Document:

Exhibit 10.3

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into on __________
by and between Belite Bio, Inc, a Company incorporated in the Cayman Islands (the “Company” and, together with all
of its direct or indirect parent companies, subsidiaries, affiliates, or subsidiaries or affiliates of its parent companies, collectively
referred to as the “Company Group”), and [ ], an individual, a [ ] citizen with [his/her] passport number being [
] (the “Executive”).

 

RECITALS

 

THE PARTIES ENTER
THIS AGREEMENT on the basis of the following facts, understandings and intentions:

 

A. The Company
desires that the Executive be employed by the Company to carry out the duties and responsibilities described below, all on the terms
and conditions hereinafter set forth.

 

B. The Executive
desires to accept such employment on such terms and conditions.

 

NOW, THEREFORE,
in consideration of the above recitals incorporated herein and the mutual covenants and promises contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:

 

		1.	Retention and Duties.

 

		1.1	Retention.
                                            The Company does hereby hire, engage and employ the Executive
                                            for the Period of Employment (as defined in Section 2) on the terms and conditions expressly
                                            set forth in this Agreement. The Executive does hereby accept and agree to such hiring, engagement
                                            and employment, on the terms and conditions expressly set forth in this Agreement. The Executive
                                            agrees to commence active employment with the Company on or before [Date]
                                            (the first day of such employment is referred to as the “Employment Commencement
                                            Date”). 

 

		1.2	Duties.
                                            During the Period of Employment, the Executive shall serve
                                            the Company as its [position] and shall have such powers, duties and obligations consistent
                                            with such position as the Company shall determine from time to time. The duties of the Executive
                                            include, among others, (i) [Duties];
                                            and (ii) [Duties]. The Executive shall be subject
                                            to such directives of the Board and comply with the corporate policies of the Company and
                                            the Company Group as they are in effect from time to time throughout the Period of Employment
                                            (including, without limitation, the Company’s business conduct and ethics policies,
                                            as amended from time to time). During the Period of Employment, the Executive shall report
                                            to [the Chairman/CEO and/or the Board of the Company]/[the Board of the Company].

 

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		1.3	No
                                            Other Employment; Minimum Time Commitment. During the
                                            Period of Employment, the Executive shall (i) devote substantially all of the Executive’s
                                            business time, energy and skill to the performance of the Executive’s duties for the
                                            Company and Company Group, and (ii) hold no other employment, except for (in the case of
                                            (i)) or by (in the case of (ii)) one or more other companies in the Company Group or, in
                                            each case of (i) and (ii), as instructed or otherwise permitted by the Company in writing.
                                            The Executive’s service on the boards of directors (or similar body) of business entities
                                            other than the Company Group is subject to the approval of the Board [of the Company]. The
                                            Company shall have the right to require the Executive to resign from any board [of directors]
                                            or similar body which he may then serve if the Board [of the Company] reasonably determines
                                            in writing that the Executive’s service on such board or body interferes with the effective
                                            discharge of the Executive’s duties and responsibilities to the Company or that any
                                            business related to such service is then in competition with any business of the Company
                                            or any of its affiliates, successors or assigns.

 

		1.4	No
                                            Breach of Contract. The Executive hereby represents
                                            to the Company that: (i) the execution and delivery of this Agreement by the Executive and
                                            the Company and the performance by the Executive of the Executive’s duties hereunder
                                            shall not constitute a breach of, or otherwise contravene, the terms of any other agreement
                                            or policy to which the Executive is a party or otherwise bound; (ii) that the Executive has
                                            no information (including, without limitation, confidential information and trade secrets)
                                            relating to any other person or entity which would prevent, or be violated by, the Executive
                                            entering into this Agreement or carrying out his duties hereunder; (iii) that the Executive
                                            is not bound by any confidentiality, trade secret or similar agreement (other than this Agreement)
                                            with any other person or entity.

 

		2.	Period
                                            of Employment. The “Period of Employment”
                                            shall be the period commencing on the Employment Commencement Date and ending at the close
                                            of business on the date this Agreement is terminated by the Executive or the Company. [The
                                            Executive’s employment with the Company is “at will.” Either the Executive
                                            or the Company is entitled to terminate the employment at any time for any reason, with or
                                            without cause and with 3-monthnotice, without liability.] 

 

		3.	Compensation.

 

		3.1	Base
Salary and Bonus. The Executive’s base salary (the “Base Salary”) during
the Period of Employment shall be [determined by the Company as specified in a separate agreement between the Executive and the Company’s
designated subsidiary or affiliate (the “Subsidiary Employment Agreement”). During the Period of Employment, the Executive
shall be eligible to receive a bonus as determined in the Subsidiary Employment Agreement.] / [paid in accordance with the Company’s
regular payroll practices in effect from time to time, but not less frequently than in monthly installments. The Executive’s Base
Salary of the Period of Employment shall be at an annualized rate of US$ [ ]. During the Period of Employment, the Executive will
be eligible to a base bonus of 10% of his/her annual base salary by year end based on the number of month that the Executive works at
the Company in that year. Performance Bonuses [,within 5%-10% of his/her annual
base salary] will be payable against milestones discussed and agreed between the Executive and the Chairman/CEO and/or the Board of the
Company. Except as otherwise expressly provided in this Agreement, the Executive must be employed by the Company through the last
day of the period to which a Bonus relates in order to be eligible for a Bonus (or portion thereof) with respect to that period (and,
if the Executive is not so employed at such time, in no event shall he have been considered to have “earned” any Bonus with
respect to such period). Any Bonus will be paid, subject to applicable tax withholding, as soon as practicable after the end of the period
to which such bonus relates. The Company will review the Executive’s Base Salary and Bonuses at least annually.]

 

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		3.2	Intentionally
                                            Left Blank

 

		3.3	Intentionally Left Blank

 

		3.4	Intentionally
                                            Left Blank 

 

		4.	Benefits.

 

		4.1	Retirement,
                                            Welfare and Fringe Benefits. During the Period of Employment,
                                            the Executive shall be entitled to participate in all employee pension and welfare benefit
                                            plans and programs, and fringe benefit plans and programs if made available by the Company
                                            to the Company’s employees generally, in accordance with the eligibility and participation
                                            provisions of such plans and as such plans or programs may be in effect from time to time.
                                            [The Company will reimburse 100% of the insurance premiums of the Executive and the dependents
                                            of the Executive.] / [The Company will, pursuant to the relevant requirements under applicable
                                            laws and regulations, make necessary arrangements for the Executive to participate in the
                                            labor insurance program, the national health insurance program, and any other statutory insurance
                                            program.]

 

		4.2	Reimbursement
                                            of Business Expenses. The Executive is authorized to
                                            incur reasonable expenses in carrying out the Executive’s duties for the Company under
                                            this Agreement and reimbursement for all reasonable business expenses the Executive incurs
                                            during the Period of Employment in connection with carrying out the Executive’s duties
                                            for the Company, subject to the Company’s expense reimbursement policies in effect
                                            from time to time. 

 

		4.3	Vacation
                                            and Other Leave. During the Period of Employment, the
                                            Executive shall accrue and be entitled to take paid vacation days in accordance with the
                                            Company’s vacation policies in effect from time to time, including the Company’s
                                            policies regarding vacation accruals; provided that the Executive's rate of vacation accrual
                                            during the Period of Employment shall be no less than the number of days per year as determined
                                            in the Subsidiary Employment Agreement.. The Executive shall also be entitled to all other
                                            holiday and leave pay generally available to other executives of the Company. The Executive
                                            may choose to cash out unused annual leave entitlements per year at the year end at the rate of his base salary by submitting an annual leave cash
out agreement or accrue the unused annual leave entitlements to the following year. Any accrued but unused and unpaid annual leave will
be paid out at termination of employment at the rate of his base salary upon termination.

