EX-10.4





 Exhibit 10.4 

RENEO PHARMACEUTICALS, INC. 

STOCK OPTION GRANT NOTICE 

(2021 EQUITY INCENTIVE PLAN) 

Reneo Pharmaceuticals, Inc. (the “Company”), pursuant to its 2021 Equity Incentive Plan (the
“Plan”), has granted to you (“Optionholder”) an option to purchase the number of shares of the Common Stock set forth below (the “Option”). Your Option is subject to all of the
terms and conditions as set forth herein and in the Plan, the Stock Option Agreement and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined
in the Plan or the Stock Option Agreement shall have the meanings set forth in the Plan or the Stock Option Agreement, as applicable. 
  

					
	 Optionholder:
	 	  
	 	
	 Date of Grant:
	 	  
	 	
	 Vesting Commencement Date:
	 	  
	 	
	 Number of Shares of Common Stock Subject to Option:
	 	  
	 	
	 Exercise Price (Per Share):
	 	  
	 	
	 Total Exercise Price:
	 	  
	 	
	 Expiration Date:
	 	  
	 	

  

			
	 Type of Grant:
	  	 [Incentive Stock Option]1 OR [Nonstatutory Stock
Option]

		
	 Exercise and
	  	
	 Vesting Schedule:
	  	 Subject to the Optionholder’s Continuous Service through each applicable vesting date, the Option will vest as
follows:

		
		  	 [1/4th of the shares vest and become exercisable on the one year
anniversary of the Vesting Commencement Date, and the balance of the shares vest and become exercisable in a series of thirty-six (36) successive equal monthly installments thereafter][, subject to the
potential vesting acceleration described in Section 2 of the Stock Option Agreement].


 Optionholder Acknowledgements: By your signature below or by electronic acceptance or authentication in
a form authorized by the Company, you understand and agree that: 
  

	 	●	 	 The Option is governed by this Stock Option Grant Notice, and the provisions of the Plan and the Stock Option
Agreement and the Notice of Exercise, all of which are made a part of this document. Unless otherwise provided in the Plan, this Grant Notice and the Stock Option Agreement (together, the “Option Agreement”) may
not be modified, amended or revised except in a writing signed by you and a duly authorized officer of the Company. 


  

	 	●	 	 [If the Option is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options granted to
you) cannot be first exercisable for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory Stock Option.] 



 

	 	●	 	 You consent to receive this Grant Notice, the Stock Option Agreement, the Plan, the Prospectus and any other
Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.



  

	 	●	 	 You have read and are familiar with the provisions of the Plan, the Stock Option Agreement, the Notice of
Exercise and the Prospectus. In the event of any conflict between the provisions in this Grant Notice, the 



  
  

1 If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options)
cannot be first exercisable for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory Stock Option. 














	 	 
Option Agreement, the Notice of Exercise, or the Prospectus and the terms of the Plan, the terms of the Plan shall control. 



 

	 	●	 	 The Option Agreement sets forth the entire understanding between you and the Company regarding the acquisition
of Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of other equity awards previously granted to you and any written employment agreement, offer letter, severance
agreement, written severance plan or policy, or other written agreement between the Company and you in each case that specifies the terms that should govern this Option. 



 

	 	●	 	 Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and
effective for all purposes. 


  

									
	 RENEO PHARMACEUTICALS, INC.
	 		  	 OPTIONHOLDER:

			
	
By:                      
                                         
                                         
             
	 	         
	  	  

	Signature	 		  	Signature
			
	
Title:                      
                                         
                                         
          
	 		  	
Date:                      
                                         
                                         
   

				
	
Date:                      
                                         
                                         
          
	 		  		  	

 ATTACHMENTS: Stock Option Agreement, 2021 Equity Incentive Plan, Notice
of Exercise 












 RENEO PHARMACEUTICALS, INC. 

2021 EQUITY INCENTIVE PLAN 

STOCK OPTION AGREEMENT 

As reflected by your Stock Option Grant Notice (“Grant Notice”), Reneo Pharmaceuticals, Inc. (the
“Company”) has granted you an option under its 2021 Equity Incentive Plan (the “Plan”) to purchase a number of shares of Common Stock at the exercise price indicated in your Grant Notice (the
“Option”). Capitalized terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the meanings set forth in the Grant Notice or Plan, as applicable. The terms of your Option as
specified in the Grant Notice and this Stock Option Agreement constitute your Option Agreement. 
 The general terms and
conditions applicable to your Option are as follows: 
 1.
        GOVERNING PLAN DOCUMENT. Your Option is subject to all the provisions of the Plan, including but not limited to the provisions in: 

a.         Section 6 regarding the impact of a Capitalization Adjustment,
dissolution, liquidation, or Corporate Transaction on your Option; 
 b.
      Section 9(e) regarding the Company’s retained rights to terminate your Continuous Service notwithstanding the grant of the Option; and 

c.         Section 8(c) regarding the tax consequences of your Option.

 Your Option is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and
adopted pursuant to the Plan. In the event of any conflict between the Option Agreement and the provisions of the Plan, the provisions of the Plan shall control. 

