Document:

EX-10.1

 Exhibit 10.1 

LEGEND BIOTECH CORPORATION 

(incorporated in the Cayman Islands with limited liability) 

 
  

SHARE OPTION SCHEME 
  

 
 Adopted by the
resolutions of the shareholders of 
 Legend Biotech Corporation on 2 December 2017 and 

approved by the resolutions of the shareholders of 

Genscript Biotech Corporation at the extraordinary meeting on 21 December 2017 

  
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 TABLE OF CONTENT 

 

							
			
	 1.
	 	DEFINITIONS	  	 	3	 
			
	 2.
	 	ADOPTION OF THIS SCHEME	  	 	7	 
			
	 3.
	 	PURPOSE, DURATION AND ADMINISTRATION	  	 	7	 
			
	 4.
	 	GRANT OF OPTION	  	 	8	 
			
	 5.
	 	SUBSCRIPTION PRICE	  	 	9	 
			
	 6.
	 	EXERCISE OF OPTIONS	  	 	10	 
			
	 7.
	 	INCENTIVE STOCK OPTIONS	  	 	12	 
			
	 8.
	 	LAPSE OF OPTION	  	 	13	 
			
	 9.
	 	MAXIMUM NUMBER OF SHARES SUBJECT TO OPTIONS	  	 	14	 
			
	 10.
	 	REORGANISATION OF CAPITAL STRUCTURE AND SPECIAL DIVIDENDS	  	 	15	 
			
	 11.
	 	SHARE CAPITAL	  	 	15	 
			
	 12.
	 	ALTERATION OF THIS SCHEME	  	 	16	 
			
	 13.
	 	TERMINATION	  	 	16	 
			
	 14.
	 	MISCELLANEOUS	  	 	16	 
		
	 EXHIBIT A PROXY FORM
	  	 	19	 
		
	 EXHIBIT B NOTICE OF GRANT
	  	 	20	 
		
	 EXHIBIT C NOTICE OF EXERCISE
	  	 	25	 
		
	 EXHIBIT D INVESTMENT REPRESENTATION STATEMENT
	  	 	30	 

  
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 LEGEND BIOTECH CORPORATION 

(incorporated in the Cayman Islands with limited liability) 

SHARE OPTION SCHEME 
  

	1.	 DEFINITIONS 

 

	1.1	 In this Scheme, save where the context otherwise requires, the following expressions have the respective
meanings set opposite them:- 

  

			
		
	 “Adoption Date”
	  	21 December 2017, being the date of adoption of this Scheme pursuant to the resolutions of the shareholders of the Listco at the extraordinary general meeting on 21 December 2017;
		
	 “associate”
	  	has the meaning ascribed to it in the Listing Rules;
		
	 “Auditors”
	  	the auditors of the Company from time to time;
		
	 “Board”
	  	the board of directors of the Company from time to time or a duly authorised committee of the Board or such other committee as the Board may authorise for the purpose of administering this Scheme;
		
	 “Business Day”
	  	any day on which the Stock Exchange is open for the business of trading in securities;
		
	 “Cause”
	  	has the meaning ascribed to such term in any written agreement between the Participant and the Company or any Subsidiary of the Company defining such term as applicable to an Option and, in the absence of such an agreement, such
term means, with respect to a Participant, the occurrence of any of the following events: (i) such Participant’s commission of any felony; (ii) such Participant’s commission of a crime involving fraud, dishonesty or moral
turpitude under the laws of the United States or any state thereof that is reasonably likely to result in material adverse effects on the Company; (iii) such participant’s intentional, material violation of any contract or agreement
between the Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant’s unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (v) such
Participant’s gross misconduct that is reasonably likely to result in material adverse effects on the Company. The determination that a termination or cessation of a Participant’s employment or engagement for Cause or without Cause will be
made by the Board, at its sole discretion;
		
	 “close associate”
	  	has the meaning ascribed to it in the Listing Rules;

  
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	 “Company”
	  	Legend Biotech Corporation, an exempted company incorporated under the laws of the Cayman Islands with limited liability on 27 May 2015, which is a direct non-wholly owned Subsidiary
of the Listco;
		
	 “Companies Law”
	  	the Companies Law (as revised) of the Cayman Islands, as amended, supplemented or otherwise modified from time to time;
		
	 “connected person”
	  	has the meaning ascribed to it in the Listing Rules;
		
	 “Date of Grant”
	  	in respect of an Option, subject as mentioned in paragraph 9.5 and the approval of the directors and shareholders of the Listco (if required), the date on which the Board resolves to make an Offer of that Option to the
Participant, which date must be a Business Day;
		
	 “Director”
	  	a director of the Company;
		
	 “Disability”
	  	the inability of such Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected
to last for a continuous period of not less than twelve (12) months, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances;
		
	 “Fair Market Value”
	  	as of any date, the value of a Share determined by the Board in good faith with reference to a valuation report to be obtained from time to time and in a manner that complies with Sections 409A and 422 of the Internal Revenue
Code;
		
	 “GEM”
	  	Growth Enterprise Market, an alternative stock market operated by the Stock Exchange
		
	 “Grantee”
	  	any Participant who accepts an Offer in accordance with the terms of this Scheme, or (where the context so permits) any person who is entitled to any such Option in consequence of the death of the original Grantee, or the legal
personal representative of such person;
		
	 “Group”
	  	the Listco and its Subsidiaries;
		
	 “HK$”
	  	Hong Kong dollar, the lawful currency of Hong Kong;
		
	 “Hong Kong”
	  	the Hong Kong Special Administrative Region of the People’s Republic of China;

  
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	 “Individual Limit”
	  	has the meaning ascribed to it in paragraph 9.5;
		
	 “Internal Revenue Code”
	  	the United States Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations thereunder;
		
	 “ISO” or “Incentive Stock Option”
	  	an Option granted under this Scheme that is intended to be, and that qualifies as, an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code; (note)
		
	 “ISO Period”
	  	has the meaning ascribed to it in paragraph 3.2;
		
	 “Listco”
	  	Genscript Biotech Corporation (金斯瑞生物科技股份有限公司), an exempted company incorporated under the laws of the Cayman Islands with limited
liability on 21 May 2015, whose shares are listed on the main board of the Stock Exchange (Stock Code: 1548);
		
	 “Listing Rules”
	  	the Rules Governing the Listing of Securities on the Main Board of the Stock Exchange (as amended from time to time);
		
	 “Market Standoff Period”
	  	has the meaning ascribed to it in paragraph 14.1;
		
	 “Nonstatutory Option”
	  	means an Option granted under this Scheme to a U.S. Participant that does not qualify as an Incentive Stock Option; (note) 
		
	 “Offer”
	  	the offer of the grant of an Option made in accordance with paragraph 4.1;
		
	 “Option”
	  	a right granted for the subscription of a Share pursuant to this Scheme, which, for U.S. Participants may be an Incentive Stock Option or a Nonstatutory Option;
		
	 “Option Period”
	  	a period to be notified by the Board to each Grantee at the time of making an Offer, which shall not expire later than ten years from the Date of Grant (or five years in the case of an Incentive Stock Option granted to a U.S.
Participant who is a Ten Percent Shareholder);
		
	 “Participants”
	  	any directors (including executive directors, non-executive directors and independent non-executive directors) and employees of any member of the Group; provided, that for any
Participant who is subject to the tax laws of the United States of America, such Participant must be a natural person and a director or employee of the Company or a Subsidiary that is at least 50% (or such lesser percentage as may be determined in
accordance with Section 409A of the Internal Revenue Code and the final regulations and guidance thereunder) owned by the Company;

  
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	 “Related Corporation”
	  	any parent corporation or subsidiary corporation as defined in Section 1.424-1(f)(1) and (2) of the U.S. Treasury Regulations;
		
	 “Scheme”
	  	this share option scheme in its present form or as amended from time to time in accordance with the provisions hereof;
		
	 “Scheme Limit”
	  	the meaning given to that term in paragraph 9.1;
		
	 “Scheme Mandate Limit”
	  	the meaning given to that term in paragraph 9.2;
		
	 “Securities Act”
	  	The United States Securities Act of 1933, as amended;
		
	 “Shareholders”
	  	holders of the Shares;
		
	 “Share(s)”
	  	ordinary shares of par value US$0.0001 each in the share capital of the Company;
		
	 “Stock Exchange”
	  	The Stock Exchange of Hong Kong Limited;
		
	 “Subscription Price”
	  	the price per Share at which a Grantee may subscribe for Shares on the exercise of an Option as described in paragraph 5;
		
	 “Subsidiary”
	  	has the meaning ascribed to it in the Listing Rules or a subsidiary corporation as defined in Section 1.424-1(f)(1) and (2) of the U.S. Treasury Regulations (as the case may
be);
		
	 “substantial shareholder”
	  	has the meaning ascribed to it in the Listing Rules;
		
	 “Ten Percent Shareholder”
	  	means an employee of the Company or a subsidiary corporation (as defined in Section 1.424-1(f)(1) and (2) of the U.S. Treasury Regulations) of the Company who owns (or is treated
as owning) stock possessing more than 10 percent of the total combined voting power of all classes of stock of the corporation employing the Grantee or of a Related Corporation;
		
	 “US$”
	  	U.S. dollar, the lawful currency of the United States of America; and
		
	 “U.S. Participant”
	  	means a Participant who is subject to the tax laws of the United States of America.

 Note: 

The main difference between an Incentive Stock Option and a Nonstatutory Option is that a U.S. Participant may receive more favorable tax
treatment at the time of grant, exercise, and sale of Shares of Legend Cayman received upon the exercise of an Incentive Stock Option (as described in 26 U.S. Code Sec. 422 and the related U.S. Treasury Regulations), depending on the U.S.
Participant’s tax situation. An Incentive Stock Option must meet certain specific requirements to receive preferential tax treatment. 

  
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	1.2	 In this Scheme, save where the context otherwise requires:- 

 

	 	(a)	 the headings are inserted for convenience only and shall not limit, vary, extend or otherwise affect the
construction of any provision of this Scheme; 

  

	 	(b)	 references to paragraphs are references to paragraphs of this Scheme; 

 

	 	(c)	 references to any statute or statutory provision shall be construed as references to such statute or statutory
provision as respectively amended, consolidated or re-enacted, or as its operation is modified by any other statute or statutory provision (whether with or without modification), and shall include any
subsidiary legislation enacted under the relevant statute; 

  

	 	(d)	 expressions in the singular shall include the plural and vice versa; 

 

	 	(e)	 expressions in any gender or the neuter shall include other genders and the neuter; and 

 

	 	(f)	 references to persons shall include bodies corporate, corporations, partnerships, sole proprietorships,
organisations, associations, enterprises, branches and entities of any other kind whether or not having separate legal identity. 

  

	2.	 ADOPTION OF THIS SCHEME 

 

	2.1	 This Scheme shall become valid and effective upon adoption by the resolutions of the shareholders of the
Company and approval by the resolutions of the shareholders of the Listco at the extraordinary meeting. 

  

	2.2	 The approval in Section 2.1 above must comply with all applicable provisions of the corporate charter,
bylaws, and applicable state law prescribing the method and degree of stockholder approval required for the issuance of corporate stock or options. 

  

	3.	 PURPOSE, DURATION AND ADMINISTRATION 

 

	3.1	 The purpose of this Scheme is to provide Participants with the opportunity to acquire proprietary interests in
the Company and to encourage Participants to work towards enhancing the value of the Company and its Shares for the benefit of the Company and its Shareholders as a whole. This Scheme will provide the Company with a flexible means of either
retaining, incentivising, rewarding, remunerating, compensating and/or providing benefits to Participants. 

  

	3.2	 Subject to paragraphs 13 and 14, this Scheme shall be valid and effective for a period of ten years commencing
on the Adoption Date. After the expiry of the ten-year period, no further Options shall be offered or granted, but in all other respects the provisions of this Scheme shall remain in full force and effect;
provided, that no Incentive Stock Options may be granted under the Scheme after the tenth anniversary of the earlier of (a) the date the Scheme is adopted by the Board and (b) the date the Scheme is approved by the Company’s
Shareholders (such period, the “ISO Period”). Options complying with the provisions of Chapter 17 of the Listing Rules which are granted during the life of this Scheme shall continue to be exercisable in accordance with their terms
of issue after the end of the ten-year term of this Scheme. 

  
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	3.3	 This Scheme shall be subject to the administration of the Board, and the decision of the Board shall be final
and binding on all parties. The Board shall have the right to (i) interpret and construe the provisions of this Scheme, (ii) determine the persons who will be offered Options under this Scheme, the terms on which Options are granted, the
number of Shares and the Subscription Price, subject to paragraph 5, in relation to such Options, (iii) subject to paragraphs 10 and 12, make such adjustments to the terms of this Scheme and to the terms of the Options granted under this Scheme
as it deems necessary, including providing for the accelerated vesting and/or exercisability of Options as it deems appropriate, and shall notify the relevant Grantee(s) of such adjustment(s) by written notice, and (iv) make such other
decisions or determinations as it shall deem appropriate in the administration of this Scheme. 