 

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5.           Termination.
[This Agreement may be terminated at any time by mutual agreement of the parties
hereto. This Agreement may also be terminated by either party pursuant to the relevant provisions of applicable law.]

 

		5.1	[Termination
                                            at will. The Executive’s employment by the Company,
                                            and the Period of Employment, may be terminated at any time by the Company or by the Executive
                                            [with 3-month notice].] / [Intentionally Left Blank]

 

		5.2	Benefits
                                            Upon Termination. If the Executive’s employment
                                            by the Company is terminated for any reason, upon the date that the Executive’s employment
                                            by the Company terminates (the “Severance Date”), [the Company shall have
                                            no further obligation to make or provide to the Executive, and the Executive shall have no
                                            further right to receive or obtain from the Company, any payments or benefits except as follows]
                                            / [in addition to any statutory severance payment to which the Executive is entitled]:

 

(a)       The
Company shall pay the Executive (or, in the event of [his/her] death, the Executive’s estate) any Accrued Obligations (as defined
in Section 5.4); and

 

(b)       [Subject
to applicable laws, if/If] a Change of Control (as defined in Section 5.4) occurs any time during the Period of Employment and on or
within six months following such Change of Control, the Executive’s employment with the Company terminates as a result of an Involuntary
Termination (as defined in Section 5.4), the Executive shall be entitled to [(i) a severance payment in the amount equals to the then
applicable Base Salary rate of the Executive for a six-month period, such amount to be paid to the Executive in the month following the
month in which the Executive’s Separation from Service occurs; and (ii)] the accelerated vesting of any then-outstanding and unvested
portion of the grants of the Company’s stock options granted to the Executive so that such outstanding stock options shall become
vested in full as of the Severance Date.

 

(c)       Notwithstanding
the foregoing provisions of this Section 5.2, if the Executive breaches [his/her] obligations under Section 6 of this Agreement at any
time, from and after the date of such breach and not in any way in limitation of any right or remedy otherwise available to the Company,
the Executive will no longer be entitled to, and the Company will no longer be obligated to pay, any remaining unpaid severance amount
contemplated by Section 5.2[; provided that, if the Executive provides the release contemplated by Section 5.3, in no event shall the
Executive be entitled to benefits pursuant to Section 5.2(b) of less than US$5,000 (or the amount of such benefits, if less than US$5,000),
which amount the parties agree is good and adequate consideration, in and of itself, for the Executive’s release contemplated by
Section 5.3].

 

(d)       The
foregoing provisions of this Section 5.2 shall not affect: [(i) the Executive’s receipt of benefits otherwise due to
terminated employees under group insurance coverage consistent with the terms of the applicable Company welfare benefit plan; (ii)
the Executive’s rights under COBRA to continue health coverage; or (iii) the Executive’s receipt of benefits otherwise
due in accordance with the terms of the Company’s 401(k) plan (if any).] / [the Executive's receipt of benefits otherwise due
to terminated employees under insurance coverage consistent with the terms of the applicable Company labor insurance program,
national health insurance program, or any other statutory insurance program;]

 

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		5.3	Release;
                                            Exclusive Remedy.

 

			(a)     This Section 5.3 shall
                                                                                                                                                             apply notwithstanding anything else contained in this Agreement or any stock option or other equity-based award agreement to the
                                                                                                                                                             contrary. As a condition precedent to any Company obligation to the Executive pursuant to Section 5.2(b) or any other obligation to
                                                                                                                                                             accelerate vesting of any equity-based award in connection with the termination of the Executive’s employment, the Executive
                                                                                                                                                             shall, upon or promptly following [his/her] last day of employment with the Company (and in all events within twenty-one (21) days
                                                                                                                                                             after [his/her] last day of employment with the Company), execute and deliver to the Company a valid general release of claims (the
                                                                                                                                                             “General Release”) in a form acceptable to the Board and such release agreement shall have not been revoked by
                                                                                                                                                             the Executive pursuant to any revocation rights afforded by applicable law.

 

			(b)     The
Executive agrees that [in addition to any statutory severance payment to which the Executive is entitled,] the payments contemplated
by Section 5.2 (and any applicable acceleration of vesting of an equity-based award in accordance with the terms of such award in connection
with the termination of the Executive’s employment) shall constitute the exclusive and sole remedy for any termination of [his/her]
employment and the Executive covenants not to assert or pursue any other remedies, at law or in equity, with respect to any termination
of employment. The Company and Executive acknowledge and agree that there is no duty of the Executive to mitigate damages under this
Agreement. All amounts paid to the Executive pursuant to Section 5.2 shall be paid without regard to whether the Executive has taken
or takes actions to mitigate damages.

 

		5.4	Certain
                                            Defined Terms.

 

(a)       As
used herein, “Accrued Obligations” means:

 

(i)       any
Base Salary that had accrued but had not been paid (including accrued and unpaid vacation time) on or before the Severance Date; and

 

(ii)       any
reimbursement due to the Executive pursuant to Section 4.2 for expenses incurred by the Executive on or before the Severance Date.

 

(b)       As
used herein, “Cause” shall mean, as reasonably determined by the Board of the Company (excluding the Executive,
if he is then a member of the Board of the Company), (i) any act of personal dishonesty taken by the Executive in connection with [his/her]
responsibilities as an employee of the Company which is intended to result in substantial personal enrichment of the Executive and
is reasonably likely to result in material harm to the Company, (ii) the Executive’s conviction of a crime which the Board of
the Company reasonably believes has had or will have a material detrimental effect on the Company’s reputation or business,
(iii) a willful act by the Executive which constitutes misconduct and is materially injurious to the Company, or (iv) continued
violations by the Executive of the Executive’s obligations to the Company after there has been delivered to the Executive a
written demand for performance from the Company which describes the basis for the Company’s belief that the Executive has
violated [his/her] obligations to the Company.

 

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(c)        As
used herein, “Change of Control” shall mean (x) a merger, amalgamation or consolidation of the Company or Parent,
in one or a series of related transactions, as a result of which the shareholders of the Company or Parent, as applicable, do not control
fifty percent (50%) or more of the total voting power of the surviving entity (other than a transaction, the sole purpose of which is
to effect the reincorporation of the Company or Parent in a different jurisdiction), or (y) the sale, transfer or other disposition of
all or substantially all of the Company or Parent’s assets in one or a series of related transactions in liquidation or dissolution
of the Company or Parent .

 

(d)       As
used herein, “Constructive Termination” shall mean a resignation by the Executive within thirty (30) days after the
occurrence of any of the following [events, subject to applicable law] (in each case, without the Executive’s prior written consent):
(i) a material reduction of the Executive’s duties, authority or responsibilities relative to the Executive’s duties, position
or responsibilities in effect immediately prior to such reduction; (ii) a material reduction by the Company of the Executive’s
Base Salary as in effect immediately prior to such reduction; or (iii) the relocation of the Executive’s principal place of employment
with the Company to a facility or a location more than fifty (50) miles from [his/her] current location; provided, however,
that any such condition or conditions, as applicable, shall not constitute grounds for Constructive Termination unless both (x) the
Executive provides written notice to the Company of the condition claimed to constitute grounds for Constructive Termination within thirty
(30) days of the initial existence of such condition(s) (such notice to be delivered in accordance with Section 17), and (y) the
Company fails to remedy such condition(s) within thirty (30) days of receiving such written notice thereof; and provided, further,
that in all events the termination of the Executive’s employment with the Company shall not constitute a Constructive Termination
unless such termination occurs not more than ninety (90) days following the initial existence of the condition claimed to constitute
grounds for Constructive Termination.