2.         VESTING. Your Option will vest as provided in
your Grant Notice, subject to the provisions contained herein and the terms of the Plan. Vesting will cease upon the termination of your Continuous Service. [Optional Double-Trigger Provision: Notwithstanding the foregoing, if a
Change in Control occurs and during the period beginning immediately prior to and ending twelve (12) months after the effective time of such Change in Control your Continuous Service terminates due to a termination by the Company (not including
death or Disability) without Cause or due to your voluntary resignation for Good Reason, then, as of the date of termination of your Continuous Service, the vesting and exercisability of your Option will be accelerated in full. 

a.         “Good Reason” means the occurrence of any
of the following events, conditions or actions taken by the Company (or successor to the Company, if applicable) without Cause and without your written consent: (i) a material reduction of your annual base salary; provided, however, that
Good Reason shall not be deemed to have occurred in the event of a reduction in your annual base salary that is pursuant to a salary reduction program affecting substantially all of the similarly situated employees of the Company and that
does not adversely 












 
affect you to a greater extent than other similarly situated employees; (ii) a material diminution in your authority, duties or responsibilities; (iii) a relocation of your principal
place of employment with the Company (or successor to the Company, if applicable) to a place that increases your one-way commute by more than fifty (50) miles as compared to your then-current principal
place of employment immediately prior to such relocation (excluding regular travel in the ordinary course of business); provided that (a) if your principal place of employment is your personal residence, this clause (iii) shall not apply
and (b) if you work remotely during any period in which your regular principal office location is a Company office that is closed, then neither your relocation to remote work or back to the office from remote work will be considered a
relocation of your principal office location for purposes of this definition; or (iv) a material breach by the Company of any provision of this Option Agreement or your employment agreement with the Company; provided, however, that in
each case above, in order for your resignation to be deemed to have been for Good Reason, you must first give the Board written notice of the action or omission giving rise to “Good Reason” within thirty (30) days after the first
occurrence thereof; the Company must fail to reasonably cure such action or omission within thirty (30) days after receipt of such notice (the “Cure Period”), and your resignation from all positions you hold with the
Company must be effective not later than thirty (30) days after the expiration of such Cure Period. 

b.        If any payment or benefit you would receive from the Company or
otherwise in connection with a Change in Control or other similar transaction (a “280G Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for
this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment (a “Payment”) shall be equal to the Reduced Amount. The
“Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and
including the total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all
computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the
Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction
Method”) that results in the greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction
Method”). 
 Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would
result in any portion of the Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject to taxes pursuant to Section 409A of the Code, then the Reduction Method and/or the Pro Rata Reduction
Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible, the greatest
economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or
eliminated) 












 
before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A of the Code
shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A of the Code. 

Unless you and the Company agree on an alternative accounting firm, the accounting firm engaged by the Company for general tax
compliance purposes as of the day prior to the effective date of the change of control transaction triggering the Payment shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor
for the individual, entity or group effecting the change of control transaction, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the
determinations by such accounting firm required to be made hereunder. The Company shall use commercially reasonable efforts to cause the accounting firm engaged to make the determinations hereunder to provide its calculations, together with detailed
supporting documentation, to you and the Company within fifteen (15) calendar days after the date on which your right to a 280G Payment becomes reasonably likely to occur (if requested at that time by you or the Company) or such other time as
requested by you or the Company. 
 If you receive a Payment for which the Reduced Amount was determined pursuant to clause
(x) of the first paragraph of this Section 2(b) and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you shall promptly return to the Company a sufficient amount of the
Payment (after reduction pursuant to clause (x) of the first paragraph of this Section 2(b) so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant
to clause (y) in the first paragraph of this Section 2(b), you shall have no obligation to return any portion of the Payment pursuant to the preceding sentence.] 

3.        EXERCISE. 

a.        You may generally exercise the vested portion of your Option for
whole shares of Common Stock at any time during its term by delivery of payment of the exercise price and applicable withholding taxes and other required documentation to the Plan Administrator in accordance with the exercise procedures established
by the Plan Administrator, which may include an electronic submission. Please review Sections 4(i), 4(j) and 7(b)(v) of the Plan, which may restrict or prohibit your ability to exercise your Option during certain periods. 

b.        To the extent permitted by Applicable Law, you may pay your Option
exercise price as follows: 
    1)     cash, check, bank draft or money order;

    2)     pursuant to a “cashless exercise” program as further
described in Section 4(c)(ii) of the Plan if at the time of exercise the Common Stock is publicly traded; 

   3)    subject to Company and/or Committee consent at the time of exercise, by
delivery of previously owned shares of Common Stock as further described in Section 4(c)(iii) of the Plan; or 













   4)        subject to Company and/or Committee consent at the
time of exercise, if the Option is a Nonstatutory Stock Option, by a “net exercise” arrangement as further described in Section 4(c)(iv) of the Plan. 

c.        By accepting your Option, you agree that you 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 with respect to any shares of Common Stock or other securities of the Company held
by you, for a period of 180 days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule
2241 or any successor or similar rules or regulation (the “Lock-Up Period”); provided, however, that nothing contained in this Section 3(c) will prevent the exercise
of a repurchase option, if any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the
underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until
the end of such period. You also agree that any transferee of any shares of Common Stock (or other securities) of the Company held by you will be bound by this Section 3(c). The underwriters of the Company’s stock are intended third party
beneficiaries of this Section 3(c) and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

4.        TERM. You may not exercise your Option before
the commencement of its term or after its term expires. The term of your Option commences on the Date of Grant and expires upon the earliest of the following: 

a.         immediately upon the termination of your Continuous Service for
Cause; 
 b.        three months after the termination of your Continuous
Service for any reason other than Cause, Disability or death; 
 c.
        12 months after the termination of your Continuous Service due to your Disability; 

d.         18 months after your death if you die during your Continuous
Service; 
 e.        immediately upon a Corporate Transaction if the Board
has determined that the Option will terminate in connection with a Corporate Transaction, 
 f.
        the Expiration Date indicated in your Grant Notice; or 
 g.
        the day before the 10th anniversary of the Date of Grant. 

