EX-10.6





 Exhibit 10.6 

2021 Equity Incentive Plan 

Form of Global RSU Grant Package 

ELIEM THERAPEUTICS, INC. 

RSU AWARD GRANT NOTICE 

(2021 EQUITY INCENTIVE PLAN) 
 Eliem
Therapeutics, Inc. (the “Company”) has awarded to you (the “Participant”) the number of restricted stock units specified and on the terms set forth below in consideration of your services (the
“RSU Award”). Your RSU Award is subject to all of the terms and conditions as set forth herein and in the Eliem Therapeutics, Inc. 2021 Equity Incentive Plan (the “Plan”) and the Award Agreement
including, if you are resident, subject to tax, or work outside the U.S., the general non-US terms and any special terms and conditions for your country, each set out in the attached appendix (the
“Appendix” and together, the “Agreement”), which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Agreement
shall have the meanings set forth in the Plan or the Agreement. 
  

			
	Participant:	 	 
	Date of Grant:	 	 
	Vesting Commencement Date:	 	 
	 Number of Restricted Stock Units:
	 	 

  

			
	Vesting Schedule:	  	 [__________________________________________________________________________________________].

		  	Notwithstanding the foregoing, vesting shall terminate upon the Participant’s termination of Continuous Service.
		
	Issuance Schedule:	  	Subject to any Capitalization Adjustment, one share of Common Stock will be issued at the time set forth in Section 6 of the Agreement for each restricted stock unit which vests.
	
	Mandatory Sale to Cover Withholding Taxes:
		
	 	  	By accepting this RSU Award, to the fullest extent permitted under the Plan and applicable law, Participant is
electing to satisfy withholding taxes through the sale of a number of the shares subject to the RSU Award
as
determined in accordance with the procedures specified in Section 4(b) of the Agreement (“Sell to Cover”).
The Company is authorized and directed by Participant to make payment from the cash proceeds of this sale
directly
to the appropriate taxing authorities in an amount equal to the taxes required to be withheld. The
mandatory Sell to Cover is imposed by the Company on Participant in connection with the receipt of the RSU
Award, and it is intended to comply
with the requirements of Rule 10b5-1(c)(1)(i) under the Exchange Act and
be interpreted to meet the requirements of Rule 10b5-1(c).

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

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



  
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	 	•	 	 You have read and are familiar with the provisions of the Plan, the RSU Award Agreement and the Prospectus. In
the event of any conflict between the provisions in the RSU Award Agreement, or the Prospectus and the terms of the Plan, the terms of the Plan shall control. 



 

	 	•	 	 The RSU Award 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: (i) other equity awards previously granted to you, and (ii) 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 RSU Award. 



 

									
	ELIEM THERAPEUTICS, INC.	 		 	PARTICIPANT:
				
	By:	 	                            	 		 	 
		 	Signature	 		 		 	Signature


									
					
	Title:	 	 	 		 	Date:	 	 
					
	Date:	 	 	 		 		 	

 ATTACHMENTS: Award Agreement (including the Appendix), 2021 Equity
Incentive Plan 

  
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 ATTACHMENT I 

ELIEM THERAPEUTICS, INC. 

AWARD AGREEMENT 
 (2021
EQUITY INCENTIVE PLAN) 
 As reflected by your RSU Award Grant Notice (“Grant Notice”), Eliem Therapeutics, Inc.
(the “Company”) has granted you a RSU Award under the Eliem Therapeutics, Inc. 2021 Equity Incentive Plan (the “Plan”) for the number of restricted stock units as indicated in your Grant Notice (the
“RSU Award”). The terms of your RSU Award as specified in this Award Agreement for your RSU Award including, if you are resident, subject to tax, or work outside the U.S., the general
non-US terms and any special terms and conditions for your country, each set out in the attached appendix (the “Appendix” and together, this “Agreement”) and the
Grant Notice constitute your “RSU Award Agreement”. Defined terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the same definitions as in the Grant Notice or Plan, as
applicable. 
 The general terms applicable to your RSU Award are as follows: 

1. GOVERNING PLAN DOCUMENT. Your RSU Award is subject to all the provisions of the
Plan, including but not limited to the provisions in: 
 (a) Section 6 of the Plan regarding the impact of a Capitalization
Adjustment, dissolution, liquidation, or Corporate Transaction on your RSU Award; 
 (b) Section 9(e) of the Plan regarding the
Company’s retained rights to terminate your Continuous Service notwithstanding the grant of the RSU Award; and 
 (c) Section 8
of the Plan regarding the tax consequences of your RSU Award. 
 Your RSU Award 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 RSU Award Agreement and the provisions of the Plan, the provisions of the Plan shall control. 

