Document:

EX-10.1

 Exhibit 10.1 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is entered into as of
[                    ] (the “Effective Date”) by and between 89bio, Inc., a Delaware corporation (the
“Company”), and [                    ] (the “Indemnitee”). 

RECITALS 
 WHEREAS, the
Board of Directors has determined that the inability to attract and retain qualified persons as directors and officers is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons
that there shall be adequate certainty of protection through insurance and indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the Company; 

WHEREAS, the Company has adopted provisions in its Certificate of Incorporation and Bylaws providing for indemnification and advancement of
expenses of its directors and officers to the fullest extent authorized by the General Corporation Law of the State of Delaware (the “DGCL”), and the Company wishes to clarify and enhance the rights and obligations of the Company
and the Indemnitee with respect to indemnification and advancement of expenses; 
 WHEREAS, in order to induce and encourage highly
experienced and capable persons such as the Indemnitee to serve and continue to serve as directors and officers of the Company and in any other capacity with respect to the Company as the Company may request, and to otherwise promote the desirable
end that such persons shall resist what they consider unjustified lawsuits and claims made against them in connection with the good faith performance of their duties to the Company, with the knowledge that certain costs, judgments, penalties, fines,
liabilities, and expenses incurred by them in their defense of such litigation are to be borne by the Company and they shall receive appropriate protection against such risks and liabilities, the Board of Directors of the Company has determined that
the following Agreement is reasonable and prudent to promote and ensure the best interests of the Company and its stockholders; and 

WHEREAS, the Company desires to have the Indemnitee serve as a director or officer of the Company and in any other capacity with respect to
the Company as the Company may request, as the case may be, free from undue concern for unpredictable, inappropriate, or unreasonable legal risks and personal liabilities by reason of the Indemnitee acting in good faith in the performance of the
Indemnitee’s duty to the Company; and the Indemnitee desires to serve the Company, provided, and on the express condition, that he or she is furnished with the protections set forth hereinafter. 

 AGREEMENT 

NOW, THEREFORE, in consideration of the Indemnitee’s continued service as a director or officer of the Company, the parties hereto agree
as follows: 
 1. Definitions. For purposes of this Agreement: 

(a) A “Change in Control” will be deemed to have occurred if, with respect to any particular
24-month period, the individuals who, at the beginning of such 24-month period, constituted the Board of Directors of the Company (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director subsequent to the beginning of such
24-month period whose election, or nomination for election by the stockholders of the Company, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board of Directors. 

(b) “Disinterested Director” means a director of the Company who is not or was not a party to the Proceeding in respect of
which indemnification is being sought by the Indemnitee. 
 (c) “Expenses” includes, without limitation, expenses incurred
in connection with the defense or settlement of any action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or completed
proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, attorneys’ fees, witness fees and expenses,
fees and expenses of accountants and other advisors, retainers and disbursements and advances thereon, the premium, security for, and other costs relating to any bond (including cost bonds, appraisal bonds, or their equivalents), and any expenses of
establishing a right to indemnification or advancement under Sections 8, 10, 12, and 15 hereof, but shall not include the amount of judgments, fines, ERISA excise taxes, or penalties actually levied against the Indemnitee, or any amounts paid
in settlement by or on behalf of the Indemnitee. 
 (d) “Independent Counsel” means a law firm or a member of a law firm
that neither is presently nor in the past five years has been retained to represent (i) the Company or the Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a request for
indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or the Indemnitee in an action to determine the Indemnitee’s right to indemnification under this Agreement. 

(e) “Proceeding” means any action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry,
judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil, criminal, administrative,
legislative, investigative, or other nature, to which the Indemnitee was or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or
trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a

  
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partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such
capacity, whether or not the Indemnitee is serving in such capacity at the time any expense, liability, or loss is incurred for which indemnification or advancement can be provided under this Agreement. 

