Document:

EX-10.23

 Exhibit 10.23 

DERMAVANT SCIENCES LTD. 

FORM OF STOCK OPTION GRANT NOTICE 

(AMENDED AND RESTATED 2016 EQUITY INCENTIVE PLAN)

 Dermavant Sciences Ltd. (the “Company”), pursuant to its 2016 Equity Incentive Plan, as amended and restated (the
“Plan”), hereby grants to Optionholder an option to purchase the number of common shares of the Company (the “Common Stock”) set forth below. This option is subject to all of the terms and conditions
as set forth in this stock option grant notice (this “Stock Option Grant Notice”), in the Option Agreement, the Plan 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 Option Agreement will have the same definitions as in the Plan or the Option Agreement. If there is any conflict between the terms herein and the Plan, the terms of the
Plan will control. 
  

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

  

					
	Type of Grant:	  	☐   Incentive Stock Option(1)	 	☐   Nonstatutory Stock Option
			
	Exercise Schedule:	  	☐   Same as Vesting Schedule	 	☐   Early Exercise Permitted
			
	Vesting Schedule:	  		 	
		
	Payment:	  	By one or a combination of the following items (described in the Option Agreement):
		
		  	 ☐    By cash, check, bank draft, wire transfer or money
order payable to the Company

		  	 ☐    Pursuant to a Regulation T Program if the shares
are publicly traded

		  	 ☐    By delivery of already-owned shares if the shares
are publicly traded

		  	 ☐    If and only to the extent this Option is a
Nonstatutory Stock Option, and subject to the Company’s consent at the time of exercise, by a “net exercise” arrangement

  

	(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. 

 Additional Terms/Acknowledgements: Optionholder acknowledges receipt of, and
understands and agrees to, this Stock Option Grant Notice, the Option Agreement and the Plan. Optionholder acknowledges and agrees that this Stock Option Grant Notice and the Option Agreement may not be modified, amended or revised except as
provided in the Plan. Optionholder further acknowledges that as of the Date of Grant, this Stock Option Grant Notice, the Option Agreement, and the Plan set forth the entire understanding between Optionholder and the Company regarding this option
award and supersede all prior oral and written agreements, promises and/or representations on that subject with the exception of (i) Stock Awards previously granted and delivered to Optionholder, (ii) any compensation recovery policy that
is adopted by the Company or is otherwise required by applicable law and (iii) any written employment or severance arrangement that would provide for vesting acceleration of this option upon the terms and conditions set forth therein. 

 

			
	OTHER AGREEMENTS:	  	 
		  	 

 By accepting this option, Optionholder consents to receive such 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. 

 

			
	DERMAVANT SCIENCES LTD.
		
	By: 	 	 
		 	Signature

			
		
	Title:	 	 
		
	Date:	 	 

 

			
	OPTIONHOLDER:
	
	 
	Signature

			
		
	Date:	 	 
		
		 	

 
 

  
 ATTACHMENTS: OPTION AGREEMENT, 2016
EQUITY INCENTIVE PLAN AND NOTICE OF EXERCISE 

 ATTACHMENT I 

OPTION AGREEMENT 

 DERMAVANT SCIENCES LTD. 

OPTION AGREEMENT 

(INCENTIVE STOCK OPTION OR NONSTATUTORY STOCK
OPTION) 
 Pursuant to your Stock Option Grant Notice (“Grant Notice”) and this Option Agreement
(this “Option Agreement”), Dermavant Sciences Ltd. (the “Company”) has granted you an option under its 2016 Equity Incentive Plan (the “Plan”) to purchase the number of Common
Shares of the Company (the “Common Shares”) indicated in your Grant Notice at the exercise price indicated in your Grant Notice. The option is granted to you effective as of the date of grant set forth in the Grant Notice
(the “Date of Grant”). If there is any conflict between the terms in this Option Agreement and the Plan, the terms of the Plan will control. Capitalized terms not explicitly defined in this Option Agreement or in the Grant
Notice but defined in the Plan will have the same definitions as in the Plan. 
 The details of your option, in addition to those set forth
in the Grant Notice and the Plan, are as follows: 
 1. VESTING. Subject to the provisions contained herein,
your option will vest as provided in your Grant Notice. Vesting will cease upon the termination of your Continuous Service. 
 2.
NUMBER OF SHARES AND EXERCISE PRICE. The number of Common Shares subject to your option and your exercise price per share in your Grant Notice will be
adjusted for Capitalization Adjustments. 
 3. EXERCISE RESTRICTION FOR
NON-EXEMPT EMPLOYEES. If you are an Employee eligible for overtime compensation under the Fair Labor Standards Act of 1938, as amended (that is, a
“Non-Exempt Employee”), and except as otherwise provided in the Plan, you may not exercise your option until you have completed at least six (6) months of Continuous Service
measured from the Date of Grant, even if you have already been an employee for more than six (6) months. Consistent with the provisions of the Worker Economic Opportunity Act, you may exercise your option as to any vested portion prior to such
six (6) month anniversary in the case of (i) your death or disability, (ii) a Corporate Transaction in which your option is not assumed, continued or substituted, (iii) a Change in Control or (iv) your termination of
Continuous Service on your “retirement” (as defined in the Company’s benefit plans). 
 4. EXERCISE
PRIOR TO VESTING (“EARLY EXERCISE”). If permitted in your Grant Notice (i.e., the “Exercise Schedule” indicates “Early Exercise
Permitted”) and subject to the provisions of your option, you may elect at any time that is both (i) during the period of your Continuous Service and (ii) during the term of your option, to exercise all or part of your option,
including the unvested portion of your option; provided, however, that: 
 (a) a partial exercise of your option will be deemed
to cover first vested Common Shares and then the earliest vesting installment of unvested Common Shares; 

