Document:

EX-4.40

 Exhibit 4.40 

MEREO BIOPHARMA 5, INC. 

CHANGE IN CONTROL AND SEVERANCE AGREEMENT 

This Change in Control and Severance Agreement (the “Agreement”) is made and entered into by and among [name]
(“Executive”), Mereo BioPharma 5, Inc. (the “Company”) and Mereo BioPharma Group plc (“Parent”), effective as of [date] (the “Effective Date”).

 Background 
 A. The
Board of Directors of Parent (the “Board”) recognizes that the possibility of an acquisition of the Company or an affiliate or an involuntary termination can be a distraction to Executive and can cause Executive to consider
alternative employment opportunities. The Board has determined that it is in the best interests of the Company, Parent and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive, notwithstanding
the possibility, threat or occurrence of such an event. 
 B. The Board believes that it is in the best interests of the Company, Parent and
its stockholders to provide Executive with an incentive to continue Executive’s employment and to motivate Executive to maximize the value of the Company and Parent upon a Change in Control (as defined below) for the benefit of Parent’s
stockholders. 
 C. The Board believes that it is imperative to provide Executive with severance benefits upon certain terminations of
Executive’s service to the Company that enhance Executive’s financial security and provide incentive and encouragement to Executive to remain with the Company notwithstanding the possibility of such an event. 

D. Unless otherwise defined herein, capitalized terms used in this Agreement are defined in Section 9 below. 

Agreement 
 The parties
hereto agree as follows: 
  
 1. Term of Agreement. This Agreement
shall become effective as of the Effective Date and terminate upon the date that all obligations of the parties hereto with respect to this Agreement have been satisfied. 

2. Employment. The Company and Executive acknowledge that Executive’s employment is and shall continue to be “at-will,”
as defined under applicable law, although Executive may be entitled to certain payments and benefits as set forth in this Agreement. Except as provided in Section 5 below, if Executive’s employment terminates for any reason, Executive
shall not be entitled to any severance payments, benefits or compensation other than as provided in this Agreement. 

 3. Covered Termination Outside a Change in Control Period. If Executive experiences a
Covered Termination outside a Change in Control Period, then, subject to (i) Executive delivering to the Company an executed general release of all claims against the Company and its affiliates in a form approved by the Company (a
“Release of Claims”) that becomes effective and irrevocable in accordance with Section 14(a)(v) below, or such shorter period of time specified by the Company, following such Covered Termination and
(ii) Executive’s continued compliance with Section 12 below, then in addition to any accrued but unpaid salary, benefits, vacation and expense reimbursements through the Termination Date payable in accordance with applicable law, the
Company shall provide Executive with the following: 
 (a) Severance. The Company shall continue to pay Executive Executive’s
annual base salary at the rate in effect immediately prior to the Termination Date during the period of time commencing on the Termination Date and ending on the six (6)-month anniversary thereof, payable in substantially equal installments in
accordance with the Company’s standard payroll policies, less applicable withholdings, with such installments to commence on the first payroll date following the date the Release of Claims becomes effective and irrevocable and the first
installment to include any amount that would have been paid had the Release of Claims been effective and irrevocable on the Termination Date. 

(b) Continued Healthcare. During the period commencing on the Termination Date and ending on the six (6)-month anniversary thereof or,
if earlier, the date on which Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan (in any case, the “Non-CIC COBRA Period”), subject to Executive’s valid
election to continue healthcare coverage under Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder, the Company shall, in its sole discretion, either
(A) continue to provide to Executive and Executive’s dependents, at the Company’s sole expense, or (B) reimburse Executive and Executive’s dependents for coverage under its group health plan (if any) at the same levels in
effect on the Termination Date; provided, however, that if (1) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the continuation coverage period to be, exempt from the application of
Section 409A under Treasury Regulation Section 1.409A-1(a)(5), (2) the Company is otherwise unable to continue to cover Executive or Executive’s dependents under its group health plans, or (3) the Company cannot provide the benefit
without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then, in any such case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially
equal monthly installments over the Non-CIC COBRA Period (or remaining portion thereof). 
 4. Covered Termination During a Change in
Control Period. If Executive experiences a Covered Termination during a Change in Control Period, then, subject to (i) Executive delivering to the Company an executed Release of Claims that becomes effective and irrevocable in accordance
with Section 14(a)(v) below, or such shorter period of time specified by the Company, following such Covered Termination and (ii) Executive’s continued compliance with Section 12 below, then in addition to any accrued but unpaid
salary, benefits, vacation and expense reimbursements through the Termination Date payable in accordance with applicable law, the Company shall provide Executive with the following: 

  
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 (a) Severance. The Company shall pay to Executive an amount equal to the sum of
(i) Executive’s annual base salary at the rate in effect immediately prior to the Termination Date and (ii) Executive’s target annual bonus assuming achievement of performance goals at one hundred percent (100%) of target,
payable in a cash lump sum, less applicable withholdings, on the first payroll date following the date the Release of Claims becomes effective and irrevocable in accordance with Section 14(a)(v) below. 