 

(e)       As
used herein, “Disability” shall mean a physical or mental impairment which, as reasonably determined by the Board
of the Company, renders the Executive unable to perform the essential functions of [his/her] employment with the Company, even with reasonable
accommodation that does not impose an undue hardship on the Company, for more than 180 days in any 12-month period, unless a longer period
is required by applicable law, in which case that longer period would apply.

 

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(f)       As
used herein, “Involuntary Termination” shall mean a Constructive Termination or a termination of the Executive by
the Company without Cause. For purposes of clarity, the term Involuntary Termination does not include a termination of the Executive’s
employment due to the Executive’s death or Disability.

 

(g)       [As
used herein, a “Separation from Service” occurs when the Executive dies, retires, or otherwise has a termination of
employment with the Company that constitutes a “separation from service” within the meaning of Treasury Regulation Section
1.409A-1(h)(1), without regard to the optional alternative definitions available thereunder.] / [Intentionally Left Blank]

 

		6.	Confidentiality;
                                            Inventions; Non-Solicitation.

 

		6.1	Confidential Information.

 

(a)       Company
Information. The Executive hereby agrees that at all times during the Period of Employment and thereafter, to hold in strictest confidence,
and not to use, except for the benefit of the Company Group, or to disclose to any person, firm or corporation without written authorization
of an officer of the Company Group (other than the Executive), any Confidential Information, except under a non-disclosure agreement
duly authorized and executed by the Company. The Executive understands that “Confidential Information” means any non-public
information of the Company that relates to its actual or anticipated business or research and development, or to its technical data,
trade secrets or know-how. “Confidential Information” includes, without limitation, research, product plans or other information
regarding products or services and markets therefor, developments, inventions, processes, formulas, designs, drawings, technology, research
and clinical data, chemical structures and formulations, software, protocols, algorithms, engineering, hardware configuration information,
customer lists and customers (including, but not limited to, customers of the Company on whom the Executive called or with whom the Executive
became acquainted during the Period of Employment), marketing, finances or other business information of the Company. The Executive further
understands that Confidential Information does not include any of the foregoing items that have become publicly known and made generally
available through no wrongful act (or failure to act) of the Executive or of others who were under confidentiality obligations as to
the item or items involved or improvements or new versions thereof. The Executive acknowledges that, as between he and the Company, all
Confidential Information shall be the sole and exclusive property of the Company and its assigns.

 

(b)       Company
Property. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created,
received or transmitted in connection with [his/her] work or using the facilities of the Company Group are property of the Company
Group and subject to inspection by the Company Group, at any time. Upon termination of the Executive’s employment with the
Company (or at any other time when requested by the Company), the Executive will promptly deliver to the Company all documents and
materials of any nature pertaining to [his/her] work with the Company and will provide written certification of [his/her] compliance
with this Agreement. Under no circumstances will the Executive have, following [his/her] termination, in [his/her] possession
any property of the Company Group, or any documents or materials or copies thereof containing any Confidential Information. In the
event of the termination of the Executive’s employment, the Executive hereby agrees to sign and deliver the
 “Termination Certification” attached hereto as Exhibit B.

 

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(c)       Former
Employer Information. The Executive hereby agrees that [he/she] will not, during the Period of Employment, improperly use or disclose
any proprietary information (including, but not limited to, software, source and object code, developments, techniques, inventions, processes,
technology, designs and drawings) or trade secrets of any former or concurrent employer or other person or entity and that [he/she] will
not bring onto the premises of the Company Group any unpublished document or proprietary information belonging to any such employer,
person or entity unless consented to in writing by such employer, person or entity and by an officer of the Company (other than the Executive).
The Executive hereby agrees to indemnify the Company Group and hold it harmless from all claims, liabilities, damages and expenses, including
reasonable attorneys’ fees and costs for resolving disputes, arising out of or in connection with any violation or claimed violation
of a third party’s rights resulting from any use by the Company Group of such proprietary information or trade secrets improperly
used or disclosed by the Executive.

 

(d)       Third
Party Information. The Executive recognizes that the Company Group has received and in the future will receive from third parties
their confidential or proprietary information subject to a duty on the Company Group’s part to maintain the confidentiality of
such information and to use it only for certain limited purposes. The Executive hereby agrees to hold all such confidential or proprietary
information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in
carrying out [his/her] work for the Company consistent with the Company Group’s agreement with such third party.

 

		6.2	Inventions.

 

(a)       Inventions
Retained and Licensed. The Executive has attached hereto, as Exhibit C, a list describing all inventions, original works of
authorship, developments, improvements, trade secrets, and IC layout designs/mask works which were made by the Executive prior to
[his/her] employment with the Company which belong to the Executive, which relate to the Company Group’s proposed or current
business, products or research and development, and which are not assigned to any member of the Company Group hereunder
(collectively referred to as “Prior Inventions”); or, if no such list is attached, The Executive hereby
represents that there are no such Prior Inventions. The Executive hereby agrees that he or she will not incorporate any Prior
Inventions into any products, processes or machines of the Company Group; provided, however, that if in
the course of the Executive’s employment with the Company, he or she incorporates into a product, process or machine of the
Company Group a Prior Invention owned by the Executive or in which he or she has an interest, the Executive hereby represents that
he or she has all necessary rights, powers and authorization to use such Prior Invention in the manner it is used and such use will
not infringe any right of any company, entity or person and, in such a circumstance, each member of the Company Group is
hereby granted and shall have a nonexclusive, royalty-free, sublicensable, transferable, irrevocable, perpetual, worldwide license
to make, have made, modify, use and sell such Prior Invention as part of or in connection with such product, process or machine. The
Executive hereby agrees to indemnify the Company Group and hold it harmless from all claims, liabilities, damages and expenses,
including reasonable attorneys’ fees and costs for resolving disputes, arising out of or in connection with any violation or
claimed violation of a third party’s rights resulting from any use, sublicensing, modification, transfer, or sale by the
Company Group of such Prior Invention.

 

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(b)       Assignment
of Inventions. The Executive hereby agrees that he or she will promptly make full written disclosure to the Company and the Company
Group, will hold in trust for the sole right and benefit of the Company and the Company Group, and hereby assign to the Company and the
Company Group, or their respective designee, all of [his/her] right, title, and interest in and to any and all inventions, ideas, information,
designs, original works of authorship, processes, formulas, computer software programs, databases, mask works, developments, concepts,
improvements or trade secrets, whether or not patentable or registrable under patent, copyright, circuit layout design or similar laws
or anywhere else in the world, which he or she may solely or jointly conceive or develop or reduce to practice or cause to be conceived
or developed or reduced to practice, during the Period of Employment (whether or not during business hours) that are either related to
the scope of [his/her] employment with the Company or make use, in any manner, of the resources of the Company Group (collectively referred
to as “Inventions”). The Executive hereby acknowledges that the Company or the Company Group shall be the sole owner
of all rights, title and interest in the Inventions created hereunder. In the event the foregoing assignment of Inventions to the Company
or the Company Group is ineffective for any reason, each member of the Company Group is hereby granted and shall have a [exclusive] royalty-free,
sublicensable, transferable, irrevocable, perpetual, worldwide license to make, have made, modify, use, and sell such Inventions as part
of or in connection with any product, process or machine. Such exclusive license shall continue in effect for the maximum term as may
now or hereafter be permissible under applicable law. Upon expiration, such license, without further consent or action on the Executive’s
part, shall automatically be renewed for the maximum term as is then permissible under applicable law, unless, within the six-month period
prior to such expiration, the Company and the Executive have agreed that such license will not be renewed. The Executive also hereby
forever waives and agrees never to assert any and all rights he or she may have in or with respect to any Inventions even after termination
of [his/her] employment with the Company. The Executive hereby further acknowledges that all Inventions created by him or her (solely
or jointly with others) are, to the extent permitted by applicable law, “works made for hire” or “inventions made for
hire,” as those terms are defined in the applicable laws and regulations], respectively in the relevant jurisdiction, and all titles,
rights and interests in or to such Inventions are or shall be vested in the Company.