  
 I-1 

 (b) any Common Shares so purchased from installments that have not vested as of the date of
exercise will be subject to the purchase option in favor of the Company as described in the Company’s form of Early Exercise Stock Purchase Agreement; and 

(c) you will enter into the Company’s form of Early Exercise Stock Purchase Agreement with a vesting schedule that will result in the
same vesting as if no early exercise had occurred. 
 5. METHOD OF PAYMENT. You
must pay the full amount of the exercise price for the shares you wish to exercise. You may pay the exercise price in cash or by check, bank draft, wire transfer or money order payable to the Company or in any other manner permitted by your Grant
Notice, which may include one or more of the following: 
 (a) Provided that at the time of exercise the Common Shares are publicly
traded, pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of Common Shares, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable
instructions to pay the aggregate exercise price to the Company from the sales proceeds. This manner of payment is also known as a “broker- assisted exercise”, “same day sale”, or “sell to cover”. 

(b) Provided that at the time of exercise the Common Shares are publicly traded, by delivery to the Company (either by actual delivery or
attestation) of already-owned Common Shares that are owned free and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the date of exercise. “Delivery” for these purposes, in the
sole discretion of the Company at the time you exercise your option, will include delivery to the Company of your attestation of ownership of such Common Shares in a form approved by the Company. You may not exercise your option by delivery to the
Company of Common Shares if doing so would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s shares. 

(c) If this option is a Nonstatutory Stock Option, subject to the consent of the Company at the time of exercise, by a “net
exercise” arrangement pursuant to which the Company will reduce the number of Common Shares issued upon exercise of your option by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price.
You must pay any remaining balance of the aggregate exercise price not satisfied by the “net exercise” in cash or other permitted form of payment. Common Shares will no longer be outstanding under your option and will not be exercisable
thereafter if those shares (i) are used to pay the exercise price pursuant to the “net exercise,” (ii) are delivered to you as a result of such exercise, and (iii) are withheld to satisfy your tax withholding obligations. 

6. WHOLE SHARES. You may exercise your option only for whole Common Shares. 

7. SECURITIES LAW COMPLIANCE. In no event may you exercise your option unless the
Common Shares issuable upon exercise are then registered under the Securities Act or, if not registered, the Company has determined that your exercise and the issuance of the shares would be exempt from the registration requirements of the
Securities Act. The exercise of your option also must comply with all other applicable laws and regulations governing your option, and you may not exercise your option if the Company determines that such exercise would not be in material compliance
with such laws and regulations (including any restrictions on exercise required for compliance with Treas. Reg. 1.401(k)-1(d)(3), if applicable). 

  
 I-2 

 8. TERM. You may not exercise your option before the Date of
Grant or after the expiration of the option’s term. The term of your option expires, subject to the provisions of Sections 5(h) and 9(e) of the Plan, upon the earliest of the following: 

 

	 	(a)	 immediately upon the termination of your Continuous Service for Cause; 

 

	 	(b)	 three (3) months after the termination of your Continuous Service for any reason other than Cause, your
Disability, or your death (except as otherwise provided in Section 8(d) below); provided, however, that if during any part of such three-month period your option is not exercisable solely because of the condition set forth in the
section above relating to “Securities Law Compliance,” your option will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of three (3) months after the termination of your
Continuous Service; provided further, if during any part of such three (3) month period, the sale of any Common Shares received upon exercise of your option would violate the Company’s insider trading policy, then your option will
not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of three (3) months after the termination of your Continuous Service during which the sale of the Common Shares received upon exercise
of your option would not be in violation of the Company’s insider trading policy. Notwithstanding the foregoing, if (A) you are a Non-Exempt Employee, (B) your Continuous Service terminates
within six (6) months after the Date of Grant, and (C) you have vested in a portion of your option at the time of your termination of Continuous Service, your option will not expire until the earlier of (x) the later of (I) the
date that is seven (7) months after the Date of Grant, and (II) the date that is three (3) months after the termination of your Continuous Service, and (y) the Expiration Date; 

 

	 	(c)	 twelve (12) months after the termination of your Continuous Service due to your Disability (except as
otherwise provided in Section 8(d) below); 

  

	 	(d)	 eighteen (18) months after your death if you die either during your Continuous Service or within three
(3) months after your Continuous Service terminates for any reason other than Cause; or 

  

	 	(e)	 the Expiration Date indicated in your Grant Notice. 

If your option is an Incentive Stock Option, note that 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 and ending on the day three (3) 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. The Company has provided for extended exercisability of your option under certain circumstances for your benefit but cannot guarantee that your option will necessarily be treated as an Incentive Stock Option if you continue to provide
services to the Company or an Affiliate as a Consultant or Director after your employment terminates or if you otherwise exercise your option more than three (3) months after the date your employment with the Company or an Affiliate terminates.

 9. EXERCISE. 

(a) You may exercise the vested portion of your option (and the unvested portion of your option if your Grant Notice so permits) during its
term by (i) delivering a Notice of Exercise (in a form designated by the Company) or completing such other documents and/or procedures designated by the Company for exercise and (ii) paying the exercise price and any applicable withholding
taxes to the Company’s Secretary, stock plan administrator, or such other person as the Company may designate, together with such additional documents as the Company may then require. 

(b) By exercising your option you agree that, as a condition to any exercise of your option, the Company may require you to enter into an
arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (i) the exercise of your option, or (ii) the lapse of any substantial risk of forfeiture to which the Common
Shares are subject at the time of exercise, or (iii) the disposition of Common Shares acquired upon such exercise. 
 (c) If your
option is an Incentive Stock Option, by exercising your option you agree that you will notify the Company in writing within fifteen (15) days after the date of any disposition of any of the Common Shares issued upon exercise of your option that
occurs within two (2) years after the Date of Grant or within one (1) year after such Common Shares are transferred upon exercise of your option. 