(b) Continued Healthcare. During the period commencing on the Termination Date and ending on the first anniversary thereof or, if
earlier, the date on which Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan (in any case, the “CIC COBRA Period”), subject to Executive’s valid election
to continue healthcare coverage under Section 4980B of the Code and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue to provide to Executive and Executive’s dependents, at the Company’s
sole expense, or (B) reimburse Executive and Executive’s dependents for coverage under its group health plan (if any) at the same levels in effect on the Termination Date; provided, however, that if (1) any plan pursuant to
which such benefits are provided is not, or ceases prior to the expiration of the continuation coverage period to be, exempt from the application of Section 409A under Treasury Regulation Section 1.409A-1(a)(5), (2) the Company is otherwise
unable to continue to cover Executive or Executive’s dependents under its group health plans, or (3) the Company cannot provide the benefit without violating applicable law (including, without limitation, Section 2716 of the Public
Health Service Act), then, in any such case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments over the CIC COBRA Period (or remaining portion thereof). 

(c) Equity Awards. Each outstanding and unvested equity award covering the American Depositary Shares or ordinary shares of Parent that
vests solely based on the passage of time held by Executive as of the Termination Date shall automatically become vested and, if applicable, exercisable and any forfeiture restrictions or rights of repurchase thereon shall immediately lapse with
respect to one percent (100%) of the American Depositary Shares or ordinary shares of Parent subject thereto, as of immediately prior to the Termination Date. 

5. Certain Reductions. Notwithstanding anything herein to the contrary, the Company shall reduce Executive’s severance benefits
under this Agreement, in whole or in part, by any other severance benefits, pay in lieu of notice, or other similar benefits payable to Executive by the Company in connection with Executive’s termination, including but not limited to payments
or benefits pursuant to (a) any applicable legal requirement, including, without limitation, the Worker Adjustment and Retraining Notification Act, or (b) any other Company agreement, arrangement, policy or practice relating to
Executive’s termination of employment with the Company. The benefits provided under this Agreement are intended to satisfy, to the greatest extent possible, any and all statutory obligations that may arise out of Executive’s termination of
employment. Such reductions shall be applied on a retroactive basis, with severance benefits paid first in time being recharacterized as payments pursuant to the Company’s statutory obligation. 

  
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 6. Deemed Resignation. Upon termination of Executive’s service for any reason,
Executive shall be deemed to have resigned from all offices and directorships, if any, then held with the Company or any of its affiliates, and, at the Company’s request, Executive shall execute such documents as are necessary or desirable to
effectuate such resignations. 
 7. Other Terminations. If Executive’s employment with the Company terminates for any reason
other than due to a Covered Termination, then Executive shall not be entitled to any benefits hereunder other than accrued but unpaid salary, vacation and expense reimbursements through the Termination Date in accordance with applicable law and to
elect any continued healthcare coverage as may be required under COBRA or similar state law. 
 8. Golden Parachute Excise Tax. 

(a) Best Pay. Any provision of this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from
the Company pursuant to this Agreement or otherwise (a “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the
excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount (as defined below). The “Reduced Amount” will be either (A) the
largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (B) the entire Payment, whichever amount after taking into account all applicable federal, state, and local
employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes), results in
Executive’ s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence
and the Reduced Amount is determined pursuant to clause (A) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for Executive. If more
than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”). Notwithstanding the foregoing, if the Reduction Method or the Pro Rata
Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A (as defined below) that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction Method and/or the Pro
Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A as follows: (1) as a first priority, the modification shall preserve to the greatest extent possible, the greatest
economic benefit for Executive as determined on an after-tax basis; (2) as a second priority, Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are
not contingent on future events; and (3) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A shall be reduced (or eliminated) before Payments that are not deferred compensation within
the meaning of Section 409A. 
 (b) Accounting Firm. The accounting firm engaged by the Company for general tax purposes as of
the day prior to the Change in Control will perform the calculations set forth in Section 8(a). If the firm so engaged by the Company is serving as the accountant or auditor for the acquiring company, the Company will appoint a nationally
recognized accounting firm to make the determinations required hereunder. The Company will bear all expenses with respect to the determinations by such firm required to be made hereunder. The accounting firm engaged to make 