 

(c)       Maintenance
of Records. The Executive hereby agrees to keep and maintain adequate and current written records of all Inventions. The records
will be in the form of notes, sketches, drawings, and any other format that may be specified by the Company. The records will
be available to and remain the sole property of the Company at all times.

 

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(d)       Patent
and Copyright Registrations. The Executive hereby agrees to assist the Company, or its respective designees, at the expense of the
Company, in every proper way to secure the Company’s rights in the Inventions in any and all countries, to further evidence, record
and perfect any grant or assignment by the Executive of the Inventions hereunder and to perfect, obtain, maintain, enforce and defend
any rights so granted or assigned, including the disclosure to the Company of all pertinent information and data with respect thereto,
the execution of all applications, specifications, oaths, assignments and all other instruments which the Company shall deem necessary
in order to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns and nominees the
sole and exclusive rights, title and interest in and to such Inventions. The Executive hereby further agrees that [his/her] obligations
to execute or cause to be executed, when it is in [his/her] power to do so, any such instrument or papers shall continue after the termination
of this Agreement. The Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as
the Executive’s agent and attorney in fact, to act for and in the Executive’s behalf and stead to execute and file any such
documents and to do all other lawfully permitted acts to further the foregoing with the same legal force and effect as if executed by
the Executive.

 

		6.3	Conflicting
                                            Employment. The Executive hereby agrees that, during Period of Employment, he or
                                            she will not engage in any other employment, occupation, consulting or other business activity
                                            related to the business in which the Company Group is now involved or becomes involved during
                                            Period of Employment, nor will the Executive engage in any other activities that conflict
                                            with [his/her] obligations to the Company except by, for or on behalf of one or more other
                                            companies within the Company Group, or as instructed or otherwise permitted by the Company
                                            with a prior written consent.

 

		6.4	Notification
                                            of New Employer. In the event that the Executive leaves the employment of the Company,
                                            the Executive hereby grants consent to notification by the Company to [his/her] new employer
                                            about [his/her] rights and obligations under this Agreement.

 

		6.5	Non-Solicitation
                                            of Employees. The Executive hereby agrees that, during the Period of Employment and
                                            for a period of one (1) year immediately following the termination of [his/her] relationship
                                            with the Company for any reason, whether with or without cause, he or she shall not either
                                            directly or indirectly solicit, induce, recruit or encourage any employees of the Company
                                            Group to leave their employment, or attempt to solicit, induce, recruit, or encourage employees
                                            of the Company Group to leave their employment

 

		6.6	Non-Interference
                                            with Customers. The Executive hereby agrees that, during the Period of Employment
                                            and [for a period of one (1) year immediately following the termination of [his/her] relationship
                                            with the Company for any reason, whether with or without cause, the Executive] / [thereafter,
                                            he/she] will not, directly or indirectly through any other person, use any of the Company
                                            Group’s trade secrets to influence or attempt to influence customers, vendors, suppliers,
                                            licensors, lessors, joint venturers, associates, consultants, agents, or partners of any entity within the Company Group to divert
their business away from such entity, and the Executive will not otherwise use the Company Group’s trade secrets to interfere with,
disrupt or attempt to disrupt the business relationships, contractual or otherwise, between any entity within the Company Group, on the
one hand, and any of its or their customers, suppliers, vendors, lessors, licensors, joint venturers, associates, officers, employees,
consultants, managers, partners, members or investors, on the other hand.

 

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		6.7	Understanding
                                            of Covenants. The Executive acknowledges that, in the course of [his/her] employment
                                            with the Company Group members and their predecessors, he has become familiar, or will become
                                            familiar, with the Company Group members’ and their predecessors’ trade secrets
                                            and with other confidential and proprietary information concerning the Company Group members
                                            and their respective predecessors and that [his/her] services have been and will be of special,
                                            unique and extraordinary value to the Company Group. The Executive agrees that the foregoing
                                            covenants set forth in this Section 6 (together, the “Restrictive Covenants”)
                                            are reasonable and necessary to protect the Company Group’s trade secrets and other
                                            confidential and proprietary information, good will, stable workforce, and customer relations.

 

		6.8	Enforcement.
                                            The Executive agrees that the Executive's services are unique and that he has access to Confidential
                                            Information. Accordingly, the Executive agrees that a breach by the Executive of any of the
                                            covenants in this Section 6 would cause immediate and irreparable harm to the Company that
                                            would be difficult or impossible to measure, and that damages to the Company for any such
                                            injury would therefore be an inadequate remedy for any such breach. Therefore, the Executive
                                            agrees that in the event of any breach or threatened breach of any provision of this Section
                                            6, the Company shall be entitled, in addition to and without limitation upon all other remedies
                                            the Company may have under this Agreement, at law or otherwise, to obtain specific performance,
                                            injunctive relief and/or other appropriate relief (without posting any bond or deposit) in
                                            order to enforce or prevent any violations of the provisions of this Section 6, or require
                                            the Executive to account for and pay over to the Company all compensation, profits, moneys,
                                            accruals, increments or other benefits derived from or received as a result of any transactions
                                            constituting a breach of this Section 6 if and when final judgment of a court of competent
                                            jurisdiction [or arbitrator], as applicable, is so entered against the Executive. The Executive
                                            further agrees that the applicable period of time any Restrictive Covenant is in effect following
                                            the Severance Date, as determined pursuant to the foregoing provisions of this Section 6,
                                            such period of time shall be extended by the same amount of time that Executive is in breach
                                            of any Restrictive Covenant.

 

		7.	Withholding
                                            Taxes. Notwithstanding anything else herein to the
                                            contrary, the Company may withhold (or cause there to be withheld, as the case may be) from
                                            any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial,
                                            local or any other income, employment, or other taxes as may be required to be withheld pursuant
                                            to any applicable law or regulation.

 

		8.	Assignment.
                                            This Agreement is personal in its nature and neither of
                                            the parties hereto shall, without the consent of the other, assign or transfer this Agreement
                                            or any rights or obligations hereunder; provided, however, that in the
event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s)
or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such
successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

 

    -11-

     

    

 

		9.	Number
                                            and Gender. Where the context requires, the singular
                                            shall include the plural, the plural shall include the singular, and any gender shall include
                                            all other genders.

 

		10.	Section
                                            Headings. The section headings of, and titles of paragraphs
                                            and subparagraphs contained in, this Agreement are for the purpose of convenience only, and
                                            they neither form a part of this Agreement nor are they to be used in the construction or
                                            interpretation thereof.

 

		11.	Governing
                                            Law[; Venue]. This Agreement shall be governed by and
                                            construed in accordance with the laws of [the State of California] without giving effect
                                            to any choice or conflict of law provision or rule that would cause the application of the
                                            laws of any jurisdiction other than [the State of California]. [Any dispute arising out of
                                            or relating to this Agreement shall be exclusively referred to [ ].]