Notwithstanding the foregoing, if you die during the period provided in Section 4(b) or 4(c) above, the term of your
Option shall not expire until the earlier of (i) 18 months after your death, (ii) upon any termination of the Option in connection with a Corporate Transaction, (iii) the Expiration Date indicated in your Grant Notice, or (iv) the day
before the tenth anniversary of the Date of Grant. Additionally, the Post-Termination Exercise Period of your Option may be 












 
extended as provided in Section 4(i) of the Plan. 
 To obtain
the federal income tax advantages associated with an Incentive Stock Option, the Code requires that at all times beginning on the date of grant of your Option and ending on the day three months before the date of your Option’s exercise, you
must be an employee of the Company or an Affiliate, except in the event of your death or Disability. If the Company provides for the extended exercisability of your Option under certain circumstances for your benefit, your Option will not
necessarily be treated as an Incentive Stock Option if you exercise your Option more than three months after the date your employment terminates. 

5.        WITHHOLDING OBLIGATIONS. As
further provided in Section 8 of the Plan: (a) you may not exercise your Option unless the applicable tax withholding obligations are satisfied, and (b) at the time you exercise your Option, in whole or in part, or at any time
thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “cashless exercise” pursuant to a
program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations, if any, which arise in
connection with the exercise of your Option in accordance with the withholding procedures established by the Company. Accordingly, you may not be able to exercise your Option even though the Option is vested, and the Company shall have no obligation
to issue shares of Common Stock subject to your Option, unless and until such obligations are satisfied. In the event that the amount of the Company’s withholding obligation in connection with your Option was greater than the amount actually
withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount. 

6.         INCENTIVE STOCK OPTION
DISPOSITION REQUIREMENT. If your Option is an Incentive Stock Option, you must notify the Company in writing within 15 days after the date of any disposition of any of the shares of the Common Stock issued upon
exercise of your Option that occurs within two years after the date of your Option grant or within one year after such shares of Common Stock are transferred upon exercise of your Option. 

7.        TRANSFERABILITY. Except as otherwise provided
in Section 4(e) of the Plan, your Option is not transferable, except by will or by the applicable laws of descent and distribution, and is exercisable during your life only by you. 

8.        CORPORATE TRANSACTION. Your
Option is subject to the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf
with respect to any escrow, indemnities and any contingent consideration. 

9.        NO LIABILITY FOR
TAXES. As a condition to accepting the Option, you hereby (a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from the
Option or other Company compensation and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors regarding the tax consequences of the Option and have either done so or knowingly and
voluntarily declined to do so. Additionally, you acknowledge that the Option is exempt from 












 Section 409A only if the exercise price is at least equal to the
“fair market value” of the Common Stock on the date of grant as determined by the Internal Revenue Service and there is no other impermissible deferral of compensation associated with the Option. Additionally, as a condition to accepting
the Option, you agree not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that such exercise is less than the “fair market value” of the
Common Stock on the date of grant as subsequently determined by the Internal Revenue Service. 

10.        SEVERABILITY. If any part of
this Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful
or invalid. Any Section of this Option Agreement (or part of such a Section) 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 

11.        OTHER DOCUMENTS. You hereby
acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus. In addition, you acknowledge receipt of the Company’s
Trading Policy. 
 12.        QUESTIONS. If you have
questions regarding these or any other terms and conditions applicable to your Option, including a summary of the applicable federal income tax consequences please see the Prospectus. 

*   *   *   * 












 RENEO PHARMACEUTICALS, INC. 

(2021 EQUITY INCENTIVE PLAN) 

NOTICE OF EXERCISE 

Reneo Pharmaceuticals, Inc. 

12230 El Camino Real, Suite 230 

San Diego, California 92130 
 Date
of Exercise: _______________ 
 This constitutes notice to Reneo Pharmaceuticals, Inc. (the
“Company”) that I elect to purchase the below number of shares of Common Stock of the Company (the “Shares”) by exercising my Option for the price set forth below. Capitalized terms not explicitly
defined in this Notice of Exercise but defined in the Grant Notice, Option Agreement or 2021 Equity Incentive Plan (the “Plan”) shall have the meanings set forth in the Grant Notice, Option Agreement or Plan, as applicable.
Use of certain payment methods is subject to Company and/or Committee consent and certain additional requirements set forth in the Option Agreement and the Plan. 
  