  
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 the determinations hereunder will provide its calculations, together with detailed supporting documentation,
to the Company within 30 days before the consummation of a Change in Control (if requested at that time by the Company) or such other time as requested by the Company. If the accounting firm determines that no Excise Tax is payable with respect to a
Payment, either before or after the application of the Reduced Amount, it will furnish the Company with documentation reasonably acceptable to the Company that no Excise Tax will be imposed with respect to such Payment. Any good faith determinations
of the accounting firm made hereunder will be final, binding and conclusive upon the Company and Executive. 
 9. Definitions. The
following terms used in this Agreement shall have the following meanings: 
 (a) “Cause” means any one of the
following: (i) Executive engaging in any act of theft or fraud concerning, or misappropriation of, funds or other assets of the Company or any of its affiliates (the “Company Group”), or other acts of dishonesty, willful
misconduct or gross negligence involving the property or affairs of the Company Group; (ii) a conviction (by trial, upon a plea or otherwise) of Executive or the admission of guilt via nolo contendere by Executive of any felony or
misdemeanor involving moral turpitude; (iii) Executive’s willful violation of any material policy or procedure of the Company Group; (iv) Executive’s material breach of the fiduciary duties owed by an officer of the Company Group
to the Company Group under applicable law; (v) Executive’s willful failure (other than due to mental or physical incapacity) or refusal to obey and execute all reasonable and lawful directions given by or under the authority of the Company
Group; (vi) Executive’s willful and material breach of any of the terms and conditions of this Agreement; or (vii) Executive’s willful and material breach of any restrictive covenants by which Executive is bound under this
Agreement or any other agreement with any member of the Company Group. Notwithstanding the foregoing, if there exists a circumstance that constitutes “Cause” as set forth above which is capable of being cured by Executive, the Company will
promptly notify Executive in writing of such event (which notification shall specify in reasonable detail the conduct that the Company alleges to constitute Cause and the specific actions, if any, which the Company believes Executive must take to
cure such events or conditions) and Executive will have 30 days from the date such written notice is given to cure such events (if curable), and, if cured, such events or conditions will be deemed not to constitute Cause hereunder. For the purposes
of this definition, no act or failure to act on Executive’s part shall be considered “willful” unless it is done or omitted to be done by Executive in bad faith and without reasonable belief that the act or failure to act was in the
best interest of the Company. 
 (b) “Change in Control” means (i) the acquisition by any person or group of
affiliated or associated persons of more than fifty percent (50%) of the outstanding capital stock of Parent or voting securities representing more than fifty percent (50%) of the total voting power of outstanding securities of Parent; (ii) the
consummation of a sale, exclusive license or other disposition of all or substantially all of the assets of Parent to a third party; (iii) the consummation of any merger involving Parent in which, immediately after giving effect to such merger,
less than a majority of the total voting power of outstanding stock of the surviving or resulting entity is then “beneficially owned” (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) in the aggregate
by the shareholders of Parent, as applicable, immediately prior to such merger. For the avoidance of doubt and notwithstanding anything herein to the contrary, in no event 

  
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 shall a transaction constitute a “Change in Control” if: (A) its sole purpose is to change
the jurisdiction of Parent’s incorporation; (B) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held Parent’s securities immediately before such transaction;
or (C) it is effected primarily for the purpose of financing Parent with cash (as determined by the Board without regard to whether such transaction is effectuated by a merger, equity financing, or otherwise). Notwithstanding the foregoing, if
a Change in Control would give rise to a payment or settlement event that constitutes “nonqualified deferred compensation,” the transaction or event constituting the Change in Control must also constitute a “change in control
event” (as defined in Treasury Regulation §1.409A-3(i)(5)) in order to give rise to the payment or settlement event, to the extent required by Section 409A. 

(c) “Change in Control Period” means the period commencing on a Change in Control and ending 12 months after such
Change in Control. 
 (d) “Covered Termination” means the termination of Executive’s employment by the Company
other than for Cause or by Executive for Good Reason, and shall not include a termination due to Executive’s death or disability. 
 (e)
“Good Reason” means Executive’s resignation from employment with the Company after the occurrence, without Executive’s written consent, of any of the following: (i) a material reduction in Executive’s
authorities, duties, reporting obligations and responsibilities or other terms and conditions of employment; (ii) a material reduction by the Company in Executive’s base salary from Executive’s base salary in effect immediately prior
to such reduction; (iii) a relocation of Executive’s principal place of employment to a place outside the Atlanta, Georgia metropolitan area, provided that if Executive’s office as of such relocation is Executive’s home office,
such commute shall be measured from Executive’s home office as of Executive’s commencement of employment with the Company Group, or a relocation of Executive’s office to a location outside of Georgia, except that required travel on
the Company’s business to an extent substantially consistent with Executive’s historical business travel obligations shall not be considered a relocation; or (iv) any material breach, non-performance or non-observance by the Company
fo any of the terms of this Agreement or the Employment Agreement. Notwithstanding the foregoing, a resignation shall not be for “Good Reason” unless the event or condition giving rise to such resignation continues more than thirty
(30) days following Executive’s written notice of such condition provided to the Company within sixty (60) days of the first occurrence of such event or condition and such resignation is effective within thirty (30) days
following the end of such notice period. 
 (f) “Separation from Service” means a “separation from service”
with the Company within the meaning of Section 409A of the Code and the Department of Treasury regulations and other guidance promulgated thereunder. 

