Document:

EX-4.7

 Exhibit 4.7 

MEREO BIOPHARMA GROUP PLC 

2019 EQUITY INCENTIVE PLAN 

Section 1. Purpose. The purpose of the Mereo Biopharma Group plc 2019 Equity Incentive Plan (the “Plan”) is to
motivate and reward those employees of Mereo Biopharma Group plc (the “Company”) and its subsidiaries to perform at the highest level and to further the best interests of the Company and its shareholders. The Plan (excluding any sub-plan of the Plan) is intended to be an employees’ share scheme for the purposes of section 1166 of the UK Companies Act 2006. Capitalized terms not otherwise defined herein are defined in Section 21.

 Section 2. Eligibility. 

(a)    Any employee of the Company or any of its subsidiaries (which, for this purpose, must be a subsidiary within the
meaning of section 1159 of the UK Companies Act 2006) of the Company) shall be eligible to be selected to receive an Award under the Plan. 

(b)    Holders of equity compensation awards granted by a company acquired by the Company (or whose business is acquired
by the Company) or with which the Company combines are eligible for grants of Replacement Awards under the Plan. 
 Section 3.
Administration.  
 (a)    The Plan shall be administered by the Committee. The Committee may designate one or more
directors as a subcommittee who may act for the Committee if necessary to satisfy the requirements of this Section. The Committee may issue rules and regulations for administration of the Plan. 

(b)    Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full power and
authority to: (i) designate Participants; (ii) determine the type or types of Awards (including Replacement Awards) to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or with
respect to which payments, rights or other matters are to be calculated in connection with) Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent and under what circumstances Awards may be
settled or exercised in cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless exercise) or any combination thereof, or canceled, forfeited or suspended, and the method or methods by which Awards may be
settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent and under what circumstances cash, Shares, other Awards, other property and other amounts 

 
payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee; (vii) interpret and administer the Plan
and any instrument or agreement relating to, or Award made under, the Plan; (viii) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and
(ix) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 

(c)    All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, its
shareholders and Participants and any Beneficiaries thereof. 
 Section 4. Shares Available for Awards.  

(a)    Subject to adjustment as provided in Section 4(c), the aggregate number of Shares available for issuance under
the Plan and the Mereo Biopharma Group plc 2019 Non-Employee Equity Incentive Plan (which is a sub-plan of the Plan and is attached hereto as Appendix A) shall
not exceed 4.5% of the Company’s issued and outstanding Shares (which 4.5% limit shall be measured as of the date of grant of an Award hereunder). Shares underlying Replacement Awards and Shares remaining available for grant under a plan of an
acquired company or of a company with which the Company combines, appropriately adjusted to reflect the acquisition or combination transaction, shall not reduce the number of Shares remaining available for grant hereunder. 

(b)    For purposes of determining the number of Shares available for issuance under the Plan: 

(i)    all Shares covered by SARs shall be counted against the number of Shares available for issuance
under the Plan; provided, however, that (A) SARs that may be settled only in cash shall not be so counted and (B) if the Company grants a SAR in tandem with an Option for the same number of Shares and provides that only one
such Award may be exercised (a “Tandem SAR”), only the Shares covered by the Option, and not the Shares covered by the Tandem SAR, shall be so counted, and the expiration of one in connection with the other’s exercise shall not
restore Shares to the Plan; 
 (ii)    to the extent that an Award may be settled only in cash, no Shares
shall be counted against the number of Shares available for issuance under the Plan; 
 (iii)    if any
Award (A) expires or is terminated, surrendered or cancelled without having been fully exercised or is forfeited in whole or in part (including as the result of Shares subject to such Award being repurchased by the Company at or below the
original issuance price 

  
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pursuant to a contractual repurchase right) or (B) results in any Shares not being issued (including as a result of an Award that was settleable either in cash or in Shares actually being
settled in cash), the unused Shares covered by such Award shall again be available for issuance under the Plan; provided, however, that (1) in the case of the exercise of a SAR, the number of Shares counted against the Shares
available for issuance under the Plan shall be the full number of Shares subject to the SAR multiplied by the percentage of the SAR actually exercised, regardless of the number of Shares actually used to settle such SAR upon exercise and
(2) the Shares covered by a Tandem SAR shall not again become available for issuance under the Plan upon the expiration or termination of such Tandem SAR; 

(iv)    Shares delivered (either by actual delivery, attestation, or net exercise) to the Company by a
Participant to (i) exercise an Award or (ii) satisfy tax withholding obligations with respect to Options or SARs (including Shares retained from the Option or SAR creating the tax obligation) shall not be added back to the number of Shares
available for issuance under the Plan; and 
 (v)    Shares repurchased by the Company on the open market
using the proceeds from the exercise of an Award shall not increase the number of Shares available for issuance under the Plan. 

(c)    In the event that, as a result of any dividend or other distribution (whether in the form of cash, Shares or other
securities), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares
or other securities of the Company, issuance of warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities of the Company, or other similar corporate
transaction or event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under the Plan (an “Adjustment Event”), then the Committee shall, subject to Section 18, adjust equitably any or all of: 

(i)    the number and type of Shares (or other securities) which thereafter may be made the subject of
Awards, including the aggregate and individual limits specified in Section 4(a); 
 (ii)    the
number and type of Shares (or other securities) subject to outstanding Awards; and 
 (iii)    the grant,
acquisition, exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; 

  
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 provided, however, that the number of Shares subject to any Award denominated in Shares shall always
be a whole number. 
 (d)    Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized
and unissued Shares or Shares acquired by the Company. 
 Section 5. American Depositary Shares. Notwithstanding anything herein
to the contrary, the Committee may, in its discretion, make any Awards authorized hereunder subject to ADSs. In such cases, any applicable references hereunder to “Shares” shall be deemed references to “ADSs.” 

Section 6. Options. The Committee is authorized to grant Options to Participants with the following terms and conditions
and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine.  

(a)    The exercise price per Share under an Option shall be determined by the Committee; provided, however,
that, except in the case of Replacement Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant of such Option. 

(b)    The term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant of
such Option. 
 (c)    The Committee shall determine the time or times at which an Option may be exercised in whole or
in part. 
 (d)    The Committee shall determine the methods by which, and the forms in which payment of the exercise
price with respect thereto may be made or deemed to have been made, including cash, Shares, other Awards, other property, net settlement (including broker-assisted cashless exercise) or any combination thereof, having a Fair Market Value on the
exercise date equal to the relevant exercise price. 
 Section 7. Stock Appreciation Rights. The Committee is authorized to
grant SARs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine. 

(a)    SARs may be granted under the Plan to Participants either alone (“freestanding”) or in addition to other
Awards granted under the Plan (“tandem”). 
 (b)    The exercise price per Share under a SAR shall be
determined by the Committee; provided, however, that, except in the case of Replacement Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant of such SAR (or if granted in connection with an
Option, on the grant date of such Option). 

  
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 (c)    The term of each SAR shall be fixed by the Committee but shall
not exceed 10 years from the date of grant of such SAR. 
 (d)    The Committee shall determine the time or times at
which a SAR may be exercised or settled in whole or in part. 
 (e)    Upon the exercise of a SAR, the Company shall pay
to the Participant an amount equal to the number of Shares subject to the SAR multiplied by the excess, if any, of the Fair Market Value of one Share on the exercise date over the exercise price of such SAR. The Company shall pay such excess in
cash, in Shares valued at Fair Market Value, or any combination thereof, as determined by the Committee. 
 Section 8. Restricted
Stock and RSUs. The Committee is authorized to grant Awards of Restricted Stock and RSUs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with
the provisions of the Plan, as the Committee shall determine. 
 (a)    The applicable Award Document shall specify the
vesting schedule and, with respect to RSUs, the delivery schedule (which may include deferred delivery later than the vesting date) and whether the Award of Restricted Stock or RSUs is entitled to dividends or dividend equivalents, voting rights or
any other rights. 
 (b)    Shares of Restricted Stock and RSUs shall be subject to such restrictions as the Committee
may impose (including any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend, dividend equivalent or other right), which restrictions may lapse separately or in combination at such time or times, in such
installments or otherwise, as the Committee may deem appropriate. Without limiting the generality of the foregoing, if the Award relates to Shares on which dividends are declared during the period that the Award is outstanding, the Award shall not
provide for the payment of such dividend (or a dividend equivalent) to the Participant prior to the time at which such Award, or applicable portion thereof, becomes nonforfeitable, unless otherwise provided in the applicable Award Document. 

(c)    Any share of Restricted Stock granted under the Plan may be evidenced in such manner as the Committee may deem
appropriate, including book-entry registration or issuance of a stock certificate or certificates. In the event that any stock certificate is issued in respect of shares of Restricted Stock granted under the Plan, such certificate shall be
registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock. 

  
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 (d)    The Committee may determine the form or forms (including cash,
Shares, other Awards, other property or any combination thereof) in which payment of the amount owing upon settlement of any RSU Award may be made. 

Section 9. Performance Awards. The Committee is authorized to grant Performance Awards to Participants with the following terms
and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine. 

(a)    Performance Awards may be denominated as a cash amount, a number of Shares or a combination thereof and are Awards
which may be earned upon achievement or satisfaction of performance conditions specified by the Committee. In addition, the Committee may specify that any other Award shall constitute a Performance Award by conditioning the right of a Participant to
exercise the Award or have it settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it
may deem appropriate in establishing any performance conditions. Subject to the terms of the Plan, the performance goals to be achieved during any Performance Period, the length of any Performance Period, the amount of any Performance Award granted
and the amount of any payment or transfer to be made pursuant to any Performance Award shall be determined by the Committee. If the Performance Award relates to Shares on which dividends are declared during the Performance Period, the Performance
Award shall not provide for the payment of such dividend (or dividend equivalent) to the Participant prior to the time at which such Performance Award, or the applicable portion thereof, is earned. 

(b)    Performance criteria may be measured on an absolute (e.g., plan or budget) or relative basis, and may be
established on a corporate-wide basis or with respect to one or more business units, divisions, subsidiaries or business segments. Relative performance may be measured against a group of peer companies, a financial market index or other acceptable
objective and quantifiable indices. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which the Company conducts its business, or other events or
circumstances render the performance objectives unsuitable, the Committee may modify the minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable. Performance objectives may be adjusted for
material items not originally contemplated in establishing the performance target for items resulting from discontinued operations, extraordinary gains and losses, the effect of changes in accounting standards or principles, acquisitions or
divestitures, changes in tax rules or regulations, capital transactions, restructuring, nonrecurring gains or losses or unusual items. Performance measures may vary from Performance Award to Performance Award, and from Participant to Participant,
and may be established on a stand-alone basis, in tandem or in the 

  
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alternative. The Committee shall have the power to impose such other restrictions on Awards subject to this Section 9(b) as it may deem necessary or appropriate to ensure that such Awards
satisfy all requirements of any applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. 

(c)    Settlement of Performance Awards; Other Terms. Settlement of Performance Awards shall be in cash, Shares,
other Awards, other property, net settlement or any combination thereof, as determined in the discretion of the Committee. Performance Awards will be settled only after the end of the relevant Performance Period. The Committee may, in its
discretion, increase or reduce the amount of a settlement otherwise to be made in connection with a Performance Award. 