2. GRANT OF THE RSU AWARD. This RSU Award represents your right to
be issued on a future date the number of shares of the Company’s Common Stock that is equal to the number of restricted stock units indicated in the Grant Notice as modified to reflect any Capitalization Adjustment and subject to your
satisfaction of the vesting conditions set forth therein (the “Restricted Stock Units”). Any additional Restricted Stock Units that become subject to the RSU Award pursuant to Capitalization Adjustments as set forth in the
Plan and the provisions of Section 3 below, if any, shall be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other
Restricted Stock Units covered by your RSU Award. 
 3. DIVIDENDS. You shall receive no benefit or
adjustment to your RSU Award with respect to any cash dividend, stock dividend or other distribution that does not result from a Capitalization Adjustment; provided, however, that this sentence will not apply with respect to any shares of Common
Stock that are delivered to you in connection with your RSU Award after such shares have been delivered to you. 

  
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 4. WITHHOLDING OBLIGATIONS. 

(a) On each vesting date, and on or before the time you receive a distribution of the shares underlying your Restricted Stock Units,
and at any other time as reasonably requested by the Company in accordance with applicable tax laws, you hereby authorize any required withholding from the Common Stock issuable to you and/or otherwise agree to make adequate provision, including in
cash, for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate that arise in connection with your RSU Award (the “Withholding Obligation”). 

(b) By accepting your RSU Award as set forth in the Grant Notice, you hereby (i) acknowledge and agree that you have elected a
Sell to Cover (as defined in the Grant Notice) to permit you to satisfy the Withholding Obligation and that the Withholding Obligation shall be satisfied pursuant to this Section 4(b) to the fullest extent not otherwise satisfied pursuant to
the provisions of Section 4(c) and (ii) further acknowledge and agree to the following provisions: 
 (i) You hereby
irrevocably appoint [•], or such other registered broker-dealer that is a member of the Financial Industry Regulatory Authority as the Company may select, as your agent (the “Agent”), and you authorize and direct
the Agent to: 
 (1) Sell on the open market at the then prevailing market price(s), on your behalf, as soon as practicable on or
after the date on which the shares of Common Stock are delivered to you pursuant to Section 6 hereof in connection with the vesting of the Restricted Stock Units, the number (rounded up to the next whole number) of shares of Common Stock
sufficient to generate proceeds to cover (A) the satisfaction of the Withholding Obligation arising from the vesting of those Restricted Stock Units and the related issuance of shares of Common Stock to you that is not otherwise satisfied
pursuant to Section 4(c) hereof and (B) all applicable fees and commissions due to, or required to be collected by, the Agent with respect thereto; 

(2) Remit directly to the Company and/or any Affiliate the proceeds necessary to satisfy the Withholding Obligation; 

(3) Retain the amount required to cover all applicable fees and commissions due to, or required to be collected by, the Agent,
relating directly to the sale of the shares of Common Stock referred to in clause (1) above; and 
 (4) Remit any remaining
funds to you. 
 (ii) You acknowledge that your Sell to Cover election and the corresponding authorization and instruction to the
Agent set forth in this Section 4(b) to sell Common Stock to satisfy the Withholding Obligation is intended to comply with the requirements of Rule 10b5-1(c)(1) under the Exchange Act and to be
interpreted to comply with the requirements of Rule 10b5-1(c) under the Exchange Act (your Sell to Cover election and the provisions of this Section 4(b), collectively, the “10b5-1 Plan”). You acknowledge that by accepting your RSU Award as set forth in the Grant Notice, you are adopting the 10b5-1 Plan to permit you to satisfy the
Withholding Obligation. You hereby authorize the Company and the Agent to cooperate and communicate with one another to determine the number of shares of Common Stock that must be sold pursuant to Section 4(b)(i) to satisfy your obligations
hereunder. 
 (iii) You acknowledge that the Agent is under no obligation to arrange for the sale of Common Stock at any particular
price under this 10b5-1 Plan and that the Agent may effect sales as provided in this 10b5-1 Plan in one or more sales and that the average price for executions resulting
from bunched orders may be assigned to your account. You further acknowledge that you will be responsible 

