overall direction; 

  

	 	c.	participating in the creation of the long- and short-term strategies surrounding the marketing of products and services, as well as the research and development of current and new products; 

 

	 	d.	participating in the execution of delivering the Company’s products and services; 

	 	e.	advising and consulting with the Chief Executive Officer regarding employee performance, evaluating employees, hiring and firing employees; 

 

	 	f.	actively advancing, developing, and improving the products and services of the Company; and 

  

	 	g.	becoming an active member of Athenex’s executive management team. 

3.    Salary and Benefits. As consideration and compensation for the Executive Duties, the Company shall compensate
Executive in the following manner: 
  

	 	a.	Base Salary. The Company shall pay Executive a salary of USD Four Hundred Thousand Dollars ($400,000) per year, as may be adjusted upward from time to time (the “Base Salary”), payable in accordance
with the customary payroll practices of the Company appropriate for his level to be determined by the Compensation Committee of the Board. 

  

	 	b.	Bonus. The Executive will also be considered for year end bonus with other top executives at his level and will be awarded at the same range with the exact amount to be determined by the Compensation Committee of
the Board of Directors. 

  

	 	c.	Stock Options. The Compensation Committee of the Board will also recommend to the full Board an additional 230,000 shares of Athenex stock options under the current Stock Option Plan during the Initial Public
Offering with a term of ten (10) years, vested in equal installments over three (3) years, and the exercise price the same as the Initial Public Offering Price. 

 

	 	d.	Other Benefits. Executive shall be entitled to fifteen (15) business days of paid time off and all paid holidays provided by Athenex to its senior executives. At the end of the annual measurement period, any
accrued and unused paid time off shall be forfeited, except that Executive may defer, for a period not to exceed one (1) year, up to five (5) business days of his accrued and unused paid time off. In addition, Executive shall, during the
Term, be entitled to participate in any and all employee welfare (including health) plans, fringe benefits, employee benefit plans and similar plans of the Company, which shall be comparable to those offered by Athenex to its senior executives
(collectively, “Company Benefits”), now or hereafter in effect and open to participation by qualifying employees of the Company generally. Said participation shall be in accordance with eligibility and other requirements, and on terms and
conditions, no less generous than as provided to senior executives of Athenex. 

  

	 	e.	Expenses. The Company shall pay or reimburse Executive for all reasonable and necessary out-of-pocket expenses incurred by Executive
in the performance of his Executive Duties, subject to the presentation of appropriate receipts and expense reports in accordance with the Company’s policies for expense verification. 

  
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	 	4.	Termination. 

  

	 	a.	Executive’s employment hereunder shall continue from the date hereof until terminated upon the first to occur of the following events: 

 

	 	i.	death or Disability (defined below); 

  

	 	ii.	termination by Executive, either for or for no Good Reason; or 

  

	 	iii.	termination by the Company, either with or without Cause; 

  

	 	b.	Upon termination pursuant to clause 4.a.i. above, Executive (or Executive’s estate, in the event of termination as a result of the death of Executive) shall be entitled to receive (i) all compensation or
benefits required under applicable law or offered generally by the Company to its employees in the event of death or disability, (ii) an Annual Bonus, if earned, for the calendar year in which the termination occurred (prorated for any partial
year), and (iii) in the event of “Disability”, an amount sufficient to provide Executive with one (1) year of healthcare coverage comparable to that which Executive and his family, if applicable, received while employed by the
Company. For purposes of this Section 4, the Executive shall be deemed “Totally Disabled” (and termination of his employment shall be deemed to be due to such “Disability”) if the Executive is unable to perform the essential
functions of the job set forth in this Agreement, with or without a reasonable accommodation, and the accommodation would not be an undue hardship for the Company, for a period of (120) consecutive or one hundred eighty (180) non-consecutive days out of any consecutive twelve (12) month period as a result of physical or mental illness or loss of legal capacity. If the Executive is prevented from performing his duties
because of Disability, upon request by the Company, the Executive shall submit to an examination by a physician selected by the Company, at the Company’s expense, and the Executive shall also authorize his personal physician to disclose to the
selected physician all of the Executive’s relevant medical records. 

  

	 	c.	Upon termination pursuant to clause 4.a.ii. without Good Reason, all compensation, rights and benefits provided to Executive pursuant to this Agreement shall cease immediately, except that Executive shall be entitled to
receive (i) all compensation or benefits required under applicable law, and (ii) if applicable, the amounts paid during the Non-Compete Period, at the Company’s option, pursuant to Section
5.c.ii. It is the intention of the Company to renew the employment contract with the said executive with a new contract before 2019. 

  
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	 	f.	Upon termination pursuant to clause 4.a.iii. for Cause, all compensation, rights and benefits provided to Executive pursuant to this Agreement shall cease immediately, except that Executive shall be entitled to receive
all compensation or benefits in a timely manner required under applicable law. 

  

	 	g.	In the event of a termination of the employment relationship pursuant to clause 4.a.ii. for Good Reason or clause 4.a.iii. for any reason other than for Cause, Executive shall continue to receive (i) the Base
Salary provided pursuant to Section 3.a. for the period from the date of such termination until the second (2nd) anniversary of the Effective Date (the “Severance Period”), and (ii) in the event that the
Non-Compete Period extends beyond the Severance Period, if applicable, the amounts paid during the Non-Compete Period, at the Company’s option, pursuant to
Section 5.c.ii. 

  

	 	h.	Notwithstanding anything to the contrary herein, the payment by the Company of the amounts described in Section 4.b.ii, 4.b.iii, 4.c.ii and 4.f. shall be contingent upon Executive, or in the case of
Executive’s death, the executor of Executive’s estate, executing a release in form and substance satisfactory to the Company. 

  

	 	5.	Non-Solicitation; Non-Competition. Executive acknowledges and agrees that the expertise and experience of Executive in the business
of the Company is essential for the growth, success and stability of the Company. Executive further acknowledges and understands that the covenants set forth in this Section 5 are reasonable and necessary and part of the consideration provided
to Executive by Athenex pursuant to the Acquisition. Therefore, in consideration of the various covenants and obligations of the Company pursuant to this Agreement and the other agreements described herein, as long as Executive receives the Base
Salary, or if applicable, amounts paid during the Non-Compete Period and an appropriate severance appropriate for the industry standard, Executive shall not, directly or indirectly: 

 

	 	a.	 during the employment relationship and up to six (6) months following the termination of the employment
relationship, knowingly solicit any Person in the employment of the Company (other than via a general advertisement or other solicitation not addressed specifically to such Person) to: (y) terminate such employment, and/or (z) accept
employment or enter into any consulting arrangements with any Person other than the Company; provided, however, this provision is not intended to and does not preclude Executive, on behalf of himself or another, from offering employment to or hiring
any Person in the employment of the Company who initiates contact with Executive, inquires about employment or consulting opportunities, and/or otherwise responds to a general employment or similar notice issued on behalf of the Executive or

  
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another Person, in each case, without any inducement from or on behalf of the Executive. The prohibitions in this Section 5.a. include, but are not limited to using social media, such as
Linkedln, Facebook, and/or Twitter, to directly communicate with any employee, customer, supplier, licensee, licensor, Prospective Customer or other business relation of the Company or any of its Affiliates, it being understood that any general
update to Executive’s title or employer on Executive’s profile on such social media shall not be considered such direct communication; 

  

	 	b.	during the employment relationship and up to six (6) months following the termination of the employment relationship, call on, solicit, accept business from, or provide service to, or sell to any supplier,
licensee, licensor, customer, Prospective Customer, or other business relation of the Company, or induce, encourage or cause any such supplier, licensee, licensor, customer, Prospective Customer, or other business relation to reduce or terminate its
business relationship with the Company; 

  

	 	c.	(i) Except as provided in Section 5.c.iii. and subject to Section 5.c.ii. below, during the employment relationship and one (I) year following the termination of the employment relationship (the “Non-Compete Period”), either for himself or for any other Person, own, manage, control, participate in, consult with, render services for, permit his name to be used or in any other manner or capacity
engage in any business or enterprise which constitutes a Competitive Business within ninety (90) miles of the principal office of the Company as set forth in the introduction to this Agreement (or as may be changed on the records of the Company
pursuant to Section 8 hereof) (the “Territory”). For purposes of this Agreement, the term “participate” includes any direct or indirect interest in any enterprise, whether as an officer, director, employee, partner, sole
proprietor, agent, representative, independent contractor, consultant, executive, franchisor, franchisee, creditor, owner, member, shareholder or otherwise; provided, that the Competitive Business activities prohibited hereunder shall not include
passive ownership of less than 5% of the stock of a privately-held or publicly-held corporation. 

 (ii) Notwithstanding the
provisions of Section 5.c.i. or any other provision in this Agreement to the contrary, in the event of (A) a termination of the employment relationship upon or after the expiration of the initial Term, (B) a termination of this Agreement
pursuant to clause 4.a.ii. without Good Reason, or (C) a termination of this Agreement pursuant to clause 4.a.ii. for Good Reason or clause 4.a.iii. for any reason other than Cause at any point when the
Non-Compete Period extends beyond the Severance Period, and only for such time period after the Severance Period, then the Company shall be deemed to have waived Executive’s compliance with the provisions
of Section 5.c.i., and shall have no further obligations to the Executive other than those described in Sections 4.b.i., 4.b.ii., 4.d.i., and 4.f.i. unless the Company shall, at its sole option, provide Executive with written notice within ten (I 0)
business days of 

  
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the effective date of such termination that the Company has elected to enforce the provisions of Section 5.c.i following such termination, in which case the Company shall continue pay to
Executive (I) the full amount of the Base Salary, and (II) an amount equal to the Company’s contribution toward the healthcare insurance coverage which Executive and his family, if applicable, was or were receiving as of the date of
termination, in each case in cash, payable at the same times and iri a materially similar manner as Company payroll for the entire Non-Compete Period. For the avoidance of doubt, the provisions of this Section
5.c.ii., and any waiver by the Company of the provisions of Section 5.c.i. pursuant hereto, shall in no way affect Executive’s obligations and covenants contained in Sections 5.a., 5.b. and 6. 

(iii) The provisions of Section 5.c.i and 5.c.ii shall be of no force and effect following a termination of employment relationship after a
Change in Control. 
  

	 	6.	Confidential Information, Work Product; Confidentiality of Terms. 

  

	 	a.	Executive shall keep secret and retain the confidential nature of all Confidential Information (as hereinafter defined) of or belonging to the Company or any of its Affiliates and take such other precautions with
respect thereto as the Company, in its sole discretion, may reasonably request. Executive shall not at any time, whether before or after the termination of his employment hereunder, use, copy, disclose, divulge or make available any Confidential
Information or Work Product to any natural person, partnership, limited liability company, corporation, trust, governmental body or any other legal entity; except that Executive may use, copy or disclose to any Person any Confidential Information
(i) to the extent required in the performance of his duties pursuant to this Agreement, (ii) to the extent it becomes publicly available through no fault of Executive, (iii) to the extent he is required to do so pursuant to applicable
law, court order and/or court-issued subpoena, or (iv) with the prior written consent of the Chief Executive Officer. 