  

	3.4	 No member of the Board shall be personally liable by reason of any contract or other instrument executed by
such member or on his behalf in his capacity as a member of the Board or for any mistake of judgment made in good faith for the purposes of this Scheme, and the Company shall indemnify and hold harmless each employee, officer or director of the
Company to whom any duty or power relating to the administration or interpretation of this Scheme may be allocated or delegated, against any cost or expense (including legal fees) or liability (including any sum paid in settlement of a claim with
the approval of the Board) arising out of any act or omission to act in connection with the Scheme unless arising out of such person’s own fraud or bad faith. 

 

	4.	 GRANT OF OPTION 

 

	4.1	 On and subject to the terms of this Scheme, the Board shall be entitled at any time within ten years after the
Adoption Date (or, in the case of an Incentive Stock Option, within the ISO Period) to make an Offer to any Participant, as the Board may at its absolute discretion select, to take up an Option pursuant to which such Participant may, during the
Option Period, subscribe for such number of Shares as the Board may determine at the Subscription Price. The Offer shall specify the terms on which the Option is to be granted, including the number of Shares that may be subscribed for, and the
Subscription Price, and may include at the discretion of the Board other terms either on a case by case basis or generally. 

  

	4.2	 Each grant of Options to any director, chief executive or substantial shareholder of the Listco (or any of
their respective associates) shall be subject to the prior approval of the independent non-executive directors of the Listco (excluding any independent non-executive
director of the Listco who is a proposed recipient of the grant of Options). Where any grant of Options to a substantial shareholder or an independent non-executive director of the Listco, or any of their
respective associates, would result in the Shares issued and to be issued upon exercise of all Options already granted and to be granted (including Options exercised, cancelled and outstanding) to such person in the
12-month period (or such other period as may from time to time be specified by the Stock Exchange) up to and including the Date of Grant, representing in aggregate over 0.1 % (or such other percentage as
may from time to time be specified by the Stock Exchange) of the Shares in issue, such grant of Options shall be subject to prior approval by the Listco’s shareholders (voting by way of poll). The Grantee, his associates and all core connected
persons (as defined in the Listing Rules) of the Listco shall abstain from voting at such general meeting, except that any such person may vote against the relevant resolution at the general meeting, provided that his intention to do so has
been stated in the circular to be sent to the Listco’s shareholders in connection therewith. 

  
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	4.3	 No Offer shall be made and no Option shall be granted to any Participant after inside information has come to
the knowledge of the Listco and the Company until the Listco has announced the information. In particular, the Company shall not grant any Option during the period commencing one month immediately preceding the earlier of:- 

 

	 	(1)	 the date of the board meeting of the Listco (as such date is first notified to the Stock Exchange in accordance
with the requirements of the Listing Rules) for the approval of the Listco’s results for any year, half year, quarter or any other interim period (whether or not required under the Listing Rules); and 

 

	 	(2)	 the deadline for the Listco to publish an announcement of its results for any year or half-year under the
Listing Rules, or quarter or any other interim period (whether or not required under the Listing Rules), 

 and ending on
the date of the results announcement. For the avoidance of doubt, the period during which no Option shall be granted mentioned above shall include any period of delay in the publication of a results announcement. 

 

	4.4	 An Offer shall be made to a Participant by a letter in duplicate in such form as the Board may from time to
time determine requiring the Participant to undertake to hold the Option on the terms on which it is to be granted and to be bound by the provisions of this Scheme and shall remain open for acceptance by the Participant to whom the Offer is made for
a period of 21 days from the date on which the letter containing the Offer is delivered to that Participant, provided that no such Offer shall be open for acceptance after the tenth anniversary of the Adoption Date (or, in the case of an
Offer for an ISO, after the ISO Period) or after this Scheme has been terminated in accordance with the provisions hereof or after the person/entity to whom the Offer is made has ceased to be a Participant. 

 

	4.5	 An Offer shall be deemed to have been accepted and the Option to which the Offer relates shall be deemed to
have been granted and to have taken effect when the duplicate of the offer letter comprising acceptance of the Offer duly signed by the Grantee with the number of Shares in respect of which the Offer is accepted clearly stated therein, together with
a total remittance in favour of the Company of US$ 1.00 (or its equivalent in RMB) by way of consideration for the grant thereof, is received by the Company. Such remittance shall not be refundable in any circumstances. 

 

	4.6	 Any Offer may be accepted in respect of less than the number of Shares for which it is offered. To the extent
that the Offer is not accepted within 21 days from the date on which the letter containing the Offer is delivered to that Participant in the manner indicated in paragraph 4.5, it shall be deemed to have been irrevocably declined.

  

	5.	 SUBSCRIPTION PRICE 

 

	5.1	 The Subscription Price payable by any Grantee (including a non-U.S.
Participant or a U.S. Participant) shall be no less than the Fair Market Value of a Share of Legend Cayman on the Date of Grant (determined with reference to a valuation report to be obtained in determining the Fair Market Value of a Share of Legend
Cayman from time to time), subject to rounding adjustments (that the Subscription Price as determined pursuant to this paragraph shall be rounded to the nearest ten), provided that with respect to the period from the date when the Company
resolves to seek a separate listing of Legend Cayman on the Stock Exchange, GEM, or an overseas stock exchange and up to the listing date (if any), the rules under note (2) to rule 17.03(9) of the Listing Rules is complied with.

  
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	6.	 EXERCISE OF OPTIONS 

 

	6.1	 An Option shall be personal to the Grantee and shall not be assignable and no Grantee shall in any way sell,
transfer, charge, mortgage, encumber or create any interest in favour of any other person over or in relation to any Option, except for the transmission of an Option on the death of the Grantee to his personal representative(s) on terms of this
Scheme. Any breach of the foregoing shall entitle the Company to cancel any outstanding Option or part thereof granted to such Grantee without incurring any liability on the part of the Company. 

 

	6.2	 An Option may, subject to the terms and conditions upon which such Option is granted, be exercised in whole or
in part in the manner as set out in paragraph 6.3 by the Grantee giving notice in writing to the Company stating that the Option is thereby exercised and the number of Shares in respect of which it is exercised. The notice of exercise shall be in
such form as the Board may from time to time determine. Each such notice must be accompanied by a remittance for the aggregate amount of the Subscription Price multiplied by the number of Shares in respect of which the notice is given. Within 15
Business Days after receipt of the notice, the aggregate amount of the Subscription Price, and, where appropriate, receipt of the Auditors’ or the relevant financial advisor’s (retained for such purpose) certificate pursuant to paragraph
10, the Company shall, at the Board’s absolute discretion, allot and issue the relevant number of Shares to the Grantee credited as fully paid and issue to the Grantee a share certificate in respect of the Shares so allotted; provided,
that, the issuance of Shares to a U.S. Participant upon exercise of an Option shall be subject to the U.S. Participant satisfying any applicable tax withholding obligations, which may be satisfied by the U.S. Participant in cash or check or any
other method permitted by the Company in accordance with applicable law. 

 Notwithstanding anything to the contrary
herein, as to PRC (as hereinafter defined) Participants, the Option may not be exercised, unless otherwise approved by the Board, until all registrations, consents, approvals, filings or waivers required under applicable laws, including the laws of
the People’s Republic of China (the “PRC”), are duly obtained. In particular, the exercise of Options shall be conditioned by the Grantee’s completion of requisite registration by the PRC State Administration of Foreign Exchange
(“SAFE”) or its authorized institutions under the Notice of the State Administration of Foreign Exchange on the Administration of Foreign Exchange Involved in Overseas Investment, Financing and Return on Investment Conducted by Residents
in China via Special-Purpose Companies (“Circular 37”) with regard to the Shares acquired upon exercise. The Company shall coordinate with the Grantee in connection with handling registrations, approvals, filings or waivers for the
exercise of Option only to the extent determined by the Board. 
  

	6.3	 Subject to the terms and conditions upon which such Option was granted, an Option may be exercised by the
Grantee at any time during the Option Period, provided that:- 

  

	 	(a)	 unless otherwise provided in an agreement evidencing the grant of an Option, in the event the Grantee (being an
employee or a director of any member of the Group with respect to Participants who are not U.S. Participants, or, in the case of U.S. Participants, being an employee or a director of the Company or a Subsidiary of the Company) ceases to be a
Participant for any reason other than (i) his or her death, (ii) his or her Disability, or (iii) on one or more of the grounds of termination of employment or engagement specified in paragraph 8(f) the Option shall lapse on the date
of cessation of such employment or engagement and not be exercisable unless the Board otherwise determines in which event the Option shall be exercisable to the extent and within such period as the Board may determine; provided that if the
Participant is a U.S. Participant and the U.S. Participant ceases employment or engagement for any reason other than Cause, death or Disability, the Option shall lapse 30 days after the date of such cessation of such employment or engagement and
shall not be exercisable thereafter. The date of cessation of employment of a Grantee (being an employee and who may or may not be a director of any member of the Group) shall be the last actual working day on which the Grantee was physically at
work with the Company or the relevant Subsidiary, whether salary is paid in lieu of notice or not; 

  
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	 	(b)	 in the event the Grantee (A) dies before exercising the Option in full and none of the events for
termination of employment or engagement under paragraph 8(f) then exists with respect to such Grantee, the personal representative(s) of the Grantee shall be entitled within a period of twelve months from the date of death to exercise the Option up
to the entitlement of such Grantee as at the date of death, or (B) becomes Disabled before exercising the Option in full and none of the events for termination of employment or engagement under paragraph 8(f) then exists with respect to such
Grantee, the Grantee shall be entitled within a period of twelve months from the date he becomes Disabled to exercise the Option up to the entitlement of such Grantee as at the date when he becomes Disabled; 

 

	 	(c)	 if a general offer by way of voluntary offer, takeover or otherwise (other than by way of scheme of arrangement
pursuant to paragraph 6.3(d) below) is made to all the holders of Shares (or all such holders other than the offeror, any person controlled by the offeror and any person acting in association or concert with the offeror) and such offer becomes or is
declared unconditional prior to the expiry date of the relevant Option, the Company shall forthwith give notice thereof to the Grantee and the Grantee shall be entitled to exercise the Option to its full extent or, if the Company shall give the
relevant notification, to the extent notified by the Company pursuant to paragraph 6.4(b) at any time within such period as shall be notified by the Company; 

  

	 	(d)	 if a general offer for Shares by way of scheme of arrangement is made to all the holders of Shares and has been
approved by the necessary number of holders of Shares at the requisite meetings, the Company shall forthwith give notice thereof to the Grantee and the Grantee may at any time thereafter (but before such time as shall be notified by the Company)
exercise the Option to its full extent or, if the Company shall give the relevant notification, to the extent notified by the Company pursuant to paragraph 6.4(b)); 

 

	 	(e)	 in the event a notice is given by the Company to its Shareholders to convene a Shareholders’ meeting for
the purpose of considering and, if thought fit, approving a resolution to voluntarily wind-up the Company, the Company shall forthwith give notice thereof to the Grantee and the Grantee may at any time
thereafter (but before such time as shall be notified by the Company) exercise the Option to its full extent or, if the Company shall give the relevant notification, to the extent notified by the Company pursuant to paragraph 6.4(b), and the Company
shall as soon as possible and in any event no later than three days prior to the date of the proposed Shareholders’ meeting, allot, issue and register in the name of the Grantee such number of fully paid Shares which fall to be issued on
exercise of such Option; and 

  

	 	(f)	 in the event of a compromise or arrangement, other than a scheme of arrangement contemplated in paragraph
6.3(d) above, between the Company and its members and/or creditors being proposed in connection with a scheme for the reconstruction or amalgamation of the Company, the Company shall give notice thereof to all Grantees on the same day as it first
gives notice of the meeting to its members and/or creditors to consider such a scheme or arrangement and the Grantee may at any time thereafter but before such time as shall be notified by the Company exercise the Option to its full extent or, if
the Company shall give the relevant notification, to the extent notified by the Company pursuant to paragraph 6.4(b), and the Company shall as soon as possible and in any event no later than three days prior to the date of the proposed meeting,
allot, issue and register in the name of the Grantee such number of fully paid Shares which fall to be issued on exercise of such Option. 

  
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	6.4	 For the purpose of this paragraph 6:- 

 

	 	(a)	 any references to exercising an Option shall refer to exercising that Option to the extent not already
exercised, notwithstanding that the Option Period has not come into effect; 

  

	 	(b)	 pursuant to paragraphs 6.3(c), (d), (e) and (f), the Company may in its discretion notwithstanding the terms of
the relevant Option, at the same time as giving the notice provided for under each of those paragraphs, also give notice to a Grantee that his or her Option may be exercised at any time within such period as shall be notified by the Company and/or
to the extent (not being less than the extent to which it could then be exercised in accordance with its terms) notified by the Company; and 

  

	 	(c)	 if the Company gives notice under paragraph 6.4(b) that an Option can be exercised in part only, the balance of
the Option shall lapse. 