(g) “Termination Date” means the date on which Executive experiences a Covered Termination. 

10. Successors. 

  
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 (a) Company’s Successors . Any successor to the Company (whether direct or
indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations
under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall
include any successor to the Company’s business or assets which executes and delivers the assumption agreement described in this Section 10(a) or which becomes bound by the terms of this Agreement by operation of law. 

(b) Executive’s Successors. The terms of this Agreement and all rights of Executive hereunder shall inure to the benefit of, and be
enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

11. Notices. Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of personal delivery
(including personal delivery by facsimile), delivery by email or the third day after mailing by first class mail, to the Company at its primary office location and to Executive at Executive’s address as listed in the Company’s books and
records. 
 12. Confidentiality; Non-Disparagement. 

(a) Confidentiality. Executive hereby expressly confirms Executive’s continuing obligations to the Company pursuant to that certain
Employee Proprietary Information and Inventions Assignment Agreement or other confidentiality, invention assignment, restrictive covenant or similar agreement by and between the Company and/or Parent and Executive (the “Confidential
Information Agreement”). 
 (b) Non-Disparagement. Executive agrees that Executive shall not disparage, criticize or
defame the Company, Parent, their respective affiliates and their respective directors, officers, agents, partners, stockholders or employees, either publicly or privately. Nothing in this Section 12(c) shall apply to any evidence or testimony
required by any court, arbitrator or government agency. 
 (c) Whistleblower Protections and Trade Secrets. Notwithstanding anything
to the contrary contained herein, nothing in this Agreement or the Confidential Information Agreement prohibits Executive from reporting possible violations of federal law or regulation to any United States governmental agency or entity in
accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or
regulation (including the right to receive an award for information provided to any such government agencies). Furthermore, in accordance with 18 U.S.C. § 1833, notwithstanding anything to the contrary in this Agreement: (i) Executive
shall not be in breach of this Agreement, and shall not be held criminally or civilly liable under any federal or state trade secret law (A) for the disclosure of a trade secret that is made in confidence to a federal, state, or local
government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (B) for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other
proceeding, if such 

  
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 filing is made under seal; and (ii) if Executive files a lawsuit for retaliation by the Company for
reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney, and may use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal,
and does not disclose the trade secret, except pursuant to court order. 
 13. Dispute Resolution. To ensure the timely and economical
resolution of disputes that arise in connection with this Agreement, Executive and the Company agree that, except as excluded herein, any and all controversies, claims and disputes arising out of or relating to this Agreement, including without
limitation any alleged violation of its terms or otherwise arising out of the parties’ relationship, shall be resolved solely and exclusively by final and binding arbitration held in [county and state of residency] through JAMS in
conformity with [state of residency] law and the then-existing JAMS employment arbitration rules, which can be found at https://www.jamsadr.com/rules- employment-arbitration/. The Federal Arbitration Act, 9 U.S.C. §§ 1 et seq. shall
govern the interpretation and enforcement of this arbitration clause. All remedies available from a court of competent jurisdiction shall be available in the arbitration; provided, however, in the event of a breach of Sections 12(a) – 12(b),
the Company may request relief from a court of competent jurisdiction if such relief is not available or not available in a timely fashion through arbitration as determined by the Company. The arbitrator shall: (a) provide adequate discovery
for the resolution of the dispute; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award. The arbitrator shall award the prevailing Party attorneys’
fees and expert fees, if any. Notwithstanding the foregoing, it is acknowledged that it will be impossible to measure in money the damages that would be suffered if the parties fail to comply with any of the obligations imposed on them under
Sections 12(a) – 12(b), and that in the event of any such failure, an aggrieved person will be irreparably damaged and will not have an adequate remedy at law. Any such person shall, therefore, be entitled to seek injunctive relief, including
specific performance, to enforce such obligations, and if any action shall be brought in equity to enforce any of the provisions of Sections 12(a) – 12(b), none of the parties shall raise the defense, without a good faith basis for raising such
defense, that there is an adequate remedy at law. Executive and the Company understand that by agreement to arbitrate any claim pursuant to this Section 13, they will not have the right to have any claim decided by a jury or a court, but shall
instead have any claim decided through arbitration. Executive and the Company waive any constitutional or other right to bring claims covered by this Agreement other than in their individual capacities. Except as may be prohibited by applicable law,
the foregoing waiver includes the ability to assert claims as a plaintiff or class member in any purported class or collective action or representative proceeding. Nothing herein shall limit Executive’s ability to pursue claims for workers
compensation or unemployment benefits or pursue other claims which by law cannot be subject to mandatory arbitration. 
 14. Miscellaneous
Provisions. 
 (a) Section 409A. 

(i) Separation from Service. Notwithstanding any provision to the contrary in this Agreement, no amount constituting deferred
compensation subject to Section 409A of the Code shall be payable pursuant to Sections 3 or 4 above unless Executive’s termination of employment constitutes a Separation from Service. 