  

	 	b.	Executive agrees, subject to applicable law, to treat the terms of this Agreement as “Confidential Information” and to not disclose or discuss or release any such terms to any Person (except to
Executive’s attorneys, accountants and other consultants who have agreed to keep such information confidential) without the consent of the CEO. 

  

	 	c.	 If, during the employment relationship, Executive is engaged in or associated with the research, investigation,
planning or implementation of any project, program or venture on behalf of or involving the Company, all rights in the project, program or venture shall belong exclusively to the Company and shall constitute an opportunity belonging exclusively to
the Company. Except as approved in advance and in writing by the Board of Directors of Athenex, Executive shall not be entitled to any interest in 

  
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such project, program or venture or to any commission, finder’s fee or other compensation in connection therewith, other than the compensation to be paid to Executive by the Company as
provided herein. Moreover, Executive hereby acknowledges that all Work Product is owned by the Company, and Executive covenants not to take any position or action contrary to such acknowledgement. 

 

	 	d.	All Confidential Information disclosed or made available by the Company or its Affiliates to Executive shall at all times remain the personal property of the Company or such Affiliates as the case may be, and all
documents, lists, plans, proposals, records, computer disks and other tangible items supplied to Executive that constitute or contain Confidential Information shall, together with all copies thereof, and all other property of the Company, be
returned to the Company immediately upon termination of employment for whatever reason or if sooner, immediately upon demand by the Company. 

  

	 	7.	Enforcement. 

  

	 	a.	Executive further acknowledges that the scope of the business of the Company and its Affiliates is independent of location in the Territory and that as a senior executive of the Company, Executive has and will have
direct and indirect responsibility, oversight and duties with respect to all of the businesses and enterprises of the Company and its controlled Affiliates and its and their current and prospective employees, vendors, customers, clients and other
business relations, and that, accordingly, the restrictions contained in Sections 5 and 6 are reasonable in all respects and necessary to protect the goodwill, Confidential Information, customer relationships and Work Product of the Company and its
Affiliates and that, without such protection, the Company’s and its Affiliates’ customer and client relations and competitive advantage would be materially adversely affected. It is specifically recognized by Executive that
(i) Executive is significantly responsible for the growth and development of the Company and its Affiliates and the creation and preservation of their goodwill, (ii) money damages are insufficient to protect such interests, (iii) such
prohibitions would be necessary and appropriate without regard to compensation being provided to Executive hereunder, and (iv) the Company would not enter into this Agreement with Executive without the restrictions contained in Sections 5 and
6. Executive further acknowledges that the restrictions contained in Sections 5 and 6 do not impose an undue hardship on him and that, since he has general business skills which may be used for a business other than a Competitive Business, do not
deprive Executive of his livelihood. Executive agrees that the covenants made in Sections 5 and 6 shall be construed as agreements independent of any other provision(s) of this Agreement and shall survive any order of a court of competent
jurisdiction terminating any other provision(s) of this Agreement. 

  
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	 	b.	If, at the time of enforcement of Section 5 or 6, a court holds that the restrictions stated herein are unreasonable under circumstances then existing, the Parties agree that the maximum period, scope or
geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area. Because Executive’s services are unique and because Executive has access to Confidential Information, customers and Prospective
Customers of the Company and Work Product, and for the other reasons set forth herein, the Parties agree that money damages would not be an adequate remedy for any breach of this Agreement. Therefore, in the event of a breach or threatened breach of
any of Sections 5 or 6 of this Agreement, the Company and its successors and assigns shall, in addition to other rights and remedies existing in their favor, be entitled to obtain specific performance and injunctive or other relief in order to
enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security). To the fullest extent permitted by applicable law, in the event of a breach by Executive of Section 5 hereof, the Restricted Period shall
be tolled until such breach or violation has been duly cured. Executive agrees that the provisions of this Section 7 are reasonable and necessary to protect the Company. 

8.    Notices. Any notice provided for in this Agreement shall be in writing and shall be either personally
delivered, mailed by first class mail (return receipt requested), or sent by overnight courier service: if to the Company or to Athenex, to Athenex’s then-current headquarters, attention: Teresa Bair, Esq., and if to Executive, to
Executive’s primary residence then on record with the Company (the Company shall be entitled to rely upon information provided by Executive from time to time concerning the address of Executive’s primary residence). Any notice under this
Agreement shall be deemed to have been given on the earlier of when so delivered or three (3) business days after being deposited in the mail (as the case may be). 

9.    Cooperation; Return of Company Property. For a period of one (1) year following termination of
Executive’s employment for any reason, Executive agrees to cooperate in good faith with the Company and to be reasonably available to the Company with respect to continuing or future matters arising out of Executive’s services to the
Company and its Affiliates in exchange for compensation at an hourly rate of one hundred fifty dollars ($150.00), provided, however, that the Executive shall provide such cooperation at no additional charge to the Company during any periods in which
Executive is receiving compensation from the Company pursuant to Sections 4.c.ii., or 4.f. Upon termination, Executive shall promptly return to the Company all property of the Company and its Affiliates, whether tangible or intangible, which he
possessed or had control over at any time during the employment relationship, including, without limitation, credit cards, building and office access cards, keys, computer equipment, cell phones, electronic devices, manuals, files, documents,
records, software, customer database and other data, research, financial data and information, correspondence, statistics and payroll and other data, and any copies, compilations, extracts, excerpts, summaries and other notes thereof or relating
thereto. 

  
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 10.    Executive’s Representations. Executive hereby represents
and warrants to the Company that: (a) the execution, delivery and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or
decree to which Executive is a party or by which he is bound; and (b) this Agreement is the valid and binding obligation of Executive, enforceable in accordance with its terms. 

 

	 	11.	Definitions. 

 “Affiliate” shall mean any of the following: (a) any
“affiliate” as defined under Rule 12b-2 of the Securities Exchange Act of 1934, as amended, (b) any individual or entity who directly or indirectly controls, is controlled by or is under common
control with the specified individual or entity, and (c) any pair of entities or an individual and an entity in which one of the two parties (in such pair) owns, directly or indirectly, at least twenty percent (20%) of the outstanding equity
interests of the other party. 
 “Cause” shall mean (i) documented nonperformance or nonperformance of the Executive
Duties, or refusal to abide by or comply with the reasonable directives of the CEO, or the Company’s policies and procedures that continues without cure or remedy for thirty (30) days after the CEO has given written notice to Executive
specifying in reasonable detail the manner in which Executive has failed to perform such duties or comply with such directions, (ii) conviction for, or plea of nolo contendere to, any felony causing material harm to the Company or the
reputation of the Company, or any other conviction for, or plea of nolo contendere to, any act or omission involving fraud, theft or embezzlement, (iii) the commission of any other act or omission involving fraud with respect to the
Company or any of its Affiliates that could reasonably constitute a crime under applicable law based on the facts and circumstances as alleged, (iv) a breach by the Executive of Sections 5 or 6 of this Agreement (v) the commission of any
act that is in breach of Executive’s fiduciary duties of care or loyalty to Company, (vi) gross negligence or willful misconduct with respect to the Company or any of its Affiliates that continues without cure or remedy for thirty
(30) days after the CEO has given written notice to Executive specifying in reasonable detail the manner in which Executive has engaged in gross negligence or willful misconduct with respect to the Company or any of its Affiliates, or
(vii) a breach by Executive of any other material provision of this Agreement that is not susceptible to remedy or cure, or if susceptible to remedy or cure, that is not cured or remedied and continues beyond thirty (30) days after the CEO
has given written notice to Executive specifying m reasonable detail the manner in which Executive has breached this Agreement. 

“Change in Control” shall mean (i) any merger, reorganization, or consolidation transaction or series of transactions,
whether or not Athenex is the surviving or continuing corporation in such transaction; provided that such transaction or series of related transactions shall not be a Change in Control if the holders of the equity interests in Athenex immediately
prior to such transaction or transactions will, immediately after such transaction or transactions 

  
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(by virtue of securities issued as consideration for the transaction or otherwise) hold at least fifty percent (50%) of the voting power of the surviving, continuing or purchasing entity; or
(B) any sale, lease or other disposition of all or substantially all of the assets (tangible or intangible) of Athenex; or (C) any transfer, or series of related transfers, of at least 50% of the outstanding equity interests of Athenex,
other than to Affiliates of Athenex and/or the existing stockholders; and (D) Dr. Johnson Lau is not in the Chief Executive Officer Position within three years of the execution of this agreement. 

“Competitive Business” shall mean any business or enterprise engaged in or contemplated to be engaged in the manufacturing of
active pharmaceutical ingredients. 
 “Confidential Information” includes, but is not limited to, proprietary information,
Intellectual Property, technical data, and trade secrets concerning or consisting of research, development, manufacturing and production of pharmaceutical products and/or medical devices, product plans, products, services, customer proposals and
contracts, customer lists and customers (including, but not limited to, customers of the Company or any of the Company’s Affiliates on whom Executive called or with whom Executive became acquainted during the course of employment), requirements
and contact information of customers and suppliers, customer leads, data, markets, software, programs, source codes and object codes, developments, inventions, processes, designs, product designs, drawing, engineering, hardware configuration
information, formulas, formulations, prototypes, products, compositions, manuals, research, studies, equipment, machines, blueprints, specifications, discoveries, concepts, patent applications, technology, licenses, trade secrets, know-how, techniques, original works of authorship and any other information of a similar nature, whether or not patentable or copyrightable, documents or data stamped “Confidential”, marketing plans, this
Agreement, any document related to the Acquisition, finances or other business information or strategies disclosed to Executive, either directly or indirectly, in writing, by drawings or by observation; provided, that “Confidential
Information” shall not include information that: (a) is generally known to the public prior to disclosure, or after disclosure becomes generally known to the public through no act or failure to act on the part of the Executive; or
(b) is rightfully furnished to the Executive by a Person without breaching any agreement, understanding or confidential relationship between such Person and the Company. 

“Good Reason” shall mean, without Executive’s consent, the occurrence of one of the following: (i) a material
diminution of the Executive Duties or change in Executive’s position or compensation or change or removal of both titles specified in Section 2; (ii) the Executive’s principal place of work is relocated by the Company or any
acquiring or successor entity (or parent or subsidiary thereof) to a location more than one hundred ( I 00) miles from the Company’s present location in Clarence, New York; (iii) the Company’s material breach of any provision of this
Agreement; or (iv) resignation by the Executive after an act by the CEO or the Board of Directors of Athenex that would constitute a breach of the Company’s or Athenex’s code of ethics, if any, or fiduciary duties, a crime or material
fraud; provided, however, Executive’s termination pursuant to Section 4.a.ii. shall not be for Good Reason unless Executive shall have given written notice to the Company within ninety (90) days after any event which has resulted in
any such material diminution and the Company has failed to cure any such material diminution within thirty (30) days of receipt of such written notice from Executive. 