  
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for all brokerage fees and other costs of sale associated with this 10b5-1 Plan, and you agree to indemnify and hold the Company harmless from any losses,
costs, damages, or expenses relating to any such sale. In addition, you acknowledge that it may not be possible to sell shares of Common Stock as provided for in this 10b5-1 Plan due to (i) a legal or
contractual restriction applicable to you or the Agent, (ii) a market disruption, (iii) a sale effected pursuant to this 10b5-1 Plan that would not comply (or in the reasonable opinion of the
Agent’s counsel is likely not to comply) with the Securities Act, (iv) the Company’s determination that sales may not be effected under this 10b5-1 Plan or (v) rules governing order
execution priority on the national exchange where the Common Stock may be traded. In the event of the Agent’s inability to sell shares of Common Stock, you will continue to be responsible for the timely payment to the Company of all federal,
state, local and foreign taxes that are required by applicable laws and regulations to be withheld. 
 (iv) You acknowledge that
regardless of any other term or condition of this 10b5-1 Plan, the Agent will not be liable to you for (A) special, indirect, punitive, exemplary, or consequential damages, or incidental losses or damages
of any kind, or (B) any failure to perform or for any delay in performance that results from a cause or circumstance that is beyond its reasonable control. 

(v) You hereby agree to execute and deliver to the Agent any other agreements or documents as the Agent reasonably deems necessary or
appropriate to carry out the purposes and intent of this 10b5-1 Plan. The Agent is a third-party beneficiary of this Section 4(b) and the terms of this 10b5-1 Plan.

 (vi) Your Sell to Cover election and to enter into this 10b5-1 Plan is irrevocable. You
have elected to Sell to Cover and to enter into this 10b5-1 Plan, and you acknowledge that you may not change this election at any time in the future. This 10b5-1 Plan
shall terminate not later than the date on which the Withholding Obligation arising from the vesting of your Restricted Stock Units and the related issuance of shares of Common Stock has been satisfied. 

(c) Alternatively, or in addition to or in combination with the Sell to Cover provided for under Section 4(b), you authorize the
Company, at its discretion, to satisfy the Withholding Obligation by the following means (or by a combination of the following means): 

(i) Requiring you to pay to the Company any portion of the Withholding Obligation in cash; 

(ii) Withholding from any compensation otherwise payable to you by the Company or any Affiliate; and/or 

(iii) Withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the
RSU Award with a Fair Market Value (measured as of the date shares of Common Stock are issued pursuant to Section 6) equal to the amount of the Withholding Obligation; provided, however, that the number of such shares of Common Stock so
withheld will not exceed the amount necessary to satisfy the Withholding Obligation using the maximum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that are applicable to supplemental
taxable income (or such other amount as may be permitted while still avoiding classification of the RSU Award as a liability for financial accounting purposes); and provided, further, that to the extent necessary to qualify for an
exemption from application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure will be subject to the express prior approval of the Board or the Company’s Compensation Committee. 

  
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 (d) Unless the Withholding Obligation is satisfied, the Company shall have no
obligation to deliver to you any Common Stock or any other consideration pursuant to this RSU Award. 
 (e) In the event the
Withholding Obligation arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Withholding Obligation was greater than the amount withheld by the Company, you agree to
indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount. 
 5. TAX
CONSEQUENCES. The Company has no duty or obligation to minimize the tax consequences to you of this RSU Award and shall not be liable to you for any adverse tax consequences to you arising in connection with this RSU Award. You
are hereby advised to consult with your own personal tax, financial and/or legal advisors regarding the tax consequences of this RSU Award and by signing the Grant Notice, you have agreed that you have done so or knowingly and voluntarily declined
to do so. You understand that you (and not the Company) shall be responsible for your own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. 

