<p>Leadership Vulnerability has garnered increasing attention in recent years from scholars and practitioners. However, the research in this field is still in its infancy and requires attention from academicians and researchers. The studies exploring vulnerability are mostly general without giving much consideration to the conceptualization of leadership vulnerability and only a few have attempted to include it in empirical studies. To fill this research gap, we have used the grounded theory approach to get an in-depth understanding of the concept of leadership vulnerability and to develop the content validity of the instrument that is deeply rooted in the data. Subsequently, the concepts emerging from grounded theory were positioned in the literature and then finally were assessed for content validity through a panel of experts using CVR, I-CVI, S-CVI, and Kappa statistics. The findings of the paper provide a valuable addition to the theory and practice on leadership by conceptualizing leadership vulnerability and suggesting an instrument for its measurement for researchers and practitioners.</p>