Document:

EX-10.5

 Exhibit 10.5 

EMPLOYMENT AGREEMENT 
 This
Agreement constitutes an advance notice to the Employee 
 under the Notice to the Employee Law (Employment Terms), 2002 

THIS EMPLOYMENT AGREEMENT (this “Agreement” dated as of April 23, 2018, is made and entered by and between 89bio Ltd., a company
organized under the laws of the state of Israel, whose registered address is 89 Medinat HaYehudim St., Herzliya, Israel (the “Company” and Ram Waisbourd (the “Employee”). 

WHEREAS, the Company wishes to employ the Employee, and the Employee wishes to be employed by the Company, as of May 1, 2018 (the
“Commencement Date”), subject to the terms and conditions set forth herein; and 
 WHEREAS, the parties hereto desire to state the terms
and conditions of the Employee’s employment by the Company, as set forth below. 
 NOW, THEREFORE, in consideration of the mutual premises,
covenants and other agreements contained herein, the parties hereby agree as follows: 
  

	1.	 Preamble and Exhibits 

 

	 	1.1	 The preamble to this agreement and its Exhibits constitute an integral part hereof. 

 

	 	1.2	 The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. 

 General 

 

	2.	 Position. The Employee shall serve in the position described in Exhibit A attached hereto.
In addition, the Employee may receive different tasks, from time to time, to correlate with Company’s necessities. 

  

	3.	 Conscientious Discharge of Duties. The Employee shall perform and discharge his duties and obligations
hereunder diligently, faithfully, conscientiously and in furtherance of the Company’s best interests and its good name. The Employee agrees and undertakes to inform the Company immediately and without delay after becoming aware of any affair
and/or matter that may in any way raise a conflict of interest between the Employee (or any member of Employee’s family) and the Company (including its affiliates) and/or the interests of the Company (including its affiliates), and to report
and discuss problems that might prevent performing his tasks in an effective manner. During his employment by the Company, the Employee shall not receive any payment, compensation or benefit from any third party in connection, directly or
indirectly, with the execution of the Employee’s position in the Company. 

	4.	 Compliance with Company’s Policies and Applicable Law. Employee will comply, the all the
Company’s disciplinary regulations, work-rules, policies, procedures and objectives, as in effect from time to time, and will adhere to any applicable law or provision, pertaining to his employment hereunder. In addition, the Employee will
document the products of his work, and all relevant information that was generated in the course of his work, in a confidential and orderly manner that will enable access and use of such information by authorized people in the Company.

  

	5.	 Scope of Employment. The scope of position of the Employee will be as set forth in Exhibit
A hereto. The Employee shall devote his entire working time, best efforts, know-how, expertise, experience and attention to the business and affairs of the Company and to the performance of his
duties to the Company, and shall not undertake or accept any other paid or unpaid employment or occupation or engage in or be associated with, directly or indirectly, any other business and/or commercial activity, except with the prior written
consent of the Company’s management. 

  

	6.	 Location. The Employee shall perform his duties hereunder at the Company’s facilities in Israel,
but he understands and agrees that his position may involve significant domestic and international travel which may result in extensive period time. 

  

	7.	 Employees Representations and Warranties. The Employee represents and warrants that the execution and
delivery of this Agreement and the fulfillment of its terms: (i) will not constitute a default under or conflict with any agreement or other instrument to which he is a party or by which he is bound; and (ii) do not require the consent of
any person or entity. Further, with respect to any past engagement of the Employee with third parties and with respect to any permitted engagement of the Employee with any third party during the term of his engagement with the Company (for purposes
hereof, such third parties shall be referred to as “Other Employers”) the Employee represents, warrants and undertakes that (a) his engagement with the Company is and/or will not be in breach of any of his undertakings toward
Other Employers, and (b) he will not disclose to the Company, nor use, in provision of any services to the Company, any trade secrets, proprietary or confidential information belonging to any Other Employer. 