  
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 (ii) Specified Executive. Notwithstanding any provision to the contrary in this
Agreement, if Executive is deemed at the time of his Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which
Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of
(A) the expiration of the six-month period measured from the date of Executive’s Separation from Service or (B) the date of Executive’s death. Upon the first business day following the expiration of the applicable Code
Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 14(a)(ii) shall be paid in a lump sum to Executive, and any remaining payments due under this Agreement shall be paid as otherwise provided herein. 

(iii) Expense Reimbursements. To the extent that any reimbursements payable pursuant to this Agreement are subject to the provisions of
Section 409A of the Code, any such reimbursements payable to Executive pursuant to this Agreement shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred, the amount of expenses
reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

(iv) Installments. For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation
Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any installment payments under this Agreement shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all
times be considered a separate and distinct payment. 
 (v) Release. Notwithstanding anything to the contrary in this Agreement, to
the extent that any payments due under this Agreement as a result of Executive’s termination of employment are subject to Executive’s execution and delivery of a Release of Claims, (A) if Executive fails to execute the Release of
Claims on or prior to the Release Expiration Date (as defined below) or the Release of Claims does not become effective and irrevocable within 60 days following the Termination Date (or such shorter period specified by the Company), Executive shall
not be entitled to any payments or benefits otherwise conditioned on the Release of Claims, and (B) in any case where Executive’s Termination Date and the last day the Release of Claims may be considered or, if applicable, revoked fall in
two separate taxable years, any payments required to be made to Executive that are conditioned on the Release of Claims and are treated as nonqualified deferred compensation for purposes of Section 409A of the Code shall commence or be made in
the later taxable year. For purposes hereof, “Release Expiration Date” shall mean (1) if Executive is under 40 years old as of the Termination Date, the date that is seven (7) days following the date upon which the
Company timely delivers the Release of Claims to Executive, or such shorter time prescribed by the Company, and (2) if Executive is 40 years or older as of the Termination Date, the date that is twenty one (21) days following the date upon
which the Company timely delivers the Release of Claims to Executive, or, if Executive’s termination of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age
Discrimination in Employment Act of 1967), the date that is forty five (45) days following such delivery date. 

  
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 (b) Withholding. The Company shall be entitled to withhold from any amounts payable
under this Agreement any federal, state, local, or foreign withholding or other taxes or charges which the Company is required to withhold. 

(c) Waiver. No provision of this Agreement shall be modified, waived or dis- charged unless the modification, waiver or discharge is
agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall
be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (d) Whole
Agreement. This Agreement and the Confidential Information Agreement represent the entire understanding of the parties hereto with respect to the subject matter hereof and supersede all prior promises, arrangements and understandings regarding
the same, whether written or unwritten, including, without limitation, any equity award agreement between Executive and Parent to the extent the terms are less favorable acceleration than hereunder or any severance or change in control benefits in
Executive’s employment agreement with Parent dated as of [date]. Notwithstanding the foregoing, beyond the severance benefits set forth in Section 6 of the Employment Agreement, the other provisions the Employment Agreement remain
in full force and effect, except as otherwise modified by that certain transfer letter agreement between Executive, Parent and the Company effective as of [date]. 

(e) Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the laws
of [state of residency] without regard to its conflicts of law provisions. 
 (f) Severability. Whenever possible, each
provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid or unenforceable provisions had
never been contained herein. 
 (g) Counterparts. This Agreement may be executed in separate counterparts, any one of which need not
contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement. 
 (h) Executive
Acknowledgement. Executive acknowledges that (i) Executive has consulted with or has had the opportunity to consult with independent counsel of Executive’s own choice concerning this Agreement, and has been advised to do so by the
Company, and (ii) that Executive has read and understands the Agreement, is fully aware of its legal effect, and has entered into it freely based on Executive’s own judgment. 

(Signature page follows) 

  
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 The parties have executed this Agreement as of the dates set forth below. 

 

	
	MEREO BIOPHARMA 5, INC.
	
	By:
	Title:                                     
                                         
              
	Date:                                     
                                         
               
	
	MEREO BIOPHARMA GROUP PLC
	
	By:
	Title:                                     
                                         
              
	Date:                                     
                                         
              
	
	EXECUTIVE
	
	By:
	Title:                                     
                                         
              
	Date:                                     
                                         
              