									
	 Type of option (check one):
	 		  	 Incentive ☐
	  	 Nonstatutory ☐

				
	 Date of Grant:
	 		  	
                       
             
	  	
				
	 Number of Shares as
to which Option is
exercised:
	 		  	
                       
             
	  	
				
	 Certificates to be
issued in name of:
	 		  	
                       
             
	  	
				
	 Total exercise price:
	 		  	
$                       
           
	  	
					
		 	Cash, check, bank draft or
money order delivered
herewith2:	 		  	
$                       
            
	  	
					
		 	Value of _____ Shares
delivered herewith:	 		  	
$                       
            
	  	

  

 
 2 Shares must meet the public trading requirements set forth in the option. Shares must be valued in accordance with the terms of the option being exercised, and must be owned free and clear of any
liens, claims, encumbrances or security interests. Certificates must be endorsed or accompanied by an executed assignment separate from certificate. 













									
		 	 Regulation T Program (cashless exercise)3:
	 		  	
$                       
            
	  	
					
		 	 Value of              Shares pursuant to net exercise4:
	 		  	
$                       
            
	  	

 By this exercise, I agree (i) to provide such additional documents as you may require
pursuant to the terms of the Plan, (ii) to satisfy the tax withholding obligations, if any, relating to the exercise of this Option as set forth in the Option Agreement, and (iii) if this exercise relates to an incentive stock option, to
notify you in writing within 15 days after the date of any disposition of any of the Shares issued upon exercise of this Option that occurs within two years after the Date of Grant or within one year after such Shares are issued upon exercise of
this Option. 
 I further agree that I 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 with respect to any shares of Common Stock or other securities of the Company that I hold, for a period of 180 days following the effective date of
a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the
“Lock-Up Period”); provided, however, that nothing contained in this paragraph will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. I further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give
further effect thereto. I further agree that in order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to shares of Common Stock that I hold until the end of such period. I also agree that any
transferee of any shares of Common Stock (or other securities) of the Company that I hold will be bound by this paragraph. The underwriters of the Company’s stock are intended third party beneficiaries of this paragraph and will have the right,
power and authority to enforce the provisions hereof as though they were a party hereto. 
 Very truly
yours,                                        
             
  

 
 3 Shares must meet public trading requirements set forth in the option, and the Company must have established cashless exercise procedures in order to utilize this payment method. 

4 The option must be a Nonstatutory Stock Option, and the Company must have established
net exercise procedures at the time of exercise, in order to utilize this payment method. 












 RENEO PHARMACEUTICALS, INC. 

STOCK OPTION GRANT NOTICE - INTERNATIONAL 

(2021 EQUITY INCENTIVE PLAN) 

Reneo Pharmaceuticals, Inc. (the “Company”), pursuant to its 2021 Equity Incentive Plan (the
“Plan”), has granted to you (“Optionholder”) an option to purchase the number of shares of the Common Stock set forth below (the “Option”). Your Option is subject to all of the
terms and conditions as set forth herein and in the Plan, the Stock Option Agreement (the definition of which shall include any special terms and conditions for your country set out in the attached appendix (the “Appendix”))
and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Stock Option Agreement shall have the meanings set forth in the
Plan or the Stock Option Agreement, as applicable. 
  

					
	 Optionholder:
	 	  
	 	
	 Date of Grant:
	 	  
	 	
	 Vesting Commencement Date:
	 	  
	 	
	 Number of Shares of Common Stock Subject to Option:
	 	  
	 	
	 Exercise Price (Per Share) (US$):
	 	  
	 	
	 Total Exercise Price (US$):
	 	  
	 	
	 Expiration Date:
	 	  
	 	

  

			
	 Type of Grant:
	  	 Nonstatutory Stock Option

		
	 Exercise and
	  	
	 Vesting Schedule:
	  	 Subject to the Optionholder’s Continuous Service through each applicable vesting date, the Option will vest as
follows:

		
		  	 [1/4th of the shares vest and become exercisable on the one year
anniversary of the Vesting Commencement Date, and the balance of the shares vest and become exercisable in a series of thirty-six (36) successive equal monthly installments thereafter][, subject to the
potential vesting acceleration described in Section 2 of the Stock Option Agreement].


 Optionholder Acknowledgements: By your signature below or by electronic acceptance or authentication in
a form authorized by the Company, you understand and agree that: 
  

	 	●	 	 The Option is governed by this Stock Option Grant Notice, and the provisions of the Plan and the Stock Option
Agreement and the Notice of Exercise, all of which are made a part of this document. Unless otherwise provided in the Plan, this Grant Notice and the Stock Option Agreement (together, the “Option Agreement”) may
not be modified, amended or revised except in a writing signed by you and a duly authorized officer of the Company. 


  

	 	●	 	 You consent to receive this Grant Notice, the Stock Option Agreement, the Plan, the Prospectus and any other
Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.



  

	 	●	 	 You have read and are familiar with the provisions of the Plan, the Stock Option Agreement, the Notice of
Exercise and the Prospectus. In the event of any conflict between the provisions in this Grant Notice, the Option Agreement, the Notice of Exercise, or the Prospectus and the terms of the Plan, the terms of the Plan shall control.



  

	 	●	 	 The Option Agreement sets forth the entire understanding between you and the Company regarding the acquisition
of Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of other equity awards previously granted to you and any 















	 	 
written employment agreement, offer letter, severance agreement, written severance plan or policy, or other written agreement between the Company and you in each case that specifies the terms
that should govern this Option. 


  

	 	●	 	 Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and
effective for all purposes. 


