Document:

EX-10.8

 Exhibit 10.8 

LYELL IMMUNOPHARMA, INC. 

OFFICER SEVERANCE PLAN 

The Lyell Immunopharma, Inc. Officer Severance Plan is established as of the Effective Date. The purpose of the Plan is to provide severance
and/or accelerated vesting benefits to certain eligible employees of Lyell Immunopharma, Inc. who incur a Qualifying Termination as described herein. Except with respect to individually negotiated employment contracts or agreements with the Company
providing severance benefits that an Eligible Employee has not agreed to forgo, this Plan supersedes any severance plan, policy or practice with respect to Qualifying Terminations, whether formal or informal, written or unwritten, previously
announced or maintained by the Company. This Plan document also is the Summary Plan Description for the Plan. 
 SECTION 1. DEFINITIONS. As
hereinafter used: 
 1.1 “Affiliate” means, with respect to any individual or entity, any other individual or entity who,
directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such individual or entity. 

1.2 “Benefits Schedule” has the meaning set forth in 2.3. 

1.3 “Board” means the Board of Directors of the Company. 

1.4 “Cause” means, with respect to any Eligible Employee, (i) “Cause” as defined in the applicable Employment
Agreement between the Eligible Employee and the Company; or (ii) in the absence of any definition of “Cause” contained in such Employment Agreement, (a) Eligible Employee is indicted for, convicted of, or pleads guilty or nolo
contendre to, a felony or crime involving moral turpitude; (b) Eligible Employee engages in conduct that constitutes willful gross negligence, willful misconduct, or unsatisfactory performance in carrying out the Eligible Employee’s duties
under the Eligible Employee’s Employment Agreement, and, if curable, such breach remains uncured following fifteen (15) days prior written notice given by the Company to the Eligible Employee specifying such conduct; (c) Eligible
Employee has breached any covenant or any material provision of any agreement with the Company, including among other things, a willful and material breach of written Company policy, and, if curable, such breach remains uncured following fifteen
(15) days’ prior written notice specifying such breach given by the Company to the Eligible Employee; (d) Eligible Employee’s material violation of federal law or state law that the Board reasonably determines has had or is
reasonably likely to have a material detrimental effect on the Company’s reputation or business; or (e) Eligible Employee’s act of fraud or dishonesty in the performance of the Eligible Employee’s job duties. 

1.5 “Change in Control” means any transaction or series of related transactions pursuant to which any individual or entity
acquires (a) more than fifty percent (50%) of the issued and outstanding equity securities of the Company or (b) all or substantially all of the assets of the Company (in either cases, whether by merger, consolidation, sale, exchange,
issuance, transfer or redemption of the Company’s equity 

 
securities by sale, exchange or transfer of the Company’s consolidated assets or otherwise), provided that, where applied to compensation subject to Section 409A, any acceleration of or
change in payment shall only apply (if required by Section 409A) if the corporate transaction is also a change in control event described in Treasury Regulation 1.409A-3(i)(5). 

1.6 “Change in Control Protection Period” means the period beginning on a Change in Control and ending on the first
anniversary thereof. 
 1.7 “Code” means the Internal Revenue Code of 1986, as amended. 

1.8 “Committee” means the Compensation Committee of the Board, or a delegate thereof, which in each case is also referred to
under the Plan as the “Plan Administrator”. 
 1.9 “Company” means Lyell Immunopharma, Inc., a Delaware
corporation, and any successors thereto. 
 1.10 “Effective Date” means July 29, 2019. 

1.11 “Eligible Employee” means an employee of the Company who holds the title of VP or above and (i) is designated by
the Plan Administrator, in its sole discretion, to be eligible for severance benefits under the Plan, and (ii) if applicable, agrees to forgo severance benefits provided under an individually negotiated employment contract or agreement with the
Company relating to severance or change in control benefits. The Plan Administrator shall make the determination of whether an employee is an Eligible Employee, and such determination shall be binding and conclusive on all persons. The Plan
Administrator shall maintain a current schedule of Eligible Employees with the General Counsel of the Company or such other Company officer as may be designated by the Plan Administrator. Temporary employees and independent contractors are not
eligible to participate in the Plan. 
 1.12 “Employment Agreement” means an agreement entered into between the Company and
an individual with respect to their employment with the Company that is expressly titled an “Employment Agreement,” as such agreement may be amended or restated from time to time. 

1.13 “Good Reason” means (a) that the Eligible Employee, without the Eligible Employee’s express, written consent,
has incurred a material reduction in authority, title, duties or responsibilities at the Company or a successor employer (with respect to a termination in connection with a Change in Control, relative to the Eligible Employee’s authority,
title, duties or responsibilities immediately prior to the Change in Control); (b) that the Eligible Employee, without the Eligible Employee’s express, written consent, has suffered a material breach of the Eligible Employee’s Employment
Agreement by the Company or a successor employer; (c) that the Eligible Employee, without the Eligible Employee’s express, written consent, has been required to relocate or travel more than fifty (50) miles from the Eligible
Employee’s then current place of employment in order to continue to perform the duties and responsibilities of the Eligible Employee’s position (not 

  
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including customary travel as may be required by the nature of the Eligible Employee’s position); or (d) that the Eligible Employee, without the Eligible Employee’s express,
written consent, has been directed by the Board to violate knowingly and intentionally any material state, federal or foreign law, rule or regulation applicable to the Company. Termination of employment by the Eligible Employee will not be for Good
Reason unless (1) the Eligible Employee notifies the Company in writing within thirty (30) days of the initial existence of such condition (which notice specifically identifies such condition), (2) the Company fails to remedy such
condition within thirty (30) days after the date on which it receives such notice (the “Remedial Period”), and (3) the Eligible Employee actually terminates employment immediately after the expiration of the Remedial
Period and before the Company remedies such condition. If the Eligible Employee terminates employment before the expiration of the Remedial Period or after the Company remedies the condition (even if after the end of the Remedial Period), then the
Eligible Employee’s termination will not be considered to be for Good Reason. 
 1.14 “Parachute Amount” has the
meaning set forth in Section 2.7. 
 1.15 “Plan” means the Lyell Immunopharma, Inc. Officer Severance Plan and Summary
Plan Description, as set forth herein, as it may be amended from time to time. 
 1.16 “Plan Administrator” has the meaning
set forth in Section 1.8. 
 1.17 “Pre-Change in Control Protection Period”
means the period beginning three (3) months prior to a Change in Control. 
 1.18 “Reduced Amount” has the meaning set
forth in Section 2.7. 
 1.19 “Release Effective Date” has the meaning set forth in Section 2.8. 

1.20 “Section 409A” has the meaning set forth in Section 2.9. 

1.21 “Qualifying Termination” means the termination of an Eligible Employee’s employment by the Company without Cause or
a resignation by the Eligible Employee for Good Reason. The termination of Tier II and Tier III Employees must also occur during the Change in Control Protection Period to be a Qualifying Termination. The transfer of an Eligible Employee’s
employment following a Change of Control from the entity resulting from the Change in Control to an Affiliate thereof shall not, in and of itself, constitute a Qualifying Termination. 

1.22 “Severance Pay” has the meaning set forth in 2.3. 

1.23 “Termination Date” means the date on which an Eligible Employee incurs a Qualifying Termination. 

1.24 “Tier I Employee” means any Eligible Employee who prior to the Termination Date or a Change in Control was identified by
the Company as a CEO Report or C-Suite executive, except for the CEO (who, for the avoidance of doubt, is excluded from this Plan). 

  
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 1.25 “Tier II Employee” means any Eligible Employee who prior to a Change
in Control was identified by the Company as an SVP or otherwise designated as a Tier II Employee by the CEO or President. 
 1.26
“Tier III Employee” means any Eligible Employee who prior to a Change in Control was identified by the Company as a VP. 
 SECTION 2.
SEVERANCE BENEFITS 
 2.1 Generally. Subject to the terms of the Plan, each Eligible Employee shall be entitled to severance
payments and/or benefits pursuant to applicable provisions of Section 2 of this Plan if the Eligible Employee incurs a Qualifying Termination and complies with the applicable requirements of the Plan. 