  
 -11-EX-4.44

 Exhibit 4.44 

MEREO BIOPHARMA GROUP PLC 

DEFERRED COMPENSATION PLAN 

FOR NON-EMPLOYEE DIRECTORS 

1.    Purpose and Effective Date. The purpose of this Plan is to provide the
non-employee members of the Board of Directors (the “Board”) of Mereo BioPharma Group plc and it successors (the “Company”) with an opportunity to (i) elect to receive
RSUs (as defined below) in lieu of their cash fees and (ii) upon such election to receive RSUs, defer settlement of all their Deferred RSUs (as defined below). The Plan shall be effective as of January 31, 2022 (the “Effective
Date”). 
 2.    Definitions. The following terms shall have the meanings given in this section unless a different
meaning is clearly implied by the context: 
 (a)    “ADS” shall have the same meaning as defined in
the Existing Equity Plan as in effect on the Effective Date. 
 (b)    “Change in Control” shall have
the same meaning as defined in the Existing Equity Plan as in effect on the Effective Date; provided, that, for purposes of the Plan, in no event will a Change in Control be deemed to have occurred if the transaction is not also a
“change in control event” under Section 409A of the Code. 
 (c)    “Deferred Compensation
Account” means an account maintained for each director who makes a deferral election as described in Section 4. 

(d)     “Deferred RSU” means RSUs that are received by a participant pursuant to this Plan that
provides for the deferred receipt of compensation. 
 (e)    “Director Compensation” means the
compensation payable to a director for his or her service as a director in the applicable Plan Year pursuant to a Letter of Appointment, including both cash, RSUs and other forms of equity. 

(f)    “Election Form” means an election form, in a form approved by the Plan Administrator, to be
provided to directors by the Plan Administrator, pursuant to which they may elect to receive Deferred RSUs in lieu of their cash fees. 

(g)     “Equity Plan” means the Existing Equity Plan and any successor or replacement plan
as in effect from time to time. 
 (h)    “Existing Equity Plan” means the Company’s 2019 Non-Employee Equity Incentive Plan, which is a sub-plan the Company’s 2019 Equity Incentive Plan. 

(i)    “Letter of Appointment” shall mean a letter of appointment (as may be amended or restated from
time to time) or any similar letter, agreement, arrangement or plan that sets a participant’s service on the Board, including such participant’s remuneration for service on the Board. 

(j)    “Plan” means the Mereo BioPharma Group plc Deferred Compensation Plan for Non-Employee Directors. 
 (k)    “Plan Year” means a calendar
year. 

 (l)    “Plan Administrator” means the Board or
its designee (including the Remuneration Committee). 
 (m)    “Remuneration Committee” means
the Remuneration Committee of the Board. 
 (n)    “RSU” shall have the same meaning as defined in the
Existing Equity Plan as in effect on the Effective Date. 
 (o)    “Section 409A”
means Section 409A of the U.S. Internal Revenue Code of 1986, as amended. 
 (p)    “Separation from
Service” means a “separation from service” within the meaning of Section 409A. 

(q)    “Share” shall have the same meaning as defined in the Existing Equity Plan as in effect on the
Effective Date. 
 3.    Eligibility. All members of the Board who are not employees of the Company or any subsidiary of the
Company shall be eligible to participate in the Plan. 
  

	4.	 Election to Receive Deferred RSUs in Lieu of Cash Fees. 

(a)    Manner of Election. 

(i)    The Plan Administrator may, in its discretion, provide participants with the opportunity in an Election Form to
elect to convert all or a portion of their annual cash Director Compensation into awards of Deferred RSUs granted under the Equity Plan (such election, a “Deferred RSU Election”). 

(ii)    Each such Deferred RSU shall cover a number of ADS (or, if permitted by the Plan Administrator, Shares)
calculated by dividing (i) the estimated amount of the annual cash Director Compensation that would have otherwise been paid to such participant for a Plan Year (which may be pro-rated for any director
newly appointed in a given plan Year) by (ii) the average per ADS (or Share, if applicable) closing trading price of the ADS (or Shares, if applicable) over the most recent 30 trading days as of the grant date. 

(iii)    In the event there is a change to a director’s service on the committees of the Board that results in
increased cash Director Compensation during a Plan Year, such director shall be eligible for additional Deferred RSUs for the amount of increased Director Compensation that such director will receive through the remainder of the Plan Year compared
to the estimate as of the beginning of the Plan Year, pro-rated through the end of the Plan-Year, with such number of Deferred RSUs calculated in accordance with subsection (ii) above. 

(iv)    An individual who fails to make a timely Deferred RSU Election in accordance with the below shall not receive a
Deferred RSU and instead shall receive the applicable annual cash Director Compensation in cash. A participant’s Deferred RSU Election is irrevocable and may not be changed, except as may be provided in the election form. 

 (b)    Timing for Grant of Deferred RSUs. 