  
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 “Intellectual Property” shall mean (a) all Work Product (whether or not
patentable and whether or not reduced to practice), all improvements thereto, and all patents, patent applications, and patent disclosures, together with all reissuances, continuations,
continuations -in-part, revisions, extensions, and reexaminations thereof, (b) all trademarks, service marks, trade dress, logos, trade names, and corporate names, together with all translations,
adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and all applications, registrations, and renewals in connection therewith, (c) all copyrightable works, all copyrights, and all applications,
registrations, and renewals in connection therewith, (d) all mask works and all applications, registrations, and renewals in connection therewith, (e) all trade secrets (as defined in the Uniform Trade Secrets Act and under corresponding
foreign statutory and common law) and confidential business information (including ideas, research and development, formulas, compositions, manufacturing and production processes and techniques, technical data, designs, drawings, specifications,
customer and supplier lists, pricing and cost information, and business and marketing plans and proposals) related to the Work Product, (t) all software (including firmware and other software embedded in hardware devices), software code
(including source code and executable or object code), subroutines, interfaces, including APis, and algorithms, (g) all other proprietary rights, and (h) all copies and tangible embodiments thereof (in whatever form or medium). 

“Person” shall mean an individual, a partnership, a limited liability company, a corporation, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

“Prospective Customer” shall mean a Person (i) to whom the Company or any Affiliate of the Company previously provided
services within the two (2) years immediately preceding Executive’s termination, (ii) from whom the Company or any Affiliate of the Company has actively solicited business within the two (2) years immediately preceding the
Executive’s termination, or (iii) to whom the Company or any Affiliate of the Company has planned to solicit business within the six (6) months immediately preceding the Executive’s termination as evidenced by inclusion on a
prospective customer list, business plans, pipeline reports, or sales meetings. 
 “Work Product” shall mean any and all
inventions, innovations, improvements, original works of authorship, developments, concepts, methods, trade secrets, designs, analyses, drawings, reports and all similar or related information (whether or not patentable or registrable under
copyright or similar laws) which are solely or jointly conceived, developed, made or reduced to practice, or caused to be conceived, developed, made or reduced to practice, by Executive while employed by the Company or any of its Affiliates with
respect to pharmaceutical products and/or medical devices; provided, however, that “Work Product” shall not include any invention that Executive developed entirely on his own time without using the Company’s equipment,
supplies, facilities or Confidential Information except for those 

  
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inventions that either (a) relate at the time of conception or reduction to practice of the invention to the Company’s business, or actual or demonstrably anticipated research or
development of the Company, or (b) result from any work performed by Executive for the Company or any of its Affiliates. 

12.    Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

13.    Complete Agreement. This Agreement, including all Exhibits attached hereto, and the Proprietary Rights
Agreement between the Company and Executive, a copy of which is attached as Exhibit A hereto, embodies the complete agreement and understanding among the Parties with respect to the subject matter hereof and thereof and supersedes and preempts any
prior understandings, agreements or representations by or among the Parties, written or oral, that may have related to the subject matter hereof or thereof in any way. 

14.    Counterparts. This Agreement may be executed by electronic or facsimile signature and in separate
counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 

15.    Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by
Executive and the Company, and their respective heirs, successors and assigns. Executive may not assign his rights or delegate his obligations hereunder without the prior written consent of the Company. Any attempted assignment of this Agreement in
contravention of this Section 15 shall be null and void. 
 16.    Jurisdiction and Venue. Any controversy,
claim or dispute arising out of or relating to any provision of this Agreement (collectively, a “Dispute”) shall be venued exclusively in the state or federal courts located in the Western District of New York. Such courts are together
referred to as the “Exclusive Venues” for litigation. The Parties agree not to institute any litigation except in the Exclusive Venues and further agree that specific enforcement of this covenant with respect to Exclusive Venues may be
awarded to the Parties by means of all available legal or equitable remedies, including, without limitation, a temporary restraining order. The Parties hereby submit to the personal jurisdiction of the Exclusive Venues, and waive any defense of
inconvenient forum to the maintenance of any action or proceeding to be brought. 
 17.    Amendment. The
provisions of this Agreement may be amended or waived only with the prior written consent of the Company and Executive, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding
effect or enforceability of this Agreement. 

  
 12 

 18.    Survival. The obligations of the Parties in Sections 5, 6, 7,
8, 9, 12, 16, 19 and 20 shall survive indefinitely (unless otherwise limited in duration in this Agreement) regardless of any termination or cancellation (for any reason) of this Agreement. 

19.    Costs and Expenses. In the event of any legal proceedings in connection with this Agreement, the non-prevailing party shall pay the reasonable fees and costs (including without limitation, attorney’s fees, costs and expenses) of the prevailing party. 

20.    Governing Law. The Parties agree that this Agreement shall be governed by and construed in accordance with
the domestic laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other
than the State of New York. 
 21.    No Strict Construction. The Parties have participated jointly in the
negotiation and drafting of this Agreement. Executive was represented by and consulted with counsel during the negotiation and preparation of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement
shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provisions of this Agreement. 

22.    Paragraph Headings. Headings and subheadings herein are for convenience of reference only and are not of
substantive effect. 
 23.    Incorporation of Recitals. The recitals in the preamble of this Agreement are
hereby incorporated by reference into this Agreement in their entirety. 
 24.    Taxes. The Company may withhold from
any payments made under this Agreement all applicable taxes, including but not limited to income, employment and social insurance taxes, as shall be required by law. 

[Signature Page Follows.] 

  
 13 

 IN WITNESS WHEREOF, the Parties have executed this Employment Agreement as of the Effective Date.

  

	
	     

  
 

 

  
 14EX-10.29

 Exhibit 10.29 
  

             
 December 8, 2016 

Flint Besecker 
 Orchard Park, New York 

Via Hand Delivery 
 Dear
Flint, 
 Pursuant to our conversations over the past week, this letter contains the terms of our agreement for the transition of your
services (the “Letter Agreement”) with Athenex, Inc. (the “Company”). The effective date of this Letter Agreement is the date that you sign and date this Letter Agreement (the “Effective Date”). 

1. You agree to resign your positions as Executive Vice President, Chief Financial Officer, Chief Business Officer and Secretary of the
Company immediately as of the Effective Date. 
 2. You agree to resign your position as a member of the Company’s Board of Directors
(the “Board”) and any committee of the Board as of the Effective Date. 
 3. The parties hereby agree that the employment
agreement between you and the Company originally effective July, 1, 2013, restated March 10, 2014 (the “2014 Agreement”), and amended and restated June 1, 2015 (the ‘‘2015 Agreement”)(collectively the “Employment
Agreement”) is terminated as of the Effective Date. 
 4. Beginning on the Effective Date, you will be reassigned to the position of
Strategic Operations and will be based at the Company’s office in Buffalo, New York. You will report to Johnson Lau, the Chief Executive Officer of the Company. Your position with the Company will be on a part-time basis, which shall be Sixty
Percent (60%) of the the full-time employment equivalent. 
 5. Your employment is “at
will” and, accordingly, either the Company or you may terminate your employment at any time and for any reason, with or without cause or prior notice. Nothing in this Letter Agreement shall be construed as, or shall interfere with, abridge,
limit, modify, or amend the “at will” nature of your employment. 
  
  

 

 6. Your annual base salary, adjusted for your part-time status (60% of your effort/time), shall
be Two Hundred Thousand Dollars ($200,000), payable in regular installments by, and in accordance with, the general payroll practices of the Company. All compensation payable hereunder is subject to customary deductions for withholdings, including,
without limitation, federal and state withholding taxes, social security taxes and state disability insurance. 
 7. At the discretion of
the Company’s Board of Directors and during your employment with the Company, you may participate in all retirement, disability, health, medical, dental, insurance and other fringe benefits or plans of the Company generally available to other
employees of the Company. 
 8. During your employment with the Company, you have been granted multiple stock awards, including stock
options, restricted stock awards, and stock grants (collectively the “Stock Awards”). You agree that the Stock Awards listed in Exhibit A (“Stock Awards (Vested and Unvested Shares) and Shareholdings”) accurately reflects all
Stock Awards granted to you by the Company and your holdings of shares of Company Common Stock (the “Shares”) as of the Effective Date. You further agree that the “Vested Shares” and “Unvested Shares” information set
forth for each individual Stock Award in Exhibit A is accurate as of the Effective Date. 
 9. You acquired Four Hundred Forty Thousand
(440,000) shares of the Company’s Series A Preferred Stock (subsequently converted to Shares and reflecting 1:4 stock split), on or about March 9, 2014 under the terms and conditions set forth in Sections 3 and 4 of the 2015 Agreement
prior to the amendment of the 2014 Agreement (the “2014 Restricted Shares”). The 2014 Restricted Shares are subject to the following vesting schedule: one-third (1/3) of the 2014 Restricted Shares vested on March 9, 2015 and
one-third (1/3) of the 2014 Restricted Shares vested on March 9, 2016 (the “2014 Vested Shares”) and one-third (1/3) will vest on March 9, 2017 (the “2014 Unvested Shares”). The total number of 2014 Unvested
Shares is One Hundred Forty Six Thousand Six Hundred Sixty Seven (146,667) Shares. As consideration for entering into this Letter Agreement, you agree that on the Effective Date the 2014 Unvested Shares shall be repurchased by the Company,
notwithstanding your continued employment with the Company, under the terms set forth in this Letter Agreement. The repurchase price to be paid by the Company for the 2014 Unvested Shares shall be One Dollar ($1), which you agree is sufficient
consideration for the repurchase of the 2014 Unvested Shares. The Company shall pay the repurchase price for the 2014 Unvested Shares to you within ten (10) days of the Effective Date. You agree to timely execute any documents provided by
Company to facilitate the Company’s repurchase of the 2014 Unvested Shares. 
 10. On or about January 30, 2015, the Company and
you entered into a restricted stock purchase agreement (“RSPA”) for the purchase by you of Six Hundred Thousand (600,000) Shares (post 1:4 stock split) (attached hereto as Exhibit B) (the “2015 Restricted Shares). One-third
(1/3) of the 2015 Restricted Shares vested on January 30, 2016 (the “2015 Vested Shares”), one-third (1/3) will vest on January 30, 2017 and one-third (1/3) will vest on January 30, 2018 (together, the 2015
Unvested Shares”). The total number of 2015 Unvested 

  
 - 2 - 

 
Shares is Four Hundred Thousand (400,000) Shares. As consideration for entering into this Letter Agreement, you agree that on the Effective Date the 2015 Unvested Shares shall be repurchased
by the Company, notwithstanding your continued employment with the Company, under the terms set forth in this Letter Agreement. Notwithstanding any share repurchase terms set out in the RSPA, you and the Company have determined that the repurchase
price to be paid by the Company for the 2015 Unvested Shares shall be One Dollar ($1), which you agree is sufficient consideration for the repurchase of the 2015 Unvested Shares. The Company shall pay the repurchase price for the 2015 Unvested
Shares to you within ten (10) days of the Effective Date. You agree to timely execute any documents provided by Company to facilitate the Company’s repurchase of the 2015 Unvested Shares. 