2. Service by the Indemnitee. The Indemnitee shall serve and/or continue to serve as a director or officer of the Company faithfully
and to the best of the Indemnitee’s ability so long as the Indemnitee is duly elected or appointed and until such time as the Indemnitee’s successor is elected and qualified or the Indemnitee is removed as permitted by applicable law or
tenders a resignation in writing. 
 3. Indemnification and Advancement of Expenses. The Company shall indemnify and hold harmless
the Indemnitee, and shall pay to the Indemnitee in advance of the final disposition of any Proceeding all Expenses incurred by the Indemnitee in defending any such Proceeding, to the fullest extent authorized by the DGCL, as the same exists or may
hereafter be amended, all on the terms and conditions set forth in this Agreement. Without diminishing the scope of the rights provided by this Section, the rights of the Indemnitee to indemnification and advancement of Expenses provided hereunder
shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification or advancement of Expenses shall be paid to the Indemnitee: 

(a) to the extent expressly prohibited by applicable law or the Certificate of Incorporation and Bylaws of the Company; 

(b) for and to the extent that payment is actually made to the Indemnitee under a valid and collectible insurance policy or under a valid and
enforceable indemnity clause, provision of the certificate of incorporation or bylaws, or agreement of the Company or any other company or other enterprise (and the Indemnitee shall reimburse the Company for any amounts paid by the Company and
subsequently so recovered by the Indemnitee); 
 (c) in connection with an action, suit, or proceeding, or part thereof voluntarily initiated
by the Indemnitee (including claims and counterclaims, whether such counterclaims are asserted by (i) the Indemnitee, or (ii) the Company in an action, suit, or proceeding initiated by the Indemnitee), except a judicial proceeding or
arbitration pursuant to Section 10 to enforce rights under this Agreement, unless the action, suit, or proceeding, or part thereof, was authorized or ratified by the Board of Directors of the Company or the Board of Directors otherwise
determines that indemnification or advancement of Expenses is appropriate; or 
 (d) with respect to any Proceeding brought by or in the
right of the Company against the Indemnitee that is authorized by the Board of Directors of the Company, except as provided in Sections 5, 6, and 7 below. 

  
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 4. Action or Proceedings Other than an Action by or in the Right of the Company.
Except as limited by Section 3 above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any
Proceeding (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the
Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit
plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes,
penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe his or her conduct was unlawful. 

5. Indemnity in Proceedings by or in the Right of the Company. Except as limited by Section 3 above, the Indemnitee shall be
entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding brought by or in the right of the Company to procure a
judgment in its favor by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of
the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not
done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection with such Proceeding if the Indemnitee acted in good
faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; provided, however, that no such indemnification shall be made in respect of any claim, issue, or matter as to which
the DGCL expressly prohibits such indemnification by reason of any adjudication of liability of the Indemnitee to the Company, unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such Proceeding
was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is entitled to indemnification for such expense, liability, and loss as such court shall deem
proper. 
 6. Indemnification for Costs, Charges, and Expenses of Successful Party. Notwithstanding any limitations of
Sections 3(c), 3(d), 4 and 5 above, to the extent that the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim, issue, or matter therein, including, without
limitation, the dismissal of any action without prejudice, or if it is ultimately determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is otherwise entitled
to be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith. 

  
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 7. Partial Indemnification. If the Indemnitee is entitled under any provision of this
Agreement to indemnification by the Company for some or a portion of the expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually
and reasonably incurred in connection with any Proceeding, or in connection with any judicial proceeding or arbitration pursuant to Section 10 to enforce rights under this Agreement, but not, however, for all of the total amount thereof, the
Company shall nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually and reasonably incurred to which the Indemnitee is entitled. 