(d) By exercising 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 Common Shares or other securities of the Company held by you, for a period of one hundred eighty (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 2711 or any successor or similar
rules or regulation (the “Lock-Up Period”); provided, however, that nothing contained in this Section 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 Common Shares until the end of such period. You also agree that any transferee of any Common Shares (or
other securities) of the Company held by you will be bound by this Section 9(d). The underwriters of the Company’s stock are intended third party beneficiaries of this Section 9(d) and will have the right, power and authority to
enforce the provisions hereof as though they were a party hereto. 
 10. TRANSFERABILITY. Except as otherwise
provided in this Section 10, your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you. 

 (a) Certain Trusts. Upon receiving written permission from the Board or its duly
authorized designee, you may transfer your option to a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state law) while the option is held in the trust. You and the trustee
must enter into transfer and other agreements required by the Company. 
 (b) Domestic Relations Orders. Upon receiving written
permission from the Board or its duly authorized designee, and provided that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your option pursuant to the terms of a domestic
relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulation 1.421-1(b)(2) that contains the information required by the Company to
effectuate the transfer. You are encouraged to discuss the proposed terms of any division of this option with the Company prior to finalizing the domestic relations order or marital settlement agreement to help ensure the required information is
contained within the domestic relations order or marital settlement agreement. If this option is an Incentive Stock Option, this option may be deemed to be a Nonstatutory Stock Option as a result of such transfer. 

(c) Beneficiary Designation. Upon receiving written permission from the Board or its duly authorized designee, you may, by delivering
written notice to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises, designate a third party who, on your death, will thereafter be entitled to exercise this option and receive the
Common Shares or other consideration resulting from such exercise. In the absence of such a designation, your executor or administrator of your estate will be entitled to exercise this option and receive, on behalf of your estate, the Common Stock
or other consideration resulting from such exercise. 
 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 shareholders, 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. 
 12. WITHHOLDING
OBLIGATIONS. 
 (a) At the time you exercise your option, in whole or in part, and 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 “same day sale” 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 of the Company or an Affiliate, if any, which arise in connection
with the exercise of your option. 
 (b) If this option is a Nonstatutory Stock Option, then upon your request and subject to approval by
the Company, and compliance with any applicable legal conditions or restrictions, the Company may withhold from fully vested Common Shares otherwise issuable to you upon the exercise of your option a number of whole Common Shares having a Fair
Market 

 
Value, determined by the Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount as may be necessary to avoid
classification of your option as a liability for financial accounting purposes). Notwithstanding the filing of such election, Common Shares shall be withheld solely from fully vested Common Shares determined as of the date of exercise of your option
that are otherwise issuable to you upon such exercise. Any adverse consequences to you arising in connection with such share withholding procedure shall be your sole responsibility. 

(c) You may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied. Accordingly,
you may not be able to exercise your option when desired even though your option is vested, and the Company will have no obligation to issue a certificate for such Common Shares or release such Common Shares from any escrow provided for herein, if
applicable, unless such obligations are satisfied. 
 13. TAX CONSEQUENCES. You
hereby agree that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company, or any of its Officers,
Directors, Employees or Affiliates related to tax liabilities arising from your option or your other compensation. In particular, you acknowledge that this option is exempt from Section 409A of the Code only if the exercise price per share
specified in the Grant Notice is at least equal to the “fair market value” per Common Share on the Date of Grant and there is no other impermissible deferral of compensation associated with the option. 

14. NOTICES. Any notices provided for in your option or the Plan will be given in writing (including
electronically) and will be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address
you provided to the Company. The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this option by electronic means or to request your consent to participate in the Plan by electronic means.
By accepting this option, you consent to receive such 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. 
 15. GOVERNING PLAN
DOCUMENT. Your option is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules and regulations,
which may from time to time be promulgated and adopted pursuant to the Plan. If there is any conflict between the provisions of your option and those of the Plan, the provisions of the Plan will control. In addition, your option (and any
compensation paid or shares issued under your option) is subject to recoupment in accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted by the
Company and any compensation recovery policy otherwise required by applicable law. No recovery of compensation under such a clawback policy will be an event giving rise to a right to voluntarily terminate employment upon a resignation for “good
reason,” or for a “constructive termination” or any similar term under any plan of or agreement with the Company. 

 16. OTHER DOCUMENTS. You hereby
acknowledge receipt of and the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus. In addition, you acknowledge receipt of the Company’s
policy permitting certain individuals to sell shares only during certain “window” periods and the Company’s insider trading policy, in effect from time to time. 

17. EFFECT ON OTHER EMPLOYEE BENEFIT
PLANS. The value of this option will not be included as compensation, earnings, salaries, or other similar terms used when calculating your benefits under any employee benefit 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 of the Company’s or any Affiliate’s employee benefit plans. 

18. VOTING RIGHTS. You will not have voting or any other rights as a shareholder of
the Company with respect to the shares to be issued pursuant to this option until such shares are issued to you. Upon such issuance, you will obtain full voting and other rights as a shareholder of the Company. Nothing contained in this option, and
no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person. 

19. SEVERABILITY. If all or 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 shall, 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. 

20. MISCELLANEOUS. 
  

	 	(a)	 The rights and obligations of the Company under your option will be transferable to any one or more persons or
entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns. 

  

	 	(b)	 You agree upon request to execute any further documents or instruments necessary or desirable in the sole
determination of the Company to carry out the purposes or intent of your option. 

  

	 	(c)	 You acknowledge and agree that you have reviewed your option in its entirety, have had an opportunity to obtain
the advice of counsel prior to executing and accepting your option, and fully understand all provisions of your option. 