2.2 Notice. Any Qualifying Termination effected by the Company following the Effective Date shall require ten (10) business
days’ prior written notice; provided, however, that the Company may, in its sole discretion, pay the Eligible Employee in lieu of all or part of such notice period. 

2.3 Severance Pay. Subject to the terms of the Plan, the Company shall provide “Severance Pay” to each Eligible
Employee who incurs a Qualifying Termination equal to the amount listed in such Eligible Employee’s applicable tier level in the Schedule of Severance Benefits as attached to hereto as Schedule A (the “Benefits
Schedule”). Severance Pay shall be paid in approximately equal installments in accordance with the Company’s regular payroll practices, provided that severance payments shall commence to be paid on the first regular payroll date of the
Company that occurs after the Release Effective Date (a defined below), and the first payment thereof shall include a catch-up payment to cover amounts retroactive to the day immediately following the
Termination Date. Notwithstanding the foregoing, any guaranteed bonus or discretionary bonus that the Company had determined to pay the Eligible Employee but which had not yet been paid as of the date of the Eligible Employee’s Qualifying
Termination shall be paid in a lump sum on the next regularly scheduled payroll date following the date on which such Eligible Employee was terminated. 

2.4 Benefits Continuation. If the Eligible Employee is eligible for and timely elects to continue receiving group medical and/or dental
insurance under the continuation coverage rules of the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”), upon the Eligible Employee’s submission to the Company of evidence of the Eligible Employee’s and his
or her dependent’s, if applicable, enrollment in COBRA, the Company will pay to the Eligible Employee, in accordance with the Company’s regular payroll practices, an amount equal, net of taxes, to the monthly employer contribution to the
applicable health care benefits, as in effect on the Eligible Employee’s Termination Date, for a number of months equal to the number of months in the Eligible Employee’s COBRA continuation coverage period as set forth in the applicable
tier level in the Benefits Schedule so long as the Eligible Employee has not become actually covered by the medical plan of a subsequent employer during any such month. This period of continued benefits shall run concurrently with (and shall count
against) the Company’s obligation to provide continuation coverage pursuant to COBRA. 

  
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 2.5 Non-Duplication of Benefits. The benefits
provided under the Plan are intended to satisfy, to the greatest extent possible, and not to provide benefits duplicative of, any and all statutory, contractual and collective agreement obligations of the Company in respect of the form of benefits
provided under the Plan that may arise out of a Qualifying Termination, and the Plan Administrator will so construe and implement the terms of the Plan. If the Company or any Affiliate is obligated by law or by contract to provide severance pay or
change in control benefits to an Eligible Employee, then the Eligible Employee may be required to waive, upon the Company’s request, any amounts payable pursuant to such legal or contractual obligation as a condition of receiving benefits under
the Plan. 
 2.6 Vesting Acceleration. In the event of a Qualifying Termination during the Change in Control Protection Period, the
Eligible Employee shall receive accelerated vesting with respect to the percentage of shares as set forth in the Eligible Employee’s applicable tier level in the Benefits Schedule (“Vesting Acceleration”) subject to each of
such Eligible Employee’s then-outstanding and unvested equity awards which would otherwise become vested solely on the passage of time and such Eligible Employee’s continued service to the Company (which, for the avoidance of doubt will
not include any such Company equity awards that would otherwise become vested in whole or in part based on the attainment of performance conditions or targets, which awards will be subject to the terms of their underlying award agreements). Tier I
and Tier II Employees shall also receive Vesting Acceleration if the Eligible Employee’s employment by the Company is terminated without Cause or the Eligible Employee resigns for Good Reason during the
Pre-Change in Control Protection Period. 
 2.7 Impact of Section 4999 Excise Tax: Maximum After-Tax Benefit Following a Change of Control. Except to the extent that a more favorable treatment is provided to an Eligible Employee by the Company in writing, in the event that part or all of the
consideration, compensation or benefits to be paid to an Eligible Employee under this Plan or any other plan, arrangement or agreement applicable to such Eligible Employee, constitutes “excess parachute payments” under Section 280G(b)
of the Code subject to an excise tax under Section 4999 of the Code (collectively, the “Parachute Amount”), the amount of excess parachute payments which would otherwise be payable to such Eligible Employee or for such Eligible
Employee’s benefit shall be reduced to the extent necessary so that no amount of the Parachute Amount is subject to an excise tax under Section 4999 (the “Reduced Amount”); provided that such amounts shall not be so
reduced if, without such reduction, such Eligible Employee would be entitled to receive and retain, on a net after-tax basis (including, without limitation, after any excise taxes payable under
Section 4999), an amount of the Parachute Amount which is greater than the amount, on a net after-tax basis, that such Eligible Employee would be entitled to retain upon receipt of the Reduced Amount. All
determinations with respect to the Parachute Amount shall be made by a nationally recognized certified public accounting firm or other firm that is retained and paid by the Company for such purpose prior to the Change in Control, which firm shall
not, without such Eligible Employee’s consent, be changed following the Change in 

  
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Control. Such determinations shall be binding upon the Company and shall be made promptly following the Change in Control and as appropriate thereafter, in order to permit payment in accordance
with the provisions of this Plan. 
 2.8 Release. No Eligible Employee who incurs a Qualifying Termination shall be eligible to
receive any payments or other benefits under the Plan unless he or she first executes a release in favor of the Company in the form attached hereto as Annex A and the release becomes effective and irrevocable within sixty (60) days
following the Eligible Employee’s Termination Date (such date the release becomes effective and irrevocable, the “Release Effective Date”); provided, however, that if the 60th day following the Termination Date falls in the
calendar year following the year in which the Termination Date occurs, any payments or other benefits under the Plan shall be paid no earlier than January 1 of the calendar year following the year in which the Termination Date occurs. 

2.9 Section 409A. It is intended that payments and benefits under this Plan will not subject Eligible Employees to taxation under
Section 409A of the Code and the regulations thereunder (“Section 409A”) and, accordingly, this Plan shall be interpreted and administered to be either exempt from or in compliance therewith. Specifically, any taxable
benefits or payments provided under this Plan are intended to be separate and distinct payments that qualify for the “short-term deferral” exception to Section 409A to the maximum extent possible, and to the extent they do not so
qualify, are intended to qualify for the separation pay exceptions to Section 409A, to the maximum extent possible. To the extent that none of these exceptions (or any other available exception) applies, then notwithstanding anything contained
herein to the contrary, and to the extent required to comply with Section 409A, if an Eligible Employee is a “specified employee,” as determined under the Company’s policy for identifying specified employees on the Eligible
Employee’s Termination Date, then all amounts due under the Plan that constitute a “deferral of compensation” within the meaning of Section 409A of the Code, that are provided as a result of a separation from service within the
meaning of Section 409A, and that would otherwise be paid or provided during the first six months following the Termination Date, shall be accumulated through and paid or provided on the first business day that is more than six months after the
Termination Date (or, if the Eligible Employee dies during such six-month period, within 90 days after the Eligible Employee’s death). Notwithstanding anything contained herein to the contrary, an
Eligible Employee shall not be considered to have terminated employment with the Company for purposes of any payments under this Plan which are subject to Section 409A until the Eligible Employee would be considered to have incurred a
“separation from service” within the meaning of Section 409A. In no event may an Eligible Employee, directly or indirectly, designate the calendar year of any payment to be made under this Plan that is considered nonqualified deferred
compensation. The Company makes no representation that any or all of the payments described in this Plan shall be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment.
The Eligible Employee shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A. 

  
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 SECTION 3. PLAN ADMINISTRATION. 