Section 10. Other Share-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to
Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence the value of Shares, including convertible or exchangeable
debt securities, other rights convertible or exchangeable into Shares, acquisition rights for Shares, Awards with value and payment contingent upon performance of the Company or business units thereof or any other factors designated by the
Committee. The Committee shall determine the terms and conditions of such Awards. 
 Section 11. Effect of Termination of Service or
a Change in Control on Awards. 
 (a)    The Committee may provide, by rule or regulation or in any Award Document,
or may determine in any individual case, the circumstances in which, and the extent to which, an Award may be exercised, settled, vested, paid or forfeited in the event of a Participant’s Termination of Service prior to the vesting, exercise or
settlement of such Award or the end of a Performance Period. 
 (b)    In the event of a Change in Control, outstanding
Awards shall be treated as described below. 
 (i)     If in connection with the Change in Control, any
outstanding Award is continued in effect or converted into an award or right with respect to stock of the successor or surviving corporation (or a parent or subsidiary thereof) (in the case of Options and SARs awarded to a Participant to whom
Section 18 applies, in a manner that complies with Sections 424 and 409A of the Code if those sections apply to the Award), then upon the occurrence of a Termination of Service of a Participant by the Company without Cause within 24 months
following the Change in Control, on the date of such Termination of Service, such Award held by 

  
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such Participant shall immediately vest and settle, and with respect to Options and SARs, shall become exercisable and shall remain exercisable for one year. 

(ii)    If outstanding Awards are not continued or converted as described in subsection (i) above,
then on the Change in Control, such Awards shall immediately vest and settle and, in the case of Options and SARs, shall become fully exercisable. 
 For
purposes of subsections (i) and (ii) above, no Option, SAR, Restricted Stock or RSU shall be treated as “continued or converted” on a basis consistent with the requirements of subsection (i) or (ii), as applicable, unless the
stock underlying such award after such continuation or conversion consists of securities of a class that is widely held and publicly traded on a recognized United States or International securities exchange. 

(c)    In addition, in the event of a Change in Control or other Adjustment Event and to the extent permitted under
applicable law and not inconsistent with the provisions of Section 11(a) above or the applicable Award Document, the Committee, in its sole discretion, and on such terms and conditions as it deems appropriate, either by the terms of the Award
or by action taken prior to the occurrence of such Change in Control or other Adjustment Event, may take any one or more of the following actions whenever the Committee determines that such action is appropriate or desirable in order to prevent the
dilution or enlargement of the benefits intended to be made available under the Plan or to facilitate the Change in Control transaction or other Adjustment Event: 

(i)    to terminate or cancel any outstanding Award in exchange for a cash payment (and, for the avoidance
of doubt, if as of the date of the Change in Control or other Adjustment Event, the Committee determines that no amount would have been realized upon the exercise of the Award or other realization of the Participant’s rights, then the Award may
be cancelled by the Company without payment of consideration); 
 (ii)    to provide for the assumption,
substitution, replacement or continuation of any Award by the successor or surviving corporation (or a parent or subsidiary thereof) with cash, securities, rights or other property to be paid or issued, as the case may be, by the successor or
surviving corporation (or a parent or subsidiary thereof), and to provide for appropriate adjustments with respect to the number and type of securities (or other consideration) of the successor or surviving corporation (or a parent or subsidiary
thereof), subject to any replacement awards, the terms and conditions of the replacement awards (including, without limitation, any applicable performance targets or criteria with respect thereto) and the grant, exercise or purchase price per share
for the replacement awards; 

  
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 (iii)    to make any other adjustments in the number and
type of securities (or other consideration) subject to outstanding Awards and in the terms and conditions of outstanding Awards (including the grant or exercise price and performance criteria with respect thereto) and Awards that may be granted in
the future; 
 (iv)    to provide that any Award shall be accelerated and become exercisable, payable
and/or fully vested with respect to all Shares covered thereby, notwithstanding anything to the contrary in the Plan or the applicable Award Document; and 

(v)    to provide that any Award shall not vest, be exercised or become payable as a result of such event.

 Section 12. General Provisions Applicable to Awards. 

(a)    Awards shall be granted for no cash consideration or for such minimal cash consideration as may be required by
applicable law unless otherwise determined by the Committee. 
 (b)    Awards may, in the discretion of the Committee,
be granted either alone or in addition to or in tandem with any other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted
under any other plan of the Company, may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 

(c)    Subject to the terms of the Plan and Section 18, payments or transfers to be made by the Company upon the
grant, exercise or settlement of an Award may be made in the form of cash, Shares, other Awards, other property, net settlement or any combination thereof, as determined by the Committee in its discretion, and may be made in a single payment or
transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include provisions for the payment or crediting of reasonable interest on installment
or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments. 

(d)    Except as may be permitted by the Committee or as specifically provided in an Award Document, (i) no Award and
no right under any Award shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or pursuant to Section 12(e) and (ii) during a Participant’s lifetime, each Award, and each right under any
Award, shall be exercisable only by the Participant or, if permissible under applicable law, by the Participant’s guardian or legal representative. The provisions of this Section 12(d) shall not apply to any Award that has been fully
exercised or settled, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof. 

  
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 (e)    A Participant may designate a Beneficiary or change a previous
Beneficiary designation at such times prescribed by the Committee by using forms and following procedures approved or accepted by the Committee for that purpose. 

(f)    All certificates for Shares and/or other securities delivered under the Plan pursuant to any Award or the exercise
thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange
upon which such Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 (g)    Without limiting the generality of Section 12(h), the Committee may impose restrictions on any Award with
respect to noncompetition, confidentiality and other restrictive covenants, or requirements to comply with minimum stock ownership requirements, as it deems necessary or appropriate in its sole discretion. 

(h)    The Committee may specify in an Award Document that the Participant’s rights, payments and benefits with
respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include
a Termination of Service with or without Cause (and, in the case of any Cause that is resulting from an indictment or other non-final determination, the Committee may provide for such Award to be held in
escrow or abeyance until a final resolution of the matters related to such event occurs, at which time the Award shall either be reduced, cancelled or forfeited (as provided in such Award Document) or remain in effect, depending on the outcome),
violation of material policies, breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or
its Affiliates. 
 (i)    Rights, payments and benefits under any Award shall be subject to repayment to or recoupment
(“clawback”) by the Company in accordance with such policies and procedures as the Committee or Board may adopt from time to time, including policies and procedures to implement applicable law, stock market or exchange rules and
regulations or accounting or tax rules and regulations. 
 Section 13. Amendments and Termination. 

(a)    Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Document or in
the Plan, the Board may amend, alter, suspend, discontinue or terminate the Plan or any portion 

  
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thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) shareholder approval, if such approval
is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are principally quoted or traded or (ii) the consent of the affected Participant, if such action would materially adversely affect the
rights of such Participant under any outstanding Award, except to the extent any such amendment, alteration, suspension, discontinuance or termination is made to cause the Plan to comply with applicable law, stock market or exchange rules and
regulations or accounting or tax rules and regulations, or to impose any recoupment provisions on any Awards in accordance with Section 12(i). Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan in such manner
as may be necessary to enable the Plan to achieve its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with local laws, rules and regulations. 

(b)    The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue
or terminate any Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or Beneficiary of an Award; provided, however, that, subject to Section 4(c) and Section 18, no
such action shall materially adversely affect the rights of any affected Participant or holder or Beneficiary under any Award theretofore granted under the Plan, except to the extent any such action is made to cause the Plan to comply with
applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations, or to impose any recoupment provisions on any Awards in accordance with Section 12(i); provided further that, except as provided
in Section 4(c), the Committee shall not without the approval of the Company’s shareholders (a) lower the exercise price per Share of an Option or SAR after it is granted or take any other action that would be treated as a repricing
of such Award under the rules of the principal stock market or exchange on which the Company’s Shares are quoted or traded, or (b) cancel an Option or SAR when the exercise price per Share exceeds the Fair Market Value in exchange for cash
or another Award (other than in connection with a Change in Control). 
 (c)    Except as provided in Section 9(b),
the Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of events (including the events described in Section 4(c)) affecting the Company, or the financial
statements of the Company, or of changes in applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations, whenever the Committee determines that such adjustments are appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 

(d)    The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award
in the manner and to the extent it shall deem desirable to carry the Plan into effect. 

  
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 Section 14. Prohibition on Option and SAR Repricing. Except as provided in
Section 4(c), the Committee may not, without prior approval of the Company’s shareholders, seek to effect any re-pricing of any previously granted “underwater” Option or SAR by:
(i) amending or modifying the terms of the Option or SAR to lower the exercise price; (ii) cancelling the underwater Option or SAR and granting either (A) replacement Options or SARs having a lower exercise price or
(B) Restricted Stock, RSU, Performance Award or Other Stock-Based Award in exchange; or (iii) cancelling or repurchasing the underwater Options or SARs for cash or other securities. An Option or SAR will be deemed to be
“underwater” at any time when the Fair Market Value of the Shares covered by such Award is less than the exercise price of the Award. 

Section 15. Miscellaneous.  

(a)    No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is
no obligation for uniformity of treatment of employees, Participants or holders or Beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall
be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan. 

(b)    The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or
to continue to provide services to, the Company or any Affiliate. Further, the Company or the applicable subsidiary may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in
the Plan or in any Award Document or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in the applicable Award Document. 

(c)    Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional
compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 

(d)    The Company shall be authorized to withhold from any Award granted or any payment due or transfer made under any
Award or under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other property, net settlement or any combination thereof) of applicable withholding taxes or par value amounts (to
the extent required to be paid in cash) due in respect of an Award, its exercise or settlement or any payment or transfer under such Award or under the Plan and to take such other action (including providing for elective payment of such amounts in
cash or Shares by the Participant) as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes or par value amounts (to the extent required to be paid in cash). 

  
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 (e)    If any provision of the Plan or any Award Document is or becomes
or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended
to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award Document, such provision shall be stricken as to such
jurisdiction, person or Award, and the remainder of the Plan and any such Award Document shall remain in full force and effect. 

(f)    Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a
fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any
unsecured general creditor of the Company. 
 (g)    No fractional Shares shall be issued or delivered pursuant to the
Plan or any Award, and the Committee shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise
eliminated. 
 (h)    Awards may be granted to Participants who are non-US
nationals or employed outside the US, or both, on such terms and conditions different from those applicable to Awards to Participants who are employed in the US as may, in the judgment of the Committee, be necessary or desirable to recognize
differences in local law, tax policy or custom. The Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company’s obligation with respect to tax equalization for Participants on assignments outside
their home country. 
 Section 16. Effective Date of the Plan. The Plan is effective as of the Effective Date. 

Section 17. Term of the Plan. No Award shall be granted under the Plan after the earliest to occur of (i) the ten-year anniversary of the Effective Date; provided that to the extent permitted by the listing rules of any stock exchanges on which the Company is listed, such
ten-year term may be extended indefinitely so long as the maximum number of Shares available for issuance under the Plan have not been issued, (ii) the maximum number of Shares available for issuance
under the Plan have been issued or (iii) the Board terminates the Plan in accordance with Section 13(a). However, unless otherwise expressly provided in the Plan or in an applicable Award Document, any Award theretofore granted

  
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may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue or terminate any such Award, or to waive any conditions or rights under any such
Award, and the authority of the Board to amend the Plan, shall extend beyond such date. 
 Section 18.
Section 409A of the Code. With respect to Awards subject to Section 409A of the Code, the Plan is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Plan and any
Award Document shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise
frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. If an amount payable under an Award as a result of the Participant’s Termination of Service (other
than due to death) occurring while the Participant is a “specified employee” under Section 409A of the Code constitutes a deferral of compensation subject to Section 409A of the Code, then payment of such amount shall not occur
until six months and one day after the date of the Participant’s Termination of Service, except as permitted under Section 409A of the Code. If the Award includes a “series of installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), the Participant’s right to the series of installment payments shall be treated as a right to a series of separate payments and not as a right to a
single payment, and if the Award includes “dividend equivalents” (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), the Participant’s right to the dividend equivalents
shall be treated separately from the right to other amounts under the Award. Notwithstanding the foregoing, the tax treatment of the benefits provided under the Plan or any Award Document is not warranted or guaranteed, and in no event shall the
Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code. 