8. Determination of Entitlement to Indemnification. To receive indemnification under this Agreement, the Indemnitee shall submit a
written request to the Secretary of the Company. Such request shall include documentation or information that is necessary for such determination and is reasonably available to the Indemnitee. Upon receipt by the Secretary of the Company of a
written request by the Indemnitee for indemnification, the entitlement of the Indemnitee to indemnification, to the extent not required pursuant to the terms of Section 6 of this Agreement, shall be determined by the following person or persons
who shall be empowered to make such determination (as selected by the Board of Directors, except with respect to Section 8(e) below): (a) the Board of Directors of the Company by a majority vote of Disinterested Directors, whether or not
such majority constitutes a quorum; (b) a committee of Disinterested Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c) if there are no Disinterested Directors, or if the
Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; (d) the stockholders of the Company; or (e) in the event that a Change in
Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved by the Indemnitee,
except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee so to approve (or
so to select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon application to a court of competent jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary
determination is made, such indemnification shall be paid in full by the Company not later than 60 calendar days after receipt by the Secretary of the Company of a written request for indemnification. If the person making such determination shall
determine that the Indemnitee is entitled to indemnification as to part (but not all) of the application for indemnification, such person shall reasonably prorate such partial indemnification among the claims, issues, or matters at issue at the time
of the determination. 
 9. Presumptions and Effect of Certain Proceedings. The Secretary of the Company shall, promptly upon receipt
of the Indemnitee’s written request for indemnification, advise in writing the Board of Directors or such other person or persons empowered to make the determination as provided in Section 8 that the Indemnitee has made such request for
indemnification. Upon making such request for indemnification, the Indemnitee shall be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making any determination contrary to such presumption. If
the person or persons so empowered to make such determination shall have failed to make the requested determination with respect to indemnification within 60 calendar days after receipt by the Secretary of the

  
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Company of such request, a requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification,
absent actual fraud in the request for indemnification. The termination of any Proceeding described in Sections 4 or 5 by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of
itself (a) create a presumption that the Indemnitee did not act in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had
reasonable cause to believe his or her conduct was unlawful or (b) otherwise adversely affect the rights of the Indemnitee to indemnification except as may be provided herein. 

10. Remedies of the Indemnitee in Cases of Determination Not to Indemnify or to Advance Expenses; Right to Bring Suit. In the event
that a determination is made that the Indemnitee is not entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification pursuant to Sections 8 and 9, or if an advancement of
Expenses is not timely made pursuant to Section 15, the Indemnitee may at any time thereafter bring suit against the Company seeking an adjudication of entitlement to such indemnification or advancement of Expenses, and any such suit shall be
brought in the Court of Chancery of the State of Delaware unless otherwise required by the law of the state in which the Indemnitee primarily resides and works. Alternatively, the Indemnitee at the Indemnitee’s option may seek an award in an
arbitration to be conducted by a single arbitrator in the State of Delaware pursuant to the rules of the American Arbitration Association, such award to be made within 60 calendar days following the filing of the demand for arbitration. The Company
shall not oppose the Indemnitee’s right to seek any such adjudication or award in arbitration. In any suit or arbitration brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit or arbitration brought by the
Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that the Indemnitee has not met any applicable standard of conduct for indemnification set forth in the DGCL, including the standard described in Section 4
or 5, as applicable. Further, in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the Company shall be entitled to recover such Expenses upon a final judicial decision of a
court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the standard of conduct described above. Neither the failure of the Company (including the Disinterested Directors, a committee of
Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such suit or arbitration that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has
met the standard of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) that the Indemnitee has not met the
standard of conduct described above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the case of such a suit brought by the Indemnitee, be a defense to such suit. In any suit brought by the
Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the burden of proving that the Indemnitee is not
entitled to be indemnified, or to such advancement of expenses, under this Section 10 or otherwise shall be on the Company. If a determination is made or deemed to have been made pursuant to the terms of Section 8 or 9 that the
Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from asserting that such determination has not been made or that the procedure 

  
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by which such determination was made is not valid, binding, and enforceable. The Company further agrees to stipulate in any court or before any arbitrator pursuant to this Section 10 that
the Company is bound by all the provisions of this Agreement and is precluded from making any assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses
hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest extent permitted
by law, and in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such suit to the
extent the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of such suit, to the fullest extent permitted by law. 