3.1 The Plan Administrator shall administer the Plan and may interpret the Plan, prescribe, amend and rescind rules and regulations under the
Plan and make all other determinations necessary or advisable for the administration of the Plan, subject to all of the provisions of the Plan. 

3.2 The Plan Administrator may delegate any of its duties hereunder to such person or persons from time to time as it may designate. 

3.3 The Plan Administrator is empowered, on behalf of the Plan, to engage accountants, legal counsel and such other personnel as it deems
necessary or advisable to assist it in the performance of its duties under the Plan. The functions of any such persons engaged by the Plan Administrator shall be limited to the specified services and duties for which they are engaged, and such
persons shall have no other duties, obligations or responsibilities under the Plan. Such persons shall exercise no discretionary authority or discretionary control respecting the management of the Plan. All reasonable expenses thereof shall be borne
by the Company. 
 SECTION 4. PLAN MODIFICATION OR TERMINATION. 

The Plan may be terminated or amended by the Committee at any time; provided, however, that the Plan may not be terminated or
amended during the Change in Control Protection Period or in respect of a Qualifying Termination that occurred prior to the amendment or termination of the Plan. 

SECTION 5. GENERAL PROVISIONS. 
 5.1
Except as otherwise provided herein or by law, no right or interest of any Eligible Employee under the Plan shall be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including without limitation
by execution, levy, garnishment, attachment, pledge or in any manner; no attempted assignment or transfer thereof shall be effective; and no right or interest of any Eligible Employee under the Plan shall be liable for, or subject to, any obligation
or liability of such Eligible Employee. When a payment is due under this Plan to a severed employee who is unable to care for his or her affairs, payment may be made directly to his or her legal guardian or personal representative. 

5.2 Neither the establishment of the Plan, nor any modification thereof, nor the creation of any fund, trust or account, nor the payment of
any benefits shall be construed as giving any Eligible Employee, or any person whomsoever, the right to be retained in the service of the Company or any subsidiary thereof, and all Eligible Employees shall remain subject to discharge to the same
extent as if the Plan had never been adopted. 
 5.3 If any provision of this Plan shall be held invalid or unenforceable, such invalidity
or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included. 

  
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 5.4 This Plan shall inure to the benefit of and be binding upon the heirs, executors,
administrators, successors and assigns of the parties, including each Eligible Employee, present and future, and any successor to the Company. If an Eligible Employee dies while any amount would still be payable to such Eligible Employee hereunder
(following a Qualifying Termination), all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Plan to the executor, personal representative or administrators of the severed employee’s estate. 

5.5 The headings and captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not
be employed in the construction of the Plan. 
 5.6 The Plan shall not be required to be funded unless such funding is authorized by the
Board. Regardless of whether the Plan is funded, no Eligible Employee shall have any right to, or interest in, any assets of any Company which may be applied by the Company to the payment of benefits or other rights under this Plan. 

5.7 Any notice or other communication required or permitted pursuant to the terms hereof shall have been duly given when delivered or mailed
by United States Mail, first class, postage prepaid, addressed to the intended recipient at his, her or its last known address. 
 5.8 To
the extent not preempted by federal law, which shall otherwise control, this Plan shall be construed and enforced according to the laws of the State of Delaware, without regard to its
choice-of-law principles. 
 5.9 All benefits hereunder
shall be reduced by applicable withholding and shall be subject to applicable tax reporting, as determined by the Plan Administrator. 
 SECTION 6.
NOTICE. 
 Except as expressly provided otherwise herein, any notice, demand, consent, authorization or other communication that any
Eligible Employee is required or may desire to give to or make upon the Company pursuant to the Plan shall be in writing and shall be effective, valid and duly given and received if hand delivered or sent by overnight delivery service, by facsimile,
computer mail or other electronic mail, or by regular mail, postage prepaid, addressed to: 
 Lyell Immunopharma, Inc. 

Attention: General Counsel 
 400
East Jaime Court, Ste. 301 
 South San Francisco, CA 94080 

E-mail: 

  
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 Notice so given shall be deemed given and received if (a) by mail, on the fourth day after posting;
(b) by facsimile, computer mail or other electronic mail or personal delivery, on the date of actual transmission, with evidence of transmission acceptance or verification, or (as the case may be) personal or other delivery; and (c) by
overnight delivery courier, on the next business day following the day such notice is delivered to the overnight delivery courier service. 
 SECTION 7.
EXECUTION. 
 To record the adoption of the Plan as set forth herein, Lyell Immunopharma, Inc. has caused its duly authorized officer
to execute the same as of the Effective Date. 
  

			
	LYELL IMMUNOPHARMA, INC.:
		
	By:	 	 /s/ Liz Homans

	Name:	 	Liz Homans
	Title:	 	President

  
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 SCHEDULE A 

SCHEDULE OF SEVERANCE BENEFITS 
  

									
	 Eligible
Employee
Tier Level
	  	 Severance Pay
	  	COBRA
Continuation
Coverage Period	  	Vesting
Acceleration	 
	Tier I	  	12 months base salary and any guaranteed or accrued bonus as of the Termination Date	  	12 months	  	 	100	% 
	Tier II	  	12 months base salary and any guaranteed or accrued bonus as of the Termination Date	  	12 months	  	 	100	% 
	Tier III	  	9 months base salary and any guaranteed or accrued bonus as of the Termination Date	  	9 months	  	 	75	% 

 ANNEX A 

RELEASE AND SEPARATION AGREEMENT 

This Release and Separation Agreement (this “Agreement”) is made and entered into by and between Lyell Immunopharma, Inc.
(the “Company”), and the undersigned employee (“Employee”). All capitalized terms used in this Agreement that are not defined herein shall have the same respective meanings as set forth in the Lyell Immunopharma,
Inc. Officer Severance Plan and Summary Plan Description, effective July 29, 2019 (the “Severance Plan”). 

RECITALS 
 WHEREAS,
Employee’s employment with the Company terminates effective as of [Termination Date]; 
 WHEREAS, the Company presented Employee with
this Agreement on [            ], 2019 (the “Presentation Date”); 

WHEREAS, the Parties wish to resolve fully and finally any and all matters between them including any potential disputes regarding
Employee’s employment with the Company or the termination thereof; and 
 WHEREAS, in order to accomplish this end, the Parties wish
to enter into this Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises and undertakings contained herein and for other
good and valuable consideration, including the consideration described in Section 3 of this Agreement, the sufficiency of which is hereby acknowledged, the Parties hereto agree as follows: 

 

	 	1.	 Separation and Effective Date. Employee’s last day of employment with the Company was
[                    ] (the “Separation Date”). [This Agreement shall become effective as of the execution date/This Agreement shall
not become effective until the eighth (8th) day after Employee signs, without revoking, this Agreement] (the “Effective Date”). No payments due to Employee under this Agreement shall be made or begin before the Effective Date.

  

	 	2.	 Wage Acknowledgment. Employee acknowledges that, as of the Separation Date, Employee has been properly
paid all wages, including bonus or incentive compensation, for all work performed for the Company. 

  
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	 	3.	 Consideration. 

 

	 	a.	 In exchange for Employee timely signing and returning the Agreement to the Company [(and not thereafter timely
revoking)], in each case following the Presentation Date, the release of claims in Section 4 below, the Company will provide Employee with the following amounts and benefits (the “Release Consideration”): 

 

	 	i.	 [INSERT SEVERANCE PAYMENT], less applicable taxes, withholdings and deductions (the “Cash Severance
Payment”), to which Employee is not otherwise entitled, within [[        ]/twenty-one (21)/forty-five (45)] business days following the date the Company
receives an executed version of this Agreement from the Employee; and 

  

	 	ii.	 provided that Employee timely and properly elects group health plan continuation coverage under the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), Employee may be permitted to continue participation in the Company’s group health plan by continuing to pay premiums to the Company at the contribution
level in effect for active employees until the earliest of: (i) the expiration of [twelve (12)/[ALTERNATIVE NUMBER]] months following the Separation Date; (ii) the date Employee becomes covered under another employer’s health plan; or
(iii) the expiration of the maximum COBRA continuation coverage period for which Employee is eligible under federal law. 