11. On or about January 30, 2015, the Company granted to you Two Hundred Thousand (200,000) Shares (post 1:4 stock split) (the
“2015 Stock Grant”). At the time of the 2015 Stock Grant was made to you, the Company withheld One Hundred Thousand (100,000) Shares from the 2015 Stock Grant for the payment of income taxes owed by you as a result of the income
imputed to you from the 2015 Stock Grant. Accordingly, a net total of One Hundred Thousand (100,000) Shares were issued to you under the 2015 Stock Grant (the 2015 Stock Grant Net-Share Issuance). The 2015 Stock Grant was fully vested as of the
grant date. As consideration for entering into this Letter Agreement, you agree that on the Effective Date the 2015 Stock Grant Net-Share Issuance shall be repurchased by the Company, notwithstanding your continued employment with the Company, under
the terms set forth in this Letter Agreement. The repurchase price to be paid by the Company for the 2015 Stock Grant Net-Share Issuance shall be One Dollar ($1), which you agree is sufficient consideration
for the repurchase of the 2015 Stock Grant Net-Share Issuance. The Company shall pay the repurchase price for the 2015 Stock Grant Net-Share Issuance to you within ten (10) days of the Effective Date. You agree to timely execute any documents
provided by Company to facilitate the Company’s repurchase of the 2015 Stock Grant Net-Share Issuance. 
 12. On May 22, 2015, you
received an award from the Company of options to purchase up to One Million Two Hundred Eighty Thousand (1,280,000) Shares (post 1:4 stock split) with an exercise price of Seven Dollars and Fifty Cents ($7.50) per share (the “2015
Option”) pursuant to a Common Stock Option Ageement (the “2015 Option Agreement”). A copy of the 2015 Option Agreement is attached hereto as Exhibit C. As consideration for entering into this Letter Agreement, you hereby agree to
terminate the 2015 Option Agreement and forfeit any and all rights that you may have to the 2015 Option and any Shares issuable upon exercise of the 2015 Option, whether or not vested. On the Effective Date, the 2015 Options and the 2015 Option
Agreement shall be automatically terminated and of no further force and effect, and neither the Company nor you shall have any further rights or obligations with respect to thereto. You agree to timely execute any documents provided by Company to
facilitate the termination of the 2015 Options and 2015 Option Agreement. 
 13. With the exception of the Company’s repurchase of the
2014 Unvested Shares pursuant to Paragraph 9 of this Letter Agreement, the Company’s repurchase of the 2015 Unvested Shares pursuant to Paragraph 10 of this Letter Agreement, the Company’s repurchase

  
 - 3 - 

 
of the 2015 Stock Grant Net-Share Issuance pursuant to Paragraph 11 of this Letter Agreement, and the termination of the 2015 Option pursuant to Paragraph 12 of this Letter Agreement, the
remaining Stock Awards set forth on Exhibit A and all other Shares held by you shall, in addition to the terms and conditions of the original stock award agreements, be subject to the following limitations on the sale or transfer of the shares
currently held under those Stock Awards or received upon exercise of a Stock Award: 
  

	 	•	 	While you have or are aware of “inside” information (that is, material information about the Company that is not yet public but that a reasonable investor would consider important in deciding whether to buy or
sell Shares), you are prohibited by U.S. securities laws and the Company’s policy on insider trading from trading the shares until the information has been disclosed to the public and absorbed by the stock market (which, in most cases, is at
least the second trading day after the information has been made public). All sales of Shares must comply with the Company’s policy on insider trading, including any applicable window and blackout periods. 

 

	 	•	 	You may not sell, offer, pledge, contract to sell, grant any option or contract to purchase, purchase any option or contract to sell, grant any right or warrant to purchase, lend or otherwise transfer or encumber,
directly or indirectly, any shares of the Company Common Stock held by you during the period from the filing of the first registration statement of the Company filed under the Securities Act of 1933, as amended (the “1933 Act”), that
includes securities to be sold on behalf of the Company to the public in an underwritten public offering under the 1933 Act through the end of the 180-day period following the effective date of such registration statement (or such other period as
may be requested by the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the
restrictions contained in NASD 
Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto). You agree, if so requested by the Company or any representative of its underwriters, to enter into such
underwriter’s standard form of “lockup” or “market standoff” agreement in a form satisfactory to the Company and such underwriter. 

  

	 	•	 	As a former officer and director of the Company, you may be deemed to be an “affiliate” of the Company (within the meaning of Rule 405 under the 1933 Act and may be subject to restrictions when reselling any
Shares held by you. Any such resales must be either described in a separate prospectus or, in certain instances, registered in a separate registration statement, or sold in accordance with the requirements of Rule 144 under the 1933 Act or another
exemption available under the 1933 Act. 

  
 - 4 - 

 14. In addition to the regulatory restrictions on the sale or transfer of any of the Shares
currently held by you, including under those Stock Awards or received upon exercise of a Stock Award held by you as described in Paragraph 13 of this Letter Agreement, you and the Company agree that your right to sell or otherwise transfer any of
these Shares will be further restricted under the following terms: 
  

	 	•	 	During the time period between six (6) months and twelve (12) months after an initial public offering of its Shares by the Company, you may only sell, dispose or otherwise deal in up to Twenty-Five Percent
(25%) of the Shares currently held by you, include those under the Stock Awards or received upon exercise of a Stock Award. 

  

	 	•	 	During the time period between twelve (12) months and eighteen (18) months after an initial public offering of its Shares by the Company, you may only sell, dispose or otherwise deal in Shares to the extent
that when such sales, disposals or dealings are aggregated with other sales of Shares by you since the Company’s initial public offering of its Shares by the Company they would not exceed Fifty Percent (50%) of the Shares currently held by
you, include those under the Stock Awards or received upon exercise of a Stock Award. 

  

	 	•	 	During the time period between eighteen (18) months and twenty-four (24) months after an initial public offering of its Shares by the Company, you may only sell, dispose or otherwise deal in Shares to the
extent that when such sales, disposals or dealings are aggregated with other sales of Shares by you since the Company’s initial public offering of its Shares by the Company they would not exceed Seventy-Five Percent (75%) of the Shares
currently held by you, include those under the Stock Awards or received upon exercise of a Stock Award. 

  

	 	•	 	After twenty-four (24) months following an initial public offering of its Shares by the Company, you may sell, dispose or otherwise deal in up to One Hundred Percent (100%) of the Shares currently held by you,
include those under the Stock Awards or received upon exercise of a Stock Award. 

  

	 	•	 	Any sale of the Shares currently held by you, including those under the Stock Awards or received upon exercise of a Stock Award must be processed through a broker designated by the Company. The Company shall provide you
with the information on the designated broker upon your request. 

  
 - 5 - 

 15. You understand and agree that the Company shall cause the legends set forth below, or
substantially equivalent legends, to be placed upon any certificate(s) evidencing ownership of the Shares, together with any other legends that may be required by the Company or by applicable state or federal securities laws: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “1933 ACT”) AND MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES
WITH THE ACT. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A LOCK-UP PERIOD IN THE EVENT
OF A PUBLIC OFFERING AS WELL AS THE BYLAWS OF THE COMPANY, COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND LOCK-UP PERIOD ARE BINDING ON TRANSFEREES OF THESE SHARES. 

16. You agree that to ensure compliance with the sale and transfer restrictions applicable to the Shares as referred to herein this Letter
Agreement, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. The
Company shall not be required (i) to transfer on its books any Shares which have been sold or transferred in violation of the provisions of this Letter Agreement, nor (ii) to treat as the owner of the Shares, or otherwise to
accord voting or dividend rights to, any transferee to whom the Shares have been transferred in contravention of this Letter Agreement. 

17. You shall at all times, both during your employment with the Company and after termination of your employment, whether by the Company or
by you, maintain in confidence and not utilize the Proprietary Information or the Intellectual Property of the Company, or technology, business or proprietary information of others under confidential evaluation or use by the Company, including
information with respect to the Company’s Field of Interest and with respect to the Company’s application for the public offering of its shares (collectively, “Confidential Information”) except in performing services for the
Company. Maintaining Confidential Information in confidence shall include refraining from disclosing Confidential Information to any third party (except when duly and specifically authorized in writing to do so for purpose of furthering the business
of the Company), and refraining from using Confidential Information for your 

  
 - 6 - 

 
account or for any other person or business entity. You will not file patents based on the Company’s Confidential Information, nor seek to make improvements thereon, without written
approval. 
 For purposes of this Letter Agreement, the following definitions shall apply: 

“Intellectual Property” means all Inventions, writing, trade name, trademark, service mark or any other material
registered or otherwise protected or protectable under state, federal, or foreign patent, trademark, copyright, or similar laws. 

“Inventions” includes ideas, discoveries, inventions, developments and improvements, whether or not reduced to practice
and whether or not patentable or otherwise protected or protectable under state, federal, or foreign patent, trade mark, copyright or similar laws. 

“Proprietary Information” includes any business plans, strategies, and all other non-public information concerning the
Company, as well as scientific, technical, trade or business secrets of the Company and any scientific, technical, trade or business materials that the Company treats, or is obligated to treat, as confidential or proprietary, including, but not
limited to, Inventions belonging to the Company and confidential information obtained by or given to the Company about or belonging to its suppliers, licensors, licensees, partners, affiliates, customers, potential customers or others. 

18. You shall, upon request of the Company, promptly communicate and disclose to the Company all information, observations, and data obtained
by you in the course of your employment. All written materials, records and documents made by the you or coming into your possession during your employment concerning the Company’s business (collectively, “Business Information”),
shall be the sole and absolute property of the Company, and upon termination of employment, or upon request of the Company during your employment by the Company, you shall promptly deliver the same to the Company. 

19. If during your employment with the Company, you produce, develop, create, invent, conceive or reduce to practice, Inventions and
Intellectual Property in the Company’s Field of Interest, you shall maintain and furnish to the Company complete and current records of all such Inventions and Intellectual Property. You agree that all such Inventions and Intellectual Property
are and shall be the exclusive property of the Company, and that the Company may use or pursue them without restriction or additional compensation to you. You (i) hereby assign, set over and transfer to the Company all of your right, title and
interest in and to such Inventions and Intellectual Property; (ii) to the extent consistent with the Copyright Act of 1976 (the “Copyright Act”), each such Invention or Intellectual Property shall be a “work made for hire”
as that term is defined in Section 101 of the Copyright Act, and shall be the sole 

  
 - 7 - 

 property of the Company and the Company shall be the sole author thereof within the meaning of the Copyright Act,
and if any such Invention, Intellectual Property or any portion thereof is not deemed to be a “work made for hire,” this Letter Agreement shall operate as an irrevocable assignment of the copyright to the Invention or Intellectual Property
throughout the world, and (iii) agree that you and your agents shall, during and after the period you are retained by the Company, cooperate fully in obtaining patent, trademark, service mark, copyright, mask work or other proprietary
protection for such Inventions and Intellectual Property, which action may be initiated in the Company’s sole and absolute discretion, all in the name of the Company at its own expense, and, without limitation, shall execute all requested
applications, assignments and other documents in furtherance of obtaining such protection or registration and confirming full ownership by the Company of such Inventions and Intellectual Property. You hereby designate the Company as your agent, and
grant to the Company a power of attorney with full substitution, which power of attorney shall be deemed coupled with an interest, for the purposes of effecting the foregoing assignments from you to the Company. You shall, upon leaving the Company,
provide to the Company in writing a full, signed statement of all Inventions and Intellectual Property in which you participated prior to termination of your employment. 