  

									
	 RENEO PHARMACEUTICALS, INC.
	 		  	 OPTIONHOLDER:

			
	
By:                      
                                         
                                         

	 		  	  

	Signature	 		  	Signature
			
	
Title:                      
                                         
                                     
	 		  	
Date:                      
                                         
                                         
  

				
	
Date:                      
                                         
                                     
	 		  		 	

 ATTACHMENTS: Stock Option Agreement (including the Appendix), 2021 Equity
Incentive Plan, Notice of Exercise 












 RENEO PHARMACEUTICALS, INC. 

2021 EQUITY INCENTIVE PLAN 

STOCK OPTION AGREEMENT - INTERNATIONAL 

As reflected by your Stock Option Grant Notice (“Grant Notice”), Reneo Pharmaceuticals, Inc. (the
“Company”) has granted you an option under its 2021 Equity Incentive Plan (the “Plan”) to purchase a number of shares of Common Stock at the exercise price indicated in your Grant Notice (the
“Option”). Capitalized terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the meanings set forth in the Grant Notice or Plan, as applicable. The terms of your Option as
specified in the Grant Notice and this Stock Option Agreement (the definition of which shall include any special terms and conditions for your country set out in the attached appendix (the “Appendix”)) constitute your Option
Agreement. 
 The general terms and conditions applicable to your Option are as follows: 

1.        GOVERNING PLAN
DOCUMENT. Your Option is subject to all the provisions of the Plan, including but not limited to the provisions in: 

a.        Section 6 regarding the impact of a Capitalization Adjustment,
dissolution, liquidation, or Corporate Transaction on your Option; 

b.        Section 9(e) regarding the Company’s retained rights to
terminate your Continuous Service notwithstanding the grant of the Option; and 
 c.
        Section 8(c) regarding the tax consequences of your Option. 
 Your Option is
further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the Option Agreement and the provisions of the Plan, the
provisions of the Plan shall control. 
 2.        VESTING.
Your Option will vest as provided in your Grant Notice, subject to the provisions contained herein and the terms of the Plan. Vesting will cease upon the termination of your Continuous Service. [Optional Double-Trigger
Provision: Notwithstanding the foregoing, if a Change in Control occurs and during the period beginning immediately prior to and ending twelve (12) months after the effective time of such Change in Control your Continuous Service
terminates due to a termination by the Company (not including death or Disability) without Cause or due to your voluntary resignation for Good Reason, then, as of the date of termination of your Continuous Service, the vesting and exercisability of
your Option will be accelerated in full. 
 a.        “Good
Reason” means the occurrence of any of the following events, conditions or actions taken by the Company (or successor to the Company, if applicable) without Cause and without your written consent: (i) a material reduction of your
annual base salary; provided, however, that Good Reason shall not be deemed to have occurred in the event of a reduction in your annual base salary that is pursuant to a salary reduction program affecting 












 substantially all of the similarly situated employees of the Company and that does not
adversely affect you to a greater extent than other similarly situated employees; (ii) a material diminution in your authority, duties or responsibilities; (iii) a relocation of your principal place of employment with the Company (or
successor to the Company, if applicable) to a place that increases your one-way commute by more than fifty (50) miles as compared to your then-current principal place of employment immediately prior to
such relocation (excluding regular travel in the ordinary course of business); provided that (a) if your principal place of employment is your personal residence, this clause (iii) shall not apply and (b) if you work remotely during
any period in which your regular principal office location is a Company office that is closed, then neither your relocation to remote work or back to the office from remote work will be considered a relocation of your principal office location for
purposes of this definition; or (iv) a material breach by the Company of any provision of this Option Agreement or your employment agreement with the Company; provided, however, that in each case above, in order for your resignation to
be deemed to have been for Good Reason, you must first give the Board written notice of the action or omission giving rise to “Good Reason” within thirty (30) days after the first occurrence thereof; the Company must fail to
reasonably cure such action or omission within thirty (30) days after receipt of such notice (the “Cure Period”), and your resignation from all positions you hold with the Company must be effective not later than thirty
(30) days after the expiration of such Cure Period. 
 b.        If any
payment or benefit you would receive from the Company or otherwise in connection with a Change in Control or other similar transaction (a “280G Payment”) would (i) constitute a “parachute payment” within the
meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment (a
“Payment”) shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being
subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and
local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater economic benefit notwithstanding
that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the
reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so reduced will be
reduced pro rata (the “Pro Rata Reduction Method”). 
 Notwithstanding the foregoing, if the
Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject to taxes pursuant to Section 409A of the Code,
then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows: (A) as a first priority, the modification shall
preserve to the greatest extent possible, the greatest economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments that are 












 
contingent on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority,
Payments that are “deferred compensation” within the meaning of Section 409A of the Code shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A of the Code. 

Unless you and the Company agree on an alternative accounting firm, the accounting firm engaged by the Company for general tax
compliance purposes as of the day prior to the effective date of the change of control transaction triggering the Payment shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor
for the individual, entity or group effecting the change of control transaction, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the
determinations by such accounting firm required to be made hereunder. The Company shall use commercially reasonable efforts to cause the accounting firm engaged to make the determinations hereunder to provide its calculations, together with detailed
supporting documentation, to you and the Company within fifteen (15) calendar days after the date on which your right to a 280G Payment becomes reasonably likely to occur (if requested at that time by you or the Company) or such other time as
requested by you or the Company. 
 If you receive a Payment for which the Reduced Amount was determined pursuant to clause
(x) of the first paragraph of this Section 2(b) and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you shall promptly return to the Company a sufficient amount of the
Payment (after reduction pursuant to clause (x) of the first paragraph of this Section 2(b) so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant
to clause (y) in the first paragraph of this Section 2(b), you shall have no obligation to return any portion of the Payment pursuant to the preceding sentence.] 