  

	 	b.	 Employee understands, acknowledges, and agrees that these benefits exceed what Employee is otherwise entitled
to receive upon Employee’s separation from employment with the Company, and are being given as consideration in exchange for executing this Agreement, including the general release contained herein. 

 

	 	c.	 Employee Representations. Employee specifically represents, warrants, and confirms that Employee: has
read this Agreement and agrees to the conditions and obligations set forth in it; has been advised to consult with an attorney of Employee’s choosing before signing this Agreement; knowingly, freely, and voluntarily assents to all of this
Agreement’s terms and conditions including, without limitation, the waiver, release, and covenants; is signing this Agreement, including the waiver and release, in exchange for good and valuable consideration in addition to anything of value to
which Employee is otherwise entitled; is not 

  
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	 	waiving or releasing rights or claims that may arise after Employee signs this Agreement; has not filed any claims, complaints, or actions of any kind against the Company with any court of law, or local, state, or
federal government or agency; and has not engaged in and is not aware of any unlawful conduct relating to the business of the Company. 

  

	 	4.	 General Release. 

 

	 	a.	 In exchange for the Release Consideration provided in this Agreement, Employee, for Employee and for
Employee’s affiliates, successors, heirs, subrogees, assigns, principals, agents, partners, employees, associates, attorneys, and representatives, voluntarily, knowingly, and intentionally releases and discharges the Company, Parent, and each
of its and their Affiliates, predecessors, successors, parents, subsidiaries, and assigns, and each of its and their respective officers, directors, principals, shareholders, board members, committee members, employees, agents, and attorneys, in
their corporate and individual capacities, (collectively, the “Released Parties”) from any and all claims, actions, liabilities, demands, rights, damages, costs, expenses, and attorneys’ fees (including, but not limited to, any claim
of entitlement for attorneys’ fees under any contract, statute, or rule of law allowing a prevailing party or plaintiff to recover attorneys’ fees) of every kind and description, whether known or unknown, from the beginning of time through
the Effective Date (the “Released Claims”). 

  

	 	b.	 The Released Claims include, but are not limited to, 

 

	 	i.	 Any and all claims under Title VII of the Civil Rights Act of 1964 (Title VII), the Americans with Disabilities
Act (ADA), the Family and Medical Leave Act (FMLA) (regarding existing but not prospective claims), the Fair Labor Standards Act (FLSA), the Equal Pay Act, the Employee Retirement Income Security Act (ERISA) (regarding unvested benefits), the Civil
Rights Act of 1991, Section 1981 of U.S.C. Title 42, the Fair Credit Reporting Act (FCRA), the Worker Adjustment and Retraining Notification (WARN) Act, the National Labor Relations Act (NLRA), the Age Discrimination in Employment Act (ADEA),
the Uniform Services Employment and Reemployment Rights Act (USERRA), the Genetic Information Nondiscrimination Act (GINA), the Immigration Reform and Control Act (IRCA), the California Fair Employment and Housing Act, the California Constitution,
the California Labor Code, any claim under Title 20 of the State Government Article of the Maryland Annotated Code, the Washington Industrial Welfare Act (IWA), the Washington Law Against Discrimination (WLAD), the Washington Family Leave Act (FLA),
the Washington Leave Law, the Washington Minimum Wage Requirements and Labor Standards Act, Title 49 of the Revised Code of Washington, the Washington Equal Pay Opportunity Act (EPOA), the Washington Fair Chance Act (FCA), and including all of their
respective implementing regulations and any other federal, state, local or foreign law (statutory, regulatory, or otherwise) that may be legally waived and released; however, 

  
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the identification of specific statutes is for purposes of example only, and the omission of any specific statute or law shall not limit the scope of this general release in any manner;

  

	 	ii.	 Any and all claims arising under tort, contract, and quasi-contract law, including but not limited to claims of
breach of an express or implied contract, wrongful or retaliatory discharge, fraud, defamation, negligent or intentional infliction of emotional distress, tortious interference with a contract or prospective business advantage, breach of the
covenant of good faith and fair dealing, promissory estoppel, detrimental reliance, invasion of privacy, false imprisonment, nonphysical injury, personal injury or sickness, or any other harm; 

 

	 	iii.	 Any and all claims for compensation of any type whatsoever, including but not limited to claims for wages,
salary, bonuses, commissions, incentive compensation, vacation, sick pay, and severance that may be legally waived and released; and 

  

	 	iv.	 Any and all claims for monetary or equitable relief, including but not limited to attorneys’ fees, back
pay, front pay, reinstatement, experts’ fees, medical fees or expenses, costs and disbursements, punitive damages, liquidated damages, and penalties. 

Notwithstanding the foregoing, the Released Claims and the ADEA Release in Section 6 (below) specifically exclude: (i) any rights to
workers’ compensation, unemployment, or disability benefits under applicable law; (ii) any rights to file an unfair labor practice charge under the National Labor Relations Act; (iii) any rights to vested benefits under ERISA, such as
pension or retirement benefits, the rights to which are governed by the terms of the applicable plan documents and award agreements; (iv) any right to file an administrative charge or complaint with, or testify, assist, or participate in an
investigation, hearing, or proceeding conducted by, the Equal Employment Opportunity Commission, or other similar federal or state administrative agencies; (v) any rights based on any violation of any federal, state, or local statutory or
public policy entitlement that may not be waived under applicable law, such as claims for unemployment benefits and workers’ compensation; (vi) any rights to indemnification, advancement, or contribution; and (vi) any claim that is
based on any act or omission that occurs after the date Employee delivers Employee’s signature on this Agreement to the Company. 
  

	 	5.	 Waiver of Section 1542. This Agreement is intended to be effective as a general release of and bar
to all claims as stated in Section 4. Accordingly, Employee expressly waives all rights under Section 1542 of the California Civil Code (“Section 1542”) or any similar statute or common law doctrine under applicable law in any
other jurisdiction. Section 1542 states as follows: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT IF KNOWN
BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED 

  
 4 

	 	
PARTY.” Employee acknowledges that Employee may later discover claims or facts in addition to or different from those that Employee now knows or believes to exist with regard to the subject
matter of this Agreement, and that, if known or suspected at the time of executing this Agreement, may have materially affected its terms. Nevertheless, Employee waives any and all claims that might arise as a result of such different or additional
claims or facts. 

  

	 	6.	 [Specific Release and Waiver of ADEA Claims. In further consideration of the payments and benefits
provided to Employee in this Agreement, Employee irrevocably and unconditionally fully and forever waives, releases, and discharges the Company from any and all claims, whether known or unknown, from the beginning of time through the date of
Employee’s execution of this Agreement arising under the Age Discrimination in Employment Act (“ADEA”) (the “ADEA Release”), as amended, and its implementing regulations. By signing this Agreement, Employee
acknowledges and confirms that: 

  

	 	a.	 Employee has read this Agreement in its entirety and understands all of its terms; 

 

	 	b.	 Employee has been advised in writing to consult with an attorney of Employee’s choosing before signing
this Agreement; 

  

	 	c.	 Employee knowingly, freely, and voluntarily agrees to all of the terms and conditions in this Agreement
including, without limitation, the waiver, release, and covenants; 

  

	 	d.	 Employee is signing this Agreement, including the waiver and release, in exchange for good and valuable
consideration in addition to anything of value to which Employee is otherwise entitled; 

  

	 	e.	 Employee was given at least [twenty-one (21)/forty-five (45)] days to consider the terms of this Agreement and consult with an attorney of Employee’s choice, although Employee may sign it sooner if desired; 

 

	 	f.	 Employee understands that Employee has seven (7) days after signing this Agreement to revoke the release
in this Section by delivering written notice of revocation to [NAME] at the Company, [ADDRESS] by [electronical mail or First Class mail] before the end of the this seven (7) day period; and 

  
 5 

	 	g.	 Employee understands that the release in this Section does not apply to rights and claims that may arise after
Employee signs this Agreement.] 