  

	6.5	 The Shares to be allotted and issued upon the exercise of an Option shall be subject to all the provisions of
the memorandum and articles of association of the Company for the time being in force and will rank pari passu with the fully paid Shares in issue on the date the name of the Grantee is registered on the register of members of the Company. Prior to
the Grantee being registered on the register of members of the Company, the Grantee shall not have any voting rights, or rights to participate in any dividends or distributions (including those arising on a liquidation of the Company), in respect of
the Shares to be issued upon the exercise of the Option. 

  

	6.6	 Only with respect to Participants who are not U.S. Participants, any Options granted but not exercised may be
cancelled if the Grantee so agrees and new Options may be granted to the Grantee provided such new Options are granted within the limits prescribed by paragraph 9 and otherwise comply with the terms of this Scheme. 

 

	6.7	 The Participant shall, concurrently with the exercise of all or any portion of the Option, deliver to the
Company an irrevocable proxy in the form attached hereto as Exhibit A. 

  

	7.	 INCENTIVE STOCK OPTIONS 

 

	7.1	 Notwithstanding anything to the contrary in this Scheme, the following shall apply to Options that are intended
to be granted as Incentive Stock Options. 

  

	 	(a)	 Eligibility. Incentive Stock Options may be granted only to Participants who are employees of the Company or a
“subsidiary corporation” thereof (as such term is defined in Section 424(f) of the Internal Revenue Code). An Incentive Stock Option shall not be exercisable after the expiration of ten years after the Date of Grant.

  

	 	(b)	 Subscription Price. The Subscription Price of an Incentive Stock Option shall be no less than the Fair Market
Value of a Share on the Date of Grant. 

  

	 	(c)	 Terms. The Offer evidencing the grant of each Incentive Stock Option shall provide that the Option is intended
to be an Incentive Stock Option and shall provide that the Option shall not be exercisable after the expiration of ten years after the Date of Grant (or five years, in the case of Incentive Stock Options granted to Ten Percent Shareholders).

  
 12 

	 	(d)	 Ten Percent Shareholders. Pursuant to U.S. tax laws (26 U.S. Code Sec. 422), a, a Ten Percent Shareholder will
not be granted an Incentive Stock Option unless the Subscription Price of such Option is at least one hundred ten percent (110%) of the Fair Market Value on the Date of Grant and the Option is not exercisable after the expiration of five years after
the Date of Grant. 

  

	 	(e)	 Transferability. An Incentive Stock Option will not be transferable except by will or by the laws of descent
and distribution and will be exercisable during the lifetime of the Grantee only by the Grantee. 

  

	 	(f)	 US$100,000 Limitation. If the aggregate Fair Market Value (determined at the time of grant) of Shares with
respect to which Incentive Stock Options are exercisable for the first time by any Grantee during any calendar year (under all share option schemes of the Company and Related Corporations) exceeds US$ 100,000 or such other limit established in the
Internal Revenue Code) or if an Option grant otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not
comply with the rules will be treated as Nonstatutory Options, despite any contrary provisions of the applicable Offer evidencing the grant of such Option. 

  

	8.	 LAPSE OF OPTION 

An Option shall lapse automatically (to the extent not already exercised) on the earliest of:- 

 

	 	(a)	 the expiry of the Option Period (subject to the provisions of paragraphs 2.2 and 13); 

 

	 	(b)	 the expiry of the periods for exercising the Option as referred to in paragraph 6.3(a),(b),(c),(d);

  

	 	(c)	 subject to the scheme of arrangement (referred to in paragraph 6.3(d)) becoming effective, the expiry of the
period for exercising the Option as referred to in paragraph 6.3(d); 

  

	 	(d)	 subject to paragraph 6.3(e), the date of the commencement of the
winding-up of the Company; 

  

	 	(e)	 the date on which the Grantee commits a breach of paragraph 6.1; 

 

	 	(f)	 the date on which the Grantee (being an employee or a director of any member of the Group) (i) ceases to
be a Participant by reason of the termination of his or her employment or engagement for Cause, (ii) has been convicted of any criminal offence involving his or her integrity or honesty, or on any other ground on which an employer would be
entitled to terminate his or her employment summarily, or (iii) only with respect to Grantees who are not U.S. Participants, appears either to be unable to pay or to have no reasonable prospect of being able to pay his or her debts or has
become 

  

	 	(g)	 bankrupt or has made any arrangement or composition with his or her creditors generally; 

 

	 	(h)	 where the Grantee is an employee, director, officer or contract consultant of a member of the Group (other than
the Company), the date on which such member ceases to be a Subsidiary; and 

  
 13 

	 	(i)	 unless the Board otherwise determines, and other than in the circumstances referred to in paragraph 6.3(a) or
(b), the date the Grantee ceases to be a Participant (as determined by a resolution of the Board) for any reason. 

Transfer of employment or engagement or relationship from one member of the Group to another member of the Group shall not be considered as a
cessation of employment, engagement or relationship; provided, that for U.S. Participants, transfer of employment or engagement or relationship from the Company or a Subsidiary of the Company to Listco shall be deemed to be a termination of
employment or engagement for purposes of participation in this Scheme. 
  

	9.	 MAXIMUM NUMBER OF SHARES SUBJECT TO OPTIONS 

 

	9.1	 The overall limit on the number of Shares which may be issued upon exercise of all outstanding Options granted
and yet to be exercised under this Scheme and other share option schemes of the Company (and to which the provisions of Chapter 17 of the Listing Rules are applicable) must not exceed 30% of the Shares in issue from time to time (the “Scheme
Limit”). 

  

	9.2	 The total number of Shares which may be issued upon exercise of all Options to be granted under this Scheme and
other share option schemes of the Company shall not in aggregate exceed 10% of the Shares in issue as at the date of the Adoption Date (the “Scheme Mandate Limit”), being 200,000,000 Shares multiplied by 10% which equals to
20,000,000, assuming that there is no change in the issued share capital of the Company between the period from the Latest Practicable Date and the Adoption Date. Options lapsed in accordance with the terms of this Scheme will not be counted for the
purpose of calculating the Scheme Mandate Limit. 

  

	9.3	 The Company may seek approval of the Shareholders in general meeting for refreshing the Scheme Mandate Limit,
under the Share Option Scheme. However, the total number of Shares which may be issued upon exercise of all Options to be granted under all of the schemes of the Company under the Scheme Mandate Limit as refreshed shall not exceed 10% of the Shares
in issue as at the date of the aforesaid approval of the Scheme Mandate Limit. Options previously granted under this Scheme and other share option schemes of the Company (including those outstanding, cancelled, lapsed in accordance with its terms or
exercised options), will not be counted for the purpose of calculating the limit as refreshed. A circular must be sent to the Listco’s shareholders in connection with the meeting at which their approval will be sought. 

 

	9.4	 The Company may also seek separate approval of the Listco’s shareholders in general meeting for granting
Options beyond the Scheme Mandate Limit provided the Options in excess of the Scheme Mandate Limit are granted only to Participants specifically identified by the Listco before such approval is sought. A circular shall be sent to the Listco’s
shareholders containing a generic description of the specified Participants who may be granted such Options, the number and terms of the Options to be granted and the purpose of granting Options to the specified Participants with an explanation as
to how the terms of the Options serve such purpose. 

  

	9.5	 The total number of Shares issued and to be issued upon exercise of the Options granted to each Participant
(including both exercised, cancelled and outstanding Options) in any 12-month period shall not exceed 1% of the Shares in issue (the “Individual Limit”). Any further grant of Options to a
Participant which would result in the Shares issued and to be issued upon exercise of all Options granted and to be granted to such Participant (including exercised, cancelled and outstanding Options) in the
12-month period up to and including the Date of Grant of such further Options exceeding the Individual Limit shall be subject to the approval of Listco’s shareholders in advance with such Participant and
his close associates (or his associates if such Participant is a connected 

  
 14 

	 	
person) abstaining from voting. A circular must be sent to the Listco’s shareholders disclosing the identity of such Participant and the number and terms of the Options granted and to be
granted. The number and terms of Options to be granted to such Participants shall be fixed before the approval of the Listco’s shareholders is sought and the date of the Listco’s board meeting for proposing such further grant shall for all
purposes be the Date of Grant for the purpose of calculating the Subscription Price. 

  

	9.6	 Subject to paragraph 10, the aggregate maximum number of Shares that may be issued pursuant to the exercise of
Incentive Stock Options under this Scheme will be equal to the Scheme Limit, as may be refreshed from time to time. 

  

	9.7	 The maximum number of Shares referred to in paragraph 9 shall be adjusted, in such manner as the Auditors or
the financial advisor of the Company retained for such purpose shall certify to be appropriate, fair and reasonable in the event of any alteration in the capital structure of the Company in accordance with paragraph 10 by way of capitalisation of
profits or reserves, rights issue, subdivision or consolidation of Shares, reduction of the share capital of the Company. 

  

	10.	 REORGANISATION OF CAPITAL STRUCTURE AND SPECIAL DIVIDENDS 

In the event of an alteration in the capital structure of the Company whilst any Option remains exercisable by way of capitalisation of profits
or reserves, rights issue, subdivision or consolidation of shares, or reduction of the share capital of the Company, such corresponding alterations (if any) shall be made to: 
  

	 	(i)	 the number or nominal amount of Shares subject to the Option so far as unexercised; or 

 

	 	(ii)	 the Subscription Price, 

or any combination thereof, as the Auditors or a financial advisor engaged by the Company for such purpose shall, at the request of the
Company, certify in writing, either generally or as regards any particular Grantee, to be in their opinion fair and reasonable, provided that any such adjustments give a Grantee the same proportion of the equity capital of the Company as that to
which that Grantee was previously entitled, but so that no such adjustments be made to the extent that a Share would be issued at less than its nominal value; and further provided that any such adjustments for U.S. Participants shall comply with
Section 409A of the Internal Revenue Code. The capacity of the Auditors or financial advisor (as the case may be) in this paragraph is that of experts and not of arbitrators and their certification shall, in the absence of manifest error, be
final and binding on the Company and the Grantees. The costs of the Auditors or financial advisor (as the case may be) shall be borne by the Company. 
  

	11.	 SHARE CAPITAL 

 

	11.1	 The exercise of any Option shall be subject to the Shareholders in general meeting approving any necessary
increase in the authorised share capital of the Company in accordance with the Companies Law. Subject thereto, the Board shall make available sufficient authorised but unissued share capital of the Company to meet subsisting requirements on the
exercise of Options. 

  

	11.2	 Prior to the exercise of the Options and the acquisition of the underlying Shares, the Options do not carry any
right to vote in general meeting of the Company, or any right to dividend, or any other rights whether or not arising on the liquidation of the Company. 

  
 15 

	12.	 ALTERATION OF THIS SCHEME 

 

	12.1	 Subject to paragraph 12.2 below, the Board may amend any of the provisions of the Scheme (including without
limitation amendments in order to comply with changes in legal or regulatory requirements and amendments in order to waive any restrictions, imposed by the provisions of the Scheme, which are not found in Chapter 17 of the Listing Rules) at any time
(but not so as to affect adversely any rights which have accrued to any Grantee at that date). 

  

	12.2	 Those specific provisions of this Scheme which relate to the matters set out in rule 17.03 of the Listing Rules
cannot be altered to the advantage of Participants, and no changes to the authority of the Directors or administrator of this Scheme in relation to any alteration of the terms of this Scheme shall be made, without the prior approval of the
Listco’s shareholders in general meeting. Any alterations to the terms and conditions of this Scheme which are of a material nature, or any change to the terms of Options granted, must also, to be effective, be approved by the Listco’s
shareholders in general meeting, except where the alterations take effect automatically under the existing terms of this Scheme. This Scheme so altered must comply with Chapter 17 of the Listing Rules. 

 

	12.3	 Notwithstanding any approval obtained pursuant to paragraph 12.1, no amendment shall operate to adversely
affect the terms of issue of any Option granted or agreed to be granted prior to such amendment except with the consent or sanction in writing of such number of Grantees as shall together hold Options in respect of not less than three-fourths in
nominal value of all Shares then subject to the options granted under this Scheme, except where such amendment takes effect automatically under the existing terms of this Scheme. 

 

	13.	 TERMINATION 

The Company by ordinary resolution in general meeting or the Board may at any time terminate the operation of this Scheme and in such event no
further Options will be offered or granted but in all other respects the provisions of this Scheme shall remain in full force and effect. Options which are unexercised and unexpired immediately prior to the termination of the operation of this
Scheme shall continue to be exercisable in accordance with their terms of issue after the termination of this Scheme. 
  