 

		12.	Severability.
                                            If any provision of this Agreement or the application thereof
                                            is held invalid, the invalidity shall not affect other provisions or applications of this
                                            Agreement which can be given effect without the invalid provisions or applications and to
                                            this end the provisions of this Agreement are declared to be severable.

 

		13.	Entire
                                            Agreement. This Agreement, including the documents
                                            referred to herein, embodies the entire agreement of the parties hereto respecting the matters
                                            within its scope. This Agreement supersedes all prior and contemporaneous agreements of the
                                            parties hereto that directly or indirectly bears upon the subject matter hereof (including,
                                            without limitation, any offer letter or previous employment agreement). Any prior negotiations,
                                            correspondence, agreements, proposals or understandings relating to the subject matter hereof
                                            shall be deemed to have been merged into this Agreement, and to the extent inconsistent herewith,
                                            such negotiations, correspondence, agreements, proposals, or understandings shall be deemed
                                            to be of no force or effect. There are no representations, warranties, or agreements, whether
                                            express or implied, or oral or written, with respect to the subject matter hereof, except
                                            as expressly set forth herein.

 

		14.	Modifications.
                                            This Agreement may not be amended, modified or changed
                                            (in whole or in part), except by a formal, definitive written agreement expressly referring
                                            to this Agreement, which agreement is executed by both of the parties hereto.

 

		15.	Waiver.
                                            Neither the failure nor any delay on the part of a party
                                            to exercise any right, remedy, power or privilege under this Agreement shall operate as a
                                            waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege
                                            preclude any other or further exercise of the same or of any right, remedy, power or privilege,
                                            nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence
                                            be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and
is signed by the party asserted to have granted such waiver.

 

    -12-

     

    

 

		16.	[Arbitration;
                                            Waiver of Jury Trial. The Executive and the Company
                                            agree that any controversy arising out of or relating to this Agreement, its enforcement
                                            or interpretation, or because of an alleged breach, default, or misrepresentation in connection
                                            with any of its provisions, or any other controversy arising out of the Executive’s
                                            employment shall be submitted to arbitration in the United States, before a sole arbitrator
                                            (the “Arbitrator”) as the exclusive forum for the resolution of such dispute;
                                            provided, however, that provisional injunctive relief may, but need not, be
                                            sought by either party to this Agreement in a court of law while arbitration proceedings
                                            are pending, and any provisional injunctive relief granted by such court shall remain effective
                                            until the matter is finally determined by the Arbitrator. Final resolution of any dispute
                                            through arbitration may include any remedy or relief which the Arbitrator deems just and
                                            equitable, including any and all remedies provided by applicable statutes. At the conclusion
                                            of the arbitration, the Arbitrator shall issue a written decision that sets forth the essential
                                            findings and conclusions upon which the Arbitrator's award or decision is based. Any award
                                            or relief granted by the Arbitrator hereunder shall be final and binding on the parties hereto
                                            and may be enforced by any court of competent jurisdiction. The parties acknowledge and agree
                                            that they are hereby waiving any rights to trial by jury in any action, proceeding or counterclaim
                                            brought by either of the parties against the other in connection with any matter whatsoever
                                            arising out of or in any way connected with this Agreement or the Executive’s employment.
                                            The parties agree that each party shall pay its own attorneys’ fees and other expenses.]
                                            / [Intentionally Left Blank] 

 

		17.	Notices.

 

(a)       All
notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed
to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by internationally
recognized courier with next-day or second-day delivery. Any notice shall be duly addressed to the parties as follows:

 

(i)       if
to the Company:

 

           Address:
 

           Attention:

           Email:

 

(ii)       if
to the Executive:

 

		           Email:	

           [Attention:]

 

    -13-

     

    

 

(b)       Any
party may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity
with the provisions of this Section 17 for the giving of notice. Any communication shall be effective when delivered by hand, when otherwise
delivered against receipt therefor, or three (3) business days after being sent in accordance with the foregoing.

 

		18.	Counterparts.
                                            This Agreement may be executed in any number of counterparts,
                                            each of which shall be deemed an original as against any party whose signature appears thereon,
                                            and all of which together shall constitute one and the same instrument. This Agreement shall
                                            become binding when one or more counterparts hereof, individually or taken together, shall
                                            bear the signatures of all of the parties reflected hereon as the signatories. Photographic
                                            copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

		19.	Legal
                                            Counsel; Mutual Drafting. Each party recognizes that this is a legally binding contract
                                            and acknowledges and agrees that they have had the opportunity to consult with legal counsel
                                            of their choice. Each party has cooperated in the drafting, negotiation and preparation of
                                            this Agreement. Hence, in any construction to be made of this Agreement, the same shall not
                                            be construed against either party on the basis of that party being the drafter of such language.
                                            The Executive agrees and acknowledges that he has read and understands this Agreement, is
                                            entering into it freely and voluntarily, and has been advised to seek counsel prior to entering
                                            into this Agreement and has had ample opportunity to do so.

 

		20.	Intentionally
                                            Left Blank

 

[The remainder
of this page has intentionally been left blank.]

 

    -14-

     

    

 

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

 

	 	“Belite Bio, Inc” 

 

		By:	

		Name:	Tom Lin
		Title:	Director

 

    -S-1-

     

    

 

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

 

	 	“EXECUTIVE”

 

	 	 
	 	Name:

 

    -S-2-

     

    

 

EXHIBIT A

 

Intentionally
Left Blank 

 

    -A-1-

     

    

 

EXHIBIT B

 

TERMINATION CERTIFICATE

 

This is to certify
that I do not have in my possession, nor have I failed to return, any Confidential Information belonging to Belite Bio, Inc (the “Company”),
its subsidiaries, parent companies, affiliates, successors or assigns (together, the “Company Group”). For purposes
of this Termination Certificate, the term “Confidential Information” shall have the meaning assigned thereto in my Employment
Agreement with the Company, dated on or about ___________ (the “Agreement”).

 

I further certify
that I have complied with all the terms of the Agreement signed by me, including all of the provisions of Section 6 of the Agreement.

 

I further agree
that, in compliance with the Agreement, I will preserve as confidential all Confidential Information.

 

I further agree
that for one (1) year from this date, I will not either directly or indirectly solicit, induce, recruit or encourage any employees of
the Company or the Company Group to leave their employment, or take away such employees, or attempt to solicit, induce, recruit, encourage
or take away employees of the Company or the Company Group and/or any suppliers, customers or consultants of the Company or the Company
Group, either for myself or for any other person or entity.

 

	Date:	 	

 

	 	 
	 	Signature
	 	 
	 	Print Name

 

    -A-2-

     

    

 

EXHIBIT C

 

LIST OF PRIOR
INVENTIONS

 

	Title	 	Date	 	Identifying
    Number

    or Brief Description

 

 

 

 

	 

    ______ No inventions or improvements

     

    ______ Additional Sheets Attached

     

    Signature of Employee:                                

     

    Print Name of Employee:                              

     

    Date:Exhibit 10.4

 

INDEMNIFICATION
AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT
(this “Agreement”) is made as of ____________, by and between Belite Bio, Inc, an exempted company with limited
liability duly incorporated and validly existing under the laws of the Cayman Islands (the “Company”), and __________(Passport/ID
Number ____________) (the “Indemnitee”), a [director/an executive officer] of the Company.