 [Specific information required to be provided to Employee under ADEA in connection with
a group termination program is attached as Exhibit A.] 
  

	 	7.	 No Admission of Liability. Nothing in this Agreement constitutes an admission of liability by the
Company, any of the Released Parties or Employee concerning any aspect of Employee’s employment with or separation from the Company. 

  

	 	8.	 Return of Property and Information. Employee represents and warrants that, prior to Employee’s
execution of this Agreement, Employee will return to the Company any and all property, documents, and files, Work Product, including any documents (in any recorded media, such as papers, computer disks and other data storage devices, copies,
photographs, and maps) that relate in any way to the Company or the Company’s business. Employee agrees that, to the extent that Employee possesses any files, data, Work Product, or information relating in any way to the Company or the
Company’s business on any personal computer, device, or account, Employee will return to the Company and then delete those files, data, or information (and will retain no copies in any form). Employee also will return any tools, equipment,
calling cards, credit cards, access cards or keys, any keys to any filing cabinets, vehicles, vehicle keys, and all other property in any form prior to the date Employee executes this Agreement. 

 

	 	9.	 Cooperation. Employee agrees that after the Separation Date, Employee will reasonably cooperate with and
assist the Company (a) to transition Employee’s job duties on an as-needed basis by responding to reasonable requests for information and answering questions, and (b) with any investigation,
lawsuit, arbitration, or other proceeding to which the Company is subjected. Employee will make himself or herself available for preparation for, and attendance of, hearings, proceedings or trial, including pretrial discovery and trial preparation.
Employee further agrees to perform all acts and execute any documents that may be necessary to carry out the provisions of this Section 9. 

  

	 	10.	 Section 409A. It is intended that payments and benefits under this Agreement not subject Employee
to taxation under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, this Agreement shall be interpreted and administered to be in compliance therewith. Any payments described in this
Agreement that are due within the “short term deferral period” as defined in Section 409A of the Code, or that qualify as “involuntary separation pay” within the meaning of Treas. Reg.
§1.409A-1(b)(9) shall not be treated as deferred compensation unless applicable law requires otherwise. To the extent required to avoid an accelerated or additional tax under 

  
 6 

	 	
Section 409A, amounts reimbursable to Employee under this Agreement shall be paid to Employee on or before the last day of the calendar year following the calendar year in which the expense
was incurred and the amount of expenses eligible for reimbursement during any one calendar year may not effect amounts reimbursable or provided in any subsequent calendar year. Notwithstanding anything herein to the contrary, in no event shall the
timing of Employee’s execution of the release described in Section 4, directly or indirectly, result in the Employee designating the calendar year of payment, and if a payment that is subject to execution of the general release could be
made in more than one taxable year, payment shall be made in the later taxable year. No interpretation or amendment of this Agreement shall require the Company to incur any additional costs or to reimburse Employee for any taxes or penalties that
might be imposed upon the Employee as a result of Section 409A of the Code. 

  

	 	11.	 Severability. If any provision of this Agreement is held illegal, invalid, or unenforceable, such
holding shall not affect the validity of any other provisions hereof, which shall remain in full force and effect to continue to be binding on the Parties. In the event any provision is held illegal, invalid, or unenforceable, such provision shall
be limited so as to affect the intent of the Parties to the fullest extent permitted by applicable law. Any claim by Employee against the Company shall not constitute a defense to enforcement by the Company. 

 

	 	12.	 Successors and Assigns. Except as otherwise provided in this Agreement, this Agreement, and the rights
and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives. The Company may assign any of its rights and obligations
under this Agreement. The Employee shall not assign, whether voluntarily or by operation of law, any of its rights and obligations under this Agreement, except with the prior written consent of the Company. 

 

	 	13.	 Third Party Beneficiaries. The Parties acknowledge and agree that each of the Released Parties,
including, but not limited to, Parent and each of its Affiliates, is an intended third-party beneficiary of this Agreement and has the right to enforce and benefit from any legal or equitable right, benefit, or remedy of any nature whatsoever under
or by reason of this Agreement. 

  

	 	14.	 Entire Agreement. This Agreement constitutes the entire agreement among the Parties with respect to the
subject matter hereof and thereof and supersedes any prior understandings, agreements or representations by or between the Parties, written or oral, to the extent that they are related in any way to the subject matter hereof or thereof, provided,
however, that this Agreement shall not supersede the Employee’s obligations in the Employee’s Employment, Confidential Information and Invention Assignment Agreement with the Company, except to the extent that there is a conflict between
such agreement and this Agreement, in which case the terms and conditions of this Agreement shall govern. 

  
 7 

	 	15.	 Governing Law; Jurisdiction. This Agreement will be governed by and construed in accordance with the
laws of the state of [the Employee’s residence on the Effective Date], without giving effect to its laws pertaining to conflict of laws. If any court or arbitrator of competent jurisdiction determines that any provision of this Agreement is
invalid, illegal or unenforceable in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause or provision cannot be so enforced, such provision shall be stricken from this
Agreement and the remainder of this Agreement shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Agreement. 

 

	 	16.	 Amendment and Waiver. This Agreement may be amended only by a written agreement executed by each of the
parties hereto. No amendment, waiver, or modification of any obligation under this Agreement will be enforceable unless set forth in a writing signed by the party against which enforcement is sought. Any amendment effected in accordance with this
section will be binding upon all parties hereto and each of their respective successors and assigns. No delay or failure to require performance of any provision of this Agreement shall constitute a waiver of that provision as to that or any other
instance. Waiver granted as to any one provision herein shall not constitute a subsequent waiver of such provision or of any other provision herein, nor shall it constitute the waiver of any performance other than the actual performance specifically
waived. 

  

	 	17.	 Counterparts. This Agreement may be executed electronically. The Agreement may be executed in any number
of counterparts, each of which when so executed and delivered will be deemed an original, and all of which together shall constitute one and the same agreement. Photographic, computerized, electronic, PDF or facsimile copies of such signed
counterparts may be used in lieu of the originals for any purpose. 

  

	 	18.	 Acknowledgment of Full Understanding. EMPLOYEE ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS FULLY READ,
UNDERSTANDS, AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. EMPLOYEE ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF EMPLOYEE’S CHOICE BEFORE SIGNING THIS AGREEMENT. EMPLOYEE FURTHER
ACKNOWLEDGES THAT EMPLOYEE’S SIGNATURE BELOW IS AN AGREEMENT TO RELEASE THE COMPANY FROM ANY AND ALL CLAIMS THAT CAN BE RELEASED AS A MATTER OF LAW. 

  
 8 

 IN WITNESS WHEREOF, the Parties have entered into this Separation and Release of Claims
Agreement on the date first above written. 
 [COMPANY] 
  

			
	By:	 	
                     
               

	Name:	 	
	Title:	 	
	
	EMPLOYEE:
	
	  

	Name:	 	
	Date:	 	

 [Signature Page to Separation and Release of Claims Agreement] 

 Exhibit A 

OWBPA Disclosures to General Release in Separation and Release Agreement 

The Older Workers Benefit Protection Act (OWBPA) requires that employers provide specific information to employees who are 40 years of age or older and asked
to execute a release of claims in connection with a group termination program. This document provides this information.  
 The class, unit, or group
of individuals covered by the program includes [all employees/[SPECIFIC EMPLOYEE GROUP]] in the [OFFICE/DEPARTMENT/AREA] who will be [terminated/offered an exit incentive] [ANY TIME LIMITS APPLICABLE TO THE PROGRAM]. [All employees/[SPECIFIC
EMPLOYEE GROUP]] in the [OFFICE/DEPARTMENT/AREA] are eligible for the program. [Eligibility factors include [ANY ELIGIBILITY FACTORS].] The following is a list of the ages and job titles of employees who were and were not selected for termination
and offered consideration for signing a waiver: 
  

							
	JOB TITLE	  	AGE	  	SELECTED	  	 NOT

SELECTEDEX-10.10

 Exhibit 10.10 

July 23, 2020 
 Richard Klausner 

Electronic delivery 
  

	 	Re:	 Amended Offer of Employment by Lyell Immunopharma, Inc. 