20. During your employment with the Company and at all times following your termination of employment for any reason, you covenant and agree
that you will not, nor induce others to, disparage the Company, its past and present officers, directors, employees, shareholders, affiliates, products or services. Nothing herein shall prohibit you from responding truthfully to any governmental
investigation, legal process or inquiry related thereto. For purposes of this Letter Agreement, the term “disparage” means any statements, whether orally, in writing or through any medium (including, but not limited to, the press or other
media, computer networks or bulletin boards, or any other form of communication), that intentionally disparage, defame, or otherwise damage or assail the reputation, integrity or professionalism of any of the persons or entities described above.

 21. You recognize and acknowledge the competitive and proprietary nature of the Company’s business operations. You acknowledge and
agree that a business will be deemed competitive with the Company if it provides products or services related to the current or proposed products or services, or information now or hereafter provided or offered by the Company or under development by
the Company that are in the Company’s “Field of Interest,” For purpose of clarity, the Company’s Field of Interest is the discovery, development, commercialization and marketing of therapeutics based on (i) kinase inhibitors
discovered through Mimetica and OPAL, (ii) pre-tubulin polymerization inhibitors, (iii) small molecules oncology drugs, or (iv) P-glycoprotein inhibitors based on oral absorption. 

You further acknowledge and agree that during the course of performing services for the Company, the Company has or will furnish, disclose or
make available to you confidential and proprietary information related to the Company’s business and that you have had and will have access to, and develop relationships with, the customers, vendors, partners and employees of the Company. You
also acknowledge that such confidential and proprietary information and relationships have been developed and will be developed by the Company through the expenditure by the Company of substantial time, effort and money and that all such
confidential information and relationships could be used by you to compete with the Company. 

  
 - 8 - 

 The restrictive covenants provided herein are made in consideration of your compensation for
services rendered or to be rendered to the Company and in view of the positions held by you, the relationships that have been and will be developed and maintained by you on behalf of the Company, and the confidential nature and proprietary value of
the information which the Company may share with you, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. During your employment and for a period of twenty-four (24) months following the
termination of your employment, whether such termination is voluntary or involuntary, you shall not, without the prior written consent of the Company: 

directly or indirectly, either as principal, agent, stockholder, employee, consultant, representative or in any other capacity, own, manage,
operate or control, or be concerned, connected or employed by, or otherwise act in any manner with, engage in or have a financial interest in any business which is engaged in the Field of Interest anywhere in the world, except that nothing contained
herein shall preclude you from purchasing or owning stock in any such business if such stock is publicly traded, and provided that your holdings are less than five percent (5%) of the issued and outstanding capital stock of such business; or

 either individually or on behalf of or through any third party, solicit, divert, hire or otherwise appropriate or attempt to solicit,
divert, hire or otherwise appropriate, for the purpose of competing in the Field of Interest anywhere in the restricted territory, which is any region in which the Company and its subsidiaries have business, with the Company or with any present or
future parent, subsidiary or other affiliate of the Company, any employee or agent of the Company, any joint venture or strategic partners of the Company, or any customers, vendors or prospective customers or vendors of the Company. 

You further recognizes and acknowledges that (i) the types of employment which are prohibited by this paragraph are narrow and reasonable
in relation to the skills which represent your principal salable asset both to the Company and to your other prospective the Companys or customers, and (ii) the specified but broad geographical scope of the provisions of this paragraph is
reasonable, legitimate and fair to you in light of the Company’s need to perform its research and to develop and market its services and to develop and sell its products in the global markets in order to have a sufficient customer base to make
the Company’s business profitable and in light of the limited restrictions on the type of employment prohibited herein compared to the types of employment for which you are qualified to earn his livelihood. 

  
 - 9 - 

 If any part of this section should be determined by a court of competent jurisdiction to be
unreasonable in duration, geographic area, or scope, then this section is intended to and shall extend only for such period of time, in such area and with respect to such activity as is determined to be reasonable. 

22. You agree that any breach of the provisions of this Letter Agreement by you will result in irreparable damage to the Company, and it is
agreed that the Company may prevent any such breach by injunctive proceedings or may specifically compel performance by you of your obligations hereunder. You agree that if you violate any term of this Letter Agreement, the Company, in addition to
any other remedies it may have at law or in equity, may require an accounting and repayment of all profits, compensation, remuneration or other benefits realized, directly or indirectly, as a result of such violations (i) by you, or
(ii) by any business engaged in the Company’s Field of Interest controlled, directly or indirectly, by you. 
 23. This Letter
Agreement shall be governed by and construed in accordance with the laws of the state of New York, without regard to its choice of laws principles. You consent to the jurisdiction and venue of the courts of the State of New York and any federal
court situated in New York. 
 24. If any court of competent jurisdiction determines that any provision contained in this Letter Agreement,
or any part thereof, is unenforceable for any reason, you agree that such court shall have the power to reduce the duration or scope of such provision, or otherwise modify such provision, as the case may be, and, in its reduced form, such provision
shall then be enforceable. If, notwithstanding the immediately preceding sentence, any court of competent jurisdiction determines that any provision contained in this Letter Agreement, or any part thereof, is unenforceable and cannot for any reason
be reduced and enforced as described above, you agree that such determination shall not affect, impair or invalidate the remainder of this Letter Agreement. 

25. You hereby irrevocably waive any right to trial by jury that you may have in the event that litigation is commenced between the parties at
any time in the future. 
 26. This Letter Agreement shall inure to the benefit of and be binding upon the Company, its successors and
assigns, including without limitation any company which may acquire all or substantially all of the Company’s assets or business or into which the Company may be consolidated or merged, and shall likewise inure to the benefit of and be binding
upon you, your heirs, executors, administrators and legal representatives. You may assign your right to payment or compensation, but may not assign any duties or responsibilities or obligations assumed as a result of your employment with the
Company. 
 27. The Company’s failure to exercise any of its rights in the event you breach any of the separate and distinct promises
in this Letter Agreement, or the Company’s failure to exercise any of its rights under similar contracts with other executives, shall not be construed as a waiver of any breach or prevent the Company from later enforcing strict compliance with
any and all promises in this Letter Agreement. 

  
 - 10 - 

 28. In exchange for the continuation of employment and other consideration provided to you in
this Letter Agreement, you agree to execute the release agreement attached hereto as Exhibit D. 
 29. You hereby represent and warrant that
you (i) have had an opportunity to review this Letter Agreement and ask the Company questions about the Letter Agreement and (ii) consult with legal counsel about the meaning and effect of each Section of this Letter Agreement. 

30. The Company will obtain and maintain “Directors and Officer” insurance coverage for you with regard to your former positions as
Chief Financial Officer and Chief. Operations Officer of the Company. Such insurance may offset the Company’s indemnification obligations to you under its certificate of incorporation and bylaws. The Company’s indemnification obligations
to you may not be diminished by future amendments to its certificate of incorporation or bylaws. 
 31. Except as set forth in this
paragraph, this Letter Agreement supersedes the 2015 Agreement and any other prior agreements, representations or promises of any kind, whether written, oral, express or implied, between the parties hereto with respect to the subject matters
herein. This Letter Agreement constitutes the full, complete and exclusive agreement between you and the Company with respect to the subject matters herein. 

To indicate your acceptance of the terms of this Letter Agreement, sign and return a copy of this Letter Agreement on or before December
15, 2016. 
  

			
	By:	 	

		 	  
 JOHNSON LAU

		 	CHIEF EXECUTIVE OFFICER and
		 	CHAIRMAN OF THE BOARD

  

	
	Agreed and Accepted
	
	 Date: December 8, 2016

	
	

	  
 FLINT BESECKER

  
 - 11 - 

 EXHIBIT A 

Stock Awards (Vested and Unvested Shares) and Shareholdings 
  

																			
	 Grant Date
	  	 Type of

Award
	  	No. of
Shares
(post 1:4 split)	 	  	Strike Price
(USD,
post 1:4 split)	 	  	Vested
Shares	 	  	Unvested
Shares	 
	 May 22, 20151
	  	Options	  	 	1,280,000	 	  	 	7.50	 	  	 	426,667	 	  	 	853,333	 
						
	 January 30, 20152
	  	Stock	  	 	100,000	 	  	 	—  	 	  	 	100,000	 	  	 	0	 
						
	 January 30, 20153
	  	Restricted Stock	  	 	600,000	 	  	 	5.50	 	  	 	200,000	 	  	 	400,000	 
						
	 March 9, 20144
	  	Restricted Stock	  	 	440,000	 	  	 	4.55	 	  	 	293,333	 	  	 	146,667	 
						
	 July 1, 2013
	  	Options	  	 	400,000	 	  	 	4.55	 	  	 	400,000	 	  	 	0	 
						
	 January 2, 2013 (Director Compensation)
	  	Options	  	 	90,000	 	  	 	4.55	 	  	 	90,000	 	  	 	0	 
						
	 March 26, 2012 (Director Compensation)
	  	Options	  	 	16,000	 	  	 	4.55	 	  	 	16,000	 	  	 	0	 
						
	 June 15, 2011 (Director Compensation)
	  	Options	  	 	20,000	 	  	 	4.55	 	  	 	20,000	 	  	 	0	 

  
  

	1 	The May 22, 2015 stock option award will be terminated pursuant to the terms of the Letter Agreement. 

	2 	The total number of Shares received under this stock award, One Hundred Thousand (100,000) Shares will be repurchased by the Company pursuant to the terms of the Letter Agreement. 

	3 	The unvested portion of the January 13, 2015 restricted stock award will be repurchased by the Company pursuant to the terms of the Letter Agreement. 

	4 	The unvested portion of the March 9, 2014 restricted stock award will be repurchased by the Company pursuant to the terms of the Letter Agreement. 

  
 - 12 - 

 EXHIBIT B 

Restricted Stock Purchase Agreement 

Dated January 30, 2015 

  
 - 13 - 

 RESTRICTED STOCK PURCHASE AGREEMENT 

This RESTRICTED STOCK PURCHASE AGREEMENT, dated as of January 30, 2015 (this “Agreement”), by and among
Flint Besecker, an individual (“Executive”) and Kinex Pharmaceuticals, Inc., a Delaware corporation (“Employer”). 

WITNESSETH: 

WHEREAS, Executive is employed by Employer as Executive Vice President and Chief Financial Officer pursuant to that certain
Employment Agreement dated as of July 1, 2013 (the “Employment Agreement”); 
 WHEREAS, Executive
desires to purchase and Employer desires to sell 150,000 shares of Employer’s common stock, $.001 par value per share (the “Restricted Shares”) on the terms and conditions set forth herein; and 

WHEREAS, Executive is, concurrently herewith, making in favor of Employer a Full Recourse Promissory Note (the
“Note”), in full satisfaction of the payment of the Purchase Price (as defined below). 
 NOW, THEREFORE, in
consideration of the premises and mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto (each, a “Party” and collectively the
“Parties”) agree as follows: 
 1. Definitions; Employment Agreement. The terms and conditions of the
Employment Agreement are hereby incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Employment Agreement. 