	14.	 MISCELLANEOUS 

 

	14.1	 Lock-Up Period. A Grantee shall agree that, if so requested by the
Company in connection with any registration of the offering of any securities of the Company under the Securities Act or any applicable United States state laws, the Grantee shall not sell or otherwise transfer any shares of Shares or other
securities of the Company during the 180-day period (or such longer period as may be agreed to in writing by the Company) following the effective date of a registration statement of the Company filed under the
Securities Act in connection with any initial public offering of Shares (the “Market Standoff Period”). The Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end
of such Market Standoff Period and these restrictions shall be binding on any transferee of such shares of Shares. Notwithstanding the foregoing, the 180-day period may be extended for up to such number of
additional days as is deemed necessary by the Company. 

  
 16 

	14.2	 Legends and Stop-Transfer Orders. 

 

	 	(a)	 Legends. The Company shall cause the legends set forth below or legends substantially similar thereto, to be
placed upon any certificate(s) evidencing ownership of the shares of Shares acquired upon exercise of an Option together with any other legends that may be required by United States state or federal securities laws: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR ANY APPLICABLE
STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT AND SUCH LAWS OR, IN THE OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE
SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND RIGHT OF FIRST REFUSAL AND REPURCHASE RIGHTS HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH
MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL AND REPURCHASE RIGHTS ARE BINDING ON TRANSFEREES OF THESE SHARES. 
  

	 	(b)	 Stop-Transfer Notices. In order to ensure compliance with the restrictions referred to herein, the Company may
issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 

 

	 	(c)	 Refusal to Transfer. The Company shall not be required (i) to transfer on its books any shares of Shares
that have been sold or otherwise transferred in violation of any of the provisions of this Scheme or (ii) to treat as owner of such shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such shares
shall have been so transferred. 

  

	14.3	 Grantee’s Representations. If the shares of Shares purchasable pursuant to the exercise of an Option have
not been registered under the Securities Act or any applicable state laws at the time the Option is exercised, a Grantee shall, if required by the Company, concurrently with the exercise of all or any portion of the Option, deliver to the Company
his or her Investment Representation Statement in the form attached hereto as Exhibit A and shall make such other written representations as are deemed necessary or appropriate by the Company and/or its counsel. 

 

	14.4	 To the extent applicable, it is intended that this Scheme and any Options granted hereunder to U.S.
Participants are exempt from, or comply with, the provisions of Section 409A of the Internal Revenue Code. This Scheme and any Options granted hereunder will be administered in a manner consistent with this intent. 

 

	14.5	 This Scheme shall not form part of any contract of employment between the any member of the Group and any
Grantee, and the rights and obligations of any such Grantee under the terms of his or her office or employment or engagement shall not be affected by his or her participation in this Scheme and this Scheme shall afford such Grantee no additional
rights to compensation or damages in consequence of the termination of such office or employment or engagement for any reason. 

  
 17 

	14.6	 Participation in this Scheme shall be at the Board’s absolute discretion and neither participation in this
Scheme nor the receipt of an Offer pursuant to this Scheme shall create any right to or expectation of any future participation or offer under this Scheme or any other equity-based incentive plans of the Group. 

 

	14.7	 This Scheme shall not confer on any person any legal or equitable right (other than those rights constituting
the Options themselves) against the Company directly or indirectly or give rise to any cause of action at law or in equity against the Company or any Subsidiary. 

 

	14.8	 The Company shall bear the costs of establishing and administering this Scheme. 

 

	14.9	 A Grantee shall be entitled to receive copies of all notices and other documents sent by the Company to holders
of Shares generally. 

  

	14.10	 Any notice or other communication between the Company and a Grantee may be given by sending the same by prepaid
post or by personal delivery to, in the case of the Company, its principal place of business in Nanjing, the People’s Republic of China or such other address as notified to the Grantee from time to time and, in the case of the Grantee, his or
her address last notified to the Company. 

  

	14.11	 Any notice or other communication served by post:- 

 

	 	(a)	 by the Company shall be deemed to have been served 24 hours after the same was put in the post; and

  

	 	(b)	 by the Grantee shall not be deemed to have been received until the same shall have been received by the
Company. 

  

	14.12	 All allotments and issues of Shares will be subject to all necessary consents under any relevant legislation
for the time being in force in Hong Kong and in the Cayman Islands, and a Grantee shall be responsible for obtaining any governmental or other official consent or approval that may be required by any country or jurisdiction in order to permit the
grant, holding or exercise of the Option. The Company shall not be responsible for any failure by a Grantee to obtain any such consent or approval or for any tax or other liability to which a Grantee may become subject as a result of his or her
participation in this Scheme. 

  

	14.13	 Each Grantee shall pay all taxes and discharge all other liabilities to which he may become subject as a result
of his participation in this Scheme or the exercise of any Option. 

  

	14.14	 The Board shall have the power from time to time to make or vary regulations for the administration and
operation of this Scheme, provided that the same are not inconsistent with the provisions of this Scheme. The Board shall also have the power to delegate its powers to grant Options to Participants and to determine the Subscription Price, to the
Company’s chief executive officer or managing director from time to time. 

  

	14.15	 This Scheme and all Options granted hereunder shall be governed by and construed in accordance with the laws of
Hong Kong 

  
 18 

 EXHIBIT A 

PROXY FORM 
 The undersigned shareholder
(the “Shareholder”) of Legend Biotech Corporation, an exempted company incorporated in the Cayman Islands (the “Company”), hereby irrevocably (to the fullest extent permitted by law) appoints Fangliang Zhang (the
“Proxyholder”) as the sole and exclusive attorney and proxy of the undersigned, with full power of substitution and resubstitution, to vote and exercise all voting and related rights (to the full extent that the undersigned is
entitled to do so) with respect to ____________ ordinary shares of the Company that now are legally owned or will be owned by the undersigned, and any and all other shares or securities of the Company issued or issuable in respect thereof on or
after the date hereof (collectively, the “Shares”), in accordance with the terms of this irrevocable proxy (the “Proxy”). Upon the undersigned’s execution of this Proxy, any and all prior proxies given by the
undersigned with respect to any Shares are hereby revoked and the undersigned agrees not to grant any subsequent proxies with respect to the Shares. 
 This
Proxy is coupled with an interest and is given to secure the performance of the Shareholder’s obligations under the Notice of Grant pursuant to which the Shares were originally acquired from the Company. This Proxy is irrevocable until the
expiration date as set out in the Notice of Grant. 
 The Proxyholder is hereby authorised and empowered by the undersigned to act as the undersigned’s
attorney and proxy to vote the Shares, and to exercise all voting, consent and similar rights of the undersigned with respect to the Shares (including, without limitation, the power to execute and deliver written consents) at every annual, special,
adjourned or postponed meeting of shareholders of the Company and with respect to every written resolutions in lieu of such meeting in the manner determined by the Proxyholder in his sole discretion. 

This Proxy shall be governed by and construed in accordance with the laws of Hong Kong. 

This Proxy shall not affect the right to transfer the Shares other than as set forth in the following sentence, the Scheme and the Notice of Exercise and
Share Purchase Agreement. Any obligation of the undersigned hereunder shall be binding upon the transferees, heirs, successors, assigns, administrators, executors and other legal representatives of the undersigned. 

 

	
	 
	
	Shareholder
	

  

	
	 
	
	 Mr. Fangliang Zhang

	
	Proxyholder

 DATED :     MM/DD/YYYY 

  
 19 

 EXHIBIT B 

NOTICE OF GRANT 
 To: 

Mm/dd/yyyy 
 Dear : 

LEGEND BIOTECH CORPORATION SHARE OPTION SCHEME 

NOTICE OF GRANT OF AN OPTION 
 We are
pleased to inform you that Legend Biotech Corporation (the “Company”) is granting you an Option to subscribe for ordinary shares in the share capital of the Company (the “Shares”). This grant is being made pursuant
to the share option scheme adopted by the Company on Dec. 21st 2017 (the “Scheme”) and is subject to the terms set out in this letter (the “Notice of Grant”) and the rules of the Scheme (as such rules may be amended
from time to time). Capitalized terms not defined in this Notice of Grant shall have the meanings ascribed in the Scheme. The Scheme is enclosed with this Notice of Grant. 

Grant of Option 
 The terms of the grant of the
Option are as follows: 
  

			
	 Type of Option:
	  	 Incentive Stock
Option

	 Number of Shares subject to the Option:
  

(Performance A or S is required)
	  	
		
	 Subscription price
  

(the price per Share at which you may subscribe for Shares upon exercising the Option).
	  	
		
	Expiration date	  	mm/dd/yyyy

  
 20 

 [Time-Based Vesting: The Option is subject to time-based vesting. Subject to the rules of the Scheme and the
conditions set out below, the Option will vest and be exercisable with respect to the number of Shares and on the dates set forth in the following schedule: 
  

							
	 Vesting date
	  	 Performance Goal/

Performance Period (if

applicable)
	  	 Number of
Shares
	  	 Exercise period

	mm/dd/yyyy	  	 Performance Period:
  

mm/dd/yyyy to
 mm/dd/yyyy
	  		  	 mm/dd/yyyy-

mm/dd/yyyy

				
	mm/dd/yyyy	  	 Performance Period:
  

mm/dd/yyyy to
 mm/dd/yyyy
	  		  	 mm/dd/yyyy-

mm/dd/yyyy

				
	mm/dd/yyyy	  	 Performance Period:
  

mm/dd/yyyy to
 mm/dd/yyyy
	  		  	 mm/dd/yyyy-

mm/dd/yyyy

				
	mm/dd/yyyy	  	 Performance Period:
  

mm/dd/yyyy to
 mm/dd/yyyy
	  		  	 mm/dd/yyyy-

mm/dd/yyyy

				
	mm/dd/yyyy	  	 Performance Period:
  

mm/dd/yyyy to
 mm/dd/yyyy
	  		  	 mm/dd/yyyy-

mm/dd/yyyy

 [Performance-Based Vesting: The Option is subject to performance-based vesting and, subject to the rules of the Scheme and the
conditions set out below, the Option will vest and be exercisable with respect to the number of Shares as follows: 
 (a) If the KPI rating is B for the
performance period, 50% of the options will be vested and the remaining shares will be cancelled. 
 (b) If the KPI rating is C or D for the performance
period, none of shares will be vested and all options will be cancelled. 
 (c) If the KPI rating is A or S for the performance period, the shares will be
100% vested. 
 The vesting of the Option shall be conditional upon the Participant being not in violation of any of the Company’s policies and/or not
acting in any way which is contrary to the best interest of the Company, as determined by the Board in its sole discretion. In addition, the vesting of the Option shall be subject to the Scheme in relation to the termination of employment or
engagement of the Participant. 

  
 21 

 The Option is granted purely at the Company’s discretion and does not form part of any contract of
employment or engagement for services between you and the Company or any of its Subsidiaries. Your rights and obligations under the terms of your employment or engagement are not affected by your participation in the Scheme and such participation
shall not give you any additional rights to compensation or damages in the event of the termination (however caused, and whether lawful or unlawful) of your employment or engagement for services. 

This invitation to apply for an option pursuant to the Scheme does not constitute an offer or invitation to the public within the meaning of the Companies
(Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) or the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong), and it is made on terms that only the qualifying person (as defined in the Companies
(Winding Up and Miscellaneous Provisions) Ordinance) to whom this invitation has been addressed is eligible to apply. Options offered in relation to the Scheme may not be offered or sold in Hong Kong by means of any document, except in circumstances
which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance or which do not constitute an offer to the public within the meaning of that Ordinance. 

No person may issue or possess for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to options
offered in relation to the Scheme, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to options
which are or are intended to be disposed of only to persons outside Hong Kong. 
 You acknowledge receipt of, and understand and agree to, this Notice of
Grant and the Scheme. You acknowledge that you have been made aware of the Company’s Rule 701(e) Information Statement (the “Information Statement”) for the Scheme [and how to access the Information Statement on the Company’s
[stock plan administration platform]. The Company encourages you to review the Information Statement before exercising the Option. You acknowledge and agree that if you exercise the Option without first reviewing the Information Statement (as
drafted at such future date), you are knowingly and voluntarily declining to review the Information Statement. As of the Date of Grant, this Notice of Grant and the Scheme set forth the entire understanding between you and the Company regarding the
Option and supersede all prior oral and written agreements with respect to the Option. By accepting the Option, you consent to receive documents governing the Option by electronic delivery and to participate in the Scheme through an on-line or electronic system established and maintained by the Company or another third party designated by the Company from time to time. 

[The remaining of this page is intended to be blank.] 

  
 22 

 Please confirm your acceptance of the grant of the option by signing and returning the duplicate letter
together with a payment of the sum of US$1.00 (or its equivalent in RMB) by no later than mm/dd/yyyy 
 Yours faithfully, 

 

	
	
	   

	
	For and on behalf of
	
	Legend Biotech Corporation

 Name: Fangliang Zhang 

Title: Chairman of Legend Biotech Corporation  

  
 23 

 To:       Legend Biotech Corporation 

I, with
address                                        
                                         
                                         
                                         
                                         
       

                          
                                         
                                         
                                         
                                         
                                         
  , 
 hereby accept the grant of the option set out above and undertake to hold the option on the terms set out in the letter and to be bound by the
terms of the Scheme. I enclose the payment of the sum of US$1.00 (or its equivalent in RMB) as consideration for the grant of the option. 
 I confirm that
I have read, understand and accept the terms of the Scheme. 
  