Dear Rick: 
 As you know, you are currently
employed with Lyell Immunopharma, Inc. (the “Company”) as its Chief Executive Officer pursuant to an Executive Employment Agreement between you and the Company dated September 17, 2018, as amended by an Amendment to Executive
Employment Agreement, dated as of March 5, 2020 (the “Original Offer Letter”). The Company is amending and restating the terms of the Original Offer Letter to reflect your new position as Executive Chairman of the Company and
the corresponding changes in your terms and conditions of employment. This amended offer letter (the “Amended Offer Letter”) supersedes and replaces the terms and conditions set forth in the Original Offer Letter in their entirety.
The terms of this Amended Offer Letter will be effective as of August 1, 2020 (the “Effective Date”). Prior to the Effective Date, the terms of the Original Offer Letter will remain in full force and effect. 

As Executive Chairman, you will perform duties as are commensurate and consistent with your position. It’s contemplated that you will
remain a member of Company’s Board of Directors (the “Board”) in accordance with the terms of the A&R Voting Agreement, which the Company anticipates becoming effective within the next month. The scope of your duties will
be reduced such that you will be expected to perform services within a time commitment averaging about 50% of that of a full-time exempt employee. Your current assistant, Anabey Camarena, will devote 50% of her time to providing you with
administrative support. Your position will be officer level and you will be entitled to defense, indemnity, and D&O insurance coverage to the same extent and at the same level as other officers in the Company. In this role you will report to the
Board. The terms of our offer and the benefits currently provided by the Company are as follows: 
 1. Cash
Compensation. 
 (a) Salary. As of the Effective Date, your salary will be two hundred twenty-five
thousand dollars ($275,000) annually, less payroll deductions and withholdings. It will be paid on the Company’s regular payroll schedule, and will be subject to annual review by the Board. So long as you remain an employee of the Company, you
will not receive any additional compensation for your membership on the Company’s Board. If you remain a Board member following the last day of your employment with the Company, the Company will revisit your compensation as a Board member. 

 Amended Employment Offer 

 Page
 2
 
  
 (b)
Target Annual Bonus. In addition, you will be eligible for an annual incentive bonus of up to 60% of your base salary, based on the achievement of performance objectives to be determined by the Board. The annual bonus for the 2020
fiscal year will be prorated based upon your salary and target bonus level in the Original Offer Letter before the Effective Date and the length of employment during the 2020 fiscal year after the Effective Date of this Amended Offer Letter. Any
bonus for a fiscal year will be considered earned and will be paid within 3 months after the close of that fiscal year, but only if you are still employed by the Company at the time of payment. The good faith determinations of the Board with respect
to your bonus will be final and binding. 
 2. Benefits. In addition, you will continue to be eligible to
participate in regular health insurance, bonus and other employee benefit plans established by the Company for its senior executives from time to time, pursuant to the terms of those plans. 

3. Termination of Employment Without Cause or for Good Reason. 

(a) If (1) the Company terminates your employment without Cause, or (2) you resign for Good Reason (each, as defined in
Appendix A hereto), then you shall receive the following termination payments and benefits, subject to the conditions set forth in Section 3(b) herein: 

(i) (A) unpaid Salary earned through the date of termination, (B) unused vacation that has accrued and would be payable under the
Company’s standard policy ((A) and (B), collectively, the “Accrued Obligations”), and (C) any discretionary bonus that the Company had determined to pay to you but which had not yet been paid to you as of the date of your
termination, payable in a lump sum on the next regularly scheduled payroll date following the date on which your employment terminated; 

(ii) an amount equal to eighteen (18) months’ salary, at the rate in effect immediately prior to termination, without giving effect
to any reduction that results in a resignation for Good Reason, payable in accordance with the terms below (collectively, the “Severance Payments”); 

(iii) a pro rated annual bonus for the year in which termination occurs, paid at target in proportion to the percentage of that year in which
you were an employee of the Company; and 
 (iv) the repurchase option on the shares of the Company’s Common Stock (“Common
Stock”) previously purchased by you will lapse with respect to 100% of the shares, and you and the Company acknowledge and agree that to the extent the terms of the RSPA (as defined below) are inconsistent with this Subsection 3(a)(iv),
this Amended Offer Letter expressly acts as an amendment to the RSPA. Furthermore, if you hold any outstanding options at the time of the employment termination, you shall receive accelerated vesting of your then-outstanding and unvested options
which would otherwise become vested solely on the passage of time and your continuous service to the Company such that 100% of your then-outstanding and unvested options which would otherwise become vested solely on the passage of time and your
continuous service to the Company will be fully vested and exercisable. Such acceleration will be effective as of the effective date of your termination of employment; and 

(v) the employer portion of COBRA continuation coverage, for you and your dependents, so long as you have not become actually covered by
the medical plan of a subsequent employer during any such month and are otherwise entitled to COBRA continuation coverage, with such payments to continue for up to a maximum of eighteen (18) months following the date of termination. After such
period, you are responsible for paying the full cost for any additional COBRA continuation coverage to which you are then entitled. 

 Amended Employment Offer 

 Page
 3
 
  
 (b) As a condition to
receiving the payments and benefits under this Section 3 other than the Accrued Obligations, you shall timely execute (and not revoke within the applicable revocation period) a general release and waiver of all claims against the Company, which
release and waiver shall be in substantially the form attached hereto as Appendix B. In order to be considered “timely” within the meaning of the preceding sentence, such release and waiver shall be delivered to the Company
(or, with respect to a Change in Control, any surviving or successor employer (“Successor Employer”) thereto) and become effective and irrevocable within sixty (60) days after the date of employment termination. 

(c) Notwithstanding anything herein, including Appendix A, to the contrary, termination of employment by you will not be for Good
Reason unless (1) you notify the Company in writing of the existence of the condition which you believe constitutes Good Reason within thirty (30) days of when you become aware of the initial existence of such condition (which notice
specifically identifies such condition), (2) the Company fails to remedy such condition within thirty (30) days after the date on which it receives such notice (the “Remedial Period”), and (3) you actually terminate
employment within thirty (30) days after the expiration of the Remedial Period and before the Company remedies such condition. If you terminate employment before the expiration of the Remedial Period or after the Company remedies the condition
(even if after the end of the Remedial Period), then your termination will not be considered to be for Good Reason. Notwithstanding anything herein to the contrary, termination of your employment shall not be for Cause unless the Company notifies
you in writing on or before the date of termination that your termination was for Cause. 
 (d) Subject to Section 3(b), Severance
Payments under Section 3(a)(i) shall be paid to you through the Company’s normally scheduled payroll, beginning with the first payroll period following the 60th day after the date on which your employment was terminated without Cause or
you resigned for Good Reason. 
 4. Confidentiality. As an employee of the Company, you will have access to certain
confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. You acknowledge that you are required to, and that you will, continue to
comply with, the “Employee Invention Assignment and Confidentiality Agreement” by and between you and the Company dated September 17, 2018. During the period that you render services to the Company, you otherwise agree to not engage
in any other employment, business or activity that is in any way competitive with the business or proposed business of the Company, except that you may be permitted to engage in certain outside business activities, provided that such outside
activity does not create an actual or perceived conflict of interest and is not for a competitive entity, as determined by the Board in its discretion, and subject to the Board’s advance written approval. You will disclose to the Company in
writing any other gainful employment, business or activity that you are currently associated with or participate in that competes with the Company. You will not assist any other person or organization in competing with the Company or in preparing to
engage in competition with the business or proposed business of the Company. 