  

	 	(d)	 This Option Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by
any governmental agencies or national securities exchanges as may be required. 

  

	 	(e)	 All obligations of the Company under the Plan and this Option Agreement will be binding on any successor to the
Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 

This Option Agreement will be deemed to be signed by you upon the signing by you of the Grant Notice to which it is attached. 

 ATTACHMENT II 

AMENDED AND RESTATED 2016 EQUITY INCENTIVE PLAN

 ATTACHMENT III 

NOTICE OF EXERCISE 

 NOTICE OF EXERCISE 

DERMAVANT SCIENCES LTD. 

Clarendon House 
 2 Church Street 

Hamilton HM 11, Bermuda 
 Date of Exercise:
                         

This constitutes notice to Dermavant Sciences Ltd. (the “Company”) under my stock option that I elect to purchase the
below number of common shares of the Company (the “Shares”) for the exercise price set forth below. 
  

					
	 Type of option (check one):
	  	Incentive ☐    	  	Nonstatutory ☐
			
	 Stock option dated:
	  	                        	  	                        
			
	 Number of Shares as to which option is exercised:
	  	                        	  	                        
			
	 Certificates to be issued in name of:
	  	                        	  	                        
			
	 Total exercise price:
	  	$                        	  	$                        
			
	 Cash payment delivered herewith:
	  	$                        	  	$                        
			
	 Regulation T Program (cashless
exercise2):
	  	$                        	  	$                        
			
	 Value
of                     Shares delivered herewith3:
	  	$                        	  	$                        

 By this exercise, I agree (i) to provide such additional documents as you may require pursuant to the
terms of the Dermavant Sciences Ltd. 2016 Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of this option, and (iii) if this
exercise relates to an incentive stock option, to notify you in writing within fifteen (15) days after the date of any disposition of any of the Shares issued upon exercise of this option that occurs within two (2) years after the date of
grant of this option or within one (1) year after such Shares are issued upon exercise of this option. 
  

	2	 Shares must meet the public trading requirements set forth in the option agreement. 

	3	 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.

  
 III-1 

 I further agree that, if required by the Company (or a representative of the underwriters)
in connection with the first underwritten registration of the offering of any securities of the Company under the Securities Act, 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 Common Shares or other securities of the Company for a period of one hundred eighty (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 shall request to facilitate compliance with FINRA Rule 2711 or any successor or similar rule or regulation) (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. In
order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such period. 

 

	
	Very truly yours,
	
	   

	Signature
	
	
	Print Name

  
 III-2EX-10.24

 Exhibit 10.24 

DERMAVANT SCIENCES LTD. 

EARLY EXERCISE STOCK PURCHASE AGREEMENT 

UNDER THE AMENDED AND RESTATED 2016 EQUITY
INCENTIVE PLAN, AS AMENDED AND RESTATED 

THIS AGREEMENT is made by and between Dermavant Sciences Ltd., an exempted limited company
incorporated under the laws of Bermuda (the “Company”), and _______________ (“Purchaser”). 

WITNESSETH: 

WHEREAS, Purchaser holds a stock option dated _______________(the “Option”) to purchase common
shares of the Company (“Common Stock”) pursuant to the Company’s Amended and Restated 2016 Equity Incentive Plan, as Amended and Restated (the “Plan”); and 

WHEREAS, the Option consists of a Stock Option Grant Notice and a Stock Option Agreement; and 

WHEREAS, Purchaser desires to exercise the Option on the terms and conditions contained herein; and 

WHEREAS, Purchaser wishes to take advantage of the early exercise provision of Purchaser’s Option and therefore to
enter into this Agreement; 
 NOW, THEREFORE, IT IS
AGREED between the parties as follows: 
 1. INCORPORATION OF
PLAN AND OPTION BY REFERENCE. This Agreement is subject to all of the terms and conditions as set forth in the Plan and the Option. If there is a conflict between the
terms of this Agreement and/or the Option and the terms of the Plan, the terms of the Plan shall control. If there is a conflict between the terms of this Agreement and the terms of the Option, the terms of the Option shall control. Defined terms
not explicitly defined in this Agreement but defined in the Plan shall have the same definitions as in the Plan. Defined terms not explicitly defined in this Agreement or the Plan but defined in the Option shall have the same definitions as in the
Option. 
 2. PURCHASE AND SALE OF COMMON
STOCK. 
 (a) Agreement to purchase and sell Common Stock. Purchaser hereby agrees to purchase from
the Company, and the Company hereby agrees to sell to Purchaser, an aggregate of             (     ) Common Shares at
$             per share, for an aggregate purchase price of $             , payable as follows:  

Cash, check, bank draft or money order payable to the Company
                                         
                                   $__________ 

Value of ______ Common Shares1
                                         
                                         
                                         
 $__________ 
 Total Exercise Price
                                         
                                         
                                         
                        $__________. 

 

	1 	 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, must have been owned for the minimum period required in the Option and must be owned free and clear of any liens, claims, encumbrances or security interest. Certificates must be endorsed or accompanied
by an executed stock assignment. 

  
 1. 