 

	8.	 Assignment. Neither this Agreement nor any right or interest hereunder shall be assignable or
transferable by the Employee, his beneficiaries or legal representatives without the prior written consent of the Company. This Agreement shall inure to the benefit of and be enforceable by the Employee’s legal personal representative.

  

	9.	 The Company shall be entitled to transfer or assign its rights and/or obligations under this Agreement, in
whole or in part, in its sole discretion. Without derogating from the generality of the aforesaid the Employee shall provide the services under this Agreement to the Company, and/or to companies affiliated with the Company in accordance with the
Company’s instructions. 

  

  
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 Use of Company Computers and Email Monitoring 

 

	10.	 During his employment with the Company and in connection therewith, the Employee may be provided with a
personal computer station (“Computer”) and/or a laptop computer (“Laptop”) and a personal e-mail account and address
(“E-mail”), each of which shall be deemed to be solely the property of the Company. 

  

	11.	 Employee shall not install and/or download any software or hardware on the Computer or Laptop or on any other
computers in the Company’s possession (i) unless the Company has sufficient and valid license; or (ii) unless prior written consent was given by the Company. 

Term of Employment 
  

	12.	 Term. Subject to and contingent upon the fulfillment of the Precedent Conditions as specified above this
Agreement shall become effective on the Commencement Date and shall continue until it is terminated pursuant to the terms set forth herein. 

  

	13.	 Termination at Will. Either party may terminate the employment relationship hereunder at its/his own
discretion at any time, for any reason, by giving the other party a prior written notice as set forth in Exhibit A (the “Notice Period”). 

 

	14.	 Termination for Cause. Notwithstanding the aforesaid, in the event of Cause (as defined below) the
Company shall be entitled to terminate this Agreement immediately and the employment relationship between the parties shall be deemed effectively terminated upon delivery of the Company’s notice to that extent. The term “Cause” shall
mean: (a) a serious breach of trust including but not limited to theft, embezzlement, self-dealing, prohibited disclosure to unauthorized persons or entities of confidential or proprietary information of or relating to the Company or its
affiliates or the engaging by the Employee in any prohibited business competitive to the business of the Company or any of its affiliates or any other breach of the Employees obligations under Exhibit B; or (b) willful failure to
perform any of the Employee’s fundamental functions or duties hereunder or the directives of the Employee’s superior; (c) any willful act or gross negligence of the Employee resulting in material loss to the Company or material damage
to the reputation of the Company or any affiliates; or (d) any other cause justifying termination or dismissal in circumstances in which the Company can deny the Employee severance payment under applicable law. 

 

	15.	 Notice Period; End of Relations. During the Notice Period and unless otherwise determined by the Company
in a written notice to the Employee, the employment relationship hereunder shall remain in full force and effect, the Employee shall be obligated to continue to discharge and perform all of his duties and obligations with Company, and the Employee
shall cooperate with the Company and use his best efforts to assist the Company with the integration into the Company’s organization of the person(s) who will assume the Employee’s responsibilities. Upon termination of Employee’s
employment with the Company, for any reason whatsoever, the Employee shall be required to return to Company any properties, equipment, documents and any other materials of the Company (e.g., company car, cellular phone, Laptop, Computer, and/or any
other equipment) which were provided (if provided) to his or which are otherwise in his possession. Employee shall have no (and hereby waives any) rights of lien with respect to any such properties, equipment, documents and materials of the Company.

  
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	16.	 Notwithstanding the provisions of Section 15 above to the contrary Company shall be entitled to waive
Employee’s employment with Company during the Notice Period or any part thereof, at any time prior to the completion of the Notice Period. In the event Company waives Employee’s services with Company during the Notice Period as aforesaid,
employer-employee relationship between the parties will come to an end forthwith or as of the effective date of such waiver (as applicable), and the Company shall pay the Employee a one-time amount equal to
the Salary (including managers insurance, study fund, expenses, company car and all other benefits) that would have otherwise been paid to the Employee during the Notice Period or the remainder of the Notice Period in the event the termination
becomes effective during the Notice Period, in lieu of such Notice Period, or part thereof. 