	
	Yours faithfully
	
	   

	
	Name:
	
	Date: mm/dd/yyyy

  
 24 

 EXHIBIT C 

LEGEND BIOTECH CORPORATION 

SHARE OPTION SCHEME 

NOTICE OF EXERCISE AND SHARE PURCHASE AGREEMENT 

(to be executed in duplicate with a copy to each party) 

This Notice of Exercise (this “Exercise Notice”), dated as of ____________, 20__ (the “Exercise Date”),
constitutes written notice to Legend Biotech Corporation, an exempted company incorporated in the Cayman Islands with limited liability (the “Company”) that ____________ (“Purchaser”) hereby elects to purchase the
number of ordinary shares of par value US$_____ each in the share capital of the Company (“Ordinary Shares”) subject to the Option granted to Purchaser on ____________, 20__ (the “Option”), under the terms of the
Notice of Grant of Option (the “Notice of Grant”) and the Legend Biotech Corporation Share Option Scheme, adopted by the Company on [*], 2017 (the “Scheme”). Capitalized terms used in this Exercise Notice, if not
defined herein, have the meanings ascribed to them in the Notice of Grant or, as applicable, the Scheme. 
 As used in this Notice,
“Shares” refers not only to the Ordinary Shares purchased under this Exercise Notice, but also all securities and property received in respect of those shares in an event described in paragraph 10 of the Scheme, and all new,
substituted or additional securities or other property to which Purchaser is entitled by reason of Purchaser’s ownership of the purchased Shares. 

1. Exercise Details. The Subscription Price for the Shares shall be $_________ per Share, for a total purchase price of $_________. As
the Shares are not publicly traded, Purchaser shall pay the full exercise price to the Company in cash, check, bank draft, electronic funds or wire transfer, or money order payable to the Company. The purchase and sale of the Shares shall occur
simultaneously with the execution and delivery of this Exercise Notice, the payment of the aggregate Subscription Price, and the satisfaction of any applicable tax withholding obligations, all in accordance with the provisions of the Notice of Grant
and the Scheme. 
 2. Limitations on Transfer.1 No Shares purchased pursuant to
this Exercise Notice, nor any beneficial interest in such Shares, shall be sold, gifted, transferred, encumbered or otherwise disposed of in any way (whether by operation of law or otherwise) by Purchaser or any subsequent transferee other than in
compliance with this Exercise Notice. The Shares remain subject to the Lock-Up Period described in paragraph 14.1 of the Scheme and the restrictions on transfer described in [____________], which provisions
are incorporated by reference herein. Purchaser acknowledges that Purchaser may be required to hold the Shares purchased hereunder indefinitely. 

3. Investment and Taxation Representations. In connection with the purchase of the Shares, simultaneously with the delivery of this
Exercise Notice, the Purchaser shall deliver the Investment Representation Statement, attached as Exhibit D to the Scheme. 

  
 25 

 4. Restrictive Legends and Stop-Transfer Orders. 

(a) Restrictive Legends. Purchaser understands and agrees that the Company shall place the legends set forth below or similar legends
on any stock certificate(s) evidencing the Shares, together with any other legends that may be required by state or federal securities laws, the Company’s organizational documents or bylaws, any other agreement between Purchaser and the Company
or any agreement between Purchaser and any third party. 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE “ACT”) OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT AND SUCH LAWS OR, IN THE OPINION
OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH. 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND RIGHT OF FIRST REFUSAL AND
REPURCHASE RIGHTS HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS
AND RIGHT OF FIRST REFUSAL AND REPURCHASE RIGHTS ARE BINDING ON TRANSFEREES OF THESE SHARES. 
 (b) Stop-Transfer Notices. Purchaser
agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it
may make appropriate notations to the same effect in its own records. 
 (c) Refusal to Transfer. The Company shall not be required
(i) to transfer on its books any shares of Shares that have been sold or otherwise transferred in violation of any of the provisions of this Scheme or (ii) to treat as owner of such shares or to accord the right to vote or pay dividends to
any purchaser or other transferee to whom such shares shall have been so transferred. 
 (d) Lock Up. Purchaser agrees that Purchaser
will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of or enter into any hedging or similar transaction with the same economic effect as a sale, any Shares or other securities of the Company held by the
Purchaser during the 180-day period (or such longer period as may be agreed to in writing by the Company) following the effective date of a registration statement of the Company filed under the Securities Act
in connection with any initial public offering of Shares (the “Market Standoff Period”). The Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such Market
Standoff Period and these restrictions shall be binding on any transferee of such shares of Shares. Notwithstanding the foregoing, the 180-day period may be extended for up to such number of additional days as
is deemed necessary by the Company or the Managing Underwriter to continue coverage by research analysts in accordance with NASD Rule 2711 or any successor rule. 

  
 26 

 5. Tax Consequences. 

(a) Purchaser hereby agrees that the Company does not have a duty to design or administer the Scheme or its other compensation programs in a
manner that minimizes Purchaser’s tax liabilities. Purchaser will not make any claim against the Company, or any of its officers, directors, employees or affiliates related to tax liabilities arising from this Exercise Notice. 

(b) Purchaser has reviewed with his own tax advisors the federal, state, local and foreign tax consequences of this investment and the
transactions contemplated by this Exercise Notice. Purchaser is relying solely on such advisors and not on any statements or representations of the Company or any other person. Purchaser understands that Purchaser (and not the Company or any other
person) shall be responsible for Purchaser’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. 

(c) Purchaser understands that the Shares have been valued by the Company’s Board of Directors for the purpose of this sale, and that the
Company believes this valuation represents a fair appraisal of its worth. Purchaser also understands, however, that the Company can give no assurances that such price is in fact the fair market value of the Shares and that it is possible that the
United States Internal Revenue Service would successfully assert that the value of the Shares on the date of purchase is substantially greater than so determined. If the United States Internal Revenue Service were to succeed in a determination that
the Shares had value greater than the purchase price, the additional value would constitute income as of the date of its receipt. The additional taxes (and interest) due would be payable by Purchaser, and there is no provision for the Company to
reimburse him for that tax liability. Purchaser assumes responsibility for such potential tax liability. 
 6. Additional Agreements.
At the request of the Company from time to time, as a condition to the exercise of the Option, Purchaser agrees to provide such additional documents as the Company may reasonably require. 

7. Miscellaneous. 
 (a)
No Employment Rights. Nothing in this Exercise Notice shall affect in any manner whatsoever the right or power of the Company, or a parent or subsidiary of the Company, to terminate Purchaser’s service relationship, for any reason, with
or without Cause. 
 (b) Governing Scheme Document. This Exercise Notice is subject to all the provisions of the Scheme, the
provisions of which are hereby made a part of this Exercise Notice, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Scheme. [In addition, the
Shares issued under this Agreement are subject to recoupment in accordance with The Dodd-Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted by the Company and any
compensation recovery policy otherwise required by applicable law. No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason” or for a “constructive termination”
(or similar term) under any agreement with the Company.] 
 (c) Entire Agreement. This Exercise Notice, together with all of its
Exhibits, the Notice of Grant and the Scheme constitute the full and entire understanding and agreement between the parties with regard to the subject matter hereof and supersede all prior understandings and agreements, whether oral or written,
between the parties with regard to the subject matter hereof, and may only be modified or amended in writing signed by both parties. 

  
 27 

 (d) Severability. If all or any part of this Exercise Notice, the Notice of Grant or
the Scheme is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Exercise Notice, the Notice of Grant or the Scheme not declared to be unlawful or
invalid. Any provision of this Exercise Notice (or part of such a provision) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest
extent possible while remaining lawful and valid. 
 (e) Counterparts. This Exercise Notice may be executed in two or more
counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same agreement. Facsimile copies of signed signature pages will be binding originals. 

(f) Effect on Other Employee Benefit Plans. The value of the Shares will not be included as compensation, earnings, salaries, or other
similar terms used when calculating Purchaser’s benefits under any employee benefit plan sponsored by the Company or any Subsidiary or affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to
amend, modify or terminate any of the Company’s or any of its Subsidiary’s or Affiliate’s employee benefit plans. 
 (g)
Successors and Assigns. The rights and benefits of this Exercise Notice shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The rights and obligations of Purchaser under this Notice may only be
assigned with the prior written consent of the Company. 
 (h) Legal Representation. Purchaser has reviewed the provisions of this
Exercise Notice, has had an opportunity to obtain the advice of counsel prior to executing this Notice and fully understands and agrees to the provisions hereof. Purchaser understands that the law firm of Jones Day represents the Company and not any
purchaser individually. 

  
 28 

 IN WITNESS WHEREOF, the parties have duly executed this Exercise Notice as of the
Exercise Date. 
  

	
	THE COMPANY:
	
	LEGEND BIOTECH CORPORATION
	
	   

	(Signature)
	
	Name: Fangliang Zhang
	Title: Chairman of Legend Biotech Corporation

  

	
	PURCHASER:
	
	   

	(Signature)
	
	Name:

  
 29 

 EXHIBIT D 

INVESTMENT REPRESENTATION STATEMENT 
  

							
	 GRANTEE
	  	 	:	 	  	
			
	 COMPANY
	  	 	:	 	  	 LEGEND BIOTECH CORPORATION

			
	 SECURITY
	  	 	:	 	  	 ORDINARY SHARES OF PAR

		  				  	 VALUE US$[         ]

			
	 AMOUNT
	  	 	:	 	  	                                      
                          
			
	 DATE
	  	 	:	 	  	                                      
                          

 In connection with the purchase of the above-listed shares of Shares (the “Securities”) of
Legend Biotech Corporation (the “Company”), the undersigned (the “Grantee”) represents to the Company the following: 

(a) Grantee is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Securities. Grantee is acquiring these Securities for investment for Grantee’s own account only and not with a view to, or for resale in connection with, any
“distribution” thereof within the meaning of the United States Securities Act of 1933, as amended (the “Securities Act”). 

(b) Grantee acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act and have
not been registered under the Securities Act or qualified under the California Corporate Securities Law of 1968, as amended (the “California Securities Law”), in each case, in reliance upon specific exemptions therefrom, which
exemptions depend upon, among other things, the bona fide nature of Grantee’s investment intent as expressed herein. Grantee understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities
Act and qualification under the California Securities Law, or an exemption from such registration and qualification is available. Grantee further acknowledges and understands that the Company is under no obligation to register the Securities.
Grantee understands that the certificate evidencing the Securities will be imprinted with a legend which prohibits the transfer of the Securities unless they are registered and qualified, or such registration and qualification is not required in the
opinion of counsel satisfactory to the Company. Grantee acknowledges and understands that the California Commissioner of Corporations has made no finding or determination relating to the fairness for investment of the Securities offered by the
Company and that the Commissioner has not and will not recommend or endorse the Securities. 
 (c) Grantee is familiar with the provisions
of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a
non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to Grantee, the exercise will be
exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the United States Securities Exchange Act of 1934 (the “Exchange Act”), ninety
(90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions
specified by Rule 144, including: (1) the resale being made through a broker in an unsolicited “broker’s transaction” or in transactions directly with 

  
 30 

 
a market maker (as said term is defined under the Exchange Act); and, in the case of an affiliate, (2) the availability of certain public information about the Company, (3) the amount
of Securities being sold during any three (3) month period not exceeding the limitations specified in Rule 144(e), and (4) the timely filing of a Form 144, if applicable. 

(d) In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in
certain limited circumstances subject to the provisions of Rule 144, which requires (i) the resale to occur not less than six months, or, in the event the Company is not subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, not less than one year, after the later of the date the Securities were sold by the Company or the date the Securities were sold by an affiliate of the Company, (ii) in the case of resales by persons who are not affiliates of the
Company (within the meaning of Rule 144), the satisfaction of the conditions set forth in section (2) of the paragraph immediately above, and (iii) in the case of resales by affiliates of the Company, the satisfaction of the conditions set
forth in sections (1), (2), (3) and (4) of the paragraph immediately above. Grantee acknowledges that a copy of Rule 144 will be delivered to Grantee upon request. 