11. Non-Exclusivity of Rights. The rights to indemnification and to the advancement of Expenses
provided by this Agreement shall not be deemed exclusive of any other right that the Indemnitee may now or hereafter acquire under any applicable law, agreement, vote of stockholders or Disinterested Directors, provisions of a charter or bylaws
(including the Certificate of Incorporation or Bylaws of the Company), or otherwise. 
 12. Expenses to Enforce Agreement. In the
event that the Indemnitee is subject to or intervenes in any action, suit, or proceeding in which the validity or enforceability of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee’s rights
under, or to recover damages for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole or in part in such action, suit, or proceeding, shall be entitled to recover from the Company and shall be indemnified by the Company
against any Expenses actually and reasonably incurred by the Indemnitee in connection therewith. 
 13. Continuation of Indemnity.
All agreements and obligations of the Company contained herein shall continue during the period the Indemnitee is a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee is serving at
the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, and shall continue
thereafter with respect to any possible claims based on the fact that the Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving at the request of the Company as a director, officer, employee, agent, or trustee
of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan. This Agreement shall be binding upon all successors and assigns of the Company (including any
transferee of all or substantially all of its assets and any successor by merger or operation of law) and shall inure to the benefit of the Indemnitee’s heirs, executors, and administrators. 

14. Notification and Defense of Proceeding. Promptly after receipt by the Indemnitee of notice of any Proceeding, the Indemnitee shall,
if a request for indemnification or an advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company in writing of the commencement thereof; but the omission so to notify the Company shall not
relieve it from any liability that it may have to the Indemnitee. 

  
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Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which the Indemnitee notifies the Company: 

(a) The Company shall be entitled to participate therein at its own expense; 

(b) Except as otherwise provided in this Section 14(b), to the extent that it may wish, the Company, jointly with any other indemnifying
party similarly notified, shall be entitled to assume the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election so to assume the defense thereof, the Company shall not be liable
to the Indemnitee under this Agreement for any expenses of counsel subsequently incurred by the Indemnitee in connection with the defense thereof except as otherwise provided below. The Indemnitee shall have the right to employ the Indemnitee’s
own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i) the employment of counsel by the
Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such Proceeding, or
(iii) the Company shall not within 60 calendar days of receipt of notice from the Indemnitee in fact have employed counsel to assume the defense of the Proceeding, in each of which cases the fees and expenses of the Indemnitee’s counsel
shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for in (ii) above;
and 
 (c) Notwithstanding any other provision of this Agreement, the Company shall not be liable to indemnify the Indemnitee under this
Agreement for any amounts paid in settlement of any Proceeding effected without the Company’s written consent, or for any judicial or other award, if the Company was not given an opportunity, in accordance with this Section 14, to
participate in the defense of such Proceeding. The Company shall not settle any Proceeding in any manner that would impose any penalty or limitation on or disclosure obligation with respect to the Indemnitee, or that would directly or indirectly
constitute or impose any admission or acknowledgment of fault or culpability with respect to the Indemnitee, without the Indemnitee’s written consent. Neither the Company nor the Indemnitee shall unreasonably withhold its consent to any
proposed settlement. 
 15. Advancement of Expenses. 

(a) All Expenses incurred by the Indemnitee in defending any Proceeding described in Section 4 or 5 shall be paid by the Company in
advance of the final disposition of such Proceeding at the request of the Indemnitee. To receive an advancement of Expenses under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall
reasonably evidence the Expenses incurred by the Indemnitee and shall include or be accompanied by an undertaking, by or on behalf of the Indemnitee, to repay all amounts so advanced if it shall ultimately be determined, by final judicial decision
of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is not entitled to be indemnified for such Expenses by the Company as provided by this Agreement or otherwise. The Indemnitee’s undertaking
to repay any such amounts is not required to be 

  
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secured. Each such advancement of Expenses shall be made within 20 calendar days after the receipt by the Secretary of the Company of such written request. The Indemnitee’s entitlement to
Expenses under this Agreement shall include those incurred in connection with any action, suit, or proceeding by the Indemnitee seeking an adjudication or award in arbitration pursuant to Section 10 of this Agreement (including the enforcement
of this provision) to the extent the court or arbitrator shall determine that the Indemnitee is entitled to an advancement of Expenses hereunder. 