Section 19. Data Protection. By participating in the Plan, the Participant consents to the holding and processing of personal
information provided by the Participant to the Company or any Affiliate, trustee or third party service provider, for all purposes relating to the operation of the Plan. These include, but are not limited to: 

(i)    administering and maintaining Participant records; 

(ii)    providing information to the Company, Affiliates, trustees of any employee benefit trust, registrars, brokers or
third party administrators of the Plan; 
 (iii)    providing information to future purchasers or merger partners of the
Company or any Affiliate, or the business in which the Participant works; and 

  
 14 

 (iv)    transferring information about the Participant to any country or
territory that may not provide the same protection for the information as the Participant’s home country. 
 Section 20.
Governing Law. The Plan and each Award Document shall be governed by the laws of England and Wales. The Company, its Affiliates and each Participant (by acceptance of an Award) irrevocably submit, in respect of any suit, action or proceeding
related to the implementation or enforcement of the Plan, to the exclusive jurisdiction of the competent courts in England and Wales. 

Section 21. Definitions. As used in the Plan, the following terms shall have the meanings set forth below: 

(a)    “ADS” means an American Depositary Share, representing five (5) Shares. 

(b)    “Affiliate” means (i) any entity that, directly or indirectly, is controlled by the Company,
(ii) any entity in which the Company, directly or indirectly, has a significant equity interest, in each case as determined by the Committee and (iii) any other entity which the Committee determines should be treated as an
“Affiliate.” 
 (c)    “Award” means any Option, SAR, Restricted Stock, RSU, Performance
Award or Other Stock-Based Award granted under the Plan. 
 (d)    “Award Document” means any
agreement, contract or other instrument or document, which may be in electronic format, evidencing any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant. 

(e)    “Beneficiary” means a person entitled to receive payments or other benefits or exercise rights
that are available under the Plan in the event of the Participant’s death. If no such person is named by a Participant, or if no Beneficiary designated by the Participant is eligible to receive payments or other benefits or exercise rights that
are available under the Plan at the Participant’s death, such Participant’s Beneficiary shall be such Participant’s estate. 

(f)    “Board” means the board of directors of the Company. 

(g)    “Cause” means, except as otherwise provided in such Participant’s Award Document, such
Participant’s: 
 (i)    indictment for any crime (A) constituting a felony, or (B) that
has, or could reasonably be expected to result in, an adverse impact on the performance of a Participant’s duties to the Company or any of its subsidiaries, or otherwise has, or could reasonably be expected to result in, an adverse impact to
the business or reputation of the Company or any of its subsidiaries; 

  
 15 

 (ii)    having been the subject of any order, judicial
or administrative, obtained or issued by the Securities and Exchange Commission (or any other competent authority) for any securities violation involving fraud, including, for example, any such order consented to by the Participant in which findings
of facts or any legal conclusions establishing liability are neither admitted nor denied; 

(iii)    conduct, in connection with his or her employment, which is not taken in good faith and has, or
could reasonably be expected to result in, material injury to the business or reputation of the Company or any of its subsidiaries; 

(iv)    willful violation of the Company’s code of conduct or other material policies set forth in the
manuals or statements of policy of the Company or any of its subsidiaries; 
 (v)    willful neglect in
the performance of a Participant’s duties for the Company or any of its subsidiaries or willful or repeated failure or refusal to perform such duties; 

(vi)    material breach of any applicable employment agreement or other agreement with the Company or any
of its subsidiaries; or 
 (vii)    conduct, in connection with his or her employment. 

The occurrence of any such event described in clauses (ii) through (v) that is susceptible to cure or remedy shall not constitute Cause if
such Participant cures or remedies such event within 30 (thirty) days after the Company provides notice to such Participant. 

(h)    “Change in Control” means the occurrence of any one or more of the following
events: 
 (i)    a direct or indirect change in ownership or control of the Company effected through one
transaction or a series of related transactions within a 12-month period, whereby any Person other than the Company, directly or indirectly acquires or maintains beneficial ownership of securities of the
Company constituting more than 50% of the total combined voting power of the Company’s equity securities outstanding immediately after such acquisition; 

(ii)    at any time during a period of 12 consecutive months, individuals who at the beginning of such
period constituted the Board cease for any reason to constitute a majority of members of the Board; provided, however, that any new member of the Board whose election or nomination for election was approved by a vote of at least a
majority of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was so 

  
 16 

 
approved, shall be considered as though such individual were a member of the Board at the beginning of the period, but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

(iii)    the consummation of a merger or consolidation of the Company or any of its subsidiaries with any
other corporation or entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or
being converted into voting securities of the surviving entity or, if applicable, the ultimate parent thereof) at least 50% of the combined voting power and total fair market value of the securities of the Company or such surviving entity or parent
outstanding immediately after such merger or consolidation; or 
 (iv)    the consummation of any sale,
lease, exchange or other transfer to any Person (other than an Affiliate of the Company), in one transaction or a series of related transactions within a 12-month period, of all or substantially all of the
assets of the Company and its subsidiaries. 
 Notwithstanding the foregoing or any provision of any Award Document to the contrary, for any Award to which
Section 18 applies that provides for accelerated distribution on a Change in Control of amounts that constitute “deferred compensation” (as defined in Section 409A of the Code), if the event that constitutes such Change in
Control does not also constitute a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company’s assets (in either case, as defined in Section 409A of the Code), such amount
shall not be distributed on such Change in Control but instead shall vest as of the date of such Change in Control and shall be paid on the scheduled payment date specified in the applicable Award Document, except to the extent that earlier
distribution would not result in the Participant who holds such Award incurring any additional tax, penalty, interest or other expense under Section 409A of the Code. 

(i)    “Code” means the United States Internal Revenue Code of 1986, as amended from time
to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto. 

(j)    “Committee” means the Remuneration Committee of the Board or such other committee as may be
designated by the Board. If the Board does not designate the Committee, references herein to the “Committee” shall refer to the Board. 

  
 17 

 (k)    “Disability” means total and permanent
disability as determined by the Committee in its discretion in accordance with uniform and non-discriminatory standards adopted by the Committee from time to time, or such other definition as is required under
applicable law. 
 (l)    “Effective Date” means April 4, 2019. 

(m)    “Exchange Act” means the United States Securities Exchange Act of 1934, as amended from time to
time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto. 

(n)    “Fair Market Value” means (i) with respect to a Share or ADS, as applicable, the closing
price of a Share or ADS, as applicable, on the date in question (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred) on the principal stock market or exchange on which the Shares or ADSs, as
applicable, are quoted or traded, or if Shares or ADSs, as applicable, are not so quoted or traded, the fair market value of a Share or ADS, as applicable, as determined by the Committee, and (ii) with respect to any property other than Shares
or ADSs, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee. 

(o)    “Option” means an option representing the right to acquire Shares from the Company, granted in
accordance with the provisions of Section 6. 
 (p)    “Other Share-Based Award” means an Award
granted in accordance with the provisions of Section 10. 
 (q)    “Participant” means the
recipient of an Award granted under the Plan. 
 (r)    “Performance Award” means an Award granted in
accordance with the provisions of Section 9. 
 (s)    “Performance Period” means the period
established by the Committee at the time any Performance Award is granted or at any time thereafter during which any performance goals specified by the Committee with respect to such Award are measured. 

(t)    “Person” means a natural person or a partnership, company, association, cooperative, mutual
insurance society, foundation or any other body which operates externally as an independent unit or organisation. 

(u)    “Replacement Award” means an Award granted in assumption of, or in substitution for, an
outstanding award previously granted by a company or business acquired by the Company or with which the Company, directly or indirectly, combines. 

  
 18 

 (v)    “Restricted Stock” means any Share granted in
accordance with the relevant provisions of Section 8. 
 (w)    “RSU” means a contractual right
granted in accordance with the relevant provisions of Section 8 that is denominated in Shares. Each RSU represents a right to receive the value of one Share. Awards of RSUs may include the right to receive dividend equivalents. 

(x)    “SAR” means any right granted in accordance with the provisions of Section 7 to receive upon
exercise by a Participant or settlement the excess of (i) the Fair Market Value of one Share on the date of exercise or settlement over (ii) the exercise price of the right on the date of grant, or if granted in connection with an Option,
on the date of grant of the Option. 
 (y)    “Share” means an ordinary share, £0.003 par
value, of the Company. 
 (z)    “Termination of Service” means a cessation of the employment
relationship such that the Participant is no longer an employee of the Company or one of its subsidiaries; provided, however, that the transfer of employment from the Company to a subsidiary, from a subsidiary to the Company or from one
subsidiary to another subsidiary shall not be deemed a cessation of service that would constitute a Termination of Service; and provided further, that a Termination of Service will be deemed to occur for a Participant employed by a subsidiary
when a subsidiary ceases to be a subsidiary, unless such Participant’s employment continues with the Company or another subsidiary; and provided further that, for these purposes, a Participant who holds an office with the Company or one
of its subsidiaries shall be deemed to be an employee of that Company whether or not he or she is otherwise such an employee. 

  
 19 

 APPENDIX A 

MEREO BIOPHARMA GROUP PLC 

2019 NON-EMPLOYEE EQUITY INCENTIVE PLAN 

(THE “NON-EMPLOYEE PLAN”) 

Section 1. Introduction. 

(a)    The Non-Employee Plan is a sub-plan
of the Mereo Biopharma Group plc 2019 Equity Incentive Plan (the “Plan”) and permits the grant of Options and RSUs to officers of the Company or any subsidiary of the Company who are not employees (as at the time of the relevant
grant) of any such company. 
 (b)    For the avoidance of doubt, the
Non-Employee Plan (i) shall not prejudice the status of the Plan as an employees’ share scheme within the meaning of section 1166 of the UK Companies Act 2006 and (ii) operates separately from
the Plan. 
 Section 2. Definitions and Interpretation 

(a)    In the Non-Employee Plan, words and expressions used in the Plan shall,
unless otherwise specified below, apply in relation to Awards granted under the Non-Employee Plan. 

(b)    Save as modified in the Non-Employee Plan, all the provisions of the Plan
relevant to Awards structured as Options and RSUs shall be incorporated into the Non-Employee Plan as if fully set out herein so as to be part of the Non-Employee Plan.

 (c)    These rules of the Non-Employee Plan take precedence if there is any
inconsistency between them and the rules of the Plan. 
 (d)    In these rules of the
Non-Employee Plan, “Termination of Service” means the Participant ceasing to be an officeholder or employee of the Company or one of its subsidiaries such that they are no longer an
officeholder or employee of any such company; provided that, for avoidance of doubt, a Termination of Service will be deemed to occur if a subsidiary of which the Participant is an officeholder or employee ceases to be a subsidiary, unless they
remain an officeholder or employee of the Company or another subsidiary. 
 (e)    In these rules of the Non-Employee Plan, whenever the terms “employee” or “employment” are otherwise used in the context of matters following the grant of an Award, they shall be construed in the context
of that person being an officeholder.EX-4.13.1

 Exhibit 4.13.1 

DATED 17 APRIL 2019 
  

					
	(1)	  	MEREO BIOPHARMA GROUP PLC (as Borrower)	 	
			
	(2)	  	THE GUARANTORS (as Guarantors)	 	
			
	(3)	  	SILICON VALLEY BANK and KREOS CAPITAL V (UK) LIMITED (as Lenders)	 	
			
	(4)	  	KREOS CAPITAL V (UK) LIMITED (as Agent)	 	
			
	(5)	  	KREOS CAPITAL V (UK) LIMITED (as Security Agent)	 	

  
  

DEED OF CONSENT AND AMENDMENT 

RELATING TO A £20,455,000 LOAN AGREEMENT 

DATED 28 SEPTEMBER 2018 
  

 
  

					
		  	 5 Fleet Place London EC4M 7RD

Tel: +44 (0)20 7203 5000 ● Fax: +44 (0)20 7203 0200 ● DX: 19 London/Chancery
Lane
 www.charlesrussellspeechlys.com
	 	