(e) Grantee further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under
the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed
its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration
is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Grantee understands that no assurances can be given that any such other registration exemption
will be available in such event. 
 (f) Grantee is a resident and domiciliary of the state or other jurisdiction hereinafter set forth
opposite the Grantee’s signature. 
 (g) Grantee understands and acknowledges that the Company will rely upon the accuracy and truth of
the foregoing representations and Grantee hereby consents to such reliance. 
 IN WITNESS WHEREOF, the undersigned Grantee has executed this
Investment Representation Statement as of 
  

					
		
	By:	 	 
			
		 	Name:	 	
			
		 	Address: 	 	 
			
		 		 	 
			
		 		 	 

  
 31EX-10.2

 Exhibit 10.2 

LEGEND BIOTECH CORPORATION 

2020 RESTRICTED SHARES PLAN 

ARTICLE 1 
 PURPOSE

 The purpose of the Legend Biotech Corporation 2020 Restricted Shares Plan (the “Plan”) is to promote the success and
enhance the value of Legend Biotech Corporation, an exempted company incorporated under the laws of the Cayman Islands (the “Company”), by linking the personal interests of the members of the Board, Employees, and Consultants to
those of the Company’s shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to the Company’s shareholders. The Plan is further intended to provide flexibility to the
Company in its ability to motivate, attract, and retain the services of members of the Board, Employees, and Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent.

 ARTICLE 2 

DEFINITIONS AND CONSTRUCTION 

Wherever the following terms are used in the Plan, they shall have the meanings specified below, unless the context clearly indicates
otherwise. The singular pronoun shall include the plural where the context so indicates. 
 2.1    “Applicable
Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or
national market system, of any jurisdiction applicable to Awards granted to residents therein. 

2.2    “Award” means a Restricted Share or Restricted Share Unit award granted to a Participant pursuant
to the Plan. 
 2.3    “Award Agreement” means any written agreement, contract, or other instrument or
document evidencing an Award, including through electronic medium. 
 2.4    “Board” means the Board of
Directors of the Company. 
 2.5    “Code” means the Internal Revenue Code of 1986 of the United
States, as amended. 
 2.6    “Committee” means the Board or a committee of the Board described in
Article 9. 
 2.7    “Consultant” means any consultant or adviser if: (a) the consultant or
adviser renders bona fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly
promote or maintain a market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. 

2.8    “Corporate Transaction”, unless otherwise defined in an Award Agreement, means any of the
following transactions, provided, however, that the Committee shall determine under (d) and (e) whether multiple transactions are related, and its determination shall be final, binding and conclusive: 

(a)    an amalgamation, arrangement or consolidation or scheme of arrangement (i) in which the Company is not the
surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or (ii) following which the holders of the voting securities of the Company do not continue to hold
more than 50% of the combined voting power of the voting securities of the surviving entity; 

  
 1. 

 (b)    the sale, transfer or other disposition of all or substantially
all of the assets of the Company; 
 (c)    the complete liquidation or dissolution of the Company; 

(d)    any reverse takeover or series of related transactions culminating in a reverse takeover (including, but not
limited to, a tender offer followed by a reverse takeover) in which the Company is the surviving entity but (A) the Company’s equity securities outstanding immediately prior to such takeover are converted or exchanged by virtue of the
takeover into other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are
transferred to a person or persons different from those who held such securities immediately prior to such takeover or the initial transaction culminating in such takeover, but excluding any such transaction or series of related transactions that
the Committee determines shall not be a Corporate Transaction; or 
 (e)    acquisition in a single or series of related
transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of
securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be
a Corporate Transaction. 
 2.9    “Disability”, unless otherwise defined in an Award Agreement, means
that the Participant qualifies to receive long-term disability payments under the long-term disability insurance program, as it may be amended from time to time, of the Service Recipient to which the Participant provides services regardless of
whether the Participant is covered by such policy. If the Service Recipient to which the Participant provides service does not have a long-term disability plan in place, “Disability” means that a Participant has been rendered permanently
unable to carry out the responsibilities and functions of any position in the Company by reason of any medically determinable physical or mental impairment as documented by a hospital facility. A Participant will not be considered to have incurred a
Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion. 

2.10    “Effective Date” shall have the meaning set forth in Section 10.1. 

2.11    “Employee” means any person, including an officer or a member of the board of directors of the
Company or any Parent or Subsidiary of the Company, who is in the employment of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The
payment of a director’s fee by a Service Recipient shall not be sufficient to constitute “employment” by the Service Recipient. 

2.12    “Exchange Act” means the Securities Exchange Act of 1934 of the United States, as amended. 

2.13    “Fair Market Value” means, as of any date, the value of Shares determined as follows: 

(a)    If the Shares are listed on one or more established stock exchanges or national market systems, including without
limitation, The New York Stock Exchange and The Nasdaq Stock Market, the Fair Market Value of a Share shall be the closing sales price for such Shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on
which the Shares are listed (as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was
reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; 
 (b)    If the
Shares are regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, the Fair Market Value of a Share shall be 

  
 2. 

 
the closing sales price for such Shares as quoted on such system or by such securities dealer on the date of determination, but if selling prices are not reported, the Fair Market Value of a
Share shall be the mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on that date, on the last date such prices were reported), as reported in The Wall Street Journal or
such other source as the Committee deems reliable; or 
 (c)    In the absence of an established market for the Shares
of the type described in (a) and (b), above, the Fair Market Value thereof shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private placement of the Shares and the
development of the Company’s business operations and the general economic and market conditions since such latest private placement, (ii) other third party transactions involving the Shares and the development of the Company’s
business operations and the general economic and market conditions since such transactions, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information as the Committee determines to be indicative of Fair
Market Value and relevant. 
 2.14    “Independent Director” means (i) before the Shares or other
securities representing the Shares are listed on a stock exchange, a member of the Board who is a Non-Employee Director; and (ii) after the Shares or other securities representing the Shares are listed on
a stock exchange, a member of the Board who meets the independence standards under the applicable corporate governance rules of the stock exchange. 

2.15    “Market Standoff Period” means the 180-day period (or
such longer period as may be agreed to in writing by the Company) following the effective date of a registration statement of the Company filed under the Securities Act in connection with any initial public offering of Shares. 

2.16    “Non-Employee Director” means a member of the Board who
qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3) of the Exchange Act, or any successor definition adopted by the Board. 

2.17    “Participant” means a person who, as a member of the Board, Consultant or Employee, has been
granted an Award pursuant to the Plan. 
 2.18    “Parent” means a parent corporation under
Section 424(e) of the Code. 
 2.19    “Plan” means this Legend Biotech Corporation 2020
Restricted Shares Plan, as it may be amended from time to time. 
 2.20    “Related Entity” means any
business, corporation, partnership, limited liability company or other entity in which the Company, a Parent or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly, but which is not a Subsidiary and which the
Board designates as a Related Entity for purposes of the Plan. 
 2.21    “Restricted Share” means a
Share awarded to a Participant pursuant to Article 5 that is subject to certain restrictions and may be subject to risk of forfeiture. 

2.22    “Restricted Share Unit” means the right granted to a Participant pursuant to Article 6 to receive
a Share at a future date. 
 2.23    “Securities Act” means the Securities Act of 1933 of the United
States, as amended. 
 2.24    “Service Recipient” means the Company, any Parent or Subsidiary of the
Company and any Related Entity to which a Participant provides services as an Employee, a Consultant or a Director. 

2.25    “Share” means ordinary shares in the capital of the Company, and such other securities of the
Company that may be substituted for Shares pursuant to Article 8. 
 2.26    “Subsidiary” means any
corporation or other entity of which a majority of the outstanding voting shares or voting power is beneficially owned directly or indirectly by the Company. 

  
 3. 

 2.27    “Trading Date” means the closing of the first
sale to the general public of the Shares pursuant to a registration statement filed with and declared effective by the U.S. Securities and Exchange Commission under the Securities Act. 

ARTICLE 3 
 SHARES
SUBJECT TO THE PLAN 
 3.1    Number of Shares. 

(a)    Subject to the provisions of Article 9 and Section 3.1(b), the maximum aggregate number of Shares, which may
be issued pursuant to all Awards granted under the Plan, shall be equal to 11,000,000 Shares. 
 (b)    To the extent
that an Award terminates, expires, or lapses for any reason, any Shares subject to the Award shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by Applicable Laws, Shares issued in assumption of, or in
substitution for, any outstanding awards of any entity acquired in any form or combination by the Company or any Parent or Subsidiary of the Company shall not be counted against Shares available for grant pursuant to the Plan. Shares delivered by
the Participant or withheld by the Company upon the vesting of any Award under the Plan, in payment of the purchase price thereof or tax withholding thereon, may again be granted or awarded hereunder, subject to the limitations of
Section 3.1(a). If any Restricted Shares are forfeited by the Participant or repurchased by the Company, such Shares may again be granted or awarded hereunder, subject to the limitations of Section 3.1(a). 

3.2    Shares Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of
authorized and unissued Shares, treasury shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, in the discretion of the Committee, American Depositary Shares in an amount equal to the number of Shares which
otherwise would be distributed pursuant to an Award may be distributed in lieu of Shares in settlement of any Award. If the number of Shares represented by an American Depositary Share is other than on a one-to-one basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution of American Depositary Shares in lieu of Shares. 

ARTICLE 4 
 ELIGIBILITY
AND PARTICIPATION 
 4.1    Eligibility. Persons eligible to participate in this Plan include Employees,
Consultants, and all members of the Board, as determined by the Committee. 
 4.2    Participation. Subject to
the provisions of the Plan, the Committee may, from time to time, select from among all eligible individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be
granted an Award pursuant to this Plan. 
 4.3    Jurisdictions. In order to assure the viability of Awards
granted to Participants employed in various jurisdictions, the Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction in
which the Participant resides or is employed. Moreover, the Committee may approve such supplements to, or amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby
affecting the terms of the Plan as in effect for any other purpose; provided, however, that no such supplements, amendments, restatements, or alternative versions shall increase the share limitations contained in Section 3.1 of the
Plan. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws.

4.4    Grant of Awards. No Award shall be granted to Participants: 

  
 4. 

 (a)    where the Company has, or reasonably believes there is, material non-public information or inside information that must be disclosed under the applicable laws and regulations, until such information has been published on website of the Company and the relevant stock exchange; or

 (b)    within any black-out period or equivalent period of time restricting
and/or prohibiting the dealing of Shares by Participants before the publication of financial statements of the Company as provided in the rules of the applicable stock exchange; or 

(c)    in any other circumstances where dealings by Participants (including directors of any member of the Group) are
prohibited under any applicable law or regulation or where the requisite approval from any applicable regulatory authorities has not been granted. 

ARTICLE 5 
 RESTRICTED
SHARES 
 5.1    Grant of Restricted Shares. The Committee, at any time and from time to time, may grant
Restricted Shares to Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Shares to be granted to each Participant. 

5.2    Restricted Shares Award Agreement. Each Award of Restricted Shares shall be evidenced by an Award Agreement
that shall specify the period of restriction, the number of Restricted Shares granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine. Unless the Committee determines otherwise, Restricted Shares shall
be held by the Company as escrow agent until the restrictions on such Restricted Shares have lapsed. 

5.3    Issuance and Restrictions. Restricted Shares shall be subject to such restrictions on transferability and
other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive dividends on the Restricted Share). These restrictions may lapse separately or in combination
at such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 

5.4    Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the grant of the Award
or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited or repurchased in accordance with the Award
Agreement; provided, however, the Committee may (a) provide in any Restricted Share Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Shares will be waived in whole or in part in the
event of termination resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Shares. 

5.5    Certificates for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced in such
manner as the Committee shall determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to
such Restricted Shares, and the Company may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse. 

5.6    Removal of Restrictions. Except as otherwise provided in this Article 5 Restricted Shares granted under the
Plan shall be released from escrow as soon as practicable after the last day of the period of restriction. The Committee, in its discretion, may accelerate the time at which any restrictions shall lapse or be removed. After the restrictions have
lapsed, the Participant shall be entitled to have any legend or legends under Section 5.5 removed from his or her Share certificate, and the Shares shall be freely transferable by the Participant, subject to applicable legal restrictions. The
Committee (in its discretion) may establish procedures regarding the release of Shares from escrow and the removal of legends, as necessary or appropriate to minimize administrative burdens on the Company.

  
 5. 

 ARTICLE 6 

RESTRICTED SHARE UNITS 

6.1    Grant of Restricted Share Units. The Committee, at any time and from time to time, may grant Restricted
Share Units to Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Share Units to be granted to each Participant. 

6.2    Restricted Share Units Award Agreement. Each Award of Restricted Share Units shall be evidenced by an Award
Agreement that shall specify any vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine. 

6.3    Performance Objectives and Other Terms. The Committee, in its discretion, may set performance objectives or
other vesting criteria which, depending on the extent to which they are met, will determine the number or value of Restricted Share Units that will be paid out to the Participants. 

6.4    Form and Timing of Payment of Restricted Share Units. At the time of grant, the Committee shall specify the
date or dates on which the Restricted Share Units shall become fully vested and nonforfeitable. Upon vesting, the Committee, in its sole discretion, may pay Restricted Share Units in the form of cash, in Shares or in a combination thereof. 