  

	17.	 Notwithstanding anything herein to the contrary, the provisions of the Proprietary Information, Assignment of
Inventions and Non-Competition Agreement by and between the Company and the Employee (in the form attached hereto as Exhibit B) shall survive termination or expiration of this Agreement for any
reason whatsoever. 

 Proprietary Information; Assignment of Inventions and Non-Competition

  

	18.	 By executing this Agreement, the Employee confirms and agrees to the provisions of the Company’s
Proprietary Information Assignment of Inventions and Non-Competition Agreement attached as Exhibit B hereto. 

Salary and Additional Compensation; Managers Insurance/Pension Fund 
  

	19.	 Base Salary. The Company shall pay to the Employee as compensation for the employment services an
aggregate base salary in the amount set forth in Exhibit A (the “Base Salary”). 

  

	20.	 Global Overtime Remuneration. Since Both the Company and the Employee expect that the work load at the
Company may require from time to time to extensive volume of working hours the Company will pay to the Employee on a monthly basis, in addition to the Base Salary and in consideration of an services that the Employee may render at overtime hours, a
global gross amount as set forth in Exhibit A hereto (the “Global Overtime Remuneration”), which reflects full compensation for the amount of overtime hours which the Employee is expected to work per month. The Global
Overtime Remuneration has been determined according to Company’s knowledgeable estimation of the scope of overtime hours per month which the Employee’s position requires. The Base Salary together with the Global Overtime Remuneration shall
constitute the “Salary” for purposes of this Agreement. Employee acknowledges and agrees that he shall not be allowed to provide work beyond the aforementioned scope of overtime hours, without receiving prior written consent from
the Company to do so, and that he shall not be entitled to any form of salary or compensation, or any other rights or claims whatsoever, for any work performed beyond the aforementioned limited scope of hours, unless Employee has received prior
written consent to perform such work beyond the aforementioned scope of overtime hours. 

  
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	21.	 It is hereby agreed, that the Global Overtime Remuneration is and shall be a real and true supplement above and
beyond the Employee’s Base Salary. However, without derogating from the nature of the Global Overtime Remuneration, the Salary (i.e. Base Salary together with the Global Overtime Remuneration) shall be taken into account as a basis for the
purpose of calculating the Employee’s social entitlements and rights according to this Agreement including social benefits and severance payments. For the avoidance of any doubt no other payment right or benefit to which the Employee is
entitled under the Agreement or by law shall be taken into account in such calculation. Except as specifically set forth herein the Salary includes any and all payments to which the Employee is entitled from the Company hereunder and under any
applicable law regulation, extension order or agreement. 

  

	22.	 The Salary is to be paid to the Employee in accordance with the Company’s normal and reasonable payroll
practices no later than the 9th day of each calendar month after the month for which the Salary is paid, after deduction of applicable taxes and like payments 

 

	23.	 Recording of Hours. Per the requirements under applicable law, the Employee shall cooperate with the
Company in maintaining a record of the number of hours of work performed, in accordance with the Company’s policy and instructions. 

  

	24.	 Special Compensation. 

It is hereby acknowledged and agreed, that an amount equal to 10% of the Salary is paid to the Employee as special compensation for any
contributions and/or inventions that have been and/or shall be created, developed and/or conceived by the Employee, including, without limitations, “service inventions” as defined in the Israeli Patent Law, 5727-1967, (the “Patent
Law”) (if and to the extent there are and/or will be any), for the assignment thereof to the Company, for any rights, benefits, royalties and other compensation, to the extent that they shall be awarded by a judicial body, including under
Section 134 of the Patent Law or under the Copyright Law 5768-2007, in connection with such contributions and/or inventions, and for the Employee’s waiver of any moral rights, benefits, royalties and/or other compensation in connection
therewith pursuant to Sections 7 to 15 of Exhibit B hereto. 
  