 CONTENTS 
  

							
	1	  	DEFINITIONS AND INTERPRETATION	  	 	1	 
			
	2	  	CONSENT	  	 	4	 
			
	3	  	CONDITIONS PRECEDENT TO CONSENT	  	 	5	 
			
	4	  	CLEAN UP ACTIONS	  	 	5	 
			
	5	  	REPRESENTATIONS	  	 	5	 
			
	6	  	AMENDMENT, WAIVER AND DELIVERY OF WARRANTS	  	 	6	 
			
	7	  	EXTENSION OF INTEREST ONLY PERIOD	  	 	6	 
			
	8	  	CONTINUITY AND FURTHER ASSURANCE	  	 	6	 
			
	9	  	COSTS AND EXPENSES	  	 	7	 
			
	10	  	MISCELLANEOUS	  	 	7	 
			
	11	  	GOVERNING LAW	  	 	8	 
		
	SCHEDULE 1 THE GUARANTORS	  	 	9	 
		
	SCHEDULE 2 CONDITIONS PRECEDENT	  	 	10	 
		
	SCHEDULE 3 CLEAN UP ACTIONS	  	 	11	 
		
	SCHEDULE 4 WARRANTIES	  	 	12	 
		
	SCHEDULE 5 AMENDMENTS TO ORIGINAL FACILITY AGREEMENT	  	 	21	 
		
	SCHEDULE 6 REPAYMENT SCHEDULE	  	 	28	 
		
	SCHEDULE 7 NET CASH CALCULATION	  	 	29	 

 THIS DEED is dated     April 2019 and made between: 

 

	(1)	 MEREO BIOPHARMA GROUP PLC (the Borrower); 

 

	(2)	 THE SUBSIDIARIES of the Borrower listed in Schedule 1 as guarantors (the Guarantors and together
with the Borrower, the Obligors); and 

  

	(3)	 SILICON VALLEY BANK (SVB) a California corporation, with its principal place of business at 3003
Tasman Drive, Santa Clara, California 95054 US and registered in England & Wales under numbers BR014561 and FC029579 acting through its UK branch at Alphabeta 14-18 Finsbury Square, London, EC2A 1BR
and KREOS CAPITAL V (UK) LIMITED (Kreos) a limited liability company incorporated under the laws of England & Wales with company number 09728300 and its registered office at 25 Old Burlington Street London W1S 3AN (each a
Lender and a Warrantholder and together the Lenders and the Warrantholders); 

  

	(4)	 KREOS CAPITAL V (UK) LIMITED a limited liability company incorporated under the laws of
England & Wales with company number 09728300 and its registered office at 25 Old Burlington Street London W1S 3AN (in its capacity as agent) (the Agent); and 

 

	(5)	 KREOS CAPITAL V (UK) LIMITED a limited liability company incorporated under the laws of
England & Wales with company number 09728300 and its registered office at 25 Old Burlington Street London W1S 3AN (in its capacity as security agent) (the Security Agent). 

IT IS AGREED as follows: 
  

	1	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

In this Deed: 
  

			
	Amended Facility Agreement	  	the Original Facility Agreement, as amended by this Deed;
		
	Clean Up Actions	  	those actions specified in Schedule 3 of this Deed;
		
	Clean Up Period	  	the period from the Effective Date up to the date 90 days after the Effective Date, provided that (i) in respect of any breach of a representation or any undertaking, covenant or obligation under a Loan Document that relates
to the banking arrangements, practices or accounts of any OncoMed Companies, the period shall last until 30 September 2019, (ii) in respect of the Deeds of Accession, the period shall last until 6 June 2019 and (iii) if, prior to
the

  
 1 

			
		  	expiry of the aforementioned 90 day period, the Borrower provides written notice to the Agent of any matters relating to the OncoMed Companies that reasonably require a longer period of time in which to ensure sufficient action
is taken by the Obligors to prevent such matters causing an Event of Default, the Lenders may in their discretion acting as they reasonably think fit grant the Obligors an additional extension to such cure period of 60 days commencing from the date
90 days after the Effective Date;
		
	Company IP Rights	  	has the meaning given to it in the OncoMed Merger Agreement.
		
	Company Material Adverse Effect	  	has the meaning given to it in the OncoMed Merger Agreement.
		
	Deeds of Accession	  	the deeds of accession in a form to be agreed between the Lenders and the Borrower relating to the OncoMed Companies and NAVI Sub;
		
	Effective Date	  	the date on which the Agent has received each of the documents and other evidence listed in Schedule 2 (Conditions Precedent) in a form and substance reasonably satisfactory to the Agent;
		
	Guarantee Obligations	  	the guarantee and indemnity obligations of a Guarantor contained in the Original Facility Agreement;
		
	Intervening Events of Default	  	any Event of Default which is not an OncoMed Event of Default;
		
	Legal Proceeding	  	has the meaning given to it in the OncoMed Merger Agreement;
		
	Mereo US Holdings	  	Mereo US Holdings Inc., a Delaware corporation;
		
	NAVI Sub	  	NAVI Subsidiary, Inc. a Delaware corporation;

  
 2 

			
	Net Cash	  	has the meaning given to it in the OncoMed Merger Agreement;
		
	Net Cash Calculation	  	a statement of Net Cash of OncoMed Target prepared on the basis set out in the OncoMed Merger Agreement showing a balance of not less than US$35 million, an example of which is set out in Schedule 7;
		
	OncoMed Acquisition	  	the completion of the acquisition of OncoMed Target by Mereo US Holdings pursuant to the OncoMed Merger Agreement;
		
	OncoMed Acquisition Date	  	the date on which Closing (as defined in the OncoMed Merger Agreement) occurs;
		
	OncoMed Assets	  	the assets of the OncoMed Companies, other than the OncoMed Restricted Assets;
		
	OncoMed Companies	  	together Mereo US Holdings and OncoMed Target together with subsidiaries from time to time;
		
	OncoMed Events of Default	  	any breach, of a representation or any undertaking, covenant or obligation under a Loan Document or any Event of Default which occurs during the Clean-Up Period which is only an Event of
Default, a breach of representation or warranty or a breach of covenant, obligation or undertaking (as the case may be) by reason of circumstances relating solely to the OncoMed Companies (or any of them) other than a breach which in the reasonable
opinion of the Lenders might have a material adverse effect on the business of the Group;
		
	OncoMed Merger Agreement	  	the Agreement and Plan of Merger and Reorganisation between the Borrower, Mereo US Holdings, Mereo Mergerco One Inc., and OncoMed Target dated 5 December 2018;
		
	OncoMed Target	  	OncoMed Pharmaceuticals, Inc., a Delaware corporation;
		
	Original Facility Agreement	  	the £20,455,000 loan agreement dated 28 September 2018 between, amongst others, the Borrower, the Guarantors, the Agent and the Lenders (each as defined therein);

  
 3 

			
	Proposed Completion Date	  	23 April 2019 or such other date as agreed between the Borrower and the Agent;
		
	Warrantholder	  	has the meaning given to it in the Warrant Instrument;
		
	Warrant Instrument	  	the Warrant Instrument relating to the issue of warrants entitling the holders to subscribe for Warrant Shares in the capital of Mereo BioPharma Group PLC dated 1 October 2018;
		
	Warranties	  	the representations and warranties set out in Schedule 4;
		
	Warrantors	  	the Obligors, excluding the OncoMed Companies.

  

	1.2	 Incorporation of defined terms 

 

	 	1.2.1	 Unless a contrary indication appears, a term defined in the Original Facility Agreement has the same meaning in
this Deed. 

  

	 	1.2.2	 The principles of construction set out in the Original Facility Agreement shall have effect as if set out in
this Deed. 

  

	1.3	 Clauses 

In this Deed any reference to a “Clause” or a “Schedule” is, unless the context otherwise requires, a reference to a Clause
in or a Schedule to this Deed. 
  

	1.4	 Third party rights 

A Person who is not a party to this Deed has no rights under the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the benefit
of any term of this Deed. 
  

	1.5	 Loan Document 

This Deed is a Loan Document. 
  

	2	 CONSENT 

  

	2.1	 For all purposes pursuant to the Loan Documents (including in particular but not limited to clauses 9.3, 9.7
and 10.2.1 of the Original Facility Agreement), the Finance Parties hereby consent to the OncoMed Acquisition on the terms set out in this Deed. 

  

	2.2	 This Deed takes effect from the Effective Date. 

  
 4 

	3	 CONDITIONS PRECEDENT TO CONSENT 

This Deed is conditional upon fulfilment or delivery of the actions and documents set out in Schedule 2 to the reasonable satisfaction of
the Agent on or before the Proposed Completion Date. 
  

	4	 CLEAN UP ACTIONS 

 

	4.1	 As soon as reasonably practicable after the Effective Date, and in any event before the expiry of the Clean Up
Period, the Borrower and Obligors shall procure that the OncoMed Companies shall, carry out and fulfil the Clean Up Actions. 

  

	4.2	 The Clean Up Actions shall comprise the preparation and delivery to the Agent, on terms that it shall approve
(acting reasonably), of such documents as shall provide to the Lenders security over the OncoMed Assets in accordance with clause 8.2 of the Amended Facility Agreement. 

 

	4.3	 Without limiting the foregoing, the Clean Up Actions shall include delivery to the Agent of those documents
listed in Schedule 3 (Clean Up Actions). 

  

	4.4	 Subject to Clause 4.6 below, so long as the Borrower and Obligors use and continue to use their respective
reasonable endeavours to fulfil and deliver the Clean Up Actions before the end of the Clean Up Period, the Finance Parties shall take no action to enforce their rights arising from the OncoMed Events of Default. 

 

	4.5	 Without prejudice to this Clause 4, the Borrower shall notify the Agent forthwith of any circumstances existing
which mean that any NAVI Sub or the OncoMed Companies cannot make the representation set out in clause 5.2.1 of the Original Facility Agreement. 

  

	4.6	 Nothing in this Deed shall affect or restrict the rights of the Finance Parties arising from any Intervening
Event of Default or any OncoMed Event of Default continuing after expiry of the Clean Up Period. 

  

	5	 REPRESENTATIONS 

 

	5.1	 For the purpose of the Consent, the Warrantors represent and warrant to the Lenders in the terms set out in
Schedule 4 (Warranties). 

  

	5.2	 The Warranties are deemed to be made by each Warrantor (by reference to the facts and circumstances then
existing) subject to clause 6.2 (Waiver) on the Effective Date, and references to “this Deed” in the Warranties should be construed as references to this Deed and to the Original Facility Agreement and on the Effective Date, to the
Amended Facility Agreement. 

  
 5 

	6	 AMENDMENT, WAIVER AND DELIVERY OF WARRANTS 

 

	6.1	 Amendment 

  

	 	6.1.1	 With effect from the Effective Date, the Original Facility Agreement shall be amended as set out in Schedule 5
(Amendments to Original Facility Agreement). 

  

	 	6.1.2	 The OncoMed Companies shall be Guarantors and Obligors for all purposes of the Original Facility Agreement and
this Deed with effect from the date of the Deeds of Accession. 

  

	6.2	 Waiver 

The issue of warrants for the right to subscribe for 41,286 shares in the capital of the Borrower at a price of £0.003 per share to the Alpha-1 Foundation, as announced by the Borrower on 26 November 2018 (the Alpha-1 Warrant Issue) constitutes an Adjustment (as defined in the Warrant Instrument).
The Lenders and Warrantholders hereby waive any default or Event of Default (if any) that is or may be continuing as a result of the Borrower not having satisfied the provisions of clause 11 (Adjustment of Warrant) of the Warrant Instrument
within the time specified therein. 
  

	6.3	 Delivery of Warrants  

No later than 10 days after the OncoMed Acquisition Date, the Borrower shall: 

 

	 	6.3.1	 provide each Warrantholder with a notice of adjustment pursuant to clause 11.1 of the Warrant Instrument in
respect of the Alpha-1 Warrant Issue; and 

  

	 	6.3.2	 issue Replacement Warrant Certificates (as defined in the Warrant Instrument). 