(i)    Each Deferred RSU award will automatically be granted on (A) the first business day of the second month of the
Plan Year, (B) the first business day of the month following the date a director is appointed to the Board during a Plan Year or (C) the first business day of the month following the date there is a change to a director’s service on
the committees of the Board that results in increased cash Director Compensation during a Plan Year. The grant of such Deferred RSUs is subject to (1) the continued service of the applicable director through to the grant of the relevant
Deferred RSU and (2) the Existing Equity Plan having a sufficient share reserve to issue such Deferred RSUs; provided that if the Existing Equity Plan does not have a sufficient share reserve, then the date of grant will be the first date upon
which the Existing Equity Plan has a sufficient share reserve to issue such Deferred RSUs. 
 (ii)    Each Deferred RSU
award will vest in substantially equal installments over each month of the Plan Year, subject to the continued service of the applicable holder through the applicable vesting date; provided that any Deferred RSUs shall be deferred as set forth below
and as specified in the Election Form and in no event will be settled until the deferred period set forth in Section 7(a). Notwithstanding the foregoing, in the event that there is a change to a director’s service on the committees of the
Board that results in decreased cash Director Compensation during a Plan Year, then that number of Deferred RSUs granted during the Plan Year shall be automatically forfeited (effective as of that date such change in committee service) equal to
(A) the amount of decreased Director Compensation that such director will no longer receive as compared to the estimate as of the original applicable grant date, pro-rated through the end of the
Plan-Year, divided by (B) the average per ADS (or Share, if applicable) closing trading price of the ADS (or Shares, if applicable) over the 30 trading days as of the applicable original grant date of such Deferred RSUs, rounded down to the
nearest whole Deferred RSU. 
 (iii)    In no event will a participant be able to elect to receive RSUs that are not
Deferred RSUs in lieu of such participant’s cash Director Compensation. 
  

	5.	 Election Forms and Timing. 

(a)    Time of Election. Deferred RSU Elections shall be made at the following times: 

(i)    A director may make Deferred RSU Elections at such time or times during the calendar year as permitted by the Plan
Administrator. Notwithstanding the foregoing, for the initial partial 2022 Plan Year, a director may make a Deferred RSU Election at any time prior to February 1, 2022 and such election shall apply to relevant compensation earned for
service from and after February 1, 2022. Unless otherwise provided by the Plan Administrator, each director will submit an Election Form no later than December 31 of each calendar year with respect to the Deferred RSU Election relating to
services to be performed in the following calendar year. 
 (ii)    A nominee for election and/or appointment to
director (who is not at the time of nomination a sitting director and was not previously eligible to participate in this Plan) may make a Deferred RSU Election no later than 30 days after the date of the director’s commencement of services as a
director. Such Deferred RSU Election shall be effective for Deferred RSUs, following the later of (A) the date of the director’s commencement of services as a director, and (B) the date an irrevocable election form is filed with
the Company. 
 (b)    Duration of Deferral Election. Unless otherwise permitted by the Plan Administrator
and specified in an applicable deferral election form, a Deferred RSU Election will only apply to one Plan Year and a participant must make a new deferral election with respect to each Plan Year that the participant decides to make a Deferred RSU
Election. The Plan Administrator may provide pursuant to the terms of an approved Election Form that such Deferred RSU Election shall carry forward from year-to-year and
continue to apply to Deferred RSUs and Director Compensation for subsequent years, in each case as specified in the applicable Election Form. 

 6.    Deferred Compensation Accounts. The Company shall establish on its
books and records a Deferred Compensation Account with sub accounts for each participant, as provided below. 

(a)    Crediting of Deferred RSUs. Deferred RSUs, if applicable, shall be credited to the participant’s
Deferred Compensation Account on the date it would otherwise have been granted. On such date, the Company shall credit to the Deferred Compensation Account with a number of Deferred RSUs that was granted. No fractional Deferred RSUs will be
credited to a participant’s account. 
 (b)    Dividend Equivalents. Each Deferred RSU credited to a
participant’s Deferred Compensation Account shall carry with it a right to receive dividend equivalents in respect of the Share or ADS, as applicable, underlying such Deferred RSU. Dividend equivalents shall be paid to participants in cash on
the Company’s applicable dividend payment date based on the number of Deferred RSU, whether vested or unvested, held in the director’s Deferred Compensation Account on the applicable Company record date. The dividend equivalent right
associated with a Deferred RSU shall remain outstanding until the delivery to the participant of the Share or ADS, applicable underlying such Deferred RSU. 

(c)    Adjustment of Deferred RSUs. If the number of outstanding Shares and/or ADS, as applicable, is increased or
decreased or the Shares and/or ADS, as applicable, are changed into or exchanged for a different number or kind of shares or other securities of the Company on account of any recapitalization, reclassification, share split, reverse split,
combination of shares, exchange of shares, share dividend, or other distribution payable in capital securities, or other increase or decrease in such shares effected without receipt of consideration by the Company occurring after the Effective Date,
the Plan Administrator will make appropriate adjustments to (i) the number and kind of Shares and/or ADS, as applicable, for which Deferred RSUs are outstanding, and (ii) the number of Deferred RSUs credited to each participant’s
Deferred Compensation Account. 
  

	7.	 Payment of Deferred RSUs. 

(a)    Distributions. Payment from the Deferred RSUs shall be made in one lump sum on the earliest to occur of: 

 

	 	(i)	 180 days following the participant’s Separation From Service; 

 

	 	(ii)	 immediately prior to, on or within 30 days following a Change in Control; 

 

	 	(iii)	 180 days following the participant’s Disability; 

 

	 	(iv)	 the participant’s death. 

