Document:

EX-4.1

 Exhibit 4.1 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

This AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of October 8, 2019 (this “Amendment”), is entered into by and among
THE SHERWIN-WILLIAMS COMPANY (the “Company”), SHERWIN-WILLIAMS LUXEMBOURG S.À R.L., SHERWIN-WILLIAMS CANADA INC. and SHERWIN-WILLIAMS UK HOLDING LIMITED (collectively, together with the Company, the
“Borrowers”), the Lenders (as defined below) signatory hereto, the Issuing Lenders (as defined below) signatory hereto and CITIBANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”). 

The Borrowers are party to that certain Credit Agreement, dated as of July 19, 2018 (as amended, restated, supplemented or otherwise
modified and in effect immediately prior to the effectiveness of this Amendment, the “Credit Agreement”), by and among the Borrowers, the lenders from time to time party thereto (the “Lenders”), the Issuing Lenders
from time to time party thereto (the “Issuing Lenders”) and the Administrative Agent. 
 Pursuant to Section 9.02(b)
of the Credit Agreement, the Company has requested that the Administrative Agent and the Lenders amend certain provisions of the Credit Agreement as set forth herein. 

In consideration of the mutual execution hereof and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows: 
 1.    Defined Terms. Capitalized terms which are
defined in the Credit Agreement and not otherwise defined herein have the meanings given in the Credit Agreement. 

2.    Amendment. 

Effective on the Amendment Effective Date (as defined below), the Credit Agreement shall be amended as follows: 

(a)    The definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby amended
by replacing the table set forth therein entirely with the following table: 
  

													
	 Index Debt Ratings:
	  	Commitment Fee Rate	 	 	Eurocurrency Spread	 	 	ABR Spread	 
	 Category 1

A+/A1 or higher
	  	 	0.06	% 	 	 	0.75	% 	 	 	0.00	% 
	 Category 2

A/A2
	  	 	0.07	% 	 	 	0.875	% 	 	 	0.00	% 
	 Category 3

A-/A3
	  	 	0.09	% 	 	 	1.00	% 	 	 	0.00	% 
	 Category 4

BBB+/Baa1
	  	 	0.11	% 	 	 	1.125	% 	 	 	0.125	% 
	 Category 5

BBB/Baa2
	  	 	0.125	% 	 	 	1.25	% 	 	 	0.25	% 
	 Category 6

BBB-/Baa3
	  	 	0.175	% 	 	 	1.50	% 	 	 	0.50	% 
	 Category 7

BB+/Ba1 or lower

or unrated
	  	 	0.25	% 	 	 	1.75	% 	 	 	0.75	% 

 (b)    The definition of “Maturity Date” in
Section 1.01 of the Credit Agreement is hereby amended by replacing “July 19, 2023” with “October 8, 2024”. 

(c)    The following new definition of “Anti-Boycott Regulations” is hereby inserted in Section 1.01 of the
Credit Agreement in alphabetical order: 
 “Anti-Boycott Regulations” means (a) the United Kingdom
Extraterritorial US Legislation (Sanctions against Cuba, Iran and Libya) (Protection of Trading Interests) Order 1996, as amended, (b) section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverodnung), (c) any provision of
Council Regulation (EC) 2271/96, any provision of Commission Delegated Regulation (EC) No 2018/1100 and any law or regulation implementing such regulations in any member state of the European Union, (d) the Foreign Extraterritorial Measures Act
(Canada), R.S.C., 1985, c. F-29 and any orders made thereunder and (e) any blocking or anti-boycott law or regulation similar to those set out in the foregoing clauses (a) through (d). 

(d)    Section 6.03 of the Credit Agreement is hereby amended by inserting “and” immediately prior to “(ii)
3.75 to 1.00”, adding the phrase “and thereafter” at the end of clause (ii) and deleting the phrase “and (iii) 3.50 to 1.00 commencing on the fiscal quarter of the Company ending March 31, 2020 and thereafter”.