 

	7	 EXTENSION OF INTEREST ONLY PERIOD 

With effect from the Effective Date and delivery to the Agent of the Net Cash Calculation, the Finance Parties confirm that the conditions of
clause 2.3.2 of the Original Facility Agreement shall be met and the Repayment Schedule shall be as set out in Schedule 6 (Repayment Schedule). 
  

	8	 CONTINUITY AND FURTHER ASSURANCE 

 

	8.1	 Continuing obligations 

The provisions of the Original Facility Agreement and the other Loan Documents shall, save as amended by this Deed, continue in full force and
effect. 
  

	8.2	 Confirmation of Guarantee Obligations 

For the avoidance of doubt, each Guarantor confirms for the benefit of the Finance Parties that all Guarantee Obligations owed by it under the
Amended Facility Agreement shall (a) remain in full force and effect notwithstanding the amendments 

  
 6 

 
referred to in Clause 6 (Amendment) and (b) extend to any new obligations assumed by any Obligor under the Loan Documents as a result of this Deed (including, but not limited to,
under the Amended Facility Agreement). 
  

	8.3	 Further assurance 

Each Obligor, shall, at the request of the Agent and at such Obligor’s own expense, do all such acts and things necessary or reasonably
desirable to give effect to the amendments effected or to be effected pursuant to this Deed. 
  

	8.4	 Confirmation of security 

On the Effective Date, each Obligor confirms that: 
  

	 	8.4.1	 any security created by it under the Security Documents extends to the obligations of the Obligors under the
Loan Documents (including the Loan Agreement as amended by this Deed) subject to any limitations set out in the Security Documents; 

  

	 	8.4.2	 the obligations of the Obligors arising under the Loan Agreement as amended by this Deed are included in the
Secured Obligations (as defined in the Security Documents) subject to any limitations set out in the Security Documents; and 

  

	 	8.4.3	 the security created under the Security Documents continue in full force and effect on the terms of the
respective Security Documents. 

  

	8.5	 No New Security Interest 

No part of this Deed is intended to or will create registrable security. 

 

	9	 COSTS AND EXPENSES 

The Borrower shall promptly on demand pay the Agent the amount of all costs and expenses (including but not limited to legal fees) reasonably
incurred by the Agent in connection with the negotiation, preparation, printing and execution of this Deed and any other documents referred to in this Deed. 
  

	10	 MISCELLANEOUS 

 

	10.1	 Reservation of rights 

 

	 	10.1.1	 Except as expressly waived or amended by this Agreement, the Loan Documents and the Warrant Instrument continue
in full force and effect. 

  

	 	10.1.2	 This Deed does not constitute a waiver of any right or remedy other than in relation to the specific waivers
expressly given under this Deed. 

  

	10.2	 Incorporation of terms 

The provisions of clause 13 (Notices), and clause 15.2, clause 15.3 and clause 16.5 (Severability of Provision) of the Original
Facility Agreement shall be incorporated into this Deed as if set out in full in this Deed and as if references in those clauses to “this Agreement” or “the Loan Documents” are references to this Deed. 

  
 7 

	10.3	 Counterparts 

This Deed may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single
copy of this Deed. 
  

	10.4	 IP Filings 

The Lenders and the Obligors agree that the requirements of Paragraph 1 of Schedule 3 of this Deed (Clean Up Actions) and clause 3.5.1 of the
Loan Agreement shall not apply to the Oncomed Companies to the extent that doing so would preclude or adversely affect the ability of an Oncomed Company to make a Permitted Disposal or would cause a breach of the Celgene Option. 

 

	10.5	 Notification Letter 

Without prejudice to any accrued rights or claims, this Deed replaces and supersedes the notification letter between the parties of
4 December 2018. 
  

	11	 GOVERNING LAW 

This Deed and any non-contractual obligations arising out of or in connection with it are governed by
English law. 
 This Deed has been entered into and delivered on the date stated at the beginning of this Deed. 

  
 8 

 SCHEDULE 1 

THE GUARANTORS 
 MEREO BIOPHARMA 1
LIMITED, a limited liability company incorporated under the laws of England and Wales with company number 09646998 and its registered office at 4th Floor, One Cavendish Place, London, W1G 0QF, England; 

MEREO BIOPHARMA 2 LIMITED, a limited liability company incorporated under the laws of England and Wales with company number 09647035 and its registered
office at 4th Floor, One Cavendish Place, London, W1G 0QF, England; 
 MEREO BIOPHARMA 3 LIMITED, a limited liability company incorporated under the
laws of England and Wales with company number 09647034 and its registered office at 4th Floor, One Cavendish Place, London, W1G 0QF, England; 
 MEREO
BIOPHARMA 4 LIMITED, a limited liability company incorporated under the laws of England and Wales with company number 11029583 and its registered office is at 4th Floor, One Cavendish Place, London, W1G 0QF, England; and 

MEREO BIOPHARMA IRELAND LIMITED, a limited liability company incorporated under the laws of the Republic of Ireland with company number 627891 and its
registered office is at 25-28 North Wall Quay, Dublin 1, D01 H104, Ireland. 

  
 9 

 SCHEDULE 2 

CONDITIONS PRECEDENT 
  

	1	 A certificate of a director of Obligors with respect to their constitutional documents and resolutions of the
relevant corporate bodies (i) approving the terms of, and the transactions contemplated by, this Deed and resolving that it execute, deliver and perform this Deed, (ii) authorising a specified person or persons to execute this Deed, and
(iii) authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with this Deed. 

 

	2	 The provision of a certified copy of the resolutions of each Obligor’s board of directors (other than in
respect of the Borrower, which shall provide resolutions from its duly appointed M&A Committee, which was constituted pursuant to a prior resolution of the directors of the Borrower at a board meeting of the Borrower on 19 October 2018 and
whose authorities were further expanded at a board meeting of the Borrower on 4 April 2019) authorising the transactions contemplated by this Deed and the execution and delivery to the Lender of this Deed. 

 

	3	 Unless the certificate provided under paragraph above 1 specifies that the copy of such document provided under
Clause 3 of the Original Facility Agreement remains up to date, certified copies of the Certificate of Incorporation and the Memorandum and Articles of Association of each Obligor. 

 

	4	 A copy of the certificate signed by the chief executive officer and the chief financial officer of the Borrower
required to be delivered pursuant to section 8.3 of the OncoMed Merger Agreement. 

  

	5	 The Net Cash Calculation. 

  
 10 

 SCHEDULE 3 

CLEAN UP ACTIONS 
  

	1	 Subject to clause 10.4 (IP Filings), each Obligor shall instruct its patent agents or appropriate local
counsel, to prepare and deliver the documents required to register the Lenders’ security interests over the material Patents (other than any OncoMed Restricted Assets (as defined in the Amended Facility Agreement)) which exist as at the OncoMed
Acquisition Date to the patent registries of UK, USA as soon as possible and in any event by no later than expiry of the Clean Up Period and thereafter use all commercially reasonable endeavours to achieve registration of the Lenders’ security
interests thereon. If any objection or challenge to such registration is received or if any delay in such registration occurs or is likely to occur, the relevant Obligor shall forthwith inform the Agent thereof, and, without prejudice to the Lenders
rights hereunder, agree how to deal with such objection, challenge or delay. The Agent may, after having provided not less than 10 Business Days’ notice to the Borrower of its intention to do the following, take on the registration process from
the Borrower at the cost of and with the continuing assistance of the Borrower at any time. 

  

	2	 A security agreement in a form approved by the Lenders over the OncoMed Assets consistent with clause 8.2 of
the Amended Facility Agreement. 

  

	3	 A Perfection Certificate in respect of OncoMed Target, Mereo US Holdings and NAVI Sub. 

 

	4	 A Deed of Accession in respect of each of OncoMed Target, Mereo US Holdings and NAVI Sub.

  
 11 

 SCHEDULE 4 

WARRANTIES 
 Each Warrantor, as the case
may be, represents and warrants to the Finance Parties as follows: 
  

	1	 DUE INCORPORATION AND AUTHORISATION; POWER AND AUTHORITY 

 

	1.1	 The Borrower is a public company and each Guarantor is a private company with limited liability, duly
incorporated and validly existing under the laws of England and Wales (save in respect of Guarantor 5, which is duly incorporated and validly existing under the laws of the Republic of Ireland) and has power to carry on its business as it is now
being conducted and to own its property and other assets. In connection with this Deed, the Borrower has previously delivered to the Agent a certificate signed by it and, entitled “Perfection Certificate” (the Perfection
Certificate) relating to itself and each Guarantor. Each Obligor represents and warrants to the Finance Parties that: (a) its exact legal name is that indicated on the Perfection Certificate and on the signature page hereof; and (b) it
is an organisation of the type, and is incorporated in the jurisdiction, set out in the Perfection Certificate; and (c) the Perfection Certificate accurately sets out each Obligor’s registered number; and (d) the Perfection
Certificate accurately sets out such Obligor’s corporate seat and its registered office as well as such Obligor’s postal address if different from its registered office, and (e) all other information set out in the Perfection
Certificate pertaining to such Obligor and each of its Subsidiaries including as to its assets and liabilities, the material Copyrights, Trademarks and Patents is accurate and complete. 

 

	1.2	 The execution, delivery and performance of this Deed and the other Loan Documents to which any Obligor is a
party are within the corporate powers of such Obligor, have been duly authorised by all necessary corporate and other action and do not and will not conflict with (i) any law or regulation applicable to it; (ii) the constitutional
documents of such Obligor or any other organisational documents; (iii) any agreement or instrument binding on such Obligor or (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any
Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect and customary filings with any Governmental Authority necessary to register or perfect any Lien created pursuant to the Loan
Documents) or (v) constitute an event of default under any material agreement by which such Obligor is bound. Each Obligor is not in default under any agreement to which it is a party or by which it or its assets are bound in which the default
could reasonably be expected to have a material adverse effect on such Obligor’s business. 

  

	2	 COLLATERAL 

  

	2.1	 Each Obligor has good title to the Collateral, free of Liens except Permitted Liens or any Lien arising in the
ordinary course of business of such Obligor which is discharged in the ordinary course of business of such Obligor. Each Obligor has no deposit accounts other than the deposit accounts, if any, described in the Perfection Certificate delivered to
Agent in connection herewith, or of which such Obligor has given Agent 

  
 12 

	 	
notice and taken such actions as are necessary to give Security Agent a perfected security interest therein. The Accounts are bona fide, existing obligations of each relevant Account Debtor.

  

	2.2	 The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise
provided in the Perfection Certificate. None of the components of any tangible Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to clause 9.6 (Encumbrance).

  

	2.3	 Each Obligor is the sole owner of the Intellectual Property which it owns or purports to own except for (a) non-exclusive licences granted to its customers, agents, partners or suppliers, in the ordinary course of business,
(b) over-the-counter software that is commercially available to the public, and (c) material Intellectual Property licensed or
sub-licensed to such Obligor and noted on the Perfection Certificate. Save in respect of any Permitted Liens, each Obligor’s Intellectual Property is not subject to any Liens. To the knowledge of each
Obligor, each Patent which it owns or purports to own and which is material to such Obligor’s business is valid and enforceable, and no part of the Intellectual Property which Borrower owns or purports to own and which is material to such
Obligor’s business has been adjudged invalid or unenforceable, in whole or in part. To the best of each Obligor’s knowledge, no claim has been made that any part of the Intellectual Property infringes the rights of any third party except
to the extent such claim would not reasonably be expected to have a material adverse effect on such Obligor’s business. 

  

	2.4	 Except as noted on the Perfection Certificate, each Obligor is not a party to, nor is it bound by, any
Restricted Licence. 