3.         EXERCISE. 

a.        You may generally exercise the vested portion of your Option for
whole shares of Common Stock at any time during its term by delivery of payment of the exercise price and applicable withholding taxes and other required documentation to the Plan Administrator in accordance with the exercise procedures established
by the Plan Administrator, which may include an electronic submission. Please review Sections 4(i), 4(j) and 7(b)(v) of the Plan, which may restrict or prohibit your ability to exercise your Option during certain periods. 

b.        To the extent permitted by Applicable Law, you may pay your Option
exercise price as follows: 
    1)         cash, check, bank
draft or money order; 
    2)        pursuant to a
“cashless exercise” program as further described in Section 4(c)(ii) of the Plan if at the time of exercise the Common Stock is publicly traded; 













   3)        subject to Company and/or Committee consent at the
time of exercise, by delivery of previously owned shares of Common Stock as further described in Section 4(c)(iii) of the Plan; or 

   4)        subject to Company and/or Committee consent at the
time of exercise, if the Option is a Nonstatutory Stock Option, by a “net exercise” arrangement as further described in Section 4(c)(iv) of the Plan. 

c.        By accepting your Option, you agree that you 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 with respect to any shares of Common Stock or other securities of the Company held
by you, for a period of 180 days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule
2241 or any successor or similar rules or regulation (the “Lock-Up Period”); provided, however, that nothing contained in this Section 3(c) will prevent the exercise
of a repurchase option, if any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the
underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until
the end of such period. You also agree that any transferee of any shares of Common Stock (or other securities) of the Company held by you will be bound by this Section 3(c). The underwriters of the Company’s stock are intended third party
beneficiaries of this Section 3(c) and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

4.        TERM. You may not exercise your Option before
the commencement of its term or after its term expires. The term of your Option commences on the Date of Grant and expires upon the earliest of the following: 

a.         immediately upon the termination of your Continuous Service for
Cause; 
 b.        three months after the termination of your Continuous
Service for any reason other than Cause, Disability or death; 
 c.
        12 months after the termination of your Continuous Service due to your Disability; 

d.         18 months after your death if you die during your Continuous
Service; 
 e.        immediately upon a Corporate Transaction if the Board
has determined that the Option will terminate in connection with a Corporate Transaction, 

f.        the Expiration Date indicated in your Grant Notice; or 

g.        the day before the 10th anniversary of the Date of Grant. 

Notwithstanding the foregoing, if you die during the period provided in Section 4(b) or 












 
4(c) above, the term of your Option shall not expire until the earlier of (i) 18 months after your death, (ii) upon any termination of the Option in connection with a Corporate Transaction,
(iii) the Expiration Date indicated in your Grant Notice, or (iv) the day before the tenth anniversary of the Date of Grant. Additionally, the Post-Termination Exercise Period of your Option may be extended as provided in Section 4(i)
of the Plan. 
 5.        WITHHOLDING
OBLIGATIONS. As further provided in Section 8 of the Plan: (a) you may not exercise your Option unless the applicable tax withholding and social security obligations are satisfied, and (b) at the time you
exercise your Option, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by
means of a “cashless exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax
and social security withholding obligations, if any, which arise in connection with the exercise of your Option in accordance with the withholding procedures established by the Company. Accordingly, you may not be able to exercise your Option even
though the Option is vested, and the Company shall have no obligation to issue shares of Common Stock subject to your Option, unless and until such obligations are satisfied. In the event that the amount of the Company’s (or any
Affiliate’s) withholding obligation in connection with your Option was greater than the amount actually withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

 6.        TRANSFERABILITY. Your Option is not
transferable, except to your personal representative on your death, and is exercisable during your life only by you or by your personal representative after your death. 

7.        CORPORATE TRANSACTION. Your
Option is subject to the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf
with respect to any escrow, indemnities and any contingent consideration. 

8.        NO LIABILITY FOR
TAXES. As a condition to accepting the Option, you hereby (a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax and/or social
security liabilities arising from the Option or other Company compensation and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors regarding the tax and social security consequences of
the Option and have either done so or knowingly and voluntarily declined to do so. Additionally, if you are subject to taxation in the United States, you acknowledge that the Option is exempt from Section 409A only if the exercise price is at
least equal to the “fair market value” of the Common Stock on the date of grant as determined by the Internal Revenue Service and there is no other impermissible deferral of compensation associated with the Option. Additionally, as a
condition to accepting the Option, you agree not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that such exercise is less than the “fair
market value” of the Common Stock on the date of grant as subsequently determined by the Internal Revenue Service. 













9.        SEVERABILITY. If any part of this
Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or
invalid. Any Section of this Option Agreement (or part of such a Section) 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. 
 10.      OTHER
DOCUMENTS. You hereby acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus. In addition, you
acknowledge receipt of the Company’s Trading Policy. 