 (e)    The following new Section 9.22 is hereby inserted at the end of the Article IX of the Credit Agreement:

 Section 9.22 Anti-Boycott Regulations. The representations, warranties and
covenants provided for in Sections 3.07 (solely with respect to Sanctions), 3.13, and 5.07 (solely with respect to Sanctions) shall only apply to any Borrower and its respective Subsidiaries which is bound by any Anti-Boycott Regulations insofar as
the giving thereof and compliance therewith do not and will not result in a violation of or conflict with or liability under any Anti-Boycott Regulations. 

3.    Effectiveness. This Amendment will become effective upon the date on which the following conditions precedent
are first satisfied (the “Amendment Effective Date”): 
 (a)    The Administrative Agent shall have
received from the Borrowers and from each Lender as of the date hereof an executed counterpart of this Amendment (or photocopies thereof sent by fax, .pdf or other electronic means, each of which shall be enforceable with the same effect as a signed
original). 
 (b)    The Administrative Agent shall have received a certificate, dated the Amendment Effective Date and
signed by the President, a Vice President or a Financial Officer of the Company, confirming (i) the representations and warranties of the Borrowers set forth in this Amendment and in the Credit Agreement (including, without limitation, the
representations set forth in Sections 3.04(b) and 3.06 of the Credit Agreement) shall be true and correct in all material respects (other than any such representation or warranty which is qualified by materiality or material adverse effect, in which
case, such representation or warranty shall be true and correct in all respects) on and as of the Amendment Effective Date (except to the extent that any such representation and warranty expressly relates to an earlier date, in which case it shall
be true and correct in all material respects as of such earlier date (other than any such representation or warranty which is qualified by materiality or material adverse effect, in which case, such representation or warranty shall be true and
correct in all respects as of such earlier date)) and (ii) no Default shall have occurred and be continuing as of the Amendment Effective Date. 

  
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 (c)    The Administrative Agent shall have received all fees and other
amounts due and payable on or prior to the Amendment Effective Date, including, to the extent invoiced one (1) Business Day prior to the Amendment Effective Date, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Company under the Credit Agreement. 

(d)    The Administrative Agent shall have received all documentation and other information reasonably requested by the
Administrative Agent at least three (3) Business Days prior to the Amendment Effective Date under applicable “know your customer” and anti-money laundering rules and regulations including, without limitation, the USA PATRIOT Act, in
each case to the extent requested in writing at least ten (10) Business Days prior to the Amendment Effective Date. 

(e)    The Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent and
the Lenders and dated the Amendment Effective Date) of (i) Mary Garceau, Senior Vice President, General Counsel and Secretary of the Company, (ii) Jones Day, New York and English counsel to the Borrowers, (iii) Davies Ward
Phillips & Vineberg LLP, Canadian counsel to the Canadian Borrower and (iv) Charles Russell Speechlys, Luxembourg counsel to the Lux Borrower, in each case relating to the Borrowers and this Amendment, and in form and substance
reasonably satisfactory to the Administrative Agent and its counsel. 
 (f)     The Administrative Agent shall have
received such documents and certificates as the Administrative Agent or their counsel may reasonably request relating to the organization, existence and good standing (or equivalent) of each Borrower, the authorization of the Amendment and the Loan
Documents and any other legal matters relating to each Borrower, this Amendment or the other Loan Documents, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

4.    Representations and Warranties. The Borrowers represent and warrant, as of the date hereof, that, after
giving effect to the provisions of this Amendment: 
 (a)    (i) The execution, delivery and performance of this
Amendment by each Borrower is within its corporate or other organizational powers and have been duly authorized by all necessary corporate or other organizational action, (ii) this Amendment has been duly executed and delivered by such Borrower
and (ii) this Amendment constitutes a legal, valid and binding obligation of such Borrower, enforceable against such Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
applicable Laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at Law; 

(b)    Each of the representations and warranties made by the Borrowers in Article III of the Credit Agreement is true in
all material respects on and as of the date hereof as if made on and as of the date hereof, except (i) to the extent that such representations and warranties refer to an earlier date, in which case they were true in all material respects as of
such earlier date or (ii) to the extent that such representations and warranties are qualified as to materiality or Material Adverse Effect, in which case such representations and warranties shall be true in all respects (provided that the
representations and warranties set forth in Sections 3.07 (solely with respect to Sanctions) and 3.13 shall only apply to any Borrower and its respective Subsidiaries which is bound by any Anti-Boycott Regulations insofar as the giving thereof and
compliance therewith do not and will not result in a violation of or conflict with or liability under any Anti-Boycott Regulations); and 

(c)    No Default or Event of Default has occurred and is continuing. 