	25.	 Insurance Scheme and Social Benefits. The Company and the Employee will obtain and maintain managers
insurance or a pension fund according to the Employee’s choice (the “Insurance Scheme”), as follows: 

  

	 	25.1	 Should the Employee elect to obtain a managers insurance policy (the “Managers
Insurance”): (i) Severance—the Company will pay an amount equal to 81⁄2% of the Salary; (ii) Pension and disability
insurance at the rate required to insure 75% of the Employee’s Salary—the Company will pay an amount equal to 6 1⁄2% of the Salary. In any event the
amount allocated to the pension component alone will not be less than 5% of the Salary. In the event that it will be necessary to increase the costs of the disability component so that the Employer’s contribution will exceed the amount of 61⁄2% of the Salary, the aggregate cost to the Company for purchasing the disability component together with the contributions towards the pension component, will not be
greater than 7.5% of Salary. (iii) The Company will deduct from the Employee’s Salary a sum equal to 6% of the Salary as Employee’s contribution. 

  
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	 	25.2	 Should the Employee elect to obtain a pension fund (the “Pension Fund”): (i) Severance
the Company will pay an amount equal to 81⁄2% of the Salary; (ii) Pension the Company will pay an amount equal to
61⁄2% of the Salary, and will deduct from the Employee’s Salary a sum equal to 6% of the Salary as Employee’s contribution. 

 

	26.	 Section 14. All amounts deducted and paid by the Company in accordance with
Section 25 above will be transferred to the Employee upon the termination of the Employee’s employment (other than in circumstances in which the Employee’s entitlement to severance compensation may be denied by a final court decision
and/or under applicable law) and the same shall be in lieu of the Company’s statutory obligation to pay severance pay, if required, for all intents and purposes pursuant to the Severance Pay Law, 5723-1963 (the “Severance Pay
Law”), and the Company shall be relieved from any additional or other obligation to pay the Employee severance payment. The parties acknowledge and agree that the agreement set forth in this provision is in accordance with Section 14
of the Severance Pay Law, 1963, and in accordance with the general approval of the Labor Minister dated June 9, 1998, promulgated under said Section 14, a copy of which is attached hereto as Exhibit C. 

 

	27.	 The Employee will bear any and all taxes applicable to the Employee in connection with any amounts paid by the
Employee and/or Company to the Insurance Scheme under Section 25 above. 

 Additional Benefits 

 

	28.	 Vacation. The Employee shall be entitled to the number of vacation days per year as set forth in
Exhibit A. The Company shall be entitled to direct use of the vacation days, in coordination and agreement with the Employee. Employee shall be required to utilize a minimum of ten (10) leave days annually and if Employee
docs not do so, Employee shall be entitled to accrue a maximum of 30 unexploited leave days, except as per the Annual Leave Law 5711-1951. 

  

	29.	 Sick Leave. The Employee entitlement to sick leave shall be in accordance with applicable law, against
the presentation of appropriate medical records. 

  

	30.	 Convalescence Pay. The Employee shall be entitled to Convalescence Pay (“Dmei
Havra’a”) if and to extent entitled pursuant to applicable extension order. 

  

	31.	 Additional benefits. Employee shall be entitled to additional benefits if and to the extent set forth in
Exhibit A. 

  
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 Miscellaneous 
  

	32.	 References to the masculine gender shall include the feminine, unless the context otherwise requires.

  

	33.	 The laws of the State of Israel shall apply to this Agreement and the sole and exclusive place of jurisdiction
in any matter arising out of or in connection with this Agreement shall be the Tel-Aviv Regional Labor Court. 

  

	34.	 The provisions of this Agreement are in lieu of the provisions of any collective bargaining agreement, and
therefore, no collective bargaining agreement shall apply with respect to the relationship between the parties hereto (subject to the applicable provisions of law). 

 

	35.	 No failure, delay or forbearance of either party in exercising any power or right hereunder shall in any way
restrict or diminish such party’s rights and powers under this Agreement or operate as a waiver of any breach or nonperformance by either party of any terms or conditions hereof. 

 

	36.	 In the event it shall be determined under any applicable law that a certain provision set forth in this
Agreement is invalid or unenforceable, such determination shall not affect the remaining provisions of this Agreement unless the business purpose of this Agreement is substantially frustrated thereby. 