11.      OPTION NOT A
SERVICE CONTRACT. Your Option is not an employment or service contract, and nothing in your Option will be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the
Company or an Affiliate, or of the Company or an Affiliate to continue your employment. In addition, nothing in your Option will obligate the Company or an Affiliate, their respective stockholders, boards of directors, officers or employees to
continue any relationship that you might have as a Director or Consultant for the Company or an Affiliate. By accepting your Option, you acknowledge, understand and agree that: 

a.        the Plan is established voluntarily by the Company, it is
discretionary in nature, and may be amended, suspended or terminated by the Company at any time, to the extent permitted under the Plan; 

b.        the grant of your Option is voluntary and occasional and does not
create any contractual or other right to receive future grants of options (whether on the same or different terms), or benefits in lieu of options, even if options have been granted in the past; 

c.        your Options and any shares of Common Stock acquired under the Plan
on exercise of your Options, and the income and value of same, are not part of normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, holiday pay, long-service awards, pension or retirement or welfare benefits or similar payments; 

d.        the future value of the shares of Common Stock underlying the Option
is unknown, indeterminable, and cannot be predicted with certainty; 

e.        neither the Company nor any Affiliate shall be liable for any
foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of your Options or of any amounts due to you pursuant to the exercise of your Option or the subsequent sale of any shares of Common
Stock received; and 
 f.        no claim or entitlement to compensation or
damages shall arise from forfeiture of this Option resulting from the termination of your Continuous Service (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are
employed or the terms of your employment or service agreement, if any), and in consideration of the grant of this Option to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company or any
Affiliate, waive your 












 
ability, if any, to bring any such claim, and release the Company and any Affiliate from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent
jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim. 

12.        NO ADVICE REGARDING
GRANT. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying shares of Common
Stock. You should consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action. 

13.       DATA PRIVACY. 

a.        You explicitly and unambiguously acknowledge and consent to the
collection, use and transfer, in electronic or other form, of your personal data as described in this document by and among, as applicable, your employer, the Company and its Affiliates for the exclusive purpose of implementing, administering and
managing your participation in the Plan. You understand that the Company, its Affiliates and your employer hold certain personal information about you, including, but not limited to, name, home address and telephone number, date of birth, social
security number (or other identification number), salary, nationality, job title, any shares of stock or directorships held in the Company, details of all options or any other entitlement to shares of Common Stock awarded, canceled, purchased,
exercised, vested, unvested or outstanding in your favor for the purpose of implementing, managing and administering the Plan (“Data”). You understand that the Data may be transferred to any third parties assisting in the
implementation, administration and management of the Plan, that these recipients may be located in your country or elsewhere, in particular in the US, and that the recipient country may have different data privacy laws providing less protections of
your personal data than your country. You may request a list with the names and addresses of any potential recipients of the Data by contacting the stock plan administrator at the Company (the “Stock Plan Administrator”). You
acknowledge that the recipients may receive, possess, process, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite
transfer of such Data, as may be required to a broker or other third party with whom you may elect to deposit any shares of Common Stock acquired upon the exercise of your Option. You understand that Data will be held only as long as is necessary to
implement, administer and manage your participation in the Plan. You may, at any time, view the Data, request additional information about the storage and processing of the Data, require any necessary amendments to the Data or refuse or withdraw the
consents herein, in any case without cost, by contacting the Stock Plan Administrator in writing. 

b.        For the purposes of operating the Plan in the European Union and the
United Kingdom, the Company will collect and process information relating to you in accordance with the privacy notice from time to time in force. 

14.        LANGUAGE. You acknowledge that you are
sufficiently proficient in the English language, or have consulted with an advisor who is sufficiently proficient in English, so as to allow you to understand the terms and conditions of this Option Agreement. If you have received this 












 
Option Agreement, or any other document related to your Option and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the
English version, the English version will control. 
 15.
        FOREIGN ASSET/ACCOUNT, EXCHANGE CONTROL AND TAX REPORTING. You may be subject
to foreign asset/account, exchange control and/or tax reporting requirements as a result of the acquisition, holding and/or transfer of shares of Common Stock or cash (including dividends and the proceeds arising from the sale of shares of Common
Stock) derived from your participation in the Plan in, to and/or from a brokerage/bank account or legal entity located outside your country. The applicable laws in your country may require that you report such accounts, assets and balances therein,
the value thereof and/or the transactions related thereto to the applicable authorities in such country. You may also be required to repatriate sale proceeds or other funds received as a result of your participation in the Plan to your country
through a designated bank or broker within a certain time after receipt. You acknowledge that it is your responsibility to be compliant with such regulations and you are encouraged to consult with your personal legal advisor for any details. 

16.        APPENDIX. Notwithstanding any provisions in
this Option Agreement, your Option shall be subject to the special terms and conditions for your country set forth in the Appendix attached to this Option Agreement. Moreover, if you relocate to one of the countries included therein, the
terms and conditions for such country will apply to you to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this
Option Agreement. 
 17.         CHOICE OF
LAW. The interpretation, performance and enforcement of this Option Agreement shall be governed by the laws of the State of Delaware without regard to that state’s conflicts of laws rules. 

18.        QUESTIONS. If you have questions regarding
these or any other terms and conditions applicable to your Option, including a summary of the applicable federal income tax consequences please see the Prospectus. 