(b) Notwithstanding the foregoing, the Company shall not advance or continue to advance Expenses to the Indemnitee if a determination is
reasonably made that the facts known at the time such determination is made demonstrate clearly and convincingly that the Indemnitee acted in bad faith or in a manner that the Indemnitee did not reasonably believe to be in or not opposed to the best
interests of the Company, or, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe his or her conduct was unlawful. Such determination shall be made: (i) by the Board of Directors of the Company by a
majority vote of Disinterested Directors, whether or not such majority constitutes a quorum; (ii) by a committee of Disinterested Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum;
(iii) if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; or (iv) in the event
that a Change in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee. 

16. Severability; Prior Indemnification Agreements. If any provision or provisions of this Agreement shall be held to be invalid,
illegal, or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law (a) the validity, legality, and enforceability of such provision in any other circumstance and
of the remaining provisions of this Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not by themselves invalid, illegal,
or unenforceable) and the application of such provision to other persons or entities or circumstances shall not in any way be affected or impaired thereby, and (b) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, all portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed so as to give effect to
the intent of the parties that the Company provide protection to the Indemnitee to the fullest extent set forth in this Agreement. This Agreement shall supersede and replace any prior indemnification agreements entered into by and between the
Company and the Indemnitee and any such prior agreements shall be terminated upon execution of this Agreement. 
 17. Headings;
References; Pronouns. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. References herein to section numbers are
to sections of this Agreement. All pronouns and any variations thereof shall be deemed to refer to the singular or plural as appropriate. 

  
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 18. Other Provisions. 

(a) This Agreement and all disputes or controversies arising out of or related to this Agreement shall be governed by, and construed in
accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be applied because of conflicts of laws principles of the State of Delaware , unless otherwise required by the law of the
state in which the Indemnitee primarily resides and works. 
 (b) This Agreement may be executed in two or more counterparts, all of which
shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. 

(c) This Agreement shall not be deemed an employment contract between the Company and any Indemnitee who is an officer of the Company, and, if
the Indemnitee is an officer of the Company, the Indemnitee specifically acknowledges that the Indemnitee may be discharged at any time for any reason, with or without cause, and with or without severance compensation, except as may be otherwise
provided in a separate written contract between the Indemnitee and the Company. 
 (d) In the event of payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee (excluding insurance obtained on the Indemnitee’s own behalf), and the Indemnitee shall execute all papers required and shall do
everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 

(e) This Agreement may not be amended, modified, or supplemented in any manner, whether by course of conduct or otherwise, except by an
instrument in writing specifically designated as an amendment hereto, signed on behalf of each party. No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof, and no single or partial
exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, shall preclude any other or further exercise thereof or the exercise of any other right or power. 

[The remainder of this page is intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the Company and the Indemnitee have caused this Agreement to be executed
as of the date first written above. 
  

			
	89bio, Inc.
		
	By:	 	 
		 	Name:
		 	Title:
		
	 	 	 
	Indemnitee

 SIGNATURE PAGE TO INDEMNIFICATION
AGREEMENTEX-10.4

 Exhibit 10.4 

89bio Ltd. 
 June 25,
2018 
 Rohan Palekar 
 2315 15th St 

San Francisco, CA 94114 
 Dear Rohan: 

Offer and Position 
 We are very pleased to extend an offer
of employment to you for the position of Chief Executive Officer (“CEO”) of 89bio Ltd. (the “Company”). This offer of employment is conditioned on your satisfactory completion of certain requirements, as more fully
explained in this letter. Your employment is subject to the terms and conditions set forth in this letter. Your employment will be administered under a US subsidiary of the Company. 