 

	37.	 Withholdings shall be deducted at source from payments made hereunder to the Employee according to applicable
law, including, but not limited to, Israeli income tax, National Security (“Bituacb Leumi”) and Health Tax. The Employee shall bear any tax imposed in connection with the payments and benefits provided for in this Agreement.

  

	38.	 The preface and Exhibits to this Agreement constitute an integral and indivisible part hereof.

  

	39.	 This Agreement constitutes the entire understanding and agreement between the parties hereto, supersedes any
and all prior discussions, agreements and correspondence with regard to the subject matter hereof, and may not be amended, modified or supplemented in any respect, except by a subsequent writing executed by both parties hereto.

  

	40.	 The Employee acknowledges and confirms that all terms of the Employee’s employment are personal and
confidential, and undertake to keep such terms in confidence and refrain from disclosing such terms to any third party. 

  

	41.	 Sexual Harassment. Employee acknowledges that the Company complies with the Prevention of Sexual
Harassment Law and Regulations, and that it has a Prevention of Sexual Harassment Charter of which Employee has been made aware. Employee undertakes to comply with such Law, Regulations and Charter, all of which may be amended from time to time.

  
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 IN WITNESS WHEREOF, the parties have duly executed this Employment Agreement on the day and year set
forth above. 
  

					
	/s/ Anat Naschitz	 		 	/s/ Ram Waisbourd
	89bio Ltd.	 		 	Ram Waisbourd

			
	By:	 	Anat Naschitz

			
	Title:	 	Director

  
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 Exhibit A 
  

			
	Name of Employee:	  	Ram Waisbourd.
		
	Position:	  	COO and CBO.
		
	Scope of Position:	  	Full-time.
		
	Supervisor:	  	The CEO of the Company
		
	Notice Period:	  	The Notice Period shall be ninety (90) days.
		
	Base Salary:	  	NIS 43,200 per month.
		
	Global Overtime Compensation:	  	NIS 10,800 per month.
		
	Vacation Days per Year:	  	In accordance with applicable law but no less than 22 days.
		
	Travel Expenses:	  	In Accordance with applicable law.
		
	Education Fund:	  	The Company and Employee shall maintain an advanced study fund (Keren Hishtalmut) according to applicable law (the “Fund”) and make it effective upon three (3) months after the Commencement Date. At this time
the funds allocated to the Fund will include retroactive contributions as of the Commencement Date and shall thereafter be made on a monthly basis as set forth below. The Company shall contribute to such Fund an amount equal to 7.5% of the Salary,
subject to Employee’s contribution of an additional 2.5% of the Salary. Notwithstanding anything herein to the contrary, neither party shall contribute nor shall the Company deduct from each monthly Salary an amount greater than the maximum
amount exempt from tax payment by applicable laws. The Employee shall be responsible for any tax imposed in connection, with the above fund and/or in connection with the above fund and/or in connection with the Company’s contributions thereto.
Employee hereby instructs the Company to transfer to such Fund the amount of the Employee’s and the Company’s contribution from each monthly Salary payment.
		
	Options:	  	Subject to the approval of the Board of the Directors of the Company (the “Board”) and the Company’s share option plan to be adopted by the Company following the date hereof, the Company will grant Employee
Options to purchase 608,318 Ordinary Shares of the Company, par value NIS 0.01 each (the “Options”), representing 2.0% of the Company’s share capital on

			
		  	 a fully diluted basis assuming an investment amount of US$20 million in the Company, all in accordance with the grant terms as shall be
determined by the Board. The Options shall be vested quarterly and exercisable over a period of four (4) years of the date of their grant.
  

Subject to the approval of the Board, in the event that the Employee’s employment with the Company (or its successor) is terminated including by changes
in terms of employment which are considered as termination under the Israeli Severance Pay law by the Company (or its successor) without cause (other than change in title or scope of work description due to organizational adjustments following the
M&A), within a period of twelve (12) months following M&A of the Company all the unvested Options shall be fully vested and exercisable. Without derogating from the foregoing, upon the completion of twelve (12) months
of employment with the company (or its successor) following the M&A all unvested Options shall be fully vested and exercisable.