  

	3	 LITIGATION 

There are no actions or proceedings pending or, to the knowledge of such Obligor’s Responsible Officers or legal counsel, threatened (save
for any speculative claims by employees or former employees or oppositions to any third party intellectual property filings in the ordinary course of an Obligor’s protection of its intellectual property rights) by or against such Obligor or any
of its Subsidiaries or Affiliates (other than Mereo US Holdings and its Subsidiaries), involving more than, individually or in the aggregate, One Hundred Thousand Pounds (£100,000) (or its equivalent in any other currency). 

 

	4	 FINANCIAL STATEMENTS; FINANCIAL CONDITION 

 

	4.1	 All consolidated financial statements for the Obligors and any of their Subsidiaries and/or Affiliates (if any)
(other than Mereo US Holding and its Subsidiaries) truly and fairly present the Group’s financial condition and results of operations. There has not been any material deterioration in the Group’s assets, liabilities, financial condition or
prospects as a whole since the date of such financial statements (Accounts Date). 

  

	4.2	 The unaudited consolidated management accounts of the Borrower and its Subsidiaries since the Accounts Date up
to 28 February 2019 (Management Accounts Date) fairly present the assets, liabilities, financial condition and prospects of the Group and so far as the Borrower is aware there has been no material deterioration in the Group’s
assets, financial condition or prospects since the Management Accounts Date. 

  
 13 

	5	 FORECASTS AND PROJECTIONS 

All unaudited forecasts and projections supplied by or on behalf of an Obligor to the Agent were carefully prepared and believed by such
Obligor to be not misleading in any material respect at the date on which they were provided. 
  

	6	 SOLVENCY 

No: 
  

	 	6.1.1	 corporate action, legal proceeding or other procedure or step described in clause 10.5 (Insolvency and
insolvency proceedings); or 

  

	 	6.1.2	 attachment described in clause 10.4 (Attachment), 

has been taken or, to the knowledge of each Obligor, is threatened or pending in relation to such Obligor. 

 

	7	 CENTRE OF MAIN INTERESTS 

For the purposes of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the Regulation), its centre of main
interest (as that term is used in Article 3(1) of the Regulation) is situated in England and Wales, except in the case of Guarantor 5, whose centre of main interest is Ireland. 

 

	8	 REGULATORY COMPLIANCE 

To the best of each Obligors’ knowledge, each Obligor has not breached any laws, ordinances or rules or regulations, the breach of which
could reasonably be expected to cause a Material Adverse Change. None of any Obligor’s (or any of its Subsidiaries/Affiliates) property or assets has been used by such Obligor or, to the best of such Obligor’s knowledge, by previous
Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Each Obligor (and each of its Subsidiaries/Affiliates) has obtained all consents, approvals and authorisations of, made all declarations
or filings with, and given all notices to, all Government Authorities that are necessary to continue its business as currently conducted, except where the failure to do so could not reasonably be expected to be detrimental to such Obligor’s
business. 
  

	9	 SUBSIDIARIES; INVESTMENTS 

Each Obligor does not own any stock, partnership interest or other equity securities except for Permitted Investments. 

 

	10	 TAXATION 

Each Obligor has complied in all material respects with all Taxation laws in all jurisdictions in which it is subject to Taxation and has paid
all Taxes due and payable 

  
 14 

 
by it and no claims are being asserted against it in respect of Taxes save for assessments in relation to the ordinary course of the business of such Obligor or claims contested in good faith and
in respect of which adequate provision has been made and disclosed in the latest accounts of such Obligor or information delivered to Agent under this Deed. 
  

	11	 FULL DISCLOSURE 

No written representation, warranty or other statement of any Obligor in any certificate or written statement given to Agent, as of the date
such representation, warranty, or other statement was made, taken together with all such written certificates and written statements given to Agent, contains any untrue statement of a material fact or omits to state a material fact necessary to make
the statements contained in the certificates or statements not misleading (it being recognised by Agent that the projections and forecasts provided by such Obligor in good faith and based upon reasonable assumptions are not viewed as facts and that
actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 
  

	12	 NO WINDING-UP 

Each Obligor has not taken any corporate or other action nor has any application been made or have any other steps been taken or legal
proceedings been started or (to the best of such Obligor’s knowledge and belief having made due and proper enquiry) threatened against such Obligor or any of its Subsidiaries/Affiliates for its winding-up
or for the appointment of a trustee, liquidator, receiver, administrative receiver, administrator or similar officer of it or of any or all of its assets. 
  

	13	 AIM STATUS 

The shares of the Borrower are duly admitted to trading on AIM and no circumstances exist to the Borrower’s knowledge which are reasonably
likely to cause the suspension or cancellation of such admission. The Borrower has complied and continues to comply with all AIM Rules and Disclosure and Transparency Rules and the Market Abuse Regulation as applicable to it. 

 

	14	 PATENTS 

The Borrower owns the Patents and has good title to, has rights in, and the power to transfer each of the Patents. 

 

	15	 LICENCES 

Other than as previously disclosed to the Agent in the Perfection Certificate, each Obligor is not a party to, nor is bound by, any material
licence (other than over the counter software that is commercially available to the public) or other material agreement with respect to which such Obligor is the licensee that prohibits or otherwise restricts such Obligor from granting a charge in
such Obligor’s interest in such licence or agreement or any other property. Each Obligor shall provide written notice to Agent 

  
 15 

 
within fifteen (15) days of entering or becoming bound by, any such licence or agreement which is reasonably likely to have a material impact on Borrower’s business or financial
condition. Each Obligor shall take such steps as Agent reasonably requests to obtain the consent of, authorisation by or waiver by, any Person whose consent or waiver is necessary for all such licences or contract rights to be deemed Collateral and
for Agent to have a charge in it that might otherwise be restricted or prohibited by law or by the terms of any such licence or agreement, whether now existing or entered into in the future. 

 

	16	 SUBORDINATED DEBT 

 

	16.1	 All amounts due to officers, directors, shareholders, the holder(s) of the Convertible Loans and any secured
creditors (other than Lenders) of each Obligor have been subordinated to the Obligations. 

  

	16.2	 No amounts are due to officers, directors, shareholders of any Obligor. 

 

	17	 ONCOMED ACQUISITION 

 

	17.1	 As from the OncoMed Acquisition Date, the Borrower shall have good title free of Liens to the outstanding stock
and shares of the OncoMed Companies. 

  

	18	 ONCOMED GROUP STRUCTURE 

 

	18.1	 On the OncoMed Acquisition Date, Mereo US Holdings has no Subsidiary other than OncoMed Target and Navi Sub.

  

	19	 STATUS OF ONCOMED MERGER AGREEMENT 

 

	19.1	 The OncoMed Merger Agreement has been duly executed and delivered by the Borrower, Mereo US Holdings, Mereo
Mergerco One Inc., and OncoMed Target, and constitutes the legal, valid and binding obligation of each of them, enforceable against each of them in accordance with its terms, subject to the Enforceability Exceptions (as defined in the OncoMed Merger
Agreement). 

  

	20	 ONCOMED FINANCIAL STATEMENTS 

 

	20.1	 To the Borrower’s Knowledge, OncoMed Target has filed or furnished, as applicable, on a timely basis all
forms, statements, certifications, reports and documents required to be filed or furnished by it with the United States Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934 (as amended) (the Exchange
Act) or the Securities Act of 1933 (the Securities Act) since January 1, 2016 (the OncoMed Target SEC Documents). To the Borrower’s Knowledge, as of the time it was filed with the SEC (or, if amended or
superseded by a filing prior to the date of the OncoMed Merger Agreement, then on the date of such filing), each of the OncoMed Target SEC Documents complied in all material respects with the applicable requirements of the Securities Act or the
Exchange Act (as the case may be) and, to Borrower’s Knowledge, as of the time they were filed, none of the OncoMed Target SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

  
 16 

	20.2	 To the Borrower’s Knowledge, the certifications and statements required by (i) Rule 13a-14 under the Exchange Act and (ii) 18 U.S.C. §1350 (Section 906 of the Sarbanes-Oxley Act of 2002) relating to the OncoMed Target SEC Documents are accurate and complete and comply as to form and content
with all applicable Laws (as defined in the OncoMed Merger Agreement). 

  

	21	 ONCOMED INDEBTEDNESS 

 

	21.1	 To the Borrower’s Knowledge, OncoMed Target does not have any liability, indebtedness, obligation,
expense, claim, deficiency, guaranty or endorsement of any kind, whether accrued, absolute, contingent, matured, unmatured or otherwise (each a Liability), in each case, of a type required to be reflected or reserved for on a balance sheet
prepared in accordance with United States generally accepted accounting principles (US GAAP), except for: 

  

	 	21.1.1	 Liabilities disclosed, reflected or reserved against in the unaudited balance sheet of OncoMed Target as of
31 December 2018, included in OncoMed Target’s Report on Form 10-Q for the fiscal quarter ended 31 December 2018, as filed with the SEC (the OncoMed Target Unaudited Interim Balance
Sheet); 

  

	 	21.1.2	 normal and recurring current Liabilities that have been incurred by OncoMed Target since the date of the
OncoMed Target Unaudited Interim Balance Sheet in the Ordinary Course of Business (as defined in the OncoMed Merger Agreement) (none of which relates to any breach of contract, breach of warranty, tort, infringement, or violation of Law (as defined
in the OncoMed Merger Agreement)); 

  

	 	21.1.3	 Liabilities for performance of obligations of OncoMed Target under the Company Contracts (as defined in the
OncoMed Merger Agreement); 

  

	 	21.1.4	 Liabilities incurred in connection with the Contemplated Transactions (as defined in the OncoMed Merger
Agreement); 

  

	 	21.1.5	 Liabilities disclosed or provided for in the Net Cash Calculation. 

 

	22	 ONCOMED LITIGATION 

 

	22.1	 Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material
Adverse Effect , to the Borrower’s Knowledge, there is no current or pending or threatened Legal Proceeding (including, but not limited to, opposition, interference or other proceeding in any patent or other government office):

  

	 	22.1.1	 contesting the validity, enforceability, claim construction, ownership or right to use, sell, offer for sale,
license or dispose of any Company IP Rights); or 

  
 17 

	 	22.1.2	 alleging that any Company IP Rights or the proposed use, sale, offer for sale, license or disposition of
products, methods, or processes claimed or covered thereunder conflicts with or infringes, misappropriates or otherwise violates or will conflict with or infringe, misappropriate or otherwise violate the rights of any other person or that OncoMed
Target has otherwise infringed, misappropriated or otherwise violated any Intellectual Property (as defined in the OncoMed Merger Agreement) of any person. 

  

	22.2	 To the Borrower’s Knowledge, except as would not, individually or in the aggregate, reasonably be expected
to have a Company Material Adverse Effect, none of the Company IP Rights is subject to any outstanding order of, judgment of, decree of or agreement with any Governmental Authority (as defined in the OncoMed Merger Agreement) that limits the ability
of OncoMed Target to exploit any Company IP Rights. 

  

	22.3	 To the Borrower’s Knowledge: 

 

	 	22.3.1	 OncoMed Target holds all required Governmental Authorizations (as defined in the OncoMed Merger Agreement)
which are material to the operation of the business of OncoMed Target as currently conducted (the Permits); 

  

	 	22.3.2	 OncoMed Target is in material compliance with the terms of the Permits. No Legal Proceeding is pending or
threatened, which seeks to revoke, limit, suspend, or materially modify any Permit; and 

  

	 	22.3.3	 the rights and benefits of each Permit will be available to OncoMed Target (the surviving corporation in the
OncoMed Acquisition) immediately after the time as of which the OncoMed Acquisition becomes effective on terms substantially identical to those enjoyed by OncoMed Target as of the date of the OncoMed Merger Agreement and immediately prior to the
Effective Time (as defined in the OncoMed Merger Agreement). 