2. Note Installments. With respect to the Restricted Stock purchase described herein, during the employment period (and the
period following thereafter that is described in Section 6 of the Executive’s Employment Agreement), any installment that becomes due under the promissory note that is executed by Executive pursuant this Purchase Agreement shall be paid by
Employer to Executive as additional compensation. Employer’s obligation hereunder expires upon a material breach by Executive of the restricted covenants in Sections 6,7 or 9, the termination of Executive for Cause (as defined in section 5(c))
of the Executive’s Employment Agreement or the resignation of Executive without Good Reason (as defined in Section 5(c)). 
 3.
Restricted Stock Purchase. The Employer hereby sells and issues to Executive, and Executive hereby purchase and receives from the Employer, the Restricted Shares, subject to the terms and conditions set forth herein and in the Employment
Agreement. The aggregate purchase price for the Restricted Shares shall be $3,300,000.00, which is the fair market value of such shares, as determined by the Board in good faith and in consultation with the Executive (the “Purchase
Price”), which fair market value results in a per share purchase price of $22 (the “Per Share Purchase Price”). The Purchase Price is being paid in full by Executive by the delivery of the Note, in substantially the form
attached hereto as Exhibit A, executed by Executive ‘for the benefit of the Employer. 

  
 1 

 4. Vesting of Restricted Shares. 

(a) Except as provided in Section 3(b), the Restricted Shares acquired hereunder shall vest according to the following schedule,
conditioned on Employee continuing to provide services under the Employment Agreement, which services include compliance with the restrictive covenants described in Sections 6, 7 and 9 of the Employment Agreement for a period of up to two years
following the termination of the Employment Period, provided that Executive makes himself reasonably available to Employer as an advisor or consultant (for reasonable compensation) during such period. Any Restricted Shares which have fully vested
pursuant to this Section 1 shall be referred to in this Agreement as “Vested Shares.” Any Restricted Shares which have not become Vested Shares shall be referred to in this Agreement as “Unvested Shares.” 

(i) One-third of the Restricted Shares shall vest on January 30, 2016; 

(ii) An additional one-third of the Restricted Shares shall vest on January 30, 2017; 

(iii) An additional one-third of the Restricted Shares shall vest on January 30, 2018. 

(b) Other Vesting Events. The Restricted Shares that have not become forfeited hereunder will become vested, as described below, upon
the occurrence of the following: 
 (i) The Restricted Shares shall become 100% vested upon the occurrence of a Liquidity Event described
in clause (A) of Section 3(c)(i) of the Employment Agreement. 
 (ii) The Restricted Shares shall become 100% vested upon
the occurrence of a Change of Control described in Section 5(g) of the Employment Agreement, whether or not Executive’s employment is terminated. 

(iii) Upon Death or Permanent Disability, the portion of the Restricted Shares that have become Vested Shares is the aggregate of
(A) the Vested Shares determined under Section 3(a), and (B) a fraction of the Restricted Shares that are subject to vesting during the calendar year, the numerator determined by the number of months service performed during the year by
Executive and the denominator is twelve (12). A month of service will be credited for a partial month in which the Executive is employed for at least ten (10) days. 

  
 2 

 5. Restrictions on Transfer of Unvested Shares. The Unvested Shares shall not be
sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of, directly or indirectly, and shall not be subject to execution, attachment or similar process. 

6. Repurchase by the Employer. 

(a) Upon the termination of the Employment Period and Executive’s provision of services as a consultant pursuant to Section 5(f) of
the Employment Agreement, or pursuant to Section 10 hereof, the Employer shall have the right, but not the obligation, to repurchase all or any portion of the Restricted Shares, including any Vested Shares and/or Unvested Shares (the
“Repurchase Right”). 
 (b) The purchase price (the “Repurchase Price”) shall be determined as follows:

 (i) The Repurchase Price for each of the Unvested Shares pursuant to which the Repurchase Right is being exercised shall be equal to the
Per Share Purchase Price. 
 (ii) The Repurchase Price for each of the Vested Shares pursuant to which the Repurchase Right is being
exercised shall be equal to the Fair Market Value (as defined in Section 6 below). 
 (c) The Employer shall have the right to exercise
the Repurchase Right (i) for ninety (90) days after the period described above by giving to Executive written notice of such exercise, or (ii) upon not less than ten business day’s prior written notice in the event of any
exercise pursuant to Section 10 hereof, in each case, specifying the number of Vested Shares and Unvested Shares to be repurchased by the Employer and the aggregate Repurchase Price thereof. In the event that the Employer has elected to
exercise the Repurchase Right as to part or all of the Restricted Shares within the period described above, Executive shall deliver to the Employer certificate(s) representing the Restricted Shares to be acquired by the Employer within twenty
(20) days following the date of the notice from the Employer, or within ten (10) days following determination of Fair Market Value, whichever is later. The Employer shall deliver to Executive against delivery of the Restricted Shares the
Repurchase Price. The Employer may pay the Repurchase Price by offsetting any amounts due under Note and paying the balance due in cash to Executive. 

(d) The Repurchase Right shall terminate with respect to Vested Shares and Unvested Shares for which it is not timely exercised under Section
5(c) above. In addition, the Repurchase Right shall terminate with respect to Vested Shares upon (A) a Change of Control, or (B) the occurrence of Liquidity Event described in clause (A) of Section 3(c)(i) of the Employment
Agreement. 
 7. Fair Market Value. For purposes of the Repurchase Right described in this Agreement, the term “Fair
Market Value” shall mean the fair market value per share of the Vested Shares as agreed to in good faith between Executive and the Employer. The parties acknowledge that the purchase price set forth in Section 2 above represents the Fair
Market Value of the Restricted Shares on the date hereof. If Executive and the Employer are unable to agree upon a fair market value per share within twenty (20) days following the notice of the 

  
 3 

 
exercise of the Repurchase Right pursuant to Section 5, the value of the Vested Shares shall be determined by an independent appraiser selected by the mutual agreement of such parties. If
such parties are unable to agree upon a mutually acceptable appraiser within twenty (20) days following the notice of exercise of the Repurchase Right pursuant to Section 5, an independent appraiser selected by the Employer and an
independent appraiser selected by Executive shall appraise the fair market value of the Vested Shares. If the two appraisers cannot agree as to the fair market value of the Vested Shares, the fair market value shall be determined by a third
appraiser selected by each of the appraisers selected by the Employer and Executive. The Employer and Executive shall share equally the costs of any appraisers. 

8. Representations and Warranties of the Employer. The Employer hereby represents and warrants to Executive as follows: 

(a) All corporate action on the part of the Employer, its officers and directors necessary for the authorization, execution and delivery of
this Agreement, the performance of all obligations of the Employer hereunder and the authorization, issuance (or reservation for issuance) and delivery of the Restricted Shares being granted hereunder has been taken or will be taken prior to the
execution of this Agreement, and this Agreement constitutes a valid and legally binding obligation of the Employer which is enforceable in accordance with its terms. 

(b) The Restricted Shares which are being sold hereunder, when issued, sold and delivered in accordance with the terms hereof for the
consideration expressed herein will be duly and validly issued, fully paid and nonassessable (except as set forth herein) and, based in part upon the representations of Executive in this Agreement, will be issued in compliance with all applicable
federal and state securities laws. 
 9. Representations and Warranties of Executive. Executive represents and warrants to
Employer as follows: 
 (a) Executive represents that the Restricted Shares are being acquired for a personal account, for investment
purposes only, and not with a view to the distribution, resale or other disposition thereof. 
 (b) Executive acknowledges that the Employer
is issuing the Restricted Shares without registering such Shares under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state, on the basis of certain exemptions from such registration
requirements. 
 (c) Executive recognizes that the Restricted Shares (including the Vested Shares) must be held indefinitely unless they are
subsequently registered or qualified under applicable federal or state securities laws or an exemption from such registration or qualification is available, and further recognizes that the Employer is under no obligation to register or qualify such
Restricted Shares or to comply with any exemption from such registration or qualification. 
 (d) Executive further agrees in no event to
make any disposition of all or any part of the Vested Shares unless and until (i) Executive shall have notified the Employer of the proposed disposition; (ii) Executive shall have received an opinion of counsel to the effect that such
disposition will not require the registration or qualification of the Vested Shares under 

  
 4 

 
applicable securities laws; and (iii) such opinion of counsel shall have been concurred in by the Employer’s counsel and the Employer shall have advised Executive of such concurrence.
Executive acknowledges that any certificates representing the Restricted Shares may bear legends that arc deemed appropriate by Employer’s counsel regarding the restrictions on disposition of the Restricted Shares. 

(e) Executive acknowledges receipt of all such information as Executive deems necessary and appropriate to enable Executive to evaluate the
financial risk inherent in acquiring the Restricted Shares and acknowledges receipt of satisfactory and complete information covering the business and financial condition of the Employer, including the opportunity to obtain information regarding the
Employer’s financial status, in response to all inquiries in respect thereof. Executive acknowledges and represents that (A) Executive has a preexisting personal or business relationship with the Employer and with certain of the
Employer’s officers and directors, and (B) Executive has the business and financial experience necessary to evaluate this investment. 

10. Section 83(b) Election. Executive may at his option make and submit a written election effective under
Section 83(b) of the Internal Revenue Code with the Internal Revenue Service within thirty (30) days of the date of this Agreement to be taxed on the fair market value of the Restricted Shares on the date of this Agreement over the
Purchase Price. 
 11. Tax Withholdings. In the event that Employer is obligated to withhold any amounts with respect to the
Restricted Shares in order to satisfy withholding tax obligations under federal, state or local law, which may occur due to the terms of repayment of the promissory note described in this Agreement, if the Executive does not remit sufficient funds
to satisfy such withholding obligations or make other satisfactory arrangement therefore, the Employer may satisfy such withholding obligations by repurchasing Shares from Executive at fair market value under the terms of Section 5
sufficient to cover the minimum withholding obligation. 
 12. Entire Agreement. This Agreement, together with the Note and
the Employment Agreement, contains and constitutes the entire agreement and understanding between Executive and Employer and supersedes and cancels all prior agreements and understandings relating to the subject matter hereof, whether written or
oral. Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated, except in writing signed by the Parties hereto. 

13. Severability. Should any one or more of the provisions of this Agreement or any agreement entered into pursuant hereto be
determined to be illegal or unenforceable, all other provisions of this Agreement and such other agreements shall be given effect separately from the provision or provisions determined to be illegal or unenforceable and shall not be affected
thereby. 
 14. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of New
York without regard to its principles of conflicts of laws. Each Party hereby irrevocably and unconditionally consents to submit to the jurisdiction and venue of the courts of the State of New York and of the United States of America located in the
State of New York. 

  
 5 

 15. Further Assurances. Each Party covenants that at any time, and from time to
time, it will execute such additional instruments and take such actions as may be reasonably requested by the other Party to confirm or perfect or otherwise to carry out the intent and purposes of this Agreement. 