6. DATE OF ISSUANCE. 

(a) The issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section 1.409A-1(b)(4) and will be construed and administered in such a manner. Subject to the satisfaction of the Withholding Obligation, if any, in the event one or more Restricted Stock Units vests, the
Company shall issue to you one (1) share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section 3 above, and subject to any different provisions in the Grant
Notice). Each issuance date determined by this paragraph is referred to as an “Original Issuance Date.” 

(b) If the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on the next following
business day. In addition, if: 
 (i) the Original Issuance Date does not occur (1) during an “open window
period” applicable to you, as determined by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date when you are otherwise permitted to sell shares of Common Stock on an
established stock exchange or stock market, and 
 (ii) either (1) a Withholding Obligation does not apply, or
(2) the Company decides, prior to the Original Issuance Date, (A) not to satisfy the Withholding Obligation by withholding shares of Common Stock from the shares otherwise due, on the Original Issuance Date, to you under this RSU Award,
and (B) not to permit you to satisfy your Withholding Obligation pursuant to your Sell to Cover election and (C) not to permit you to pay your Withholding Obligation in cash, 

then the shares that would otherwise be issued to you on the Original Issuance Date will not be delivered on such Original Issuance Date and will
instead be delivered on the first business day when you are not prohibited from selling shares of the Company’s Common Stock in the open public market, but in no event later than December 31 of the calendar year in which the Original
Issuance Date occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs), or, if and only if permitted in a manner that complies with Treasury Regulations
Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third calendar month of the applicable year following the year in which the shares of Common Stock under this RSU Award are no
longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d). 

(c) To the extent the RSU Award is a Non-Exempt RSU Award, the provisions of Section 11 of
the Plan shall apply. 

  
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 7. LEAVE OF ABSENCE. 

(a) During any Company-approved leave of absence (“LOA”), the vesting of the Restricted Stock Units shall be
suspended after the leave of absence exceeds a period of ninety (90) days (or such longer period as required by law). Vesting of the Restricted Stock Units shall resume upon the termination of your leave of absence and return to service to the
Company and/or its Affiliates. The vesting schedule of the Restricted Stock Units shall be extended by the length of the suspension. 

(b) You will be deemed to remain in Continuous Service during any LOA only through your Expected Return Date (as defined below), unless
your Continuous Service is otherwise terminated for any reason prior to the Expected Return Date; provided, however, that if you notify the Company or the applicable Affiliate prior to the Expected Return Date (and prior to any earlier termination
of Continuous Service) that you do not intend to resume employment or other eligible service with the Company or an Affiliate on or prior to the Expected Return Date (such notification, a “Notification”, and the date of such
Notification, the “Notification Date”), then you will be deemed to remain in Continuous Service during the LOA only through the Notification Date. If you fail to report to work on the Expected Return Date, or if you provide a
Notification prior to the Expected Return Date, then, on the Expected Return Date or the earlier Notification Date, as applicable, (i) your Continuous Service will be deemed terminated and (ii) vesting of your RSU Award will cease
immediately, in each case except to the extent required by applicable law. The first scheduled workday immediately following the Company-approved expiration date of the LOA or, if earlier, the date on which you actually return to employment or other
eligible service with the Company or the applicable Affiliate is the “Expected Return Date”. 
 (c) The
Board, Committee or the heads of the Company’s legal and human resources departments may make exceptions to the foregoing with respect to LOAs to comply with applicable laws, in cases where the application of the foregoing would not be in the
interests of the Company or any Affiliate, or otherwise to the extent it deems necessary or advisable in its discretion. 
 (d)
Nothing in this Agreement will confer upon you any right to remain in Continuous Service (or any other service) for any duration or to interfere with or otherwise restrict in any way the rights of the Company or any Affiliate to terminate your
Continuous Service (or any other service) at any time for any reason, with or without cause, except as otherwise expressly set forth your employment or other service agreement with the Company or Affiliate, as applicable, or as required by
applicable law. 
 8. TRANSFERABILITY. Except as otherwise provided in the Plan, your RSU Award is not
transferable, except by will or by the applicable laws of descent and distribution. 
 9. CORPORATE
TRANSACTION. Your RSU Award 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. 
 10.
NO LIABILITY FOR TAXES. As a condition to accepting the RSU Award, 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 RSU Award 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 RSU Award and have either done so or knowingly and voluntarily declined to do so. 

