Document:

EX-10.40

 Exhibit 10.40 

LIANBIO 

NON-EMPLOYEE DIRECTOR COMPENSATION
POLICY 
 Effective as of the initial public offering (the “IPO”) of the American depository shares
representing the ordinary shares of LianBio (the “Company”), each individual who provides services to the Company as a member of the Board of Directors (the “Board”), other than any director who is employed by the
Company or one of its subsidiaries (a “Covered Non-Employee Director”), will be entitled to receive the following amounts of compensation, subject to the limitations included in the
Company’s 2021 Equity Incentive Plan: 
  

			
	 Type of

Compensation
	  	 Amount and

Form of Payment

	Annual cash retainer	  	$40,000 (and an additional annual cash retainer of $25,000 for the lead independent director, if applicable)
		
	Additional annual cash retainer for members of the Compensation Committee	  	$6,000 ($12,000 for the chair of the Compensation Committee)
		
	Additional annual cash retainer for members of the Nominating and Corporate Governance Committee	  	$5,000 ($10,000 for the chair of the Nominating and Corporate Governance Committee)
		
	Additional annual cash retainer for members of the Audit Committee	  	$10,000 ($20,000 for the chair of the Audit Committee)
		
	Initial equity retainer	  	Each Covered Non-Employee Director who is first elected to the Board will, upon his or her initial election to the Board, be granted 72,600 stock options, such stock options to vest in equal
monthly installments over a period of three years commencing from the date of grant, subject to the Covered Non-Employee Director’s continued service to the Board through the applicable vesting
date.
		
	Annual equity retainer	  	Commencing in fiscal 2022, on the date of the first meeting of the Board following the annual meeting of stockholders of the Company, each Covered Non-Employee Director who is not first
elected or appointed to the Board during the fiscal year of such meeting (including, for the avoidance of doubt, at the time of the annual meeting) shall be granted 36,300 stock options, such stock options to vest on the one-year anniversary of the date of grant subject to the Covered Non-Employee Director’s continued service to the Board through the applicable vesting date. For the
avoidance of doubt, in no event shall a Covered Non-Employee Director receive both an initial equity award and an annual equity award in their first calendar year of service on the
Board.

			
		
	Additional equity terms	  	Each stock option grant will be subject to the terms and conditions of the Company’s 2021 Equity Incentive Plan (or any successor plan), including any individual limits contained therein.
		
	Approval	  	The Board or the Compensation Committee thereof shall approve the grants described in this Non-Employee Director Compensation Policy.

 All cash fees will be payable in arrears on a quarterly basis or, to the extent earned, upon the earlier resignation or
removal of the Covered Non-Employee Director and will be prorated for any fiscal quarter of partial service, including, for the avoidance of doubt, for the fiscal quarter in which the IPO occurs, based on the
number of calendar days the Covered Non-Employee Director was a member of the Board or the applicable committee. 

In addition, Covered Non-Employee Directors will be reimbursed by the Company for reasonable travel and other expenses
incurred in connection with the Covered Non-Employee Director’s attendance at Board and committee meetings, in accordance with the Company’s policies as in effect from time to time. 

The Board (or the Compensation Committee thereof) may amend this Non-Employee Director Compensation Policy at any
time.Exhibit 4.1

 

SPECIMEN UNIT
CERTIFICATE

 

NUMBER UNITS U
-      

 

	SEE
    REVERSE FOR

    CERTAIN DEFINITIONS	7
    Acquisition Corporation	 

 

CUSIP [ ]

 

UNITS CONSISTING
OF ONE CLASS A ORDINARY SHARE

AND ONE-THIRD OF ONE REDEEMABLE

 

WARRANT TO
PURCHASE ONE CLASS A ORDINARY SHARE

 

THIS CERTIFIES
____________________ is the owner of __________ Units.