*   *   *   * 












 APPENDIX 

This Appendix includes special terms and conditions that govern the Option granted to you under the Plan if you reside and/or work in any
country listed below. 
 The information contained herein is general in nature and may not apply to your particular situation, and you are
advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation. If you are a citizen or resident of a country other than the one in which you are currently working and/or residing, transfer
employment and/or residency to another country after the date of grant, are a consultant, change employment status to a consultant position, or are considered a resident of another country for local law purposes, the Company shall, in its
discretion, determine the extent to which the special terms and conditions contained herein shall be applicable to you. References to your employer shall include any entity that engages your services. 

UNITED KINGDOM 

Option Not a Service Contract. The following supplements Section 11 of the Option Agreement: 

You waive all rights to compensation or damages in consequence of the termination of your office or employment with the Company or any
Affiliate for any reason whatsoever (whether lawful or unlawful and including, without prejudice to the foregoing, in circumstances giving rise to a claim for wrongful dismissal) in so far as those rights arise or may arise from you ceasing to hold
or being able to vest your Option, or from the loss or diminution in value of any rights or entitlements in connection with the Plan. 

Withholding Obligations. The following supplements Section 5 of the Option Agreement: 

As a condition of the vesting of your Option, you unconditionally and irrevocably agree: 

(i)        to place the Company in funds and indemnify the Company in respect of
(1) all liability to UK income tax which the Company is liable to account for on your behalf directly to HM Revenue & Customs; and (2) all liability to employee’s national insurance contributions which the Company is liable
to account for on your behalf to HM Revenue & Customs, which arises as a consequence of or in connection with the exercise of your Option (the “UK Tax Liability”); or 

(ii)        to permit the Company to sell at the best price which it can reasonably
obtain such number of shares of Common Stock allocated or allotted to you following exercise as will provide the Company with an amount equal to the UK Tax Liability; and to permit the Company to withhold an amount not exceeding the UK Tax Liability
from any payment made to you (including, but not limited to salary); and 
 (iii)       if so
required by the Company, to enter into a joint election within Section 431 of (UK) Income Tax (Earnings and Pensions) Act 2003 (“ITEPA”) in respect of computing any tax 

  
 21. 













 
charge on the acquisition of “restricted securities” (as defined in Section 423 and 424 of ITEPA); and 

(v)        to sign, promptly, all documents required by the Company to effect the
terms of this provision, and references in this provision to “the Company” shall, if applicable, be construed as also referring to any Affiliate. 

Clawback/Recovery. By executing the Option Agreement, you expressly consent in writing to the application of the right of
recoupment to your Option in accordance with the terms of Section 9(i) of the Plan. 
 Employment not “at will”. In
Section 9(e) of the Plan, references to “at will” employment are deleted. 












 RENEO PHARMACEUTICALS, INC. 

(2021 EQUITY INCENTIVE PLAN) 

NOTICE OF EXERCISE 
 Reneo Pharmaceuticals,
Inc. 
 12230 El Camino Real, Suite 230 

San Diego, California 92130 
 Date
of Exercise: _______________ 
 This constitutes notice to Reneo Pharmaceuticals, Inc. (the
“Company”) that I elect to purchase the below number of shares of Common Stock of the Company (the “Shares”) by exercising my Option for the price set forth below. Capitalized terms not explicitly
defined in this Notice of Exercise but defined in the Grant Notice, Option Agreement or 2021 Equity Incentive Plan (the “Plan”) shall have the meanings set forth in the Grant Notice, Option Agreement or Plan, as applicable.
Use of certain payment methods is subject to Company and/or Committee consent and certain additional requirements set forth in the Option Agreement and the Plan. 
  

			
	   Type of option:
	  	 Nonstatutory

		
	   Date of Grant:
	  	
	
	   Number of Shares as

	   to which Option is
	  	
	   exercised:
	  	
		
	   Certificates to be
	  	
	   issued in name of:
	  	
	
	   Total exercise price (US$):

	
	   Cash, check, bank draft or

	   money order delivered

	   herewith:
	  	
		
	   Value of             
Shares
	  	
	   delivered herewith:

		
	   Regulation T Program
	  	
	   (cashless exercise)

		
	   Value of             
Shares
	  	
	   pursuant to net exercise:


  
 By this exercise, I agree
(i) to provide such additional documents as you may require 












 pursuant to the terms of the Plan, the Option Agreement or Appendix thereto, including, if
requested, a joint election within Section 431 of (UK) Income Tax (Earnings and Pensions) Act 2003; and (ii) to satisfy the tax and social security withholding obligations, if any, relating to the exercise of this Option as set forth in
the Option Agreement. 
 I further agree that I 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 with respect to any shares of Common Stock or other securities of the Company that I hold, for a period of 180 days following the
effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or
regulation (the “Lock-Up Period”); provided, however, that nothing contained in this paragraph will prevent the exercise of a repurchase option, if any, in favor of the Company
during the Lock-Up Period. I further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are
necessary to give further effect thereto. I further agree that in order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to shares of Common Stock that I hold until the end of such period. I also
agree that any transferee of any shares of Common Stock (or other securities) of the Company that I hold will be bound by this paragraph. The underwriters of the Company’s stock are intended third party beneficiaries of this paragraph and will
have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 
  

	
	 Very truly yours,