  
 3 

 5.    Continuing Effect of the Credit Agreement. This Amendment
is limited solely to the matters expressly set forth herein. Subject to the express terms of this Amendment, the Credit Agreement and the other Loan Documents remain in full force and effect, and the Borrowers and the Lenders acknowledge and agree
that all of their obligations hereunder and under the Credit Agreement and the other Loan Documents shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment except to the extent
specified herein. Upon the effectiveness of this Amendment, each reference in the Credit Agreement and in any exhibits attached thereto to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar
import shall mean and be a reference to the Credit Agreement after giving effect hereto. 
 6.    Miscellaneous.

 (a)    Each Borrower hereby ratifies the Credit Agreement and each other Loan Document and acknowledges and reaffirms
(a) that it is bound by all terms of the Credit Agreement and the other Loan Documents applicable to it and (b) that it is responsible for the observance and full performance of its obligations. 

(b)    This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other
Loan Documents. 
 (c)    This Amendment may be executed in any number of counterparts, all of which taken together
shall constitute one and the same amendatory instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of a counterpart by electronic transmission shall be effective as delivery of a manually
executed counterpart hereof. 
 (d)    This Amendment shall be governed by, and construed in accordance with, the law
of the State of New York. 
 (e)    The provisions of Sections 9.03 (Expenses; Indemnity; Damage Waiver) (except
clause (c) thereof); 9.05 (Survival); 9.06 (Counterparts; Integration; Effectiveness); 9.09 (Governing Law; Jurisdiction; Consent to Service of Process); 9.10 (WAIVER OF JURY TRIAL); 9.12 (Confidentiality) and
9.19 (Electronic Execution of Assignments and Certain Other Documents) of the Credit Agreement shall apply with like effect to this Amendment. 

7. No Actions, Claims, Etc. As of the date hereof, the Borrowers hereby acknowledge and confirm that none of the Borrowers has any
knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Administrative Agent, the Lenders, the Issuing Lenders or the Administrative Agent’s, the
Lenders’ or the Issuing Lenders’ respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Credit Agreement or any other Loan Document
on or prior to the date hereof. 
 8. No Waivers. The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of any Lender, any Issuing Lender, the Administrative Agent or any other party under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan
Documents, all of which are ratified and affirmed in all respects and shall continue in full force and effect. 
 9. Successors and
Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 

  
 4 

 10. Entirety. This Amendment, together with the other Loan Documents, embody the
entire agreement among the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. 

11. Headings. Section headings herein are included for convenience of reference only and shall not affect the interpretation of this
Amendment. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written. 
  

			
	THE SHERWIN-WILLIAMS COMPANY
		
	By:	 	 /s/ Jeffrey J. Miklich

	Name:	 	Jeffrey J. Miklich
	Title:	 	Vice President and Treasurer
	
	SHERWIN-WILLIAMS CANADA INC.
		
	By:	 	 /s/ Jeffrey J. Miklich

	Name:	 	Jeffrey J. Miklich
	Title:	 	Vice President and Assistant Treasurer
	
	SHERWIN-WILLIAMS UK HOLDING LIMITED
		
	By:	 	 /s/ Jeffrey J. Miklich

	Name:	 	Jeffrey J. Miklich
	Title:	 	Director
	
	SHERWIN-WILLIAMS LUXEMBOURG S.À R.L.
		