6.5    Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the grant of the Award
or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Share Units that are at that time unvested shall be forfeited or repurchased in accordance with the Award Agreement; provided,
however, the Committee may (a) provide in any Restricted Share Unit Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Share Units will be waived in whole or in part in the event of termination
resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Share Units.

ARTICLE 7 
 PROVISIONS
APPLICABLE TO AWARDS 
 7.1    Award Agreement. Awards under the Plan shall be evidenced by Award Agreements
that set forth the terms, conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the Company’s authority to
unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award. 
 7.2    No Transferability; Limited
Exception to Transfer Restrictions. 
 7.2.1    Limits on Transfer. Unless otherwise expressly provided in
(or pursuant to) this Section 7.2, by Applicable Laws and by the Award Agreement, as the same may be amended: 

(a)     all Awards are non-transferable and will not be subject in any manner
to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; 
 (b)     Awards will be
exercised only by the Participant; and 
 (c)     amounts payable or Shares issuable pursuant to an Award will be
delivered only to (or for the account of), and, in the case of Shares, registered in the name of, the Participant. 

  
 6. 

 In addition, the Shares shall be subject to the restrictions set forth in the applicable
Award Agreement. 
 7.2.2    Further Exceptions to Limits on Transfer. The exercise and transfer restrictions in
Section 7.2.1 will not apply to: 
 (a)    transfers to the Company or a Subsidiary; 

(b)    transfers by gift to “immediate family” as that term is defined in SEC Rule 16a-1(e) promulgated under the Exchange Act; 
 (c)    the designation of a
beneficiary to receive benefits if the Participant dies or, if the Participant has died, transfers to or exercises by the Participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of
descent and distribution; 
 (d)    if the Participant has suffered a Disability, permitted transfers or exercises on
behalf of the Participant by the Participant’s duly authorized legal representative; or 
 (e)    transfer to one
or more natural persons who are the Participant’s family members or entities owned and controlled by the Participant and/or the Participant’s family members, including but not limited to trusts or other entities whose beneficiaries or
beneficial owners are the Participant and/or the Participant’s family members, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the Committee may establish. Any
such permitted transfer is subject to the conditions that (i) the Committee receives evidence that the transfer is being made for estate and/or tax planning purposes and on a basis consistent with the Company’s lawful issue of securities
and (ii) the Committee has not in its absolute discretion determined that such evidence is insufficient or otherwise unsatisfactory. 

Notwithstanding anything else in this Section 7.2.2 to the contrary, but subject to compliance with all Applicable Laws, Restricted
Shares and Restricted Share Units will be subject to any and all transfer restrictions under the Code applicable to such Awards or necessary to maintain the intended tax consequences of such Awards. Notwithstanding clause (b) above but subject
to compliance with all Applicable Laws, any contemplated transfer by gift to “immediate family” as referenced in clause (b) above is subject to the condition precedent that the transfer be approved by the Committee in order for it to
be effective. 
 7.3    Beneficiaries. Notwithstanding Section 7.2, a Participant may, in the manner
determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other
person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide, and to any additional
restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community property state, a designation of a person other than the Participant’s spouse as his or her beneficiary with respect to more
than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no beneficiary has been designated or survives the Participant, payment shall be made to the
person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation is
filed with the Committee. 
 7.4    Share Certificates. Notwithstanding anything herein to the contrary, the
Company shall not be required to issue or deliver any certificates evidencing the Shares pursuant to the exercise of any Award, unless and until the Committee has determined, with advice of counsel, that the issuance and delivery of such
certificates is in compliance with all Applicable Laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Shares are listed or traded. 

  
 7. 

 
All Share certificates delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with all Applicable
Laws, and the rules of any national securities exchange or automated quotation system on which the Shares are listed, quoted, or traded. The Committee may place legends on any Share certificate to reference restrictions applicable to the Shares. In
addition to the terms and conditions provided herein, the Committee may require that a Participant make such reasonable covenants, agreements, and representations as the Committee, in its discretion, deems advisable in order to comply with any such
laws, regulations, or requirements. The Committee shall have the right to require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may
be imposed in the discretion of the Committee. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of the Plan or (ii) to treat as
owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. 

7.5    Paperless Administration. Subject to Applicable Laws, the Committee may make Awards, provide applicable
disclosure and procedures for exercise of Awards by an internet website or interactive voice response system for the paperless administration of Awards. 

7.6    Foreign Currency. A Participant may be required to provide evidence that any currency used to pay the
exercise price of any Award were acquired and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control laws and regulations. In the event the exercise price for an Award is
paid in Chinese Renminbi or other foreign currency, as permitted by the Committee, the amount payable will be determined by conversion from U.S. dollars at the official rate promulgated by the People’s Bank of China for Chinese Renminbi, or for
other foreign currencies, the exchange rate as selected by the Committee on the date of exercise. 
 ARTICLE 8 

CHANGES IN CAPITAL STRUCTURE 

8.1    Adjustments. In the event of any dividend, share split, combination or exchange of Shares, amalgamation,
arrangement or consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting the number of Shares or
the price of a Share, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with respect to (a) the aggregate number and type of Shares that may be issued
under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with
respect thereto); and (c) the grant or exercise price per Share for any outstanding Awards under the Plan. 

8.2    Corporate Transactions. Except as may otherwise be provided in any Award Agreement or any other written
agreement entered into by and between the Company and a Participant, if the Committee anticipates the occurrence, or upon the occurrence, of a Corporate Transaction, the Committee may, in its sole discretion, provide for (i) any and all Awards
outstanding hereunder to terminate at a specific time in the future and shall give each Participant the right to exercise the vested portion of such Awards during a period of time as the Committee shall determine, or (ii) the purchase of any
Award for an amount of cash equal to the amount that could have been attained upon the exercise of such Award (and, for the avoidance of doubt, if as of such date the Committee determines in good faith that no amount would have been attained upon
the exercise of such Award, then such Award may be terminated by the Company without payment), or (iii) the replacement of such Award with other rights or property selected by the Committee in its sole discretion or the assumption of or
substitution of such Award by the successor or surviving corporation, or a Parent or Subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and prices, or (iv) payment of Award in cash based on the value of Shares
on the date of the Corporate Transaction plus reasonable interest on the Award through the date when such Award would otherwise be vested or have been paid in accordance with its original terms, if necessary to comply with Section 409A of the
Code. 

  
 8. 

 8.3    Outstanding Awards – Other Changes. In the event of
any other change in the capitalization of the Company or corporate change other than those specifically referred to in this Section 8, the Committee may, in its absolute discretion, make such adjustments in the number and class of Shares
subject to Awards outstanding on the date on which such change occurs and in such other terms of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights. 

8.4    No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of
any subdivision or consolidation of Shares of any class, the payment of any dividend, any increase or decrease in the number of Shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation.
Except as expressly provided in the Plan or pursuant to action of the Committee under the Plan, no issuance by the Company of Shares of any class, or securities convertible into Shares of any class, shall affect, and no adjustment by reason thereof
shall be made with respect to, the number of Shares subject to an Award or the grant or exercise price of any Award. 
 ARTICLE 9 

ADMINISTRATION 

9.1    Committee. Prior to the Trading Date, the Plan shall be administered by the Board. On and after the Trading
Date, the Plan shall be administered by the compensation committee of the Board, which may delegate its duties and powers in whole or in part to any subcommittee thereof consisting solely of at least two individuals who are intended to qualify as “Non-Employee Directors” within the meaning of Rule 16b-3 under the Act (or any successor rule thereto) and as “independent directors” as defined in the
Listing Rules of the Nasdaq Stock Market or the applicable corporate governance rules of the relevant stock exchange. Any grant or amendment of Awards to any Committee member shall then require an affirmative vote of a majority of the Board members
who are not on the Committee. 
 9.2    Action by the Committee. A majority of the Committee shall constitute a
quorum. The acts of a majority of the members of the Committee present at any meeting at which a quorum is present, and acts approved in writing by a majority of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each
member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified public
accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

9.3    Authority of the Committee. Subject to any specific designation in the Plan, the Committee has the exclusive
power, authority and discretion to: 
 (a)    designate Participants to receive Awards; 

(b)    determine the type or types of Awards to be granted to each Participant; 

(c)    determine the number of Awards to be granted and the number of Shares to which an Award will relate; 

(d)    determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the
exercise price, grant price, or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, any provisions
related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; 

  
 9. 

 (e)    determine whether, to what extent, and pursuant to what
circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 

(f)    prescribe the form of each Award Agreement, which need not be identical for each Participant; 

(g)    decide all other matters that must be determined in connection with an Award; 

(h)    establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan;

 (i)    interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; and 

(j)    make all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems
necessary or advisable to administer the Plan. 
 9.4    Decisions Binding. The Committee’s interpretation
of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties.

ARTICLE 10 
 EFFECTIVE
AND EXPIRATION DATE 
 10.1    Effective Date. This Plan shall become effective on the date on which the Plan
is approved by the shareholders of the Company according to its Memorandum of Association and Articles of Association (the “Effective Date”). 

10.2    Expiration Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth
anniversary of the Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement. 

ARTICLE 11 
 AMENDMENT,
MODIFICATION, AND TERMINATION 
 11.1    Amendment, Modification, And Termination. With the approval of the
Board, at any time and from time to time, the Committee may terminate, amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with Applicable Laws or stock exchange rules, the Company
shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required, unless the Company decides to follow home country practice, and (b) unless the Company decides to follow home country practice,
shareholder approval is required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as provided by Article 10), (ii) permits the Committee to extend the term of the
Plan, or (iii) results in a material increase in benefits or a change in eligibility requirements. 

11.2    Awards Previously Granted. Except with respect to amendments made pursuant to Section 11.1, no
termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant. 

ARTICLE 12 
 GENERAL
PROVISIONS 
 12.1    Lock-Up Period. A Participant shall agree that,
if so requested by the Company in connection with any registration of the offering of any securities of the Company under the Securities Act 

  
 10. 

 
or any applicable United States state laws, the Participant shall not sell or otherwise transfer any Shares or other securities of the Company during the Market Standoff Period. The Company may
impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such Market Standoff Period and these restrictions shall be binding on any transferee of such Shares. Notwithstanding the foregoing,
the Market Standoff Period may be extended for up to such number of additional days as is deemed necessary by the Company. 

12.2    No Rights to Awards. No Participant, Employee, or other person shall have any claim to be granted any Award
pursuant to the Plan, and neither the Company nor the Committee is obligated to treat Participants, Employees, and other persons uniformly. 

12.3    No Shareholders Rights. No Award gives the Participant any of the rights of a shareholder of the Company
unless and until Shares are in fact issued to such person in connection with such Award. 
 12.4    Taxes. No
Shares shall be delivered under the Plan to any Participant until such Participant has made arrangements acceptable to the Committee for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or
any Subsidiary shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy all applicable taxes (including the Participant’s payroll tax obligations) required
or permitted by Applicable Laws to be withheld with respect to any taxable event concerning a Participant arising as a result of the Plan. The Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant to
elect to have the Company withhold Shares otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number of Shares
which may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company) in order to satisfy
any income and payroll tax liabilities applicable to the Participant with respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair
Market Value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for the applicable income and payroll tax purposes that are applicable to such supplemental
taxable income. 
 12.5    No Right to Employment or Services. Nothing in the Plan or any Award Agreement shall
interfere with or limit in any way the right of the Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employment or services of any Service
Recipient. 
 12.6    Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for
incentive compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of
the Company or any Subsidiary. 
 12.7    Indemnification. To the extent allowable pursuant to Applicable Laws,
each member of the Committee or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any
claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of
judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or
her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association, as a
matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

  
 11. 

 12.8    Relationship to other Benefits. No payment pursuant to
the Plan shall be taken into account in determining any benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except to the extent otherwise expressly
provided in writing in such other plan or an agreement thereunder. 
 12.9    Expenses. The expenses of
administering the Plan shall be borne by the Company and its Subsidiaries. 
 12.10    Titles and Headings. The
titles and headings of the Sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 

12.11    Fractional Shares. No fractional Shares shall be issued and the Committee shall determine, in its
discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down as appropriate. 

12.12    Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of
the Plan, the Plan, and any Award granted or awarded to any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of
the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by the Applicable Laws, the Plan and
Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

12.13    Government and Other Regulations. The obligation of the Company to make payment of awards in Shares or
otherwise shall be subject to all Applicable Laws, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan under the Securities Act or any
other similar law in any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or other Applicable Laws, the Company may restrict the transfer of such
Shares in such manner as it deems advisable to ensure the availability of any such exemption. 
 12.14    Governing
Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the Cayman Islands. 

12.15    Section 409A. To the extent that the Committee determines that any Award granted under
the Plan is or may become subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and the Award
Agreements shall be interpreted in accordance with Section 409A of the Code and the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulation or other guidance
that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Committee determines that any Award may be subject to Section 409A of the Code and
related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Committee may adopt such amendments to the Plan and the applicable Award agreement or adopt other policies and
procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt the Award from Section 409A of the Code and/or preserve
the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related U.S. Department of Treasury guidance. 