16. Waiver. Any failure on the part of any Party to comply with any of its obligations, agreements or conditions hereunder may
be waived by any other Party to whom such compliance is owed. No waiver of any provision of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar nor shall any waiver constitute a continuing
waiver. 
 17. Assignment. This Agreement shall not be assignable by any Party hereto, by operation of law or otherwise,
without the prior written consent of the other Party. 
 18. Binding Effect. All of the terms of this Agreement, whether so
expressed or not, shall be binding upon the respective personal representatives, successors and assigns of the Parties hereto and shall inure to the benefit of and be enforceable by the respective personal representatives, successors and assigns of
the Parties hereto. 
 19. Headings. The headings in this Agreement are for convenience of reference only and shall not limit
or otherwise affect the meaning hereof. 
 20. Counterparts. This Agreement may be executed by facsimile or other electronic
signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

21. Costs. Each Party shall bear its own costs and expenses in connection with the transactions contemplated by this Agreement.

 [SIGNATURE PAGES FOLLOW] 

  
 6 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first
above written. 
  

	
	EXECUTIVE:
	
	

	  
 Flint D. Besecker

  

			
	EMPLOYER:
	
	Kinex Pharmaceuticals, Inc.
		
	By:	 	

	Name:	 	  
 Jinn Wu

	Title:	 	Chair, Compensation Committee

 [Signature page — Restricted Stock Purchase Agreement] 

 EXHIBIT C 

Stock Option Agreement 

Dated May 22, 2015 

  
 - 14 - 

 NO. 200 

KINEX PHARMACEUTICALS, INC. 

2013 COMMON STOCK OPTION PLAN 

COMMON STOCK OPTION AGREEMENT 
 THIS
AGREEMENT made as of May 22, 2015, by and between Kinex Pharmaceuticals, Inc. a Delaware corporation (the “company”), and FLINT BESECKER (the “Grantee”). 

WITNESSETH: 
 WHEREAS, the
Company has adopted the Kinex Pharmaceuticals, Inc. 2013 Common Stock Option Plan, as amended (the “Plan”), for the benefit of its Employees, Directors and Consultants; and 

WHEREAS, the Committee has authorized the grant to the Grantee of a Common Stock Option under the Plan, on the terms and conditions set forth
in the Plan and as hereinafter provided; 
 NOW, THEREFORE, in consideration of the premises contained herein, the Company and the Grantee
hereby agree as follows: 
  

	 	1.	Definitions. 

 Except as set forth above, Terms used in this Agreement which are defined
in the Plan shall have the same meaning as set forth in the Plan. 
  

	 	2.	Grant of Option. 

 The Committee hereby grants to the Grantee an option to purchase
THREE HUNDRED TWENTY THOUSAND (320,000) shares of the Company’s Common Stock for an Option price per share equal to USD $30.00 (the “Option”). 
  

	 	3.	Option Terms and Exercise Period. 

 (a) The Option shall be exercised,
and payment by the Grantee of the Option price shall be made, pursuant to the terms of the Plan. 
 (b) All or any part of
the Option may be exercised by the Grantee no later than the tenth anniversary of the date of this Agreement. 
 (c) This
Agreement and the Option shall terminate on the earlier of (i) the tenth anniversary of the date of this Agreement, or (ii) the date on which the Option is fully exercised. 

 NO. 200 
  

	 	4.	Vesting. 

 The Option shall vest and become exercisable pursuant to the following
schedule: 
 33% upon the first anniversary date of this Option; 

33% upon the second anniversary date of this Option; AND 

34% upon the third anniversary date of this Option. 

The Grantee shall forfeit any unvested portion of the Option upon termination of his or her status as an Employee, Director or Consultant for any reason.
Notwithstanding the above schedule, upon the occurrence of a Change of Control, the Grantee shall automatically become 100% vested in the Option. 
  

	 	5.	Termination of Consultant Status. 

 Except for the mandatory exercise periods set forth
in the last sentence of subsection (a), last sentence of subsection (c) and second sentence of subsection (d), Section 3 of Article II of the Plan shall control. 
  

	 	6.	Restrictions on Transfer of Option. 

 This Agreement and the Option shall not be
transferable otherwise than (a) by will or by the laws of descent and distribution, or (b) by inter vivos gift to any Family Member, and the Option shall be exercisable, during the Grantee’s lifetime, solely by the Grantee, except on
account of the Grantee’s Disability, and solely by the transferee in the case of a transfer by inter vivos gift to a Family Member. 
  

	 	7.	Exercise of Option. 

 (a) The Option shall become exercisable at such
time as shall be provided herein or in the Plan and shall be exercisable by written notice of such exercise, in the form prescribed by the Committee, to the Secretary of the Company, at its principal office. The notice shall specify the number of
Common Stock for which the Option is being exercised. 
 (b) Common Stock purchased pursuant to the Option shall be paid for
in full at the time of such purchase in cash or by check, bank draft or postal or express money order or by “cashless exercise,” as prescribed by the Committee. 
  

	 	8.	Regulation by the Committee. 

 This Agreement and the Option shall be subject to any
administrative procedures and rules as the Committee shall adopt. All decisions of the Committee upon any question arising under the Plan or under this Agreement, shall be conclusive and binding upon the Grantee and any person or persons to whom any
portion of the Option has been transferred by will, by the laws of descent and distribution or by inter vivos gift to a Family Member. 
  

	 	9.	Reservation of Common Stock. 

 With respect to the Option, the Company hereby agrees to
at all times reserve for issuance and/or delivery upon payment by the Grantee of the Option price, such number of Common Stock as shall be required for issuance and/or delivery upon such payment pursuant to the Option. 

  
 2 

 NO. 200 
  

	 	10.	Delivery of Share Certificates. 

 Within a reasonable time after the exercise of the
Option the Company shall cause to be delivered to the Grantee, his legal representative or his beneficiary, a certificate for the Common Stock purchased pursuant to the exercise of the Option. 

 

	 	11.	Amendment. 

 The Committee may amend this Agreement at any time and from time to time;
provided, however, that no amendment of this Agreement that would materially and adversely Impair the Grantee’s rights or entitlements with respect to the Option shall be effective without the prior written consent of the Grantee.

  

	 	12.	Plan Terms. 

 The terms of the Plan are incorporated herein by reference. 

 

	 	13.	Effective Date of Grant. 

 The Option shall be effective as of the date first written
above. 
  

	 	14.	Grantee Acknowledgment. 

 By executing this Agreement, the Grantee hereby acknowledges
that he (a) has received and read the Plan and this Agreement and agrees to be bound by all of the terms of both the Plan and this Agreement, and (b) upon exercising any portion of the Option, shall enter into and be bound by all of the
terms of the Company’s Limited Liability Company Agreement, as amended, or any shareholders agreement if the Company converts to a corporation. 
  

					
	 KINEX PHARMACEUTICALS, INC.
  

	 By:
  
	 	 

  
	 	 
	 Jinn Wu, Chair of Compensation Committee
  

	

	 	Grantee
	Flint Besecker

  
 3 

 NO. 200 

KINEX PHARMACEUTICALS, INC. 

EXERCISE FORM 
 DATED:
            , 20     
 The undersigned hereby
irrevocably elects to exercise Kinex Pharmaceuticals, Inc. (the “Company”) Option No.      to the extent of purchasing
                     shares of Common Stock of the Company and hereby makes a payment of
$         in payment of the exercise price per share set forth in the Option. 
 INSTRUCTIONS
FOR REGISTRATION AND DELIVERY OF COMMON SHARES 
  

			
	NAME:	 	  

 (Please typewrite or print in block letters) 

 

			
	ADDRESS:	 	  

 Please forward the stock certificate to the registered owner of the Common Shares upon issuance. 

 

			
	SIGNATURE:	 	  

  
 4 

 EXHIBIT D 

Release Agreement 
 Except as provided for
in, and subject to, the “Retention of Rights Regarding Government Agencies” clause of this Release Agreement, for the time period up to the date you sign this Release Agreement (the “Release Execution Date”), you hereby
irrevocably and unconditionally release and forever discharge, for yourself and for your heirs, estate, spouse and child or children (if any), attorneys, representatives, heirs, executors, administrators, successors, assigns, and agents, Athenex,
Inc. and each of its past and present affiliates, parents, subsidiaries, related companies, directors, employees, predecessors, and successors, and each of their respective past and present directors, officers, benefit plans, management committees,
members, agents, employees, trustees, representatives, attorneys, shareholders, partners, benefit plan fiduciaries and administrators, and assigns, and all persons acting by, through, under, or in concert with any of them (collectively, the
“Athenex, Inc. Releasees”), from any and all actions, complaints, rights, claims, charges, causes of action, liabilities, costs, and damages, known or unknown, asserted or unasserted, suspected or not, fixed or contingent, and in law or in
equity, which you now have, or may ever have had, against any of the Athenex, Inc. Releasees, including but not limited to any and all actions, complaints, rights, claims, charges, causes of action, liabilities, costs, and damages concerning,
relating to, predicated upon, or arising out of, directly or indirectly, your employment with the Company and/or separation therefrom. 

Except as provided for in, and subject to, the “Retention of Rights Regarding Government Agencies” clause of this Release Agreement,
this Release Agreement expressly includes any and all actions, complaints, rights, claims, charges, causes of action, liabilities, costs, and damages based upon any conduct occurring up to and including, or that have accrued as of, the date that you
sign the Release Agreement (and any obligations or causes of action arising from or predicated upon such claims), including but not limited to any and all claims: 
  

	 	•	 	arising under common law, including wrongful or retaliatory discharge, breach of contract, or based upon a violation of public policy; 

 

	 	•	 	sounding in tort, including fraud, conversion, libel, slander, defamation, or intentional infliction of emotional distress; 

  

	 	•	 	arising under the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Civil Rights Acts of 1866 and 1867, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991,
the Employee Retirement Income Security Act, the Fair Labor Standards Act, the Americans with Disabilities Act, the National Labor Relations Act, the Worker Adjustment and Retraining Notification Act, the Occupational Safety and Health Act, the
Genetic 

  
 - 15 - 

	 	Information Nondiscrimination Act, the Lilly Ledbetter Fair Pay Act of 2009, the Fair Credit Reporting Act, the Family and Medical Leave Act, the Equal Pay Act of 1963, as amended, the Consolidated Omnibus Budget Reconciliation Act,
the Rehabilitation Act, Section 1981 of the Civil Rights Act of 1866, the New York State Executive Law, the New York State Human Rights Law, the New York City Administrative Code, the New York City Human Rights Law, the New York Labor Law, the
New York Retaliatory Action by Employers Law, the New York State Worker Adjustment and Retraining Notification Act, the New York Nondiscrimination for Legal Actions Law, the New York Wage Theft Prevention Act, the New York City Earned Sick Time Act,
or the New York Civil Rights Law; 

  

	 	•	 	of discrimination, harassment, retaliation, improper wage payment, or any other unlawful employment practice under federal, state, municipal, local, or foreign law; 

 

	 	•	 	arising under any federal, state, municipal, local, or foreign law, rule, or regulation that in any way prohibits discrimination, harassment, retaliation, improper wage payment, or any other unlawful employment
practice, or that is in any way related to employment and/or the separation therefrom; and 

  

	 	•	 	arising under any other federal, state, municipal, local, or foreign law, rule, or regulation, including but not limited to civil rights laws, wage-hour, wage-payment, pension, or labor laws, rules, and regulations,
constitutions, ordinances, public policy, contract or tort laws, or any other action. 