 (b) Closing. The closing hereunder, including payment for and delivery of the
Common Stock, shall occur at the offices of the Company immediately following the execution of this Agreement, or at such other time and place as the parties may mutually agree; provided, however, that if shareholder approval of the Plan is
required before the Option may be exercised, then the Option may not be exercised, and the closing shall be delayed, until such shareholder approval is obtained. If such shareholder approval is not obtained within the time limit specified in the
Plan, then this Agreement shall be null and void. 
 3. UNVESTED SHARE REPURCHASE
OPTION2. 
 (a) Repurchase Option. In the event
Purchaser’s Continuous Service terminates, then the Company shall have an irrevocable option (the “Repurchase Option”) for a period of ninety (90) days after said termination (or in the case of shares issued upon
exercise of the Option after such date of termination, within ninety (90) days after the date of the exercise), or such longer period as may be agreed to by the Company and Purchaser, to repurchase from Purchaser or Purchaser’s personal
representative, as the case may be, those shares that Purchaser received pursuant to the exercise of the Option that have not as yet vested as of such termination date in accordance with the Vesting Schedule indicated on Purchaser’s Stock
Option Grant Notice (the “Unvested Shares”). 
 (b) Share Repurchase Price. The Company
may repurchase all or any of the Unvested Shares at the lower of (i) the Fair Market Value of the such shares (as determined under the Plan) on the date of repurchase, or (ii) the price equal to Purchaser’s Exercise Price for such
shares as indicated on Purchaser’s Stock Option Grant Notice. 
 4. EXERCISE OF
REPURCHASE OPTION. The Repurchase Option shall be exercised by written notice signed by such person as designated by the Company, and delivered or mailed as provided herein. Such notice
shall identify the number of Common Shares to be purchased and shall notify Purchaser of the time, place and date for settlement of such purchase, which shall be scheduled by the Company within the term of the Repurchase Option set forth above. The
Company shall be entitled to pay for any Common Shares purchased pursuant to its Repurchase 
  

 

	2 	 Note: share repurchase are subject to the statutory solvency test under section 42A of the Companies Act 1981
of Bermuda 

  
 2. 

 
Option at the Company’s option in cash or by offset against any indebtedness owing to the Company by Purchaser (including without limitation any Promissory Note given in payment for the
Common Stock), or by a combination of both. Upon delivery of such notice and payment of the purchase price in any of the ways described above, the Company shall become the legal and beneficial owner of the Common Stock being repurchased and all
rights and interest therein or related thereto, and the Company shall have the right to transfer to its own name the Common Stock being repurchased by the Company, without further action by Purchaser. 

5. CAPITALIZATION ADJUSTMENTS TO COMMON STOCK.
In the event of a Capitalization Adjustment, then any and all new, substituted or additional securities or other property to which Purchaser is entitled by reason of Purchaser’s ownership of Common Stock shall be immediately subject to the
Repurchase Option and be included in the word “Common Stock” for all purposes of the Repurchase Option with the same force and effect as the shares of the Common Stock presently subject to the Repurchase Option, but only to the extent the
Common Stock is, at the time, covered by such Repurchase Option. While the total Option Price shall remain the same after each such event, the Option Price per share of Common Stock upon exercise of the Repurchase Option shall be appropriately
adjusted. 
 6. CORPORATE TRANSACTIONS. In the event of a Corporate Transaction, then the
Repurchase Option may be assigned by the Company to the successor of the Company (or such successor’s parent company), if any, in connection with such Corporate Transaction. To the extent the Repurchase Option remains in effect following such
Corporate Transaction, it shall apply to the new capital stock or other property received in exchange for the Common Stock in consummation of the Corporate Transaction, but only to the extent the Common Stock was at the time covered by such right.
Appropriate adjustments shall be made to the price per share payable upon exercise of the Repurchase Option to reflect the Corporate Transaction upon the Company’s capital structure; provided, however, that the aggregate price payable
upon exercise of the Repurchase Option shall remain the same. 
 7. ESCROW OF
UNVESTED COMMON STOCK. As security for Purchaser’s faithful performance of the terms of this Agreement and to insure the availability for delivery of Purchaser’s
Common Stock upon exercise of the Repurchase Option herein provided for, Purchaser agrees, at the closing hereunder, to deliver to and deposit with the Secretary of the Company or the Secretary’s designee (“Escrow
Agent”), as Escrow Agent in this transaction, three (3) share transfer forms duly endorsed (with date and number of shares blank) in the form attached hereto as Exhibit A, together with a certificate or certificates evidencing all
of the Common Stock subject to the Repurchase Option; said documents are to be held by the Escrow Agent and delivered by said Escrow Agent pursuant to the Joint Escrow Instructions of the Company and Purchaser set forth in Exhibit C, attached hereto
and incorporated by this reference, which instructions also shall be delivered to the Escrow Agent at the closing hereunder. 

  
 3. 

 8. RIGHTS OF
PURCHASER. Subject to the provisions of the Option, Purchaser shall exercise all rights and privileges of a shareholder of the Company with respect to the shares deposited in escrow. Purchaser shall be
deemed to be the holder of the shares for purposes of receiving any dividends that may be paid with respect to such shares and for purposes of exercising any voting rights relating to such shares, even if some or all of such shares have not yet
vested and been released from the Company’s Repurchase Option. 
 9. LIMITATIONS ON
TRANSFER. In addition to any other limitation on transfer created by applicable securities laws, Purchaser shall not sell, assign, hypothecate, donate, encumber or otherwise dispose of any interest in
the Common Stock while the Common Stock is subject to the Repurchase Option. After any Common Stock has been released from the Repurchase Option, Purchaser shall not sell, assign, hypothecate, donate, encumber or otherwise dispose of any interest in
the Common Stock except in compliance with the provisions herein and applicable securities laws. Furthermore, the Common Stock shall be subject to any right of first refusal in favor of the Company or its assignees that may be contained in
Purchaser’s Stock Option Agreement. 
 10. RESTRICTIVE LEGENDS.
All certificates representing the Common Stock shall have endorsed thereon legends in substantially the following forms (in addition to any other legend which may be required by other agreements between the parties hereto): 

(a) “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN OPTION SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE
REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS COMPANY. ANY TRANSFER OR ATTEMPTED TRANSFER OF ANY SHARES SUBJECT TO SUCH OPTION IS VOID WITHOUT THE PRIOR EXPRESS WRITTEN
CONSENT OF THE COMPANY.” 
 (b) “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.” 
 (c) “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A RIGHT OF FIRST REFUSAL
OPTION IN FAVOR OF THE COMPANY AND/OR ITS ASSIGNEE(S).” 
 (d) “THE SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED
PURSUANT TO THE EXERCISE OF [AN INCENTIVE STOCK OPTION/A NONSTATUTORY STOCK OPTION]. 
 (e) Any legend required by appropriate
blue sky officials. 