Duties 
 In your capacity as a CEO, you will perform
duties and responsibilities that are commensurate with your position and such other duties as may be assigned to you from time to time. You will report directly to the Board of Directors of the Company (the “Board”). You will be
elected to serve on the Board of Directors of the Company as soon as practicable following the Start Date. Your service on the Board will not entitle you to additional compensation. You agree to devote your full business time, attention and best
efforts to the performance of your duties and to the furtherance of the Company’s interests. 
 Location 

Your principal place of employment shall in the San Francisco Bay area, subject to business travel as needed to properly fulfil your employment duties and
responsibilities. 
 Start Date 
 Subject to
satisfaction of all of the conditions described in this letter, your anticipated start date is July 16 (“Start Date”). 
 Base
Salary 
 In consideration of your services, you will be paid an initial base salary of $425,000 per year, subject to review by the Board from time to
time, payable in accordance with the standard payroll practices of the Company or its US subsidiary and subject to all withholdings and deductions as required by law. 

 Annual Bonus 

Each year, you will have an opportunity to earn a bonus of up to 45% of your base salary (the “Target Bonus”). Your actual bonus amount will
be determined based on a combination of Company results and individual performance against the applicable performance goals established by the Board. Any annual bonus with respect to a particular calendar year will be paid within 2 1/2 months
following the end of the year for which the annual bonus relates. For any partial year of employment you will receive a pro-rated annual bonus based on the number of days you are employed during the year. 

You must remain continuously employed through the end of the applicable calendar year to be eligible to receive an annual bonus payment for a particular
calendar year. 
 Expenses 
 The Company or its US
subsidiary will reimburse you only for out of pocket business related expenses reasonably incurred in the performance of your duties, as approved by the Board in the annual budgeting process and in accordance with any expense claiming policies and
guidelines promulgated by the Company or its US subsidiary from time to time. 
 Equity Grants 

As soon as practicable following the Start Date, the Company will recommend that the Board grant you an option to purchase an aggregate of 2,021,967 Ordinary
Shares of the Company (representing 5% of the issued and outstanding shares of the Company as of the close of the Series A 2nd tranche), at a per share exercise price equal to the fair market
value of such shares on the date of grant. The Company will recommend to the Board that such 5% stake be trued up if and when the Company closes the third tranche of its Series A financing. The options will be governed by the Company’s 2018
Equity Incentive Plan (as supplemented by the Company’s 2018 United States Sub-Plan) and a stock option agreement to be entered into between the Company and you. The stock option agreement will provide,
among other things, that, (i) subject to your continued employment with the Company or its subsidiary on each applicable vesting date, your options shall vest over a four-year period, 25% upon the
one-year anniversary of the Start Date (or the third tranche date in respect of any true up grant), and the remaining 75% in equal quarterly installments over a period of three years thereafter, and
(ii) in the event that you are terminated without Cause (as defined below) or resign for Good Reason (as defined below) within the Change in Control Protection Period (as defined below), then, subject to the Release Condition described below,
any of your options then subject to vesting shall become fully vested as of the date of such termination. 
 Benefits and Perquisites 

You will be eligible to participate in the employee benefit plans and programs generally available to the Company’s senior executives in the United
States, as those policies are developed and amended by the Company. You will be entitled to paid vacation in accordance with the Company’s or its US subsidiary’s policies in effect from time to time. The Company and its subsidiaries
reserve the right to amend, modify or terminate any of its benefit plans or programs at any time and for any reason. 

  
 2 

 Withholding 

All forms of compensation paid to you as an employee of the Company or its subsidiary shall be less all applicable withholdings. 

At-will Employment 

Your employment with the Company or its subsidiary will be for no specific period of time. Rather, your employment will be
at-will, meaning that any party may terminate the employment relationship at any time, with or without cause, and with or without notice and for any reason or no particular reason. Although your
compensation and benefits may change from time to time, the at-will nature of your employment may only be changed by an express written agreement signed by an authorized officer of the Company after approval
by the Board. 
 Severance outside of Change in Control Protection Period 