 

Each Unit (“Unit”)
consists of one (1) Class A ordinary share, par value $0.0001 per share (“Ordinary Shares”), of 7 Acquisition
Corporation, a Cayman Islands exempted company (the “Company”), and one-third (1/3) of one redeemable warrant
(each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one (1) Ordinary Share for
$11.50 per share (subject to adjustment). Each Warrant will become exercisable on the later of (i) thirty (30) days after the Company’s
completion of a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with
one or more businesses (each, a “Business Combination”), and (ii) twelve (12) months from the closing of the
Company’s initial public offering, and will expire unless exercised before 5:00 p.m., New York City Time, on the date that is five
(5) years after the date on which the Company completes its initial Business Combination, or earlier upon redemption or liquidation (the
 “Expiration Date”). The Ordinary Shares and Warrants comprising the Units represented by this certificate are
not transferable separately prior to                     ,
2021, unless Goldman Sachs & Co. LLC elects to allow earlier separate trading, subject to the Company’s filing with the Securities
and Exchange Commission of a Current Report on Form 8-K containing an audited balance sheet reflecting the Company’s receipt of
the gross proceeds of the initial public offering and issuing a press release announcing when separate trading will begin. No fractional
warrants will be issued upon separation of the Units and only whole warrants are exerciseable. The terms of the Warrants are governed
by a Warrant Agreement, dated as of                   ,
2021, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions
contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant
Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York, New York 10004, and are available to
any Warrant holder on written request and without cost.

 

Upon
the consummation of the Business Combination, the Units represented by this certificate will automatically separate into the Class A
Ordinary Shares and Warrants comprising such Units.

 

This
certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

 

This
certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

 

Witness
the facsimile signatures of its duly authorized officers.

 

	By:	 	 	 
	 	President	 	Chief Financial Officer

 

     

     

    

 

7 Acquisition
Corporation

 

The
Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences and/or rights.

 

The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN COM –	as tenants in common	 	UNIF GIFT MIN ACT - _____ Custodian ______
	TEN ENT –	as tenants by the entireties	 	(Cust)                  (Minor)
	JT TEN –	as joint tenants with right of survivorship	 	under Uniform Gifts to Minors
	 	and not as tenants in common	 	Act ______________
	 	 	 	(State)

 

Additional abbreviations
may also be used though not in the above list.

 

For
value received, __________________ hereby sells, assigns and transfers unto

 

	 
	(PLEASE
    INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE)
	 
	(PLEASE
    PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 
	 

 

_________________________
Units represented by the within Certificate, and hereby irrevocably constitutes and appoints _____________________ Attorney to transfer
said Units on the books of the within named Company with full power of substitution in the premises.

 

	Dated:	 	 	 
	 	 	 	Shareholder
	 	 	 	 
	 	 	 	Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

	Signature(s) Guaranteed:	 
	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE)).	 

 

     

     

    

 

In each case, as
more fully described in the Company’s final prospectus dated _____, 2021, the holder(s) of this certificate shall be entitled to
receive a pro-rata portion of certain funds held in the trust account established in connection with the Company’s initial public
offering only in the event that (i) the Company redeems the Ordinary Shares sold in its initial public offering and liquidates because
it does not consummate an initial business combination within the period of time set forth in the Company’s amended and restated
memorandum and articles of association, as the same may be amended from time to time, (ii) the Company redeems the Ordinary Shares sold
in its initial public offering in connection with a shareholder vote to amend the Company’s amended and restated memorandum and
articles of association (A) that would modify the substance or timing of the Company’s obligation to provide holders of the Ordinary
Shares the right to have their shares redeemed in connection with the Company’s initial business combination or to redeem 100%
of the Ordinary Shares if the Company does not complete its initial business combination within the time period set forth therein or
(B) with respect to any other provision relating to the rights of holders of the Ordinary Shares, or (iii) if the holder(s) seek(s) to
redeem for cash his, her or its respective Ordinary Shares in connection with a tender offer (or proxy solicitation, solely in the event
the Company seeks shareholder approval of the proposed initial business combination) setting forth the details of a proposed initial
business combination. In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.

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