  
 4. 

 11. INVESTMENT REPRESENTATIONS. In connection
with the purchase of the Common Stock, Purchaser represents to the Company the following: 
 (a) Purchaser is aware of the
Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Common Stock. Purchaser is acquiring the Common Stock for investment for
Purchaser’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 

(b) Purchaser understands that the Common Stock has not been registered under the Securities Act by reason of a specific exemption
therefrom, which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein. 

(c) Purchaser further acknowledges and understands that the Common Stock must be held indefinitely unless the Common Stock is
subsequently registered under the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that the Company is under no obligation to register the Common Stock. Purchaser understands that the
certificate evidencing the Common Stock will be imprinted with a legend that prohibits the transfer of the Common Stock unless the Common Stock is registered or such registration is not required in the opinion of counsel for the Company. 

(d) Purchaser is familiar with the provisions of Rules 144 and 701, under the Securities Act, as in effect from time to time,
which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer thereof (or from an affiliate of such issuer), in a non-public offering
subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time of issuance of the securities, such issuance will be exempt from registration under the Securities Act. In the event the
Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the securities exempt under Rule 701 may be sold by Purchaser ninety (90) days thereafter, subject to the
satisfaction of certain of the conditions specified by Rule 144 and the market stand-off provision described in Purchaser’s Stock Option Agreement and Section 12 below. 

(e) In the event that the sale of the Common Stock does not qualify under Rule 701 at the time of purchase, then the Common Stock
may be resold by Purchaser in certain limited circumstances subject to the provisions of Rule 144, which requires, among other things: (i) the availability of certain public information about the Company, and (ii) the resale occurring
following the required holding period under Rule 144 after Purchaser has purchased, and made full payment of (within the meaning of Rule 144), the securities to be sold. 

(f) Purchaser further understands that at the time Purchaser wishes to sell the Common Stock there may be no public market upon which
to make such a sale, and that, even if such a public market then exists, the Company may not be satisfying the current public current information requirements of Rule 144 or 701, and that, in such event, Purchaser would be precluded from selling the
Common Stock under Rule 144 or 701 even if the minimum holding period requirement had been satisfied. 

  
 5. 

 12. MARKET
STAND-OFF AGREEMENT. By exercising the Option, Purchaser agrees not to 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, any Common Shares or other securities of the Company held by Purchaser, for a period of one hundred eighty (180) days following the effective date of a
registration statement of the Company filed under the Securities Act or such longer period as necessary to permit compliance with NASD Rule 2711 or NYSE Member Rule 472 and similar rules or regulations (the
“Lock-Up Period”); provided, however, that nothing shall prevent the exercise of the Repurchase Option during the Lock-Up Period.
Purchaser further agrees to execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) 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 Purchaser’s Common Shares until the end of such period. The underwriters of the Company’s shares are intended third party
beneficiaries of this Section 12 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

13. SECTION 83(b) ELECTION. Purchaser understands that Section 83(a) of the
Code taxes as ordinary income the difference between the amount paid for the Common Stock and the fair market value of the Common Stock as of the date any restrictions on the Common Stock lapse. In this context, “restriction” includes the
right of the Company to buy back the Common Stock pursuant to the Repurchase Option set forth above. Purchaser understands that Purchaser may elect to be taxed at the time the Common Stock is purchased, rather than when and as the Repurchase Option
expires, by filing an election under Section 83(b) (an “83(b) Election”) of the Code with the Internal Revenue Service within thirty (30) days of the date of purchase. Even if the fair market value of the Common
Stock at the time of the execution of this Agreement equals the amount paid for the Common Stock, the 83(b) Election must be made to avoid income under Section 83(a) in the future. Purchaser understands that failure to file such an 83(b)
Election in a timely manner may result in adverse tax consequences for Purchaser. Purchaser further understands that Purchaser must file an additional copy of such 83(b) Election with his or her federal income tax return for the calendar year in
which the date of this Agreement falls. Purchaser acknowledges that the foregoing is only a summary of the effect of United States federal income taxation with respect to purchase of the Common Stock hereunder, and does not purport to be complete.
Purchaser further acknowledges that the Company has directed Purchaser to seek independent advice regarding the applicable provisions of the Code, the income tax laws of any municipality, state or foreign country in which Purchaser may reside, and
the tax consequences of Purchaser’s death. Purchaser assumes all responsibility for filing an 83(b) Election and paying all taxes resulting from such election or the lapse of the restrictions on the Common Stock. 

  
 6. 

 14. REFUSAL TO
TRANSFER. The Company shall not be required (a) to transfer on its books any Common Shares of the Company which shall have been transferred in violation of any of the provisions set forth in this
Agreement, or (b) to treat as owner of such shares or to accord the right to vote as such owner or to pay dividends to any transferee to whom such shares shall have been so transferred. 

15. NO EMPLOYMENT RIGHTS. This Agreement is not an
employment contract and nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company or its Affiliates to terminate Purchaser’s employment for any reason at any time, with or without cause and with or
without notice. 
 16. MISCELLANEOUS. 