If your employment with the Company or its subsidiary is involuntarily terminated by the Company without Cause (as defined below) and not due to a breach by
you of the terms and conditions of this letter (including, but not limited to, a breach of any of the representations contained herein, the enclosed Employee Proprietary Information and Invention Assignment Agreement (the “PHA”) or
the Employee Arbitration Agreement) at any time outside of the Change in Control Protection Period (as defined below), subject to your execution of a release of claims in a form provided by the Company, you will be eligible to receive severance in
an amount equal to: (i) six (6) months of base salary at the rate then in effect, (ii) a pro-rata amount of the Target Bonus based on the number of months you were employed with the Company for the
year in which your employment is terminated and (iii) subject to your timely election under COBRA, payment or reimbursement of a portion of your COBRA premiums for six (6) months following your termination or, if earlier, until such time
as you become eligible for similar coverage through another employer, which benefits shall be paid for by the Company to the same extent that the Company paid for health insurance for your prior
to termination, (such amounts described in clauses (i) through (iii) herein, collectively, the “Severance Benefits”). You will thereafter be responsible for the payment of COBRA premiums (including, without limitation, all
administrative expenses) for any remaining COBRA period. Notwithstanding the foregoing, in the event that the Company determines, in its sole discretion, that the Company may be subject to a tax or penalty pursuant to Code Section 4980D as a
result of providing some or all of the payments described in this paragraph, the Company may reduce or eliminate its obligations under this paragraph to the extent it deems necessary, with no offset or other consideration required. The Severance
Benefits will be payable or provided in regular instalments in accordance with the Company’s or its subsidiary’s normal payroll practices over a period of six (6) months commencing on the first payroll date following the date on which
the Release Condition is satisfied or in a cash lump sum, solely at the discretion of the Board. For purposes herein, the “Release Condition” means your execution, delivery, and non-revocation
of the release within 45 days following your termination of employment and “Cause” means a reasonable, good faith finding by the Board that you: (i) committed, been convicted of, or entered a plea of guilty or nolo contendere
or no contest with respect to, (x) any felony or (y) any misdemeanour involving dishonesty or moral turpitude; (ii) engaged in gross negligence, wilful misconduct, or any bad-faith act that is,
or could reasonably be expected to be, materially injurious to the business or 

  
 3 

 
reputation of the Company; (iii) committed an act of fraud, embezzlement, theft, or misappropriation against the Company or otherwise in the course of your employment with, or the
performance of duties for, the Company; (iv) substantially failed to perform your duties in respect of your employment diligently and in a manner consistent with prudent business practice; (v) failed to execute and carry out any reasonable
lawful directive of the Board that is related to the business of the Company; or (vi) engaged in any act or omission that is materially injurious the business, financial condition, or operations of the Company. 

Severance During the Change in Control Protection Period 

In the event you are terminated without Cause or resign for Good Reason (as defined below) within ninety (90) days prior to, or twelve (12) months
following the consummation of a Change in Control (the “Change in Control Protection Period”), then, subject to the Release Condition described above, the amount of the Severance Benefits described above will be twelve
(12) instead of six (6) and will be paid or provided over twelve (12) months (instead of 6-months, unless the Board determines to pay or provide such Severance Benefits in a cash lump sum in
sole discretion) plus any then outstanding equity then held by you that is unvested, will vest in full. For purposes herein, “Change in Control” means an event (i) which constitutes a Deemed Liquidation Event as defined in the
Company’s Articles of Association, as may be amended from time to time, and (ii) in which the Company’s Series A investors receive a multiple of invested capital of at least two (2) times their original investment, and
“Good Reason” means your resignation based on any of the following events without your written consent, (a) a material diminution in your authority, duties or responsibilities; (b) a material diminution in reporting
relationship from that determined by an acquirer at the time of such Change of Control; (c) a material diminution in your annual base salary except if the base salaries of a significant number of other executives and members of senior
management of the Company also are proportionately reduced, whether or not such reduction is voluntary on your part or on the part of such other executives and senior management; (d) the Company’s relocation of your primary work location
outside a 40-mile radius of San Francisco that increases your one-way driving distance by more than 40 miles; (e) any other action or inaction that constitutes a
material breach of the terms of an applicable employment agreement. To constitute a resignation for Good Reason: (i) you must provide written notice to the Company within thirty (30) days of the initial existence of the event constituting
Good Reason, (ii) you may not terminate your employment unless the Company fails to remedy the event constituting Good Reason within fifteen (15) days after such notice has been deemed given pursuant to this offer letter, and
(iii) you must terminate employment with the company no later than fifteen (15) days after the end of the 15-day cure period in which the Company fails to remedy the event constituting Good Reason.