  
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 11. SEVERABILITY. If any part of this 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 Agreement or the Plan not declared to be unlawful or invalid. Any Section of this
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. 
 12. EXECUTION OF DOCUMENTS. You hereby acknowledge and agree that
the manner selected by the Company by which you indicate your consent to your Grant Notice is also deemed to be your execution of your Grant Notice and of this Agreement. You further agree that such manner of indicating consent may be relied upon as
your signature for establishing your execution of any documents to be executed in the future in connection with your RSU Award. 

13. 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. 

14. EFFECT ON OTHER EMPLOYEE BENEFIT
PLANS. The value of your RSU Award shall not be included as compensation, earnings, salaries, or other similar terms used when calculating benefits under any employee benefit plan (other than the Plan) sponsored by the Company or
any Affiliate except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any or all of the employee benefit plans of the Company or any Affiliate. 

15. AMENDMENT. This Agreement may not be modified, amended or terminated except by an instrument in writing,
signed by you and by a duly authorized representative of the Company. Notwithstanding the foregoing, this Agreement may be amended solely by the Board by a writing which specifically states that it is amending this Agreement, so long as a copy of
such amendment is delivered to you, and provided that, except as otherwise expressly provided in the Plan, no such amendment materially adversely affecting your rights hereunder may be made without your written consent. Without limiting the
foregoing, the Board reserves the right to change, by written notice to you, the provisions of this Agreement in any way it may deem necessary or advisable to carry out the purpose of the RSU Award as a result of any change in applicable laws or
regulations or any future law, regulation, ruling, or judicial decision, provided that any such change shall be applicable only to rights relating to that portion of the RSU Award which is then subject to restrictions as provided herein. 

16. COMPLIANCE WITH SECTION 409A
OF THE CODE. This RSU Award is intended to be exempt from the application of Section 409A of the Code, including but not limited to by reason of complying with the
“short-term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4) and any ambiguities herein shall be interpreted accordingly. Notwithstanding the foregoing, if it is determined
that the RSU Award fails to satisfy the requirements of the short-term deferral rule and is otherwise not exempt from, and determined to be deferred compensation subject to Section 409A of the Code, this RSU Award shall comply with
Section 409A to the extent necessary to avoid adverse personal tax consequences and any ambiguities herein shall be interpreted accordingly. If it is determined that the RSU Award is deferred compensation subject to Section 409A and you
are a “specified employee” (within the meaning set forth in Section 409A(a)(2)(B)(i) of the Code) as of the date of your “separation from service” (as defined in Section 409A), then the issuance of any shares that would
otherwise be made upon the date of your separation from service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the date that is six (6) months
and one day after the date of the separation from service, with the balance of the shares issued thereafter in accordance with the original vesting and issuance schedule set forth above, but if and only if such delay in the issuance of the shares is
necessary to avoid the imposition of adverse taxation on you in respect of the shares under Section 409A of the Code. Each installment of shares that vests is intended to constitute a “separate payment” for purposes of Treasury
Regulation Section 1.409A-2(b)(2).  

  
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 17. CHOICE OF
LAW. The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Delaware without regard to that state’s conflicts of laws rules. 

18. APPENDIX. Notwithstanding any provisions in this Agreement, if you are resident,
subject to tax, or work outside the U.S., your RSU Award shall be subject to the general non-US terms and the special terms and conditions for your country set forth in the Appendix attached hereto. Moreover,
if you relocate outside the U.S. and/or 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 Agreement. 
 19. QUESTIONS.
If you have questions regarding these or any other terms and conditions applicable to your RSU Award, including a summary of the applicable federal income tax consequences please see the Prospectus. 