 Amended Employment Offer 

 Page
 4
 
  
 5. No Breach of
Obligations to Prior Employers. You represent that your continued employment with the Company will not violate any agreement currently in place between yourself and current or past employers. 

6. Equity Grants. 

(a) On August 6, 2018, you purchased 7,000,000 shares of Common Stock at a purchase price of $0.0001 per share pursuant to and
subject to the terms of a Founder’s Restricted Stock Purchase Agreement (the “RSPA”), of which 4,967,834 shares remain outstanding as of the date hereof. Notwithstanding anything in the RSPA or in this Amended Offer Letter to
the contrary, in the event of a Change in Control (as defined on Appendix A hereto), the repurchase option will lapse with respect to 100% of such shares, and such shares will immediately become fully vested, provided that you are an
employee of the Company as of the time of the effective date of such Change in Control. Further, in the event that you had been granted or will be granted any additional options to purchase shares of Common Stock, in the event of a Change in
Control, 100% of the unvested shares subject to the options shall immediately vest, provided that you are an employee of the Company as of the time of the effective date of such Change in Control. 

(b) While the Company may recommend, and the Board may grant, additional options to purchase shares of Common Stock to you during your
continued employment, you will no longer be entitled to the options described in Section 2.6(b) of the Original Offer Letter. 
 7.
At Will Employment. While we look forward to a long and profitable relationship, should you decide to accept this offer, you will continue to be an at-will employee of the Company, which means
the employment relationship can be terminated by either of us for any reason, at any time, with or without prior notice and with or without cause. Any statements or representations to the contrary (and, indeed, any statements contradicting any
provision in this letter) should be regarded by you as ineffective. Further, your participation in any stock option or benefit program is not to be regarded as assuring you of continuing employment for any particular period of time. Any modification
or change in your at will employment status may only occur by way of a written employment agreement signed by you and duly-authorized member of the Board (other than yourself). 

8. Arbitration. To ensure the rapid and economical resolution of disputes that may arise in connection with your employment with
the Company, you and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation of
this letter Agreement, your employment with the Company, or the termination of your employment, shall be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. § 1-16, to the fullest extent permitted
by law, by final, binding and confidential arbitration conducted by JAMS or its successor, under JAMS’ then applicable rules and procedures for employment disputes before a single arbitrator (available upon request and also currently available
at http://www.jamsadr.com/rules-employment-arbitration/). You acknowledge that by agreeing to this arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative
proceeding. In addition, all claims, disputes, or causes of action under this section, whether by you or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any

 Amended Employment Offer 

 Page
 5
 
  
 purported class or representative
proceeding, nor joined or consolidated with the claims of any other person or entity. The arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding. To the
extent that the preceding sentences regarding class claims or proceedings are found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by
arbitration. This paragraph shall not apply to any action or claim that cannot be subject to mandatory arbitration as a matter of law, including, without limitation, claims brought pursuant to the California Private Attorneys General Act of 2004, as
amended, the California Fair Employment and Housing Act, as amended, and the California Labor Code, as amended, to the extent such claims are not permitted by applicable law(s) to be submitted to mandatory arbitration and the applicable law(s) are
not preempted by the Federal Arbitration Act or otherwise invalid (collectively, the “Excluded Claims”).” In the event you intend to bring multiple claims, including one of the Excluded Claims listed above, the Excluded Claims may be
filed with a court, while any other claims will remain subject to mandatory arbitration. You will have the right to be represented by legal counsel at any arbitration proceeding. Questions of whether a claim is subject to arbitration under this
agreement shall be decided by the arbitrator. Likewise, procedural questions which grow out of the dispute and bear on the final disposition are also matters for the arbitrator. The arbitrator shall: (a) have the authority to compel adequate
discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as
to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based. The arbitrator shall be authorized to award all relief that you or the Company would be entitled to seek in a court
of law. The Company shall pay all JAMS arbitration fees in excess of the administrative fees that you would be required to pay if the dispute were decided in a court of law. Nothing in this letter agreement is intended to prevent either you or the
Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state courts of any
competent jurisdiction. 
 9. Choice of Law. All questions concerning the construction, validity and interpretation of this
Agreement will be governed by the laws of the State of California. 
 10. Section 409A.
It is intended that all of the severance benefits and other payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent
with those provisions, and to the extent no so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A. For purposes of Code Section 409A (including, without limitation, for
purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), your right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise) shall be treated
as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this Agreement, if you are
deemed by the Company at the time of your termination to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon termination set forth herein and/or under any other agreement with the
Company 

 Amended Employment Offer 

 Page
 6
 
  
 are deemed to be “deferred
compensation”, then to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A,
such payments shall not be provided to you prior to the earliest of (i) the expiration of the six-month period measured from the date of your termination with the Company, or (iii) such earlier date
as permitted under Section 409A without the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Paragraph
shall be paid in a lump sum to you, and any remaining payments due shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred. 

11. Entire Agreement. This Amended Offer Letter, once accepted, constitutes the entire agreement between you and the
Company with respect to the subject matter hereof and supersedes all prior offers, including the Original Offer Letter, negotiations and agreements, if any, whether written or oral, relating to such subject matter as of the Effective Date. You
acknowledge that neither the Company nor its agents have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this agreement for the purpose of inducing you to execute the
agreement, and you acknowledge that you have executed this agreement in reliance only upon such promises, representations and warranties as are contained herein. 

12. Acceptance. If you decide to accept the terms of this Amended Offer Letter, and I hope you will, please sign the
enclosed copy of this letter in the space indicated and return it to me. Your signature will acknowledge that you have read and understood and agreed to the terms and conditions of this offer letter and the attached documents, if any. Should you
have anything else that you wish to discuss, please do not hesitate to call me. 
 We look forward to the opportunity to continue our
productive working relationship. 
  

	
	Very truly yours,
	
	 /s/ Cathy Friedman

	Cathy Friedman, Director

 I have read and understood this Amended Offer Letter and hereby acknowledge, accept and agree to the terms as set forth
above and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein. 
  

							
	 /s/ Richard Klausner
	  	        	  	Date signed:	  	7/24/2020
	Richard Klausner	  		  		  	

 APPENDIX A 

DEFINITIONS 
 Capitalized
terms used below that are not defined in this Appendix A have the meanings set forth in the offer letter (the “Agreement”) between you (“Executive”) and the Company, to which this
Appendix A is attached. As used in the Agreement: 
 1. “Cause” means: 

(a) Executive is indicted for, convicted of, or pleads guilty or nolo contendere to, a felony or crime involving moral turpitude; 

(b) Executive engages in conduct that constitutes willful gross negligence, willful misconduct, or unsatisfactory performance in carrying out
the Executive’s duties under this Agreement, and, if curable, such breach remains uncured following fifteen (15) days prior written notice given by the Company to the Executive specifying such conduct; 

(c) Executive has breached any covenant or any material provision of any agreement with the Company, including among other things, a willful
and material breach of written Company policy, and, if curable, such breach remains uncured following fifteen (15) days’ prior written notice specifying such breach given by the Company to the Executive; 

(d) Executive’s material violation of federal law or state law that the Board reasonably determines has had or is reasonably likely to
have a material detrimental effect on the Company’s reputation or business; or 
 (e) Executive’s act of fraud or dishonesty in the
performance of the Executive’s job duties. 
 2. “Change in Control” means any transaction or series of related
transactions pursuant to which any individual or entity acquires (a) more than fifty percent (50%) of the issued and outstanding equity securities of the Company or (b) all or substantially all of the assets of the Company (in either case,
whether by merger, consolidation, sale, exchange, issuance, transfer or redemption of the Company’s equity securities by sale, exchange or transfer of the Company’s consolidated assets or otherwise), provided that, where applied to
compensation subject to Section 409A, any acceleration of or change in payment shall only apply (if required by Section 409A) if the corporate transaction is also a change in control event described in Treasury Regulation 1.409A-3(i)(5). 
 3. “Good Reason” means: 

(a) that Executive, without Executive’s express, written consent, has incurred a material reduction in authority, title, duties or
responsibilities at the Company or a successor employer (with respect to a termination in connection with a Change in Control, relative to Executive’s authority, title, duties or responsibilities immediately prior to the Change in Control);

 (b) that Executive, without Executive’s express, written consent, has suffered a material breach of this Agreement by the Company or
a successor employer; 
 (c) that Executive, without Executive’s express, written consent, has been required to relocate or travel more
than fifty (50) miles from Executive’s then current place of employment in order to continue to perform the duties and responsibilities of Executive’s position (not including customary travel as may be required by the nature of
Executive’s position); or 

 (d) that Executive, without Executive’s express, written consent, has been directed by
the Board to violate knowingly and intentionally any material state, federal or foreign law, rule or regulation applicable to the Company. 