 Except as provided for in, and
subject to, the “Retention of Rights Regarding Government Agencies” clause of this Release Agreement, you expressly acknowledge that this Release Agreement is also intended to include in its effect, without limitation, any and all claims
which you do not know of or suspect may exist in your favor at the time of execution of this Agreement, and that this Agreement will also extinguish any such claim. The provisions of any laws providing in substance that releases shall not extend to
claims which are unknown or unsuspected, at the time of execution, to the person executing such waiver or release, are hereby expressly waived by you. 

Except as provided for in, and subject to, the “Retention of Rights Regarding Government Agencies” clause of this Agreement, you
further acknowledge and understand that you are waiving any right you may have to sue any of the Athenex, Inc. Releasees for any of the claims you have released, or to receive any compensation, recovery, monetary relief, damages, settlement, or
other individual relief arising as a result of any action, claim, lawsuit, grievance, complaint, or proceeding commenced by anyone else against any of the Athenex, Inc. Releasees. 

You represent and warrant that you have not, either individually or on a collective basis, commenced, maintained, prosecuted, or participated
in any action, claim, lawsuit, grievance, complaint, or proceeding of any kind against any of the Athenex, Inc. Releasees in any court or before any administrative or investigative body or agency. Further, to the extent that you have, and except as
provided for in, 

  
 - 16 - 

 
and subject to, the “Retention of Rights Regarding Government Agencies” clause of this Release Agreement, you agree that you shall withdraw or dismiss, and shall undertake all measures
necessary to effectuate the withdrawal or dismissal of, any such action, claim, lawsuit, grievance, complaint, or proceeding, with prejudice, within thirty (30) business days following the Release Execution Date. In the event that you are
unable to unilaterally withdraw or dismiss any such action, claim, lawsuit, grievance, complaint, or proceeding, you represent and warrant that you shall request, to the fullest possible extent, the withdrawal or dismissal with prejudice of such
action, claim, lawsuit, grievance, complaint, or proceeding. In the event that any action, claim, lawsuit, grievance, complaint, or proceeding is commenced by you or on your behalf, you hereby waive any right to compensation, recovery, monetary
relief, damages, settlement, or other individual relief. 
 Notwithstanding the foregoing, by entering into this Release Agreement, you are
not releasing claims that may not be waived or released as a matter of law, including but not necessarily limited to any claims for enforcement of this Release Agreement, claims that arise after the date that you sign the Release Agreement, or any
rights or claims you may have to receive workers’ compensation or unemployment insurance benefits. 
 Retention of Rights Regarding
Government Agencies. Nothing in this Release Agreement is intended to, or shall, limit or interfere, in any way, with your right or ability, under federal, state, or local law, to file or initiate a charge, claim, or complaint of discrimination,
or any other unlawful employment practice, that cannot legally be waived, or to communicate, with any federal, state, or local government agency charged with the enforcement and/or investigation of claims of unlawful employment practices, including
but not necessarily limited to the U.S. Equal Employment Opportunity Commission and any state or city fair employment practices agency. Further, nothing in this Release Agreement is intended to, or shall, limit or interfere, in any way, with your
right or ability to participate in or cooperate with any investigation or proceeding conducted by any such agency. Further, nothing in this Release Agreement shall be construed as, or shall interfere with, abridge, limit, restrain, or restrict your
(or your attorney’s) right, without prior authorization from or notification to the Company, to engage in any activity or conduct protected by Section 7 or any other provision of the National Labor Relations Act; to report possible violations
of federal, state, or local law or regulation to any government agency or entity, including but not limited, to the extent applicable, to the U.S. Department of Labor, the Department of Justice, the Securities and Exchange Commission (the
“SEC”), the Congress, and/or any agency Inspector General, or make other disclosures that are protected under the whistleblower provisions of federal, state, or local law or regulation; or to communicate directly with, respond to any
inquiry from, or provide testimony before, to the extent applicable, the SEC, the Financial Industry Regulatory Authority, any other self-regulatory organization, or any other federal, state, or local regulatory authority, regarding this Release
Agreement or its underlying facts or circumstances. You and the Company acknowledge and agree that your right and ability to engage and participate in the 

  
 - 17 - 

 
activities described in this paragraph shall not be limited or abridged, in any way, by any term, condition, or provision of, or obligation imposed by, this Release Agreement, including but not
limited to the confidentiality and non-disparagement clauses. You and the Company further acknowledge and agree that nothing in this Release Agreement is intended to deter you from engaging or participating in any of the activities described in this
paragraph. To the extent that any term or condition of this Release Agreement is inconsistent with this paragraph of the Release Agreement, this paragraph shall supersede and invalidate such term or condition to the extent necessary to ensure that
your rights under federal, state, and local law are fully protected and guaranteed. Notwithstanding the foregoing, you understand that the waivers and releases in this Release Agreement shall be construed and enforced to the maximum extent permitted
by law. 
 However, you also understand and acknowledge that, by signing this Release Agreement, you have completely waived your right to
receive any individual relief, including monetary damages, in connection with any such claim, charge, complaint, investigation, or proceeding, and if you are awarded individual relief and/or monetary damages in connection therewith, you hereby
unconditionally assign to the Company, and agree to undertake any and all measures necessary to effectuate such assignment of, any right or interest you may have to receive such individual relief and/or monetary damages. Notwithstanding the
foregoing, this Release Agreement does not limit your right to receive an award for information provided to the SEC. 
 In addition, you
shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a federal, state, or local government official, either directly or
indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under
seal. Further, in the event that you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in the court proceeding, if you:
(A) file any document containing the trade secret under seal; and (B) do not disclose the trade secret, except pursuant to court order. 

Legal Representation. You acknowledge and represent that you have had ample opportunity to receive the advice of independent legal
counsel prior to the execution of this Release Agreement – and the Company hereby advises you to do so – and ample opportunity to receive an explanation from such legal counsel of the legal nature and effect of this Release Agreement, that
you have fully exercised that opportunity to the extent you desired, and that you fully understand the terms and provisions of this Release Agreement as well as its nature and effect. You further acknowledge and represent that you are entering into
this Release Agreement completely freely and voluntarily. 

  
 - 18 - 

 Waiver. No waiver of any of the provisions of this Release Agreement shall be deemed, or
shall constitute, a waiver of any other provision, whether or not similar. No waiver shall constitute a continuing waiver. No waiver shall be binding unless executed in writing by the party charged with the waiver. 

Severability. Should any provision of this Release Agreement be declared illegal or unenforceable by any court, administrative agency,
or other entity, the parties agree that said court, administrative agency, or other entity shall possess full discretion to interpret or modify all such provisions to the minimum extent necessary to be declared enforceable. If such interpretation or
modification is not possible, such provision shall immediately become null and void, leaving the remainder of the Release Agreement in full force and effect. However, in the event a court, administrative agency, or other entity finds the Release set
forth above to be illegal, void, or unenforceable, you agree, at the Company’s option, to execute a release, waiver, and/or covenant that is legal and enforceable to effectuate the terms of this Release Agreement. 

Successors and Assigns. This Release Agreement shall not be assignable by you, but shall be binding upon you and upon your heirs,
administrators, representatives, executors, and successors. This Release Agreement shall be freely assignable by the Company without restriction and, without limitation of the foregoing, shall be deemed automatically assigned by the Company with
your consent in the event of any sale, merger, share exchange, consolidation, or other business reorganization. This Release Agreement shall inure to the benefit of the Company, the Athenex, Inc. Releases, and their successors and assigns. 

Governing Law. This Release Agreement shall in all respects be interpreted, enforced, and governed by and in accordance with the
internal substantive laws (and not the laws of choice of laws) of the State of New York. Any dispute arising out of or concerning this Release Agreement shall be brought in, and the parties hereby consent to the personal jurisdiction of, any federal
or state court located in New York County. 
 Consideration Period. You have a period of twenty-one (21) calendar days from the
date of this Release Agreement to consider this Release Agreement before signing it (the “Consideration Period”). You may use as much of the Consideration Period as you wish before signing this Release Agreement, and any material or
immaterial changes to the Release Agreement will not restart the running of the Consideration Period. If the last day of the Consideration Period falls on a Saturday, Sunday, or holiday, then the last day of the Consideration Period shall be deemed
to be the next business day. In the event that you do not sign and return this Release Agreement to the Company prior to the expiration of the Consideration Period, this Release Agreement will expire and be rendered null, void, and unenforceable,
and you will not be entitled to receive the Separation Payment. 

  
 - 19 - 

 Revocation Period. In accordance with the Older Workers Benefit Protection Act, you may
revoke your consent to this Release Agreement for a period of seven (7) calendar days following your signing of this Release Agreement (the “Revocation Period”). The parties agree that such revocation shall be effective only if an
originally executed written notice of revocation is delivered to Athenex, Inc., at Conventus Building, 1001 Main Street, Suite 600 Buffalo, New York 14203, Attention: Johnson Lau, on or before 5:00 p.m. on the seventh calendar day after the date you
execute this Release Agreement. If the last day of the Revocation Period falls on a Saturday, Sunday, or holiday, then the last day of the Revocation Period shall be deemed to be the next business day. This Release Agreement does not become
effective or enforceable until the Revocation Period has expired (without revocation), at which time the Release Agreement becomes forever binding and fully effective and enforceable. In the event that you revoke this Release Agreement prior to the
expiration of the Revocation Period, this Release Agreement will be rendered null, void, and unenforceable, and you will not be entitled to receive the Separation Payment. 

Voluntary Release Agreement. You acknowledge that you are entering into this Release Agreement voluntarily and that you have read and
understand the provisions of this Release Agreement. You further acknowledge and understand that, except as provided for in, and subject to, the “Retention of Rights Regarding Government Agencies” clause of this Release Agreement, this
Release Agreement contains a full and final release of all of your claims against the Company and the Athenex, Inc. Releasees, as described above. You have the right to consult with an attorney. The Company hereby advises you, again, to consult with
an attorney of your choice before signing this Release Agreement. 
 Counterparts. This Release Agreement may be executed in one or
more counterparts or multiple originals, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument or document. The parties agree that facsimile and electronic signatures shall have the same
force and effect as originals thereof. 
 [Signature Page to Follow] 

  
 - 20 - 

 

 
 Please acknowledge your understanding and acceptance of this Release Agreement by signing below and
returning it to me no later than twenty-one (21) days from the date of this letter. A second copy of this Release Agreement has been signed by me and is attached for your records. 

 

			
	ATHENEX, INC.
	
	

	  
 JOHNSON
LAU

	Chief Executive Officer and
	Chairman of the Board
		
	Dated:	 	Dec 8, 2016

 ACKNOWLEDGED AND AGREED: 
  

			
	

	  
 Signature

	
	FLINT BESECKER
	Dated:	 	Dec 8, 2016

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