	By:	 	 /s/ Lawrence J. Boron

	Name:	 	Lawrence J. Boron
	Title:	 	Class A Manager

 [Signature Page to Amendment No. 1 to Sherwin-Williams Credit Agreement] 

 
			
	 CITIBANK, N.A., as Administrative Agent

		
	By:	 	 /s/ Michael Vondirska

	Name:	 	Michael Vondirska
	Title:	 	Vice President

 [Signature Page to Amendment No. 1 to Sherwin-Williams Credit Agreement]

 
			
	 CITIBANK, N.A., as a Lender and as an

Issuing Lender

		
	By:	 	 /s/ Michael Vondirska

	Name:	 	Michael Vondirska
	Title:	 	Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and as an Issuing Lender
		
	By:	 	 /s/ Daniel Van Aken

	Name:	 	Daniel Van Aken
	Title:	 	Managing Director
	
	BANK OF AMERICA, N.A., as a Lender and as an Issuing Lender
		
	By:	 	 /s/ Mukesh Singh

	Name:	 	Mukesh Singh
	Title:	 	Director
	
	JPMORGAN CHASE BANK, N.A., as a Lender and as an Issuing Lender
		
	By:	 	 /s/ Peter S. Predun

	Name:	 	Peter S. Predun
	Title:	 	Executive Director
	
	U.S. BANK NATIONAL ASSOCIATION, as a Lender and as an Issuing Lender
		
	By:	 	 /s/ Mark D. Rodgers

	Name:	 	Mark D. Rodgers
	Title:	 	Vice President

 [Signature Page to Amendment No. 1 to Sherwin-Williams Credit Agreement] 

 
			
	 KeyBank National Association

as a Lender

		
	By:	 	 /s/ Marianne T. Meil

	Name:	 	Marianne T. Meil
	Title:	 	Senior Vice President

 [Signature Page to Amendment No. 1 to Sherwin-Williams Credit Agreement] 

 
			
	 PNC Bank National Association

as a Lender

		
	By:	 	 /s/ Scott Nolan

	Name:	 	Scott Nolan
	Title:	 	Vice President

 [Signature Page to Amendment No. 1 to Sherwin-Williams Credit Agreement] 

 
			
	 SunTrust Bank

as a Lender

		
	By:	 	 /s/ Alexander Harrison

	Name:	 	Alexander Harrison
	Title:	 	Vice President

 [Signature Page to Amendment No. 1 to Sherwin-Williams Credit Agreement] 

 
			
	 Royal Bank of Canada

as a Lender

		
	By:	 	 /s/ Sinan Tarlan

	Name:	 	Sinan Tarlan
	Title:	 	Authorized Signatory

 [Signature Page to Amendment No. 1 to Sherwin-Williams Credit Agreement] 

 
			
	 HSBC Bank USA, National Association

as a Lender

		
	By:	 	 /s/ Adam Hendley

	Name:	 	Adam Hendley
	Title:	 	Managing Director

 [Signature Page to Amendment No. 1 to Sherwin-Williams Credit Agreement] 

 
			
	 ING Bank N.V., Dublin Branch

as a Lender

		
	By:	 	 /s/ Sean Hassett

	Name:	 	Sean Hassett
	Title:	 	Director
		
	By:	 	 /s/ Ciaran Dunne

	Name:	 	Ciaran Dunne
	Title:	 	Director

 [Signature Page to Amendment No. 1 to Sherwin-Williams Credit Agreement] 

 
			
	 Australia and New Zealand Banking Group Limited

as a Lender

		
	By:	 	 /s/ Robert Grillo

	Name:	 	Robert Grillo
	Title:	 	Director

 [Signature Page to Amendment No. 1 to Sherwin-Williams Credit Agreement]EX-10.4

 Exhibit 10.4 

89bio Ltd. 
 June 25,
2018 
 Rohan Palekar 
 Dear Rohan: 

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

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

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

 Annual Bonus 

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

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

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

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

  
 2 

 Withholding 

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

At-will Employment 

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

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

  
 3 

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

Severance During the Change in Control Protection Period 

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

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

  
 4 

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

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

This offer is contingent upon: 
  

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

  

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

 Representations and Warranties 

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

  
 5 

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

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

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

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

 

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

  

  
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