(a) Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile if sent during normal business hours of the recipient, and if not during normal business hours of the recipient, then on the next business day,
(c) five (5) calendar days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, specifying
next day delivery, with written verification of receipt. All communications shall be sent to the other party hereto at such party’s address hereinafter set forth on the signature page hereof, or at such other address as such party may designate
by ten (10) days advance written notice to the other party hereto. 
 (b) Successors and Assigns. This Agreement shall
inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer herein set forth, be binding upon Purchaser, Purchaser’s successors, and assigns. The Company may assign the Repurchase Option
hereunder at any time or from time to time, in whole or in part. 
 (c) Attorneys’ Fees; Specific Performance. Purchaser shall
reimburse the Company for all costs incurred by the Company in enforcing the performance of, or protecting its rights under, any part of this Agreement, including reasonable costs of investigation and attorneys’ fees. It is the intention of the
parties that the Company, upon exercise of the Repurchase Option and payment for the shares repurchased, pursuant to the terms of this Agreement, shall be entitled to receive the Common Stock, in specie, in order to have such Common Stock
available for future issuance without dilution of the holdings of other shareholders. Furthermore, it is expressly agreed between the parties that money damages are inadequate to compensate the Company for the Common Stock and that the Company
shall, upon proper exercise of the Repurchase Option, be entitled to specific enforcement of its rights to purchase and receive said Common Stock. 

Governing Law; Venue. To the extent that United States federal laws do not otherwise control, this Agreement and all determinations
made and actions taken pursuant to this Agreement and the Plan shall be governed by the internal laws of the State of California, and construed accordingly, except for those matters subject to The Companies Act, 1981 of Bermuda (as amended), which
shall be governed by Bermuda law, without giving effect to principles of conflicts of laws, and construed accordingly. 

  
 7. 

 (d) The parties agree that any action brought by either party to interpret or enforce
any provision of this Agreement shall be brought in, and each party agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate state or federal court for the district encompassing the Company’s principal place of
business. 
 (e) Further Execution. The parties agree to take all such further action(s) as may reasonably be necessary to
carry out and consummate this Agreement as soon as practicable, and to take whatever steps may be necessary to obtain any governmental approval in connection with or otherwise qualify the issuance of the securities that are the subject of this
Agreement. 
 (f) Independent Counsel. Purchaser acknowledges that this Agreement has been prepared on behalf of the Company
by Cooley LLP, counsel to the Company and that Cooley LLP does not represent, and is not acting on behalf of, Purchaser. Purchaser has been provided with an opportunity to consult with Purchaser’s own counsel with
respect to this Agreement. 
 (g) Entire Agreement; Amendment. This Agreement constitutes the entire agreement between the
parties with respect to the subject matter hereof and supersedes and merges all prior agreements or understandings, whether written or oral. This Agreement may not be amended, modified or revoked, in whole or in part, except by an agreement in
writing signed by each of the parties hereto. 
 (h) Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be
excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms. 

(i) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all
of which together shall constitute one instrument. 
 IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of _______________. 
  

			
	DERMAVANT SCIENCES LTD.

 
			
		
	By	 	 

 
			
		
	Name	 	 

 
			
		
	Title	 	 

 
			
		
	Address:	 	
	
	 

  
 8. 

 
	
	 
	
	 
	 Purchaser
  

Address:

	   

	
	   

 ATTACHMENTS: 
  

			
	Exhibit A	  	Assignment Separate from Certificate
	Exhibit B	  	Joint Escrow Instructions

  
 9. 

 EXHIBIT A 

SHARE TRANSFER FORM SEPARATE FROM SHARE CERTIFICATE 

FOR VALUE RECEIVED, _______________________ hereby sells, assigns and transfers for value
received unto Dermavant Sciences Ltd., an exempted limited company incorporated under the laws of Bermuda (the “Company”), pursuant to the Repurchase Option under that certain Early Exercise Stock Purchase Agreement, dated _______________
by and between the undersigned and the Company (the “Agreement”), _______________ (_______________) common shares of the Company standing in the undersigned’s name on the books of the Company represented by Certificate No(s).
_______________ and does hereby irrevocably constitute and appoint the Company’s Secretary attorney-in-fact to transfer said common shares on the books of the
Company with full power of substitution in the premises. This share transfer form may be used only in accordance with and subject to the terms and conditions of the Agreement, in connection with the repurchase of common shares issued to the
undersigned pursuant to the Agreement, and only to the extent that such shares remain subject to the Company’s Repurchase Option under the Agreement. 

Dated:  _______________ 
  

	
	 
	(Signature)
	
	   

	(Print Name)

 (INSTRUCTION: Please do not fill in any blanks other than the “Signature” line and the
“Print Name” line.) 

  
 10. 

 EXHIBIT B 

JOINT ESCROW INSTRUCTIONS 
 Secretary 

Dermavant Sciences Ltd. 
 Clarendon House 

2 Church Street 
 Hamilton HM 11, Bermuda 

Dear Sir or Madam: 
 As Escrow Agent for both
Dermvant Sciences Ltd., , an exempted limited company incorporated under the laws of Bermuda (“Company”), and the undersigned purchaser of common shares of the Company (“Purchaser”), you are hereby authorized and directed to hold
the documents delivered to you pursuant to the terms of that certain Early Exercise Stock Purchase Agreement (“Agreement”), dated _______________ to which a copy of these Joint Escrow Instructions is attached as Exhibit C, in
accordance with the following instructions: 
 1. In the event the Company or an assignee shall elect to exercise the Repurchase
Option set forth in the Agreement, the Company or its assignee will give to Purchaser and you a written notice specifying the number of common shares to be purchased, the purchase price, and the time for a closing hereunder at the principal office
of the Company. Purchaser and the Company hereby irrevocably authorize and direct you to close the transaction contemplated by such notice in accordance with the terms of said notice. 