 Section 409A 
 This offer letter is intended to
comply with Section 409A of the Internal Revenue Code (“Section 409A”) or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other
provision of this offer letter, payments provided under this offer letter may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this offer letter that may be excluded from
Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes

  
 4 

 
of Section 409A, each instalment payment provided under this offer letter shall be treated as a separate payment. Any payments to be made under this offer letter upon a termination of
employment shall only be made upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this offer letter comply with
Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you on account of non-compliance with
Section 409A. 
 Notwithstanding any other provision of this offer letter, if any payment or benefit provided to you in connection with termination of
employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and you are determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i), then such
payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of your termination date (the “Specified Employee Payment Date”) or, if earlier,
on the date of your death. The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to you in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments
shall be paid without delay in accordance with their original schedule. Whenever in this offer letter a payment or benefit is conditioned on your execution of a release of claims, such release must be executed, and all revocation periods shall have
expired, within 45-days after the date of your termination of employment, failing which such payment or benefit shall be forfeited. If such payment or benefit constitutes
non-exempt deferred compensation for purposes of Section 409A, and if such 45-day period begins in one calendar year and ends in the next calendar year, the payment
or benefit shall not be made or commence before the second such calendar year, even if the release becomes irrevocable in the first such calendar year. 

Governing Law 
 This offer letter shall be governed by the
laws of California, without regard to conflict of law principles. 
 Contingent Offer 

This offer is contingent upon: 
  

	 	(a)	 Verification of your right to work in the United States, as demonstrated by your completion of an I-9 form upon hire and your submission of acceptable documentation (as noted on the I-9 form) verifying your identity and work authorization within three days of your Start
Date. For your convenience, a copy of the I-9 Form’s List of Acceptable Documents is enclosed for your review. 

  

	 	(b)	 Your execution of the Company’s enclosed (1) Employee Proprietary Information and Invention
Assignment Agreement, and (2) Employee Arbitration Agreement. 

 Representations and Warranties 

By accepting this offer, you represent that you are able to accept this job and carry out the work that it would involve without breaching any legal
restrictions on your activities, such as non-competition, non-solicitation or other work-related restrictions imposed by a current or former employer. You also represent
that you will inform the Company about any such restrictions and 

  
 5 

 
provide the Company with as much information about them as possible, including any agreements between you and your current or former employer describing such restrictions on your activities. You
further confirm that you will not remove or take any documents or proprietary data or materials of any kind, electronic or otherwise, with you from your current or former employer to the Company without written authorization from your current or
former employer, nor will you use or disclose any such confidential information during the course and scope of your employment with the Company. If you have any questions about the ownership of particular documents or other information, you should
discuss such questions with your former employer before removing or copying the documents or information. 
 By accepting this offer, you acknowledge and
agree that, so long as you are employed by the Company or its subsidiary, except upon the prior written consent of the Board, you will not (i) accept any other employment, or (ii) engage, directly or indirectly, in any other business
activity (whether or not pursued for pecuniary advantage) that is or may be in conflict with, or that might place you in a conflicting position to that of, the Company. 

We are excited at the prospect of you joining our team. If you have any questions about the above details, please call me immediately. If you wish to accept
this position, please sign below and return this letter to me. This offer is open for you to accept through 6/26, at which time it will be deemed to be withdrawn. 
  

	
	I look forward to hearing from you.
	
	Yours sincerely,
	
	Anat Naschitz
	
	On behalf of 89bio Ltd.
	
	Signed /s/ Anat
Naschitz                                        

 Acceptance of Offer 
 I
have read, understood and accept all the terms of the offer of employment as set forth in the foregoing letter. I have not relied on any agreements or representations, express or implied, that are not set forth expressly in the foregoing letter, and
this letter supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the subject matter of this letter. 

 

	
	Rohan Palekar
	
	Signed /s/
Rohan Palekar                                      
  
	
	Date June 26, 2018

  

  
 6

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