Notwithstanding anything to the contrary in the Plan, if on the date of the participant’s Separation from Service, the participant is a
“specified employee” within the meaning of Section 409A and is subject to Section 409A, the payment will occur on the later to occur of (x) the scheduled distribution date and (y) the first day of the seventh
month following the date of the participant’s Separation from Service or, if earlier, the date of the participant’s death. 

(b)    Medium of Payment. Payments from the Deferred Compensation Account shall be made in whole Shares and/or
ADS, as applicable, for each whole Deferred RSU, and in cash for any fractional Deferred RSU; provided, that, the Company may choose in its sole discretion to pay the participant cash in lieu of all or a portion of the Shares and/or ADS, as
applicable. Deferred RSUs issued to and Shares and/or ADS, as applicable, paid to participants under the Plan shall be issued and paid from the Equity Plan. 

 8.    Unfunded Promise to Pay; No Segregation of Funds or Assets. Nothing in
this Plan shall require the segregation of any assets of the Company or any type of funding by the Company, it being the intention of the parties that the Plan be an unfunded arrangement for federal income tax purposes. No participant shall
have any rights to or interest in any specific assets or ADS or Shares by reason of the Plan, and any participant’s rights to enforce payment of the obligations of the Company hereunder shall be those of a general creditor of the Company. 

9.    Nonassignability; Beneficiary Designation. The right of a participant to receive any unpaid portion of the
participant’s Deferred Compensation Account shall not be assigned, transferred, pledged or encumbered or subjected in any manner to alienation or anticipation. However, in the event of a participant’s death, the Company will pay the unpaid
portion of the participant’s Deferred Compensation Account to the participant’s designated beneficiaries. If the participant fails to complete a valid beneficiary designation, the participant’s beneficiary will be his or her estate.

 10.    Administration. The Plan will be administered under the supervision of the Plan Administrator. The Plan
Administrator will prescribe guidelines and forms for the implementation and administration of the Plan, interpret the terms of the Plan, and make all other substantive decisions regarding the operation of the Plan. The Plan Administrator’s
decisions in its administration of the Plan are conclusive and binding on all persons.
 11.    Section 409A. To the extent
a participant is subject to Section 409A, the Plan is intended to comply with Section 409A and any regulations and guidance thereunder and shall be interpreted and operated in accordance with such intent. Notwithstanding anything to
the contrary in the Plan, neither the Company, its affiliates, the Board, nor the Plan Administrator will have any obligation to take any action to prevent the assessment of any excise tax or penalty on any participant under Section 409A, and
neither the Company, its affiliates, the Board, nor the Plan Administrator will have any liability to any participant for such tax or penalty. 

12.    Construction. The laws of the England and Wales shall govern all questions of law arising with respect to the Plan, without
regard to the choice of law principles of any jurisdiction, except where the laws governing the Plan are preempted by the laws of the England and Wales. To the extent applicable, the Plan is intended to be construed so that participation in the
Plan will be exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended, pursuant to regulations and interpretations issued from time to time by the Securities and Exchange Commission. If any provision of the Plan is
held to be illegal or void, such illegality or invalidity shall not affect the remaining provisions of the Plan, but shall be fully severable, and the Plan shall be construed and enforced as if the illegal or invalid provision had never been
inserted. This document constitutes the entire Plan, and supersedes any prior oral or written agreements on the subject matter hereof. 

13.    Claw-back. All awards of Deferred RSUs under the Plan will be subject to mandatory repayment by the participant to the
Company to the extent the participant is, or in the future becomes, subject to any Company or affiliate “claw-back” or recoupment policy that is adopted to comply with the requirements of any applicable law, rule, regulation or otherwise,
or any law, rule, or regulation that imposes mandatory recoupment, under circumstances set forth in such law, rule or regulation. 

14.    Payment of subscription cost. A pre-condition of the delivery of any Shares and/or
ADS under the Plan includes that the relevant participant must pay the Company (or undertake to pay) the aggregate nominal value subscription cost for number of Shares delivered (or underlying the ADS as relevant) in connection with such settlement
and in any event no later than the applicable payment date under section 7(a) of the Plan. 

 15.    Amendment and Termination. The Board may amend, suspend, or terminate
the Plan at any time and for any reason. No amendment, suspension, or termination will, without the consent of the participant, materially impair rights or obligations under any Deferred RSUs previously awarded to the participant under the Plan,
except as provided below. The Board may terminate the Plan and distribute the Deferred Compensation Accounts to participants in accordance with and subject to the rules of U.S. Treas. Reg.
Section 1.409A-3(j)(4)(ix), or successor provisions, and any generally applicable guidance issued by the U.S. Internal Revenue Service permitting such termination and distribution.

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