 

WHEREAS, the Indemnitee has
served or has agreed to serve as a director/an executive officer of the Company and in such capacity will render valuable services to
the Company; and

 

WHEREAS, in order to induce
and encourage highly experienced and capable persons such as the Indemnitee to serve as directors/an executive officer of the Company,
the Board of Directors has determined that this Agreement is not only reasonable and prudent, but necessary to promote and ensure the
best interests of the Company and its shareholders;

 

NOW, THEREFORE, in consideration
of the premises and mutual agreements hereinafter set forth, and other good and valuable consideration, including, without limitation,
the service of the Indemnitee, the receipt of which hereby is acknowledged, and in order to induce the Indemnitee to serve as a director/an
executive officer of the Company, the Company and the Indemnitee hereby agree as follows:

 

1.                 
Definitions. As used in this Agreement:

 

(a)              
“Board of Directors” shall mean the board of directors of the Company.

 

(b)              “Change
in Control” shall mean a change in control of the Company of a nature that would be required to be reported in
response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar or successor schedule or
form) promulgated under the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder (collectively, the “Act”), whether or not the Company is then subject to such reporting
requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred (irrespective of
the applicability of the initial clause of this definition) if (i) any “person” (as such term is used in Sections 13(d)
and 14(d) of the Act, but excluding any trustee or other fiduciary holding securities pursuant to an employee benefit or welfare
plan or employee share plan of the Company or any subsidiary of the Company, or any entity organized, appointed, established or
holding securities of the Company with voting power for or pursuant to the terms of any such plan) is or becomes the
 “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company
representing 20% or more of the combined voting power of the Company’s then outstanding securities without the prior approval
of at least two-thirds of the Continuing Directors (as defined below) in office immediately prior to such person’s attaining
such interest; (ii) the Company is a party to a merger, consolidation, scheme of arrangement, sale of assets or other
reorganization, or a proxy contest, as a consequence of which Continuing Directors in office immediately prior to such transaction
or event constitute less than a majority of the Board of Directors of the Company (or any successor entity) thereafter; or (iii)
during any period of two (2) consecutive years, individuals who at the beginning of such period constituted the Board of Directors
of the Company (including for this purpose any new director whose election or nomination for election by the Company’s
shareholders was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning
of such period) (such directors being referred to herein as “Continuing Directors”) cease for any reason
to constitute at least a majority of the Board of Directors of the Company.

 

    - 1 -

     

    

 

(c)              
“Disinterested Director” with respect to any request by the Indemnitee for indemnification or advancement
of expenses hereunder shall mean a director of the Company who neither is nor was a party to the Proceeding (as defined below) in respect
of which indemnification or advancement is being sought by the Indemnitee.

 

(d)             
The term “Expenses” shall mean, without limitation, expenses of Proceedings, including attorneys’
fees, disbursements and retainers, accounting and witness fees, expenses related to the preparation or service as a witness, travel and
deposition costs, expenses of investigations, judicial or administrative proceedings and appeals, amounts paid in settlement of a Proceeding
by or on behalf of the Indemnitee, costs of attachment or similar bonds, any expenses of attempting to establish or establishing a right
to indemnification or advancement of expenses, under this Agreement, the Company’s Memorandum of Association and Articles of Association
as currently in effect (the “Articles”), applicable law or otherwise, and reasonable compensation for time spent
by the Indemnitee in connection with the investigation, defense or appeal of a Proceeding or action for indemnification for which the
Indemnitee is not otherwise compensated by the Company or any third party. The term “Expenses” shall not include the amount
of judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, which are actually
levied against or sustained by the Indemnitee to the extent sustained after final adjudication.

 

(e)              
The term “Independent Legal Counsel” shall mean any firm of attorneys reasonably selected by the
Board of Directors of the Company, so long as such firm has not represented the Company, the Company’s subsidiaries or affiliates,
the Indemnitee, any entity controlled by the Indemnitee, or any party adverse to the Company, within the preceding five (5) years. Notwithstanding
the foregoing, the term “Independent Legal Counsel” shall not include any person who, under 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 or advancement of Expenses under this Agreement, the Company’s Articles, applicable
law or otherwise.

 

(f)               
The term “Proceeding” shall mean any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, or any other proceeding (including, without limitation, an appeal therefrom), formal or informal,
whether brought in the name of the Company or otherwise, whether of a civil, criminal, administrative or investigative nature, and whether
by, in or involving a court or an administrative, other governmental or private entity or body (including, without limitation, an investigation
by the Company or its Board of Directors), by reason of (i) the fact that the Indemnitee is or was a director/an executive officer of
the Company, or is or was serving at the request of the Company as an agent of another enterprise, whether or not the Indemnitee is serving
in such capacity at the time any liability or expense is incurred for which indemnification or reimbursement is to be provided under
this Agreement, (ii) any actual or alleged act or omission or neglect or breach of duty, including, without limitation, any actual or
alleged error or misstatement or misleading statement, which the Indemnitee commits or suffers while acting in any such capacity, or
(iii) the Indemnitee attempting to establish or establishing a right to indemnification or advancement of Expenses pursuant to this Agreement,
the Company’s Articles, applicable law or otherwise.

 

    - 2 -

     

    

 

(g)              
The phrase “serving at the request of the Company as an agent of another enterprise” or any similar
terminology shall mean, unless the context otherwise requires, serving at the request of the Company as a director, officer, employee
or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or welfare plan or other
enterprise, foreign or domestic. The phrase “serving at the request of the Company” shall include, without limitation, any
service as a director/an executive officer of the Company which imposes duties on, or involves services by, such director/an executive
officer with respect to the Company or any of the Company’s subsidiaries, affiliates, employee benefit or welfare plans, such plan’s
participants or beneficiaries or any other enterprise, foreign or domestic. In the event that the Indemnitee shall be a director, officer,
employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or welfare plan
or other enterprise, foreign or domestic, 50% or more of the ordinary shares, combined voting power or total equity interest of which
is owned by the Company or any subsidiary or affiliate thereof, then it shall be presumed conclusively that the Indemnitee is so acting
at the request of the Company.

 

2.                 
Services by the Indemnitee. The Indemnitee agrees to serve as a director of the Company under the terms of the Indemnitee’s
agreement with the Company for so long as the Indemnitee is duly elected and qualified, appointed or until such time as the Indemnitee
tenders a resignation in writing or is removed as a director; provided, however, that the Indemnitee may at any time and for any reason
resign from such position (subject to any other contractual obligation or other obligation imposed by operation of law).

 

3.                 
Proceeding Other Than a Proceeding by or in the Right of the Company. The Company shall indemnify the Indemnitee if
the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding (other than a Proceeding by
or in the right of the Company), by reason of the fact that the Indemnitee is or was a director/an executive officer of the Company, or
is or was serving at the request of the Company as an agent of another enterprise, against all Expenses, judgments, fines, interest or
penalties, and excise taxes assessed with respect to any employee benefit or welfare plan, which are actually and reasonably incurred
by the Indemnitee in connection with such a Proceeding, to the fullest extent permitted by applicable law; provided, however, that any
settlement of a Proceeding must be approved in advance in writing by the Company (which approval shall not be unreasonably withheld).

 

    - 3 -

     

    

 

4.            Proceedings
by or in the Right of the Company. The Company shall indemnify the Indemnitee if the Indemnitee is a party to or threatened
to be made a party to or is otherwise involved in any Proceeding 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/an executive officer of the Company, or is or was serving at
the request of the Company as an agent of another enterprise, against all Expenses, judgments, fines, interest or penalties, and
excise taxes assessed with respect to any employee benefit or welfare plan, which are actually and reasonably incurred by the
Indemnitee in connection with such a Proceeding, to the fullest extent permitted by applicable law, 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, in the
case of a criminal Proceeding, had no reasonable cause to believe that the conduct involved was unlawful; except that no
indemnification under this section shall be made in respect of any claim, issue or matter as to which such person shall have been
adjudicated by final judgment by a court of competent jurisdiction to be liable to the Company for willful misconduct in the
performance of his/her duty to the Company, unless and only to the extent that 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, such person
is fairly and reasonably entitled to indemnity for such amounts which such other court shall deem proper.