  

	22.4	 To the Borrower’s Knowledge, there are no Legal Proceedings pending or threatened with respect to an
alleged material violation by OncoMed Target of the Federal Food, Drug, and Cosmetic Act (FDCA), Food and Drug Administration (FDA) regulations adopted thereunder, the Controlled Substance Act or any other similar Law promulgated by
the FDA or other comparable Governmental Authority (as defined in the OncoMed Merger Agreement) responsible for regulation of the development, clinical testing, manufacturing, sale, marketing, distribution and importation or exportation of drug
products. 

  

	22.5	 To the Borrower’s Knowledge, there is no pending Legal Proceeding and no person has threatened in writing
to commence any Legal Proceeding: 

  

	 	22.5.1	 that involves OncoMed Target, any current or former director, officer or employee of, or independent contractor
or consultant to, OncoMed Target (in his or her capacity as such) or any of the material assets owned or used by OncoMed Target; or 

  
 18 

	 	22.5.2	 that challenges, or that may have the effect of preventing, delaying, making illegal or otherwise interfering
with, the Contemplated Transactions (as defined in the OncoMed Merger Agreement). 

  

	22.6	 To the Borrower’s Knowledge, there is no Order (as defined in the OncoMed Merger Agreement) to which
OncoMed Target, or any of the material assets owned or used by OncoMed Target, is subject. To the Borrower’s Knowledge , no officer or other Key Employee (as defined in the OncoMed Merger Agreement) of OncoMed Target is subject to any Order (as
defined in the OncoMed Merger Agreement) that prohibits such officer or employee from engaging in or continuing any conduct, activity or practice relating to the business of OncoMed Target or to any material assets owned or used by OncoMed Target.

  

	22.7	 To the Borrower’s Knowledge, OncoMed Target is not, and OncoMed Target has not been, engaged in any unfair
labour practice within the meaning of the United States National Labor Relations Act. To the Borrower’s Knowledge, there is no Legal Proceeding, claim, labour dispute or grievance pending or threatened or reasonably anticipated relating to any
employment contract, privacy right, labour dispute, wages and hours, leave of absence, plant closing notification, workers’ compensation policy, long-term disability policy, harassment, retaliation, immigration, employment statute or
regulation, safety or discrimination matter involving any current or former director, officer or employee of, or independent contractor or consultant to, OncoMed Target, including charges of unfair labour practices or discrimination complaints.

  

	23	 ONCOMED PERMITTED DISTRIBUTIONS 

 

	23.1	 To the Borrower’s Knowledge, the OncoMed Companies have no obligation to pay dividends or distributions
including in respect of long term incentive plans or employee and officer share schemes other than: 

  

	 	23.1.1	 in accordance with the Celgene Option (as defined in the Amended Facility Agreement); 

 

	 	23.1.2	 in accordance with the OncoMed Existing CVR Agreement (as defined in the Amended Facility Agreement);

  

	 	23.1.3	 in accordance with the OncoMed Acquisition CVR Agreement (as defined in the Amended Facility Agreement) to be
entered into in accordance with the OncoMed Merger Agreement. 

  

	23.2	 The basis upon which the Milestone Payments (as defined in the OncoMed Merger Agreement) are to be calculated
and paid as set out in the OncoMed Merger Agreement. 

  

	24	 BASIS OF NET CASH CALCULATION 

To the Borrower’s Knowledge, the Net Cash Calculation has been correctly prepared as at its date of preparation in accordance with the
OncoMed Merger Agreement and is not misleading in any material respect. 

  
 19 

	25	 DEFINITION OF “KNOWLEDGE” 

For purposes of the Loan Documents, whenever a representation or warranty is made to any Obligor’s knowledge or awareness, to the
Borrower’s Knowledge, to the “best of” such Obligor’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of the Responsible Officers of the relevant
Obligor. 

  
 20 

 SCHEDULE 5 

AMENDMENTS TO ORIGINAL FACILITY AGREEMENT 

With effect from the Effective Date, the Original Facility Agreement shall be amended as follows: 

 

	(a)	 in clause 5.1.1 of the Original Facility Agreement the words “England and Wales (save in respect of
Guarantor 5, which is duly incorporated and validly existing under the laws of the Republic of Ireland)” shall be deleted and replaced with “its jurisdiction of incorporation”; 

 

	(b)	 in clause 5.3 (Litigation) of the Original Facility Agreement the words and numbers “One Hundred
Thousand Pounds (£100,000)” shall be deleted and replaced with “Two Hundred Thousand Pounds Sterling (£200,000)”; 

  

	(c)	 in clause 5.7 (Centre of main interests) of the Original Facility Agreement the words “England and
Wales, except in the case of Guarantor 5, whose centre of main interest is Ireland” shall be deleted and replaced with “its jurisdiction of incorporation, unless the Borrower or such Obligor has notified the Agent otherwise in writing
prior to such person becoming an Obligor”; 

  

	(d)	 in clause 5.14 (Patents) the words “The Borrower owns the Patents and has” shall be deleted
and replaced with “Subject to the terms of the Celgene Option, the Obligors own the Patents and have”; 

  

	(e)	 in clause 5.15 (Licences) the words “or the NAVI Licence” shall be added after the words
“available to the public” and before the closing brackets; 

  

	(f)	 in clause 6.2.5 (Legal Action Notice) of the Original Facility Agreement the words and numbers “One
Hundred Thousand Pounds (£100,000)” shall be deleted and replaced with “Two Hundred Thousand Pounds Sterling (£200,000)”; 

  

	(g)	 at the end of clause 6.3.2 of the Original Facility Agreement, the word “or” shall be deleted;

  

	(h)	 at the end of clause 6.3.3 of the Original Facility Agreement, the comma shall be deleted and replaced with
“; or”; 

  

	(i)	 a new clause 6.3.4 be added in a new line after the “or” introduced in accordance with paragraph
(j) above as follows: 

 “any person acceding to this Agreement as an Obligor,”; 

 

	(j)	 in clause 6.6.2(a), the words: “(in each case, other than in respect of any OncoMed Restricted
Assets)” shall be added after the words “or otherwise”; 

  

	(k)	 in clause 6.6.2(b), the words: “(in each case, other than in respect of any OncoMed Restricted
Assets)” shall be added after the words “or servicemark”; 

  

	(l)	 in clause 6.6.3, the words: “(in each case, other than in respect of any OncoMed Restricted Assets)”
shall be added after the words “or material mask works”; 

  
 21 

	(m)	 in clause 7.1 (Banking) of the Original Facility Agreement the number “50,000” shall be
deleted and replaced with “100,000”; 

  

	(n)	 in clause 8.2, the words: “(other than any OncoMed Restricted Assets)” shall be added after the words
“substantially all of its assets”; 

  

	(o)	 in clause 9.2.1 the following words shall be added after “at the Closing Date”: “(or, in respect
of OncoMed Holdco or any of its Subsidiaries, at the OncoMed Acquisition Date)”; 

  

	(p)	 in clause 9.3 (Mergers or Acquisitions) the following words shall be added “Except in accordance
with the OncoMed Merger Agreement, no Obligor shall” at the beginning of the clause; 

  

	(q)	 in clause 9.7 (Distributions; Investments) of the Original Facility Agreement the words “long term
incentive plans or employee and officer shares schemes in operation in respect of each Obligor.” shall be deleted and replaced with “Permitted Distributions.” 

 

	(r)	 in clause 10.2.2 (Covenant Default) of the Original Facility Agreement the words and number “the
occurrence thereof” shall be deleted and replaced with “the earlier of (a) the Agent giving notice to such Obligor of the failure to comply or breach, and (b) such Obligor becoming aware of the failure to comply or breach”;

  

	(s)	 in clause 10.6 (Other Agreements) of the Original Facility Agreement the words and number “Two
Hundred Thousand Pounds (£200,000)” shall be deleted and replaced with “Four Hundred Thousand Pounds Sterling (£400,000)”; 

  

	(t)	 in clause 10.7 (Judgments) of the Original Facility Agreement the words and number “One Hundred
Thousand Pounds (£100,000)” shall be deleted and replaced with “Two Hundred Thousand Pounds Sterling (£200,000)”; 

  

	(u)	 in clause 11.6.1 of the Original Facility Agreement in paragraph (i) of the definition of Qualifying
Lender the words “in respect of a payment made by an Obligor resident for tax purposes in the United Kingdom,” should be added before “a Lender which is beneficially entitled to interest payable”; 

 

	(v)	 in clause 11.6.1 of the Original Facility Agreement change the defined term “Qualifying Lender” to
“UK Qualifying Lender” and move the term into the correct alphabetical order of defined terms, and replace all references in clause 11.6 to “Qualifying Lender” with “UK Qualifying Lender”; 

 

	(w)	 in clause 11.6.1 of the Original Facility Agreement change the defined term “Treaty Lender” to
“UK Treaty Lender” and move the term into the correct alphabetical order of defined terms, and replace all references in clause 11.6 to “Treaty Lender” with “UK Treaty Lender”; 

 

	(x)	 in clause 11.6.1 of the Original Facility Agreement change the defined term “Treaty State” to
“UK Treaty State” and move the term into the correct alphabetical order of defined terms, and replace all references in clause 11.6 to “Treaty State” with “UK Treaty State”; 

  
 22 

	(y)	 in clause 11.6.1 of the Original Facility Agreement in the definition of “UK Treaty State”, change
the defined term “Treaty” to “UK Treaty” and replace all references in clause 11.6 to “Treaty” with “UK Treaty”; 

  

	(z)	 in clause 11.6.1 of the Original Facility Agreement a new definition of “US Qualifying Lender” shall
be inserted in the correct alphabetical order of defined terms as follows: 

 “US Qualifying Lender”
means, in respect of a payment made by an Obligor incorporated in the United States, a Lender which is: 
  

	 	(i)	 created or organised under the laws of the United States of America or of any state (including the District of
Columbia) thereof; or 

  

	 	(ii)	 a US Treaty Lender that is entitled to receive payments under a Loan Document to which an exemption from
deduction or withholding of any United States federal income taxes may apply, provided that such Lender has delivered in a timely manner to the Obligor making such payment two original copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any other applicable or successor form) certifying that it is a resident of a foreign country with which
the United States has a US Treaty; or 

  

	 	(iii)	 entitled to receive payments under a Loan Document to which an exemption from deduction or withholding of any
United States federal income taxes may apply, provided that such Lender has delivered in a timely manner to the Obligor making such payment (1) in the case of an exemption as a result of such payments being effectively connected with the
conduct by such Lender of a trade or business within the United States, two original copies of Internal Revenue Service Form W-8ECI (or any other applicable or successor form) certifying that the payments made
pursuant to a Loan Document are effectively connected with the conduct by that Lender of a trade or business within the United States, (2) in the case of an exemption as a result of such payments being portfolio interest under Sections 871 or
881 of the Code, two original copies of Internal Revenue Service Form W-8BEN, Form W-8BEN-E (or any other applicable or successor
form), or (3) such other applicable form prescribed by the Internal Revenue Service certifying as to such Lender’s entitlement to an exemption from United States withholding tax with respect to all payments to be made to such Lender under
a Loan Document;” 

  

	(aa)	 in clause 11.6.1 of the Original Facility Agreement a new definition of “US Treaty Lender” shall be
inserted in the correct alphabetical order of defined terms as follows: 

 “US Treaty Lender means a Lender
which is treated as a resident of a US Treaty State for the purposes of the US Treaty.” 
  

	(bb)	 in clause 11.6.1 of the Original Facility Agreement a new definition of “US Treaty State” shall be
inserted in the correct alphabetical order of defined terms as follows: 

 “US Treaty State” means a
jurisdiction having a double taxation agreement (a “US Treaty”) with the United States of America.” 