[Remainder of page left intentionally blank] 

 APPENDIX B 

FORM OF RELEASE 
 In
consideration for the payments and benefits to be provided pursuant to Section 3 of the offer letter amendment (the “Agreement”) entered into by and between
                     (“Executive”) and Lyell Immunopharma, Inc., a Delaware corporation (the
“Company”), with an effective date of ______ __, 202[_], Executive agrees to the following: 
 (a) Executive
represents that Executive has not filed any complaints, charges or lawsuits against the Company with any governmental agency or any court. 

(b) Executive expressly waives all claims, whether known or unknown, against the Company and releases the Company, and any of the
Company’s past, present or future parent, affiliated, related, and/or subsidiary entities, and all of the past and present directors, stockholders, officers, general or limited partners, employees, agents, and attorneys, and agents and
representatives of such entities, and employee benefit plans in which Executive is or has been a participant by virtue of his or her employment with the Company (collectively, the “Releasees”), from any and all claims, debts,
demands, accounts, judgments, rights, causes of action, equitable relief, damages, costs, charges, complaints, obligations, promises, agreements, controversies, suits, expenses, compensation, responsibility and liability of every kind and character
whatsoever (including attorneys’ fees and costs), whether in law or equity, known or unknown, asserted or unasserted, suspected or unsuspected (collectively, “Claims”), including but not limited to claims arising from
Title VII of the Civil Rights Act of 1964 (42 U.S.C. §2000e); Sections 1981 through 1988 of Title 42 of the United States Code; the Washington Law Against Discrimination, the California Fair Employment and Housing Act (Cal. Govt. Code
§12900 et seq.); the Americans with Disabilities Act; the Age Discrimination in Employment Act (29 U.S.C. §§621-633a) (“ADEA”); the Older Workers’ Benefit Protection
Act; Section 132a of the California Labor Code; The Employee Retirement Income Security Act of 1974 (“ERISA”) (except for any vested benefits under any tax qualified benefit plan); the Immigration Reform and Control Act;
The Worker Adjustment and Retraining Notification Act; the Fair Credit Reporting Act; the Family Medical Leave Act; any claims under Washington or other state laws, and any other federal, state or local law, rule, regulation or ordinance; any public
policy, contract, tort or common law; or, any basis for recovering costs, fees, or other expenses including attorneys’ fees; and claims of intentional infliction of emotional distress; breach of implied contract; or any other statute or common
law principle of similar effect, known or unknown, which Executive now has, owns, or holds, or claims to have, own or hold, or which Executive at any time heretofore had, owned, or held, or claimed to have, own, or hold or which Executive at any
time hereinafter may have, own, or hold, or claim to have, own, or hold, against each or any of Executive’s Releasees, including without limitation claims of wrongful discharge, breach of express or implied contract, fraud, misrepresentation,
defamation, or liability in tort, and claims of any kind that may be brought in any court or administrative agency, arising from acts, events, or circumstances occurring on or before the date of this Agreement. (the
“Release”); provided, however, notwithstanding anything to the contrary set forth herein, that this Release shall not extend to (i) benefit claims under employee pension benefit plans in which Executive is a participant
by virtue of Executive’s employment with the Company or its subsidiaries or to benefit claims under employee welfare benefit plans for occurrences (e.g., medical care, death, or onset of disability) arising after the execution of this Release
by Executive, (ii) Executive’s rights under any stock option or other equity incentive agreement between Executive and Company (or any successor thereto) or under the stock option plans of the Company (or any successor thereto), (iii) any
rights to ownership as a stockholder of the Company (or any successor thereto); (iv) Executive’s rights under the Agreement; (v) any rights pursuant to an agreement entered into in connection with a Change in Control (as defined in the
Agreement) (including, without limitation, 

 
agreements entered into between the Company and any acquirer of the Company) or otherwise accruing to Executive as a result of, or related to a Change in Control, (vi) any claims Executive
may have for indemnification pursuant to the Company’s certificate of incorporation, bylaws, law, contract or Company policy, (vii) any claims for coverage under any applicable directors’ and officers’ insurance policy in
accordance with the terms of such policy, or (viii) any claims arising from events that occur solely after the date Executive signs this Release. Nothing in this Release precludes Executive from entitlement to any monetary recovery awarded by
the Securities and Exchange Commission in connection with any action asserted by the Securities and Exchange Commission. 
 California
Civil Code Section 1542 Waiver. Executive expressly waives and relinquishes all rights and benefits afforded by Section 1542 of the California Civil Code, and to the extent applicable any similar laws or statutes of any and all other
States, and does so understand and acknowledge the significance and consequence of such specific waiver of Section 1542 of the California Civil Code, which provides as follows: 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER
FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.” 

Immunity under the Defend Trade Secrets Act of 2016. The federal Defend Trade Secrets Act of 2016 provides immunity in certain
circumstances to Company employees, contractors, and consultants for limited disclosures of Company trade secrets. Specifically, Company employees, contractors, and consultants may disclose trade secrets: 

 

	 	(1)	 in confidence, either directly or indirectly, to a Federal, State, or local government official, either
directly or indirectly, or to an attorney, “solely for the purpose of reporting or investigating a suspected violation of law,” or 

  

	 	(2)	 “in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under
seal.” 

 Additionally, Company employees, contractors, and consultants who file retaliation lawsuits for reporting a suspected
violation of law may also use and disclose related trade secrets in the following manner: 
  

	 	(1)	 the individual may disclose the trade secret to his/her attorney, and 

 

	 	(2)	 the individual may use the information in related court proceeding, as long as the individual files documents
containing the trade secret under seal, and does not otherwise disclose the trade secret “except pursuant to court order.” 

Executive understands that this Release includes a release of claims arising under the Age Discrimination in Employment Act (ADEA).
Executive understands and warrants that Executive has been given a period of twenty-one (21) days to review and consider this Release or forty-five (45) days if Executive’s termination is part
of a group reduction in force. Executive further warrants that Executive understands that, with respect to the release of age discrimination claims only, Executive has a period of seven days (7) after execution of this Release to revoke the
release of age discrimination claims by notice in writing to the Company. 

 EXECUTIVE ACKNOWLEDGES ALL OF THE FOLLOWING: 

(A) I HAVE CAREFULLY READ AND HAVE VOLUNTARILY SIGNED THIS RELEASE; 

(B) I FULLY UNDERSTAND THE FINAL AND BINDING EFFECT OF THIS RELEASE, INCLUDING THE WAIVER OF CLAIMS UNDER THE AGE DISCRIMINATION IN
EMPLOYMENT ACT; AND 
 (C) PRIOR TO SIGNING THIS RELEASE, I HAVE BEEN ADVISED OF MY RIGHT TO CONSULT, AND HAVE BEEN GIVEN ADEQUATE
TIME TO REVIEW MY LEGAL RIGHTS WITH AN ATTORNEY OF MY CHOICE. 
  

	
	  

Executive Signature

	
	  

Executive Name (Print)

	
	  

Date

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