 

5.                 
Indemnification for Costs, Charges and Expenses of Witness or Successful Party. Notwithstanding any other provision
of this Agreement (except as set forth in subparagraph 9(a)hereof), and without a requirement for determination as required by Paragraph
8 hereof, to the extent that the Indemnitee (a) has prepared to serve or has served as a witness in any Proceeding in any way relating
to (i) the Company or any of the Company’s subsidiaries, affiliates, employee benefit or welfare plans or such plan’s participants
or beneficiaries or (ii) anything done or not done by the Indemnitee as a director/an executive officer of the Company or in connection
with serving at the request of the Company as an agent of another enterprise, or (b) has been successful, in whole or in part, in defense
of any Proceeding or in defense of any claim, issue or matter therein, on the merits or otherwise, including the dismissal of a Proceeding
without prejudice or the settlement of a Proceeding without an admission of liability, the Indemnitee shall be indemnified against all
Expenses actually and reasonably incurred by the Indemnitee in connection therewith to the fullest extent permitted by applicable law.
If the Indemnitee has been wholly unsuccessful in defense of any Proceeding or in defense of any claim, issue or matter therein, the Indemnitee
shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith to the extent 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, in the case of a criminal Proceeding, had no reasonable cause to believe that the conduct involved was unlawful.

 

6.                  Partial
Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a
portion of the Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or
welfare plan, which are actually and reasonably incurred by the Indemnitee in the investigation, defense, appeal or settlement of
any Proceeding, but not, however, for the total amount of the Indemnitee’s Expenses, judgments, fines, interest or penalties,
or excise taxes assessed with respect to any employee benefit or welfare plan, then the Company shall nevertheless indemnify the
Indemnitee for the portion of such Expenses, judgments, fines, interest penalties or excise taxes to which the Indemnitee is
entitled.

 

    - 4 -

     

    

 

7.                 
Advancement of Expenses. The Expenses incurred by the Indemnitee in any Proceeding shall be paid promptly by the Company
in advance of the final disposition of the Proceeding at the written request of the Indemnitee to the fullest extent permitted by applicable
law; provided, however, that the Indemnitee shall set forth in such request reasonable evidence that such Expenses have been incurred
by the Indemnitee in connection with such Proceeding, a statement that such Expenses do not relate to any matter described in subparagraph
9(a) of this Agreement, and an undertaking in writing to repay any advances if it is ultimately determined as provided in subparagraph
8(b) of this Agreement that the Indemnitee is not entitled to indemnification under this Agreement.

 

8.                 
Indemnification Procedure; Determination of Right to Indemnification.

 

(a)              
Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee shall, if a claim
for indemnification or advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company
of the commencement thereof in writing. The omission to so notify the Company will not relieve the Company from any liability which the
Company may have to the Indemnitee under this Agreement unless the Company shall have lost significant substantive or procedural rights
with respect to the defense of any Proceeding as a result of such omission to so notify.

 

(b)             
The Indemnitee shall be conclusively presumed to have met the relevant standards of conduct, if any, as defined by applicable
law, for indemnification pursuant to this Agreement and shall be absolutely entitled to such indemnification, unless a determination is
made that the Indemnitee has not met such standards by a court of competent jurisdiction.

 

(c)               If
a claim for indemnification or advancement of Expenses under this Agreement is not paid by the Company within thirty (30) days after
receipt by the Company of written notice thereof, the rights provided by this Agreement shall be enforceable by the Indemnitee in
any court of competent jurisdiction. Such judicial proceeding shall be made de novo. The burden of proving that indemnification or
advances are not appropriate shall be on the Company. Neither the failure of the directors or shareholders of the Company or
Independent Legal Counsel to have made a determination prior to the commencement of such action that indemnification or advancement
of Expenses is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, if any, nor an actual
determination by the directors or shareholders of the Company or Independent Legal Counsel that the Indemnitee has not met the
applicable standard of conduct shall be a defense to an action by the Indemnitee or create a presumption for the purpose of such an
action that the Indemnitee has not met the applicable standard of conduct. The termination of any Proceeding by judgment, order,
settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself (i) create a presumption
that the Indemnitee did not act in good faith and in a manner which he reasonably believed to be in the best interests of the
Company and/or its shareholders, and, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe
that his conduct was unlawful or (ii) otherwise adversely affect the rights of the Indemnitee to indemnification or advancement of
Expenses under this Agreement, except as may be provided herein. The Company further agrees to stipulate in any such judicial
proceeding that the Company is bound by all the provisions of this Agreement and is precluded from making any assertion to the
contrary.

 

    - 5 -

     

    

 

(d)             
The Company’s obligations to indemnify the Indemnitee hereunder are primary in nature as to any other right to indemnification
that the Indemnitee may be entitled to.  The Company shall process Indemnitee’s request for indemnification or advancement
for Expenses immediately in accordance with the procedures set out herein and shall not decline a claim from the Indemnitee on the basis
that the Indemnitee may have the right to seek indemnification under arrangements other than those contained hereunder.

 

(e)              
If a court of competent jurisdiction 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
(including, but not limited to, any appellate proceedings). The Indemnitee’s Expenses incurred in connection with any Proceeding
concerning the Indemnitee’s right to indemnification or advancement of Expenses in whole or in part pursuant to this Agreement shall
also be indemnified by the Company, regardless of the outcome of such a Proceeding, to the fullest extent permitted by applicable law
and the Company’s Articles.

 

(f)               
With respect to any Proceeding for which indemnification or advancement of Expenses is requested, the Company will be entitled
to participate therein at its own expense and, except as otherwise provided below, to the extent that it may wish, the Company may assume
the defense thereof, with counsel reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election
to assume the defense of a Proceeding, the Company will not be liable to the Indemnitee under this Agreement for any Expenses subsequently
incurred by the Indemnitee in connection with the defense thereof, other than as provided below. The Company shall not settle any Proceeding
in any manner which would impose any penalty or limitation on the Indemnitee without the Indemnitee’s written consent. The Indemnitee
shall have the right to employ his own counsel in any Proceeding, but the fees and expenses of such counsel incurred after notice from
the Company of its assumption of the defense of the Proceeding 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 a Proceeding, or (iii) the Company shall
not in fact have employed counsel to assume the defense of a proceeding, in each of which cases the fees and expenses of the Indemnitee’s
counsel shall be advanced by 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 has reasonably concluded that there may be a conflict of interest between the Company and
the Indemnitee.