		
	Car-related Expenses:	  	The Company will pay Employee an amount of NIS 4,000 per month in connection with car-related expenses. Employee shall not be required to present documentation regarding the car
expenses.
		
	Performance Bonus:	  	The Employee shall be eligible to an “on-target” bonus in the amount of approximately 20% of the Employee’s annual Salary in accordance with the Company bonus policy.

  
 10EX-10.6

 Exhibit 10.6 

89bio Ltd. 

November 20, 2018 
 Hank Mansbach, M.D. 

Dear Hank: 
 Offer and Position 

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

In your capacity as a CMO, you will perform duties and responsibilities that are commensurate with your position and such other duties as may be assigned to
you by the CEO from time to time, provided that such duties are consistent with your position. You will report directly to Chief Executive Officer (CEO) of the company. You agree to devote your full business time, attention and best efforts to the
performance of your duties and to the furtherance of the Company’s interests. 
 Location 

Your principal place of employment shall in the San Francisco Bay area, subject to business travel as needed to properly fulfil your employment duties and
responsibilities. 
 Start Date 
 Subject to
satisfaction of all of the conditions described in this letter, your anticipated start date is December 17, 2018. 
 Base Salary 

In consideration of your services, you will be paid an initial base salary of $380,000 per year, subject to review for increase only by the Chief Executive
Officer and Board from time to time, payable in accordance with the standard payroll practices of the Company or its US subsidiary and subject to all withholdings and deductions as required by law. 

 Annual Bonus 

Each year, you will have an opportunity to earn a target bonus of 35% of your base salary (the “Target Bonus”). Your actual bonus amount will
be determined based on a combination of Company results and individual performance against the applicable performance goals established by the CEO. Any annual bonus with respect to a particular calendar year will be paid within 4 months following
the end of the year for which the annual bonus relates. For any partial year of employment you will receive a pro-rated annual bonus based on the number of days you are employed during the year. 

You must remain continuously employed through the end of the applicable calendar year to be eligible to receive an annual bonus payment for a particular
calendar year. 
 One-Time Payment 

You will receive a one-time payment of $75,000 payable within thirty (30) days of your Start Date. If you
voluntarily leave the Company before completing twelve (12) months of service from your Start Date, you will be required to repay the entire gross amount of the one-time payment. As income, this one-time payment is subject to taxation and the Company will make applicable withholdings at the time of payment. 

Expenses 
 The Company or its US subsidiary will reimburse
you only for out of pocket business related expenses reasonably incurred in the performance of your duties, as approved by the Board in the annual budgeting process and in accordance with any expense claiming policies and guidelines promulgated by
the Company or its US subsidiary from time to time. 
 Equity Grants 

As soon as practicable following the Start Date, the Company will recommend that the Board grant you an option to purchase an aggregate of 610, 536 Ordinary
Shares of the Company (representing 1.50% of the issued and outstanding shares of the Company as of the close of the Series A 2nd tranche), at a per share exercise price equal to the fair market
value of such shares on the date of grant. The Company will recommend to the Board that such 1.50% stake be trued up if and when the Company closes the third tranche of its Series A financing. The options will be governed by the Company’s 2018
Equity Incentive Plan (as supplemented by the Company’s 2018 United States Sub-Plan) and a stock option agreement to be entered into between the Company and you. The stock option agreement will provide,
among other things, that, (i) subject to your continued employment with the Company or its subsidiary on each applicable vesting date, your options shall vest over a four-year period, 25% upon the
one-year anniversary of the Start Date (or the third tranche date in respect of any true up grant), and the remaining 75% in equal quarterly instalments over a period of three years thereafter, and
(ii) in the event that you are terminated without Cause (as defined below) or resign for Good Reason (as defined below) within the Change in Control Protection Period (as defined below), then, subject to the Release Condition described below,
any of your options then subject to vesting shall become fully vested as of the date of such termination. 