2. At the closing you are directed (a) to date any share transfer forms necessary for the transfer in question, (b) to fill
in the number of shares being transferred, and (c) to deliver same, together with the certificate evidencing the common shares to be transferred, to the Company against the simultaneous delivery to you of the purchase price (which may include
suitable acknowledgment of cancellation of indebtedness) of the number of common shares being purchased pursuant to the exercise of the Repurchase Option. 

3. Purchaser irrevocably authorizes the Company to deposit with you any certificates evidencing common shares to be held by you
hereunder and any additions and substitutions to said shares as specified in the Agreement. Purchaser does hereby irrevocably constitute and appoint you as the Purchaser’s
attorney-in-fact and agent for the term of this escrow to execute with respect to such securities and other property all documents of assignment and/or transfer and all
share certificates necessary or appropriate to make all securities negotiable and complete any transaction herein contemplated. 
 4.
This escrow shall terminate and the common shares held hereunder shall be released in full upon the expiration or exercise in full of the Repurchase Option, whichever occurs first. 

  
 11. 

 5. If at the time of termination of this escrow you should have in your possession
any documents, securities, or other property belonging to Purchaser, you shall deliver all of same to Purchaser and shall be discharged of all further obligations hereunder; provided, however, that if at the time of termination of this escrow
you are advised by the Company that the property subject to this escrow is the subject of a pledge or other security agreement, you shall deliver all such property to the pledgeholder or other person designated by the Company. 

6. Except as otherwise provided in these Joint Escrow Instructions, your duties hereunder may be altered, amended, modified or revoked
only by a writing signed by all of the parties hereto. 
 7. You shall be obligated only for the performance of such duties as are
specifically set forth herein and may rely and shall be protected in relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented by the proper party or parties or their assignees.
You shall not be personally liable for any act you may do or omit to do hereunder as Escrow Agent or as attorney-in-fact for Purchaser while acting in good faith and any
act done or omitted by you pursuant to the advice of your own attorneys shall be conclusive evidence of such good faith. 
 8. You
are hereby expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other person or corporation, excepting only orders or process of courts of law, and are hereby expressly authorized to comply with and
obey orders, judgments or decrees of any court. In case you obey or comply with any such order, judgment or decree of any court, you shall not be liable to any of the parties hereto or to any other person, firm or corporation by reason of such
compliance, notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or found to have been entered without jurisdiction. 

9. You shall not be liable in any respect on account of the identity, authority or rights of the parties executing or delivering or
purporting to execute or deliver the Agreement or any documents or papers deposited or called for hereunder. 
 10. You shall not be
liable for the outlawing of any rights under any statute of limitations with respect to these Joint Escrow Instructions or any documents deposited with you. 

11. Your responsibilities as Escrow Agent hereunder shall terminate if you shall cease to be Secretary of the Company or if you shall
resign by written notice to the Company. In the event of any such termination, the Secretary of the Company shall automatically become the successor Escrow Agent unless the Company shall appoint another successor Escrow Agent, and Purchaser hereby
confirms the appointment of such successor as Purchaser’s attorney-in-fact and agent to the full extent of your appointment. 

12. If you reasonably require other or further instruments in connection with these Joint Escrow Instructions or obligations in respect
hereto, the necessary parties hereto shall join in furnishing such instruments. 

  
 12. 

 13. It is understood and agreed that should any dispute arise with respect to the
delivery and/or ownership or right of possession of the securities, you are authorized and directed to retain in your possession without liability to anyone all or any part of said securities until such dispute shall have been settled either by
mutual written agreement of the parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected, but you shall be under no duty whatsoever to
institute or defend any such proceedings. 
 14. Any notice required or permitted hereunder shall be given in writing and shall be
deemed effectively given upon personal delivery, including delivery by express courier or five days after deposit in the United States Post Office, by registered or certified mail with postage and fees prepaid, addressed to each of the other parties
hereunto entitled at the following addresses, or at such other addresses as a party may designate by ten days’ advance written notice to each of the other parties hereto: 

 

					
	COMPANY:	 	 Dermavant Sciences Ltd.
 Clarendon House

2 Church Street
 Hamilton HM 11, Bermuda

Attn: [______________]
	 	
			
	PURCHASER: 	 	 	 	
			
		 	 	 	
			
		 	 	 	
			
	ESCROW AGENT:	 	 Dermavant Sciences Ltd.
 Clarendon House

2 Church Street
 Hamilton HM 11, Bermuda

Attn: Corporate Secretary
	 	

 15. By signing these Joint Escrow Instructions you become a party hereto only for the purpose of said
Joint Escrow Instructions; you do not become a party to the Agreement. 
 16. You shall be entitled to employ such legal counsel and
other experts (including without limitation the firm of Cooley LLP) as you may deem necessary properly to advise you in connection with your obligations hereunder. You may rely upon the advice of such counsel, and may pay such counsel
reasonable compensation therefor. The Company shall be responsible for all fees generated by such legal counsel in connection with your obligations hereunder. 

17. This instrument shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted
assigns. It is understood and agreed that references to “you” or “your” herein refer to the original Escrow Agent and to any and all successor Escrow Agents. It is understood and agreed that the Company may at any time or from
time to time assign its rights under the Agreement and these Joint Escrow Instructions in whole or in part. 

  
 13. 

 18. This Agreement shall be governed by and interpreted and determined in accordance
with the laws of the California, as such laws are applied by California courts to contracts made and to be performed entirely in California by residents of that state. 

 

			
	Very truly yours,
	
	DERMAVANT SCIENCES LTD.

 
			
		
	By	 	 

 
			
		
	Title	 	 

 
			
	
	PURCHASER:
	
	  

  

	
	ESCROW AGENT:
	
	   

	Secretary, Dermavant Sciences Ltd.

  
 14.

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