  
 12. 

 12.16    Appendices. The Committee may approve such supplements,
amendments or appendices to the Plan as it may consider necessary or appropriate for purposes of compliance with Applicable Laws or otherwise and such supplements, amendments or appendices shall be considered a part of the Plan; provided,
however, that no such supplements shall increase the share limitation contained in Section 3.1 of the Plan without the approval of the Board. 

  
 13. 

 LEGEND BIOTECH CORPORATION 

RESTRICTED SHARE UNIT AWARD AGREEMENT 
  

 
  

			
	 Name of Grantee:
 Staff ID/PRC
personal ID: [●]
 Address:
	  	 Plan:2020 Restricted Share Plan

Grant: [●] restricted share units

Grant Date: [●]
 Vesting
Commencement Date: [●]
 Expiration Date: [●]

  
  

1.    Grant. Effective on the Grant Date, you have been granted the number of restricted share units (the
“RSU”) designated above, each evidencing the right to receive one (1) ordinary share (“Share”) of Legend Biotech Corporation (the “Company”) upon vesting, in accordance
with the provisions of the 2020 Restricted Share Plan of the Company (the “Plan”) and subject to the restrictions, terms and conditions set forth herein. All terms used but not defined herein shall have the meanings assigned
to them in the Plan. 
 2.    Vesting Schedule. Subject to the terms in this Agreement, the RSUs will vest
in accordance with the following schedule: 
  

			
	Vesting:	  	You will receive a benefit with respect to an RSU only if it vests. The Liquidity Event Requirement and the Service-Based Requirement must be satisfied on or before the applicable Expiration Date specified above in order for an RSU
to vest. An RSU shall actually vest (and therefore become a “Vested RSU”) on the first date upon which both of the Service-Based Requirement and the Liquidity Event Requirement are satisfied with respect to that particular
RSU.
		
	 Liquidity Event

Requirement:
	  	The Liquidity Event Requirement will be satisfied as to any then-outstanding RSUs on the first to occur of: (1) a Corporate Transaction; or (2) the effective date of a registration statement for an initial public offering
of the Company’s Shares.
		
	 Service-Based

Requirement:
	  	 The Service-Based Requirement will be satisfied in installments as to the RSUs as follows: One third (1/3) of the RSUs shall vest on the
first anniversary of the Company Vesting Date that next follows the Vesting Commencement Date, and one- twelfth (1/12th) of the RSUs shall vest on each quarterly Company Vesting Date thereafter, assuming you have not had a Termination of Service (as
defined below) prior to such date. For the avoidance of doubt, once you have had a Termination of Service, no additional RSUs shall be eligible to become Vested RSUs, and any RSUs which are not Vested RSUs as of the date of such Termination of
Service shall be forfeited to the Company and you shall have no further rights with respect to such RSUs.
  

“Company Vesting Date” means each [February 20, May 20, August 20, and November 20].

 3.    Distribution after Vesting. 

(a)    The issuance of shares in respect of the RSUs is intended to comply with Treasury Regulations Section 1.409A-1(b)(4) and will be construed and administered in such a manner. 

  
 14. 

 
Subject to the satisfaction of the Withholding Obligation set forth in Section 9 of this Agreement, in the event an RSU vests, the Company shall issue to you one (1) Share for each RSU
that vests on the applicable vesting date. Each issuance date determined by this paragraph is referred to as an “Original Issuance Date”. 

(b)    If the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on
the next following business day. In addition, if: 
 (i)    the Original Issuance Date does not occur
(1) during an “open window period” applicable to you, as determined by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date when you are otherwise permitted to
sell Shares on an established stock exchange or stock market (including but not limited to under a previously established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange Act
and was entered into in compliance with the Company’s policies (a “10b5-1 Arrangement”)), and 

(ii)    either (1) a Withholding Obligation does not apply, or (2) the Company decides, prior to the
Original Issuance Date, (A) not to satisfy the Withholding Obligation by withholding Shares from the Shares otherwise due, on the Original Issuance Date, to you under this award, and (B) not to permit you to enter into a “same day
sale” commitment with a broker-dealer pursuant to Section 9 of this Agreement (including but not limited to a commitment under a 10b5-1 Arrangement) and (C) not to permit you to pay your
Withholding Obligation in cash, 
 then the Shares that would otherwise be issued to you on the Original Issuance Date will not be
delivered on such Original Issuance Date and will instead be delivered on the first business day when you are not prohibited from selling Shares in the open public market, but in no event later than December 31 of the calendar year in which the
Original Issuance Date occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs), or, if and only if permitted in a manner that complies with Treasury Regulations
Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third calendar month of the applicable year following the year in which the Shares under this Award are no longer subject to a
“substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d). 

4.    Register of Members and Share Certificate. The unvested portion of the RSUs will not be registered on
the Company’s Register of Members. With respect to any vested portion of the RSUs that will be distributed in whole Shares, the Company will issue the corresponding number of Shares to you and enter the your name into the Register of Members
subject to Section 6. After the Company has entered your name into the Register of Members with respect to any Shares issued to you, it may, but is not obligated to, issue one or more share certificates, registered in your name and bearing such
legend as the Company deems necessary and appropriate, evidencing such Shares issued. 
 5.    Termination of
Service. In the event your employment or service for the Company or any of its subsidiaries or affiliates to which you are providing services or by which you are employed as of the Grant Date (each a “Service Recipient”)
is terminated for any reason, whether such termination is occasioned by you, by the Service Recipient, with or without cause, or by mutual agreement (“Termination of Service”), your right to any unvested portion of the RSUs
will terminate, and such unvested portion of the RSUs will cease to vest, as of the earlier of: (i) the date that you give or are provided with written notice of such termination, or (ii) if you are an employee of a Service Recipient, the
date from which you are no longer actively employed and physically present on the premises of the Service Recipient, regardless of any notice period or period of pay in lieu of such notice required under any applicable statute or the common law.

 6.    Additional Conditions to Issuance of Shares. The Company shall not be required to issue Shares
hereunder prior to fulfillment of all the following conditions: (a) the listing of such Shares or 

  
 15. 

 
depositary shares representing such Shares on a stock exchange on which such class of stock is then listed; (b) the completion of any registration or other qualification of such Shares or
depositary shares representing such Shares under any U.S. state or federal law or under the rulings or regulations of the U.S. Securities and Exchange Commission or any other governmental regulatory body, which the Committee shall, in its absolute
discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any U.S., Cayman Islands or Chinese governmental agency, which the Committee shall, in its absolute discretion, determine to be necessary or
advisable; and (d) the lapse of such reasonable period of time following any vesting date as the Committee may establish from time to time for reasons of administrative convenience. Furthermore, the Company will not be required to issue Shares
hereunder prior to the expiration of the lock-up period in connection with the Company’s initial public offering. In addition, you agree that the Company may also impose other conditions or administrative
measures to ensure or facilitate the compliance with any applicable law to which you or the Company is subject. 

7.    Limited Rights. Neither you nor any person claiming under or through you will have any of the rights
or privileges of a shareholder of the Company in respect of any Shares deliverable hereunder unless and until such Shares have been issued and registered on the Register of Members of the Company under your name. Subject to Section 8 below,
after such issuance and registration, you will have all the rights of a shareholder of the Company with respect to voting of such Shares and receipt of dividends and distributions on such Shares. 

8.    Award Is Not Transferable. Except pursuant to the written consent of the Committee, this award and the
rights and privileges conferred hereby shall not be transferred, assigned or otherwise disposed of in any way (whether by operation of law or otherwise). Upon any attempt to transfer, assign or otherwise dispose of this award or any right or
privilege conferred hereby, this award and the rights and privileges conferred hereby immediately will become null and void. 
 In the event
of granting written consents for any transfer, the Committee will have the fullest discretion permitted by applicable law in deciding the extent to which, and stipulating terms and conditions under which, such transfer of this award may be allowed
(including, but not limited to, the transfer of part or all of the RSUs). In the event of a transfer of part or all of the RSUs held by you as consented to by the Committee, you hereby acknowledge and agree that you have the obligation to ensure
that the transferee will be subject to and comply with the same terms, conditions, requirements and restrictions imposed on you by the Company in connection with the RSUs granted hereunder. 

9.    Withholding Obligation. On each vesting date, and on or before the time you receive a distribution of
the Shares in respect of your RSUs, and at any other time as reasonably requested by the Company in accordance with applicable tax laws, you hereby authorize any required withholding from the Shares issuable to you and/or otherwise agree to make
adequate provision, including in cash, for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate that arise in connection with your Award (the “Withholding
Obligation”). By accepting this Award, you acknowledge and agree that the Company may, in its sole discretion, satisfy all or any portion of the Withholding Obligation relating to your RSUs by any of the following means or by a
combination of such means: (i) causing you to pay any portion of the Withholding Obligation in cash; (ii) withholding from any compensation otherwise payable to you by the Company; (iii) withholding Shares from the Shares issued or
otherwise issuable to you in connection with the Award with a Fair Market Value (measured as of the date Shares are issued pursuant to Section 3) equal to the amount of such Withholding Obligation; provided, however, that the number of such
Shares so withheld will not exceed the amount necessary to satisfy the Withholding Obligation using the maximum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to
supplemental taxable income; and provided, further, that to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure will be subject to the express
prior approval of the Board or the Company’s Compensation Committee; and/or (iv) permitting or requiring you to enter into a “same day sale” commitment, if applicable, with a broker-dealer that is a member of the Financial
Industry Regulatory Authority (a “FINRA Dealer”), pursuant to this authorization and without further consent, whereby you irrevocably elect to sell a portion of the shares to be delivered

  
 16. 

 
in connection with your Restricted Stock Units to satisfy the Withholding Obligation and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Withholding
Obligation directly to the Company and/or its Affiliates. Unless the Withholding Obligation is satisfied, the Company shall have no obligation to deliver to you any Shares or any other consideration pursuant to this Award. In the event the
Withholding Obligation arises prior to the delivery to you of Shares or it is determined after the delivery of Shares to you that the amount of the Withholding Obligation was greater than the amount withheld by the Company, you agree to indemnify
and hold the Company harmless from any failure by the Company to withhold the proper amount. 

10.    Personal Data. You acknowledge and consent to the collection, use, processing and transfer of
personal data as described in this paragraph. The Company, its affiliates and your employer hold certain personal information, including your name, home address and telephone number, date of birth, identification number, salary, nationality, job
title, any shares awarded, cancelled, purchased, vested, unvested or outstanding in your favor, for the purpose of managing and administering the Plan (the “Data”). The Company and its affiliates will transfer Data to any
third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located in China or elsewhere such as the European Economic Area or the United States. You authorize them to receive,
possess, use, retain and transfer the Data, in electronic or other forms, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required for the
administration of the Plan and/or the subsequent holding of shares on your behalf to a broker or other third party with whom you may elect to deposit any shares acquired pursuant to the Plan. You may, at any time, review the Data, require any
necessary amendments thereto or withdraw the consent herein in writing by contacting the Company; however, withdrawing the consent may affect your ability to participate in the Plan. 

11.    Voluntary Participation. Your participation in the Plan is voluntary. The value of the RSUs is an
extraordinary item of compensation outside the scope of your employment contract, if any. As such, the RSUs are not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments,
bonuses, long-service awards, pensions or retirement benefits or similar payments unless specifically and otherwise provided. Rather, the awarding of the RSUs under the Plan represents a mere investment opportunity. 

12.    Adjustments. You hereby acknowledge and agree that, in the event of any dividend, share split,
combination or exchange of Shares, amalgamation, arrangement or consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any
other change affecting the number of Shares or the price of a Share, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with respect to (a) the
aggregate number and type of Shares that may be issued under the Plan (including, but not limited to adjustments of the limitations in Section 3.1 of the Plan); (b) the terms and conditions of any outstanding Awards (including, without
limitation, any applicable performance targets or criteria with respect thereto); and (c) the grant or exercise price per Share for any outstanding Awards under the Plan. 

13.    Discretionary Plan. This RSU award is granted under and governed by the terms and conditions of the
Plan. You acknowledge and agree that the Plan is discretionary in nature and may be amended, cancelled or terminated by the Company, in its sole discretion, at any time. The grant of this RSU award under the Plan is a
one-time benefit and does not create any contractual or other right to receive an award of RSUs or benefits in lieu of the award in the future. Future awards of RSUs, if any, will be at the sole discretion of
the Company, including, but not limited to, the timing of the award, the number of RSUs awarded, and vesting provisions. By execution of this Agreement, you consent to the provisions of the Plan and this Agreement. 

14.    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
Cayman Islands. 
 (Signature page to follow) 

  
 17. 

 
	
	 LEGEND BIOTECH CORPORATION

	
	  

	 Name:

	 Title:

  

	
	 ACKNOWLEDGED AND AGREED BY:

	 (Grantee)

	
	  

	 Name:

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