  
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 Benefits and Perquisites 

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

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

At-will Employment 

Your employment with the Company or its subsidiary will be for no specific period of time. Rather, your employment will be
at-will, meaning that any party may terminate the employment relationship at any time, with or without cause, and with or without notice and for any reason or no particular reason. Although your
compensation and benefits may change from time to time, the at-will nature of your employment may only be changed by an express written agreement signed by both you and the Chief Executive Officer. 

Severance outside of Change in Control Protection Period 

If your employment with the Company or its subsidiary is involuntarily terminated by the Company without Cause (as defined below) and not due to a breach by
you of the terms and conditions of this letter (including, but not limited to, a breach of any of the representations contained herein, the enclosed Employee Proprietary Information and Invention Assignment Agreement (the “PIIA”) or
the Employee Arbitration Agreement) at any time outside of the Change in Control Protection Period (as defined below), subject to your execution of a release of claims in a form provided by the Company, you will be eligible to receive severance in
an amount equal to: (i) four 4) months of base salary at the rate then in effect, (ii) a pro-rata amount of the Target Bonus based on the number of months you were employed with the Company for the
year in which your employment is terminated and (iii) subject to your timely election under COBRA, payment or reimbursement of a portion of your COBRA premiums for four (4) months following your termination or, if earlier, until such time
as you become eligible for similar coverage through another employer, which benefits shall be paid for by the Company to the same extent that the Company paid for health insurance for your prior to termination, (such amounts described in clauses
(i) through (iii) herein, collectively, the “Severance Benefits”). You will thereafter be responsible for the payment of COBRA premiums (including, without limitation, all administrative expenses) for any remaining COBRA
period. Notwithstanding the foregoing, in the event that the Company determines, in its sole discretion, that the Company may be subject to a tax or penalty pursuant to Code Section 4980D as a result of providing some or all of the payments
described in this paragraph, the Company may reduce or eliminate its obligations under this paragraph to the extent it deems necessary, with no offset or other consideration required. The Severance Benefits will be payable or provided in regular
instalments in accordance with the Company’s or its subsidiary’s normal payroll practices over a period of four 

  
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(4) months commencing on the first payroll date following the date on which the Release Condition is satisfied or in a cash lump sum, solely at the discretion of the Board. For purposes herein,
the “Release Condition” means your execution, delivery, and non-revocation of the release within 45 days following your termination of employment and “Cause” means a
reasonable, good faith finding by the Chief Executive Officer or the Board that you: (i) committed, been convicted of, or entered a plea of guilty or nolo contendere or no contest with respect to, (x) any felony or (y) any
misdemeanour involving dishonesty or moral turpitude; (ii) engaged in gross negligence, wilful misconduct, or any bad-faith act that is, or could reasonably be expected to be, materially injurious to the
business or reputation of the Company; (iii) committed an act of fraud, embezzlement, theft, or misappropriation against the Company or otherwise in the course of your employment with, or the performance of duties for, the Company;
(iv) substantially failed to perform your duties in respect of your employment diligently and in a manner consistent with prudent business practice; (v) failed to execute and carry out any reasonable lawful directive of the Chief Executive
Officer or the Board that is related to the business of the Company; or (vi) engaged in any act or omission that is materially injurious the business, financial condition, or operations of the Company. 