 

    - 6 -

     

    

 

9.                 
 Limitations on Indemnification. No payments pursuant to this Agreement shall be made by the Company:

 

(a)              
To indemnify or advance funds to the Indemnitee for Expenses with respect to (i) Proceedings initiated or brought voluntarily
by the Indemnitee and not by way of defense, except with respect to Proceedings brought to establish or enforce a right to indemnification
under this Agreement or any other statute or law or otherwise as required under applicable law or (ii) Expenses incurred by the Indemnitee
in connection with preparing to serve or serving, prior to a Change in Control, as a witness in cooperation with any party or entity who
or which has threatened or commenced any action or proceeding against the Company, or any director, officer, employee, trustee, agent,
representative, subsidiary, parent corporation or affiliate of the Company, but such indemnification or advancement of Expenses in each
such case may be provided by the Company if the Board of Directors finds it to be appropriate;

 

(b)             
To indemnify the Indemnitee for any Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect
to any employee benefit or welfare plan, and sustained in any Proceeding for which payment is actually made to the Indemnitee under a
valid and collectible insurance policy carried out by the Company, except in respect of any excess beyond the amount of payment under
such insurance;

 

(c)              
To indemnify the Indemnitee for any Expenses, judgments, fines, interest or penalties sustained in any Proceeding for an accounting
of profits made from the purchase or sale by the Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of
the Act or similar provisions of any foreign or United States federal, state or local statute or regulation;

 

(d)             
To indemnify the Indemnitee for any Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect
to any employee benefit or welfare plan, for which the Indemnitee is fully indemnified by the Company otherwise than pursuant to this
Agreement;

 

(e)              
To indemnify the Indemnitee for any Expenses (including without limitation any Expenses relating to a Proceeding attempting
to enforce this Agreement), judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or
welfare plan, on account of the Indemnitee’s conduct if such conduct shall be finally adjudged to have been knowingly fraudulent,
deliberately dishonest or willful misconduct, including, without limitation, breach of the duty of loyalty;

 

(f)               
If a court of competent jurisdiction finally determines that any indemnification hereunder is unlawful;

 

(g)              
To indemnify the Indemnitee in connection with Indemnitee’s personal tax matter; or

 

(h)             
To indemnify the Indemnitee with respect to any claim related to any dispute or breach arising under any contract or similar
obligation between the Company or any of its subsidiaries or affiliates and such Indemnitee.

 

    - 7 -

     

    

 

10.             
 Contribution in the Event of Joint Liability.

 

(a)              
To the fullest extent not prohibited by (and not merely to the extent affirmatively permitted by) law, if the indemnification
rights provided for in this Agreement are unavailable to the Indemnitee in whole or in part for any reason whatsoever, in respect of any
Proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in such Proceeding), the Company, in lieu
of indemnifying the Indemnitee, shall pay, in the first instance, the entire amount incurred by the Indemnitee, whether for judgments,
liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, without requiring the Indemnitee to contribute
to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against the Indemnitee.

 

(b)             
The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with the Indemnitee
(or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against
the Indemnitee.

 

(c)              
The Company hereby agrees to fully indemnify, hold harmless and exonerate the Indemnitee from any claims for contribution which
may be brought by officers, directors or employees of the Company (other than the Indemnitee) who may be jointly liable with the Indemnitee.

 

11.             
Continuation of Indemnification. All agreements and obligations of the Company contained herein shall continue during
the period that the Indemnitee is a director/an executive officer of the Company (or is or was serving at the request of the Company as
an agent of another enterprise, foreign or domestic), regardless of whether the Indemnitee was appointed before or after the date of this
Agreement and shall continue thereafter so long as the Indemnitee shall be subject to any possible Proceeding by reason of the fact that
the Indemnitee was a director/an executive officer of the Company or serving in any other capacity referred to in this Paragraph 11.

 

12.             
Indemnification Hereunder Not Exclusive. The indemnification provided by this Agreement shall not be deemed to be exclusive
of any other rights to which the Indemnitee may be entitled under the Company’s Articles, any agreement, vote of shareholders or
vote of Disinterested Directors, provisions of applicable law, or otherwise, both as to action or omission in the Indemnitee’s official
capacity and as to action or omission in another capacity on behalf of the Company while holding such office.

 

13.             
Successors and Assigns.

 

(a)               This
Agreement shall be binding upon, and shall inure to the benefit of, the Indemnitee and the Indemnitee’s heirs, executors,
administrators and assigns, whether or not the Indemnitee has ceased to be a director/an executive officer, and the Company and its
successors and assigns. Upon the sale of all or substantially all of the business, assets or share capital of the Company to, or
upon the merger of the Company into or with, any corporation, partnership, joint venture, trust or other person, this Agreement
shall inure to the benefit of and be binding upon both the Indemnitee and such purchaser or successor person. Subject to the
foregoing, this Agreement may not be assigned by either party without the prior written consent of the other party hereto.

 

    - 8 -

     

    

 

(b)             
If the Indemnitee is deceased and is entitled to indemnification under any provision of this Agreement, the Company shall indemnify
the Indemnitee’s estate and the Indemnitee’s spouse, heirs, executors, administrators and assigns against, and the Company
shall, and does hereby agree to assume, any and all Expenses actually and reasonably incurred by or for the Indemnitee or the Indemnitee’s
estate, in connection with the investigation, defense, appeal or settlement of any Proceeding. Further, when requested in writing by the
spouse of the Indemnitee, and/or the Indemnitee’s heirs, executors, administrators and assigns, the Company shall provide appropriate
evidence of the Company’s agreement set out herein to indemnify the Indemnitee against and to itself assume such Expenses.

 

14.             
Subrogation. 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, who shall execute all documents required and shall do all acts that may be necessary
to secure such rights and to enable the Company effectively to bring suit to enforce such rights.

 

15.             
Severability. Each and every paragraph, sentence, term and provision of this Agreement is separate and distinct so that
if any paragraph, sentence, term or provision thereof shall be held to be invalid, unlawful or unenforceable for any reason, such invalidity,
unlawfulness or unenforceability shall not affect the validity, unlawfulness or enforceability of any other paragraph, sentence, term
or provision hereof. To the extent required, any paragraph, sentence, term or provision of this Agreement may be modified by a court of
competent jurisdiction to preserve its validity and to provide the Indemnitee with the broadest possible indemnification permitted under
applicable law. The Company’s inability, pursuant to a court order or decision, to perform its obligations under this Agreement
shall not constitute a breach of this Agreement.

 

16.             
Savings Clause. If this Agreement or any paragraph, sentence, term or provision hereof is invalidated on any ground
by any court of competent jurisdiction, the Company shall nevertheless indemnify the Indemnitee as to any Expenses, judgments, fines,
interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, which are incurred with respect
to any Proceeding to the fullest extent permitted by any (a) applicable paragraph, sentence, term or provision of this Agreement that
has not been invalidated or (b) applicable law.

 

17.             
Interpretation; Governing Law. This Agreement shall be construed as a whole and in accordance with its fair meaning
and any ambiguities shall not be construed for or against either party. Headings are for convenience only and shall not be used in construing
meaning. This Agreement shall be governed and interpreted in accordance with the laws of the Cayman Islands without regard to the conflict
of laws principles thereof.

 

    - 9 -

     

    

 

18.             
 Amendments. No amendment, waiver, modification, termination or cancellation of this Agreement shall be effective unless
in writing signed by the party against whom enforcement is sought. The indemnification rights afforded to the Indemnitee hereby are contract
rights and may not be diminished, eliminated or otherwise affected by amendments to the Company’s Articles, or by other agreements,
including directors’ and officers’ liability insurance policies, of the Company.

 

19.             
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the
same agreement and shall become effective when one or more counterparts have been signed by each party and delivered to the other.

 

20.             
Notices. Any notice required to be given under this Agreement shall be directed to Belite Bio, Inc at 5820 Oberlin Drive,
Suite 101, San Diego, CA 92121, and to the Indemnitee at ________________________________ or to such other address as either shall designate
to the other in writing.

 

[Signatures on the
Next Page]

 

    - 10 -

     

    

 

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

 

	INDEMNITEE	 
	 	 
	 	 
	Name: 	 
	 	 
	Belite
    Bio, Inc	 
	 	 
	By:	                   	 
	Name:	 
	Title:	 

 

[Signature Page to the Indemnification Agreement]

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