  
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 APPENDIX 

This Appendix includes general terms and conditions that govern the RSU Award granted to you under the Plan if you are resident, subject to
tax, or work outside the U.S. and specific terms and conditions that apply if you are resident, subject to tax or work in any country listed herein. 

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. 

GENERAL NON-U.S. TERMS 

1. TAX. All references in the Agreement to tax shall, to the extent applicable,
include social security. 
 2. DATE OF ISSUANCE. Section 6 of the Agreement
(Date of Issuance) is deleted and replaced with the following: 
 (a) If you are subject to taxation in the United States, the
issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section 1.409A-1(b)(4) and will be construed and administered in such a manner. Subject to the
satisfaction of the Withholding Obligation, if any, in the event one or more Restricted Stock Units vests, the Company shall issue to you one (1) share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s)
(subject to any adjustment under Section 3 above, and subject to any different provisions in the Grant Notice). Each issuance date determined by this paragraph is referred to as an “Original Issuance Date.” 

(b) If the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on the next following
business day. In addition, if: 
 (i) the Original Issuance Date does not occur (1) during an “open window
period” applicable to you, as determined by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date when you are otherwise permitted to sell shares of Common Stock on an
established stock exchange or stock market, and 
 (ii) either (1) a Withholding Obligation does not apply, or
(2) the Company decides, prior to the Original Issuance Date, (A) not to satisfy the Withholding Obligation by withholding shares of Common Stock from the shares otherwise due, on the Original Issuance Date, to you under this RSU Award,
and (B) not to permit you to satisfy your Withholding Obligation pursuant to your Sell to Cover election and (C) not to permit you to pay your Withholding Obligation in cash, 

then the shares that would otherwise be issued to you on the Original Issuance Date will not be delivered on such Original Issuance Date and will
instead be delivered on the first business day when you are not 

  
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prohibited from selling shares of the Company’s Common Stock in the open public market, but, if you are subject to taxation in the United States, in no event later than December 31 of
the calendar year in which the Original Issuance Date occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs), or, if and only if permitted in a manner that complies with Treasury Regulations Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third calendar month of the applicable year following the year in which the shares of Common Stock under this RSU Award are no longer
subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d). 

(c) To the extent the RSU Award is a Non-Exempt RSU Award, the provisions of Section 11 of
the Plan shall apply. 
 3. AWARD NOT A SERVICE
CONTRACT. By accepting your RSU Award, 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 RSU Award is voluntary and occasional and does not create any contractual or other right to receive future grants
of awards (whether on the same or different terms), or benefits in lieu of awards, even if awards have been granted in the past; 

(c) your RSU Award and any shares of Common Stock acquired under the Plan, 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 RSU Award 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 RSU Award or of any amounts due to you pursuant to the vesting of your RSU Award or the subsequent sale of any shares of Common Stock received; 

(f) for the purposes of your RSU Award, your Continuous Service will be considered terminated as of the date you are no longer actively
providing services to the Company or one of its Affiliates (regardless of the reason for such termination and 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 agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, your right to vest in the RSU Award under the Plan, if any, and the Board shall have the exclusive discretion to determine when
you are no longer actively providing services for purposes of the RSU Award (including whether you may still be considered to be providing services while on a leave of absence); 

(g) no claim or entitlement to compensation or damages shall arise from forfeiture of this RSU Award 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 RSU Award 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


  
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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. 

4. TRANSFERABILITY. Notwithstanding any other provision of this Agreement or the Plan, your RSU Award is not
transferable other than to your personal representative on your death. 
 5. 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 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 vesting of your RSU Award. 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, Switzerland, 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. 

6. 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 related to the Plan. 
 7.
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 Agreement. If you have received this Agreement, or any other document related to this RSU Award 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. 

  
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 8. 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. 

9. AT-WILL EMPLOYMENT. In
Section 9(e) of the Plan, references to “at will” employment are deleted to the extent you are not employed “at-will”. 

COUNTRY SPECIFIC TERMS 

[To be included] 

  
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 Attachment II 

ELIEM THERAPEUTICS, INC. 

2021 EQUITY INCENTIVE PLAN 

  
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