Severance During the Change in Control Protection Period 

In the event you are terminated without Cause or resign for Good Reason (as defined below) within ninety (90) days prior to, or twelve (12) months
following the consummation of a Change in Control (the “Change in Control Protection Period”), then, subject to the Release Condition described above, the amount of the Severance Benefits described above will be six
(6) instead of four (4) and will be paid or provided over six (6) months (instead of 4-months, unless the Board determines to pay or provide such Severance Benefits in a cash lump sum in sole
discretion) plus any then outstanding equity then held by you that is unvested, will vest in full. For purposes herein, “Change in Control” means an event (i) which constitutes a Deemed Liquidation Event as defined in
the Company’s Articles of Association, as may be amended from time to time, and (ii) in which the Company’s Series A investors receive a multiple of invested capital of at least two (2) times their original investment, and
“Good Reason” means your resignation based on any of the following events without your written consent, (a) a material diminution in your authority, duties or responsibilities; (b) a material diminution in reporting
relationship from that determined by an acquirer at the time of such Change of Control; (c) a material diminution in your annual base salary except if the base salaries of a significant number of other executives and members of senior
management of the Company also are proportionately reduced, whether or not such reduction is voluntary on your part or on the part of such other executives and senior management; (d) the Company’s relocation of your primary work location
outside a 40-mile radius of San Francisco that increases your one-way driving distance by more than 40 miles; (e) any other action or inaction that constitutes a
material breach of the terms of an applicable employment agreement. To constitute a resignation for Good Reason: (i) you must provide written notice to the Company within thirty (30) days of the initial existence of the event constituting
Good Reason, (ii) you may not terminate your employment unless the Company fails to remedy the event constituting Good Reason within fifteen (15) days after such notice has been deemed given pursuant to this offer letter, and
(iii) you must terminate employment with the company no later than fifteen (15) days after the end of the 15-day cure period in which the Company fails to remedy the event constituting Good Reason.

  
 4 

 Section 409A 

This offer letter is intended to comply with Section 409A of the Internal Revenue Code (“Section 409A”) or an
exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this offer letter, payments provided under this offer letter may only be made upon an event and in a manner
that complies with Section 409A or an applicable exemption. Any payments under this offer letter that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral
shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each instalment payment provided under this offer letter shall be treated as a separate payment. Any payments to be made under this offer
letter upon a termination of employment shall only be made upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this
offer letter comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by you on account of noncompliance with Section 409A. 

Notwithstanding any other provision of this offer letter, if any payment or benefit provided to you in connection with termination of employment is determined
to constitute “nonqualified deferred compensation” within the meaning of Section 409A and you are determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be
paid until the first payroll date to occur following the six-month anniversary of your termination date (the “Specified Employee Payment Date”) or, if earlier, on the date of your death. The
aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to you in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in
accordance with their original schedule. Whenever in this offer letter a payment or benefit is conditioned on your execution of a release of claims, such release must be executed, and all revocation periods shall have expired, within 45-days after the date of your termination of employment, failing which such payment or benefit shall be forfeited. If such payment or benefit constitutes non-exempt deferred
compensation for purposes of Section 409A, and if such 45-day period begins in one calendar year and ends in the next calendar year, the payment or benefit shall not be made or commence before the second
such calendar year, even if the release becomes irrevocable in the first such calendar year. 
 Governing Law 

This offer letter shall be governed by the laws of California, without regard to conflict of law principle. 

  
 5 

 Contingent Offer 

This offer is contingent upon: 
 (a) Verification
of your right to work in the United States, as demonstrated by your completion of an I-9 form upon hire and your submission of acceptable documentation (as noted on the
I-9 form) verifying your identity and work authorization within three days of your Start Date. For your convenience, a copy of the I-9 Form’s List of Acceptable
Documents is enclosed for your review. 
 (b) Your execution of the Company’s enclosed (1) Employee Proprietary Information and
Invention Assignment Agreement, and (2) Employee Arbitration Agreement. 
 Representations and Warranties 

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

We are excited at the prospect of you joining our team. If you have any questions about the above details, please call me. If you wish to accept this
position, please sign below and return this letter to me. This offer is open for you to accept through December 1, 2018, at which time it will be deemed to be withdrawn. 

I look forward to hearing from you. 
 Yours sincerely, 

Rohan Palekar 
  

	
	On behalf of 89bio Ltd.
	
	Signed /s/ Rohan Palekar
	
	Date November 26, 2018

  
 6 

 Acceptance of Offer 

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

	
	Hank Mansbach, M.D.
	
	Signed /s/ Hank Mansbach M.D.
	
	Date November 26, 2018

  
 7

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