  
 23 

	(cc)	 in clause 11.6.2 of the Original Facility Agreement the word “Borrower” shall be deleted and replaced
with “Obligor”; 

  

	(dd)	 a new clause 11.6.4 shall be inserted into the Original Facility Agreement in the correct numerical order as
follows: 

 “A payment shall not be increased under Clause 11.6.2 above by reason of a Tax Deduction on account of Tax
imposed by the United States of America, if on the date on which the payment falls due: 
  

	 	(a)	 the payment could have been made to the relevant Lender without the Tax Deduction if the Lender had been a US
Qualifying Lender, but on that date that Lender is not or has ceased to be a US Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or
application of) any law or treaty or any published practice or published concession of any relevant taxing authority; or 

  

	 	(b)	 the relevant Lender is a US Treaty Lender and the Obligor making the payment is able to demonstrate that the
payment could have been made to the Lender without the Tax Deduction had that Lender complied with its obligations under Clause 11.6.5 below.” 

  

	(ee)	 in clause 11.6.5(a) (as renumbered following the insertion of new clause 11.6.4 pursuant to paragraph (dd)
above), after each reference to “UK Treaty Lender” insert “or US Treaty Lender”; 

  

	(ff)	 new definitions shall be inserted into clause 17.1 (Definitions) of the Original Facility Agreement as
follows (which shall be inserted alphabetically within clause 17.1 (Definitions)): 

  

			
	Celgene Option	  	the exclusive option granted by OncoMed Target to Celgene Corporation (“Celgene”) in relation to OncoMed Target’s etigilimab product, pursuant to the Master Research and Collaboration Agreement by and among
OncoMed Target, Celgene Corporation and Celgene Alpine Investment Company, II, LLC dated 2 December 2013;
		
	NAVI Licence	  	any exclusive licence from OncoMed Target to NAVI Sub in respect of Oncomed Target’s etigilimab product;
		
	NAVI Sub	  	NAVI Subsidiary, Inc., a Delaware corporation;
		
	Mereo US Holdings	  	Mereo US Holdings Inc;

  
 24 

			
	OncoMed Acquisition CVR Agreement	  	a Contingent Value Rights Agreement between the Borrower and Computershare Inc., substantially in the form submitted to the U.S. Securities and Exchange Commission on or around the date of the OncoMed Merger Agreement;
		
	OncoMed Acquisition Date	  	the date on which Closing (as defined in the OncMed Merger Agreement) occurs;
		
	OncoMed Existing CVR Agreement	  	a Contingent Value Rights Agreement between the OncoMed Target and Computershare Inc., dated 14 March 2019.
		
	OncoMed Merger Agreement	  	the Agreement and Plan of Merger and Reorganisation between the Borrower, OncoMed Acquisition Holdco and Mereo Mergerco One Inc., and OncoMed Target dated 5 December 2018;
		
	OncoMed Restricted Assets	  	any asset or right subject to any restriction pursuant to the NAVI Licence and/or the Celgene Option that precludes inter alia, the granting of third party security over such asset or right or the proceeds of any such asset or
right;
		
	OncoMed Target	  	OncoMed Pharmaceuticals Inc;
		
	Permitted Distribution	  	 (a)   any dividends or distributions by an Obligor or a Subsidiary of an Obligor
in respect of long term incentive plans or employee and officer shares schemes in operation in respect of an Obligor or Subsidiary of an Obligor.

		
		  	 (b)   any payment (including any payment by way of cash, issuance of shares or
other payment in kind) required to be made in accordance with the OncoMed Acquisition CVR Agreement and/or the OncoMed Existing CVR Agreement;

		
	US Security Agreement	  	a security agreement between Mereo US Holdings and OncoMed Target and NAVI Sub (as grantors) and the Security Agent (as security agent).

  
 25 

	(gg)	 the definition of “GAAP” in clause 17.1 (Definitions) of the Original Facility Agreement shall
be deleted in its entirety and replaced with the following: 

 “GAAP” means: 

 

	 	(i)	 in respect of any Obligor other than Mereo US Holdings or any of its Subsidiaries (and in respect of all
Obligors to the extent Group consolidated financial statements are required), generally accepted accounting principles in the United Kingdom, including IFRS; and 

 

	 	(ii)	 in respect of Mereo US Holdings or any of its Subsidiaries (if applicable), generally accepted accounting
principles in the United States, including IFRS; 

  

	(hh)	 the definition of “Indebtedness” in clause 17.1 (Definitions) shall be amended by deleting the
words “capital lease obligations” and replacing them with: “the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a balance sheet liability (other than any
liability in respect of a lease or hire purchase contract which would, in accordance with GAAP in force on 28 September 2018, have been treated as an operating lease)”; 

 

	(ii)	 paragraph (b) of the definition of “Permitted Disposal” in clause 17.1 (Definitions)
shall be amended by adding: “Permitted Distribution, ” after “a Permitted Lien,” 

  

	(jj)	 paragraph (c) of the definition of “Permitted Disposal” in clause 17.1 (Definitions)
shall be amended by adding: “or US Security Agreement (as applicable)” after the word “Debenture”; 

  

	(kk)	 new paragraph (e) to be added to the definition of “Permitted Disposal” which reads: any payment
or disposal made pursuant to the OncoMed Existing CVR Agreement, the OncoMed Acquisition CVR Agreement and/or the Celgene Option; 

  

	(ll)	 paragraph (e) of the definition of “Permitted Disposal” in clause 17.1 (Definitions) to
be renumbered as “f” (and the reference therein to “(d)” to be replaced with “(e)” and shall be amended by deleting the words and number: “£250,000” and replacing them with: “£500,000”;

  

	(mm)	 paragraph (d) of the definition of “Permitted Guarantee” in clause 17.1 (Definitions)
shall be amended by deleting the words and number: “£250,000” and replacing them with: “£500,000”; 

  

	(nn)	 paragraph (m) of the definition of “Permitted Indebtedness” in clause 17.1 (Definitions)
shall be amended by deleting the words and number: “£250,000” and replacing them with: “£500,000”; 

  

	(oo)	 paragraph (i) of the definition of “Permitted Investments” in clause 17.1 (Definitions)
shall be amended by deleting the words and number: “£250,000” and replacing them with: “£500,000”; 

  
 26 

	(pp)	 paragraph (i) of the definition of “Permitted Investments” in clause 17.1 (Definitions)
shall be amended by deleting the words and number: “£250,000” and replacing them with: “£500,000”; 

  

	(qq)	 paragraph (c) of the definition of “Permitted Liens” in clause 17.1 (Definitions) shall be
amended by deleting the words and number: “Two Hundred and Fifty Thousand Sterling (£250,000)” and replacing them with: “Fife Hundred Thousand Pounds Sterling (£500,000)”; 

 

	(rr)	 paragraph (g) of the definition of “Permitted Liens” in clause 17.1 (Definitions) shall
be amended by adding “or in respect of any amounts subject of a Permitted Distribution in accordance with paragraph (b) of the definition of Permitted Distribution” after “Obligor”; 

 

	(ss)	 paragraph (h) of the definition of “Permitted Liens” in clause 17.1 (Definitions) shall
be amended by deleting the words and number: “one hundred thousand pounds Sterling £100,000” and replacing them with: “Two Hundred Thousand Pounds Sterling (£200,000)”; and 

 

	(tt)	 the definition of “Security Documents” in clause 17.1 (Definitions) shall be amended by
deleting the words: “(vii) the IP Agreement” and replacing them with: “(vii) the US Security Agreement; and (viii) the IP Agreement”. 

  
 27 

 SCHEDULE 6 

REPAYMENT SCHEDULE 
  

																																																	
	 Payment

Due
	  	Drawdown	 	 	Fees	 	  	 Advance

Payment
	 	 	Capital	 	  	Interest	 	  	Drawdown	 	 	 Old final payment

due
	 	  	Fees	 	  	 Advance

Payment
	 	 	Capital	 	  	Interest	 	  	Net payment	 
		  				 				  				 				  				  	 	-20,000,000	 	 				  				  	 	741,403	 	 				  				  			
	 Oct-2018
	  	 	(20,455,000.00	) 	 	 	102,275.00	 	  	 	960,097.28	 	 	 	0.00	 	  	 	144,889.58	 	  	 	(455,000.00	) 	 	 	455,000.00	 	  	 	102,275.00	 	  	 	218,694.60	 	 	 	0.00	 	  	 	144,889.58	 	  	 	465,859.18	 
	 Nov-2018
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 Dec-2018
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 Jan-2019
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 Feb-2019
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 Mar-2019
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 Apr-2019
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 May-2019
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 Jun-2019
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 Jul-2019
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 Aug-2019
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 Sep-2019
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 Oct-2019
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 Nov-2019
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 Dec-2019
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	0.00	 	  	 	144,889.58	 	  	 	144,889.58	 
	 Jan-2020
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,432,069.72	 	  	 	0.00	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,432,069.72	 	  	 	0.00	 	  	 	1,432,069.72	 
	 Feb-2020
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,297,323.96	 	  	 	134,745.76	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,297,323.96	 	  	 	134,745.76	 	  	 	1,432,069.72	 
	 Mar-2020
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,306,513.34	 	  	 	125,556.38	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,306,513.34	 	  	 	125,556.38	 	  	 	1,432,069.72	 
	 Apr-2020
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,315,767 81	 	  	 	116,301.91	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,315,767.81	 	  	 	116,301.91	 	  	 	1,432,069.72	 
	 May-2020
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,325,087.83	 	  	 	106,981.89	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,325,087.83	 	  	 	106,981.89	 	  	 	1,432,069.72	 
	 Jun-2020
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,334,473.87	 	  	 	97,595.85	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,334,473.87	 	  	 	97,595.85	 	  	 	1,432,069.72	 
	 Jul-2020
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,343,926.39	 	  	 	88,143.32	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,343,926.39	 	  	 	88,143.32	 	  	 	1,432,069.72	 
	 Aug-2020
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,353,445.87	 	  	 	78,623.85	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,353,445.87	 	  	 	78,623.85	 	  	 	1,432,069.72	 
	 Sep-2020
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,363,032.78	 	  	 	69,036.94	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,363,032.78	 	  	 	69,036.94	 	  	 	1,432,069.72	 
	 Oct-2020
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,372,687.50	 	  	 	59,382.12	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,372,687.60	 	  	 	59,382.12	 	  	 	1,432,069.72	 
	 Nov-2020
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,382,410.80	 	  	 	49,658.92	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,382,410.80	 	  	 	49,658.92	 	  	 	1,432,069.72	 
	 Dec-2020
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,392,202.88	 	  	 	39,866.84	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,392,202.88	 	  	 	39,866.84	 	  	 	1,432,069.72	 
	 Jan-2021
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,402,064.31	 	  	 	30,005.40	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,402,064.31	 	  	 	30,005.40	 	  	 	1,432,069.72	 
	 Feb-2021
	  	 	0.00	 	 	 	0.00	 	  	 	0.00	 	 	 	1,411,995.60	 	  	 	20,074.12	 	  	 	0.00	 	 				  	 	0.00	 	  	 	0.00	 	 	 	1,411,995.60	 	  	 	20,074.12	 	  	 	1,432,069.72	 
	 Mar-2021
	  	 	0.00	 	 	 	2,147,775.00	 	  	 	(960,097.28	) 	 	 	1,421,997.24	 	  	 	10,072.48	 	  	 	0.00	 	 				  	 	2,147,775.00	 	  	 	(960,097.28	) 	 	 	1,421,997.24	 	  	 	10,072.48	 	  	 	2,619,747.44	 

  
 28 

 SCHEDULE 7 

NET CASH CALCULATION 
 NET CASH SCHEDULE
EXAMPLE 
  

											
	 	 	Feb-19	 	 	Feb-19	 	 	 
	 Unaudited Balance Sheet
	 	Balance Sheet	 	 	Net Cash	 	 	 Note

	 Assets
	 				 			 	 	
	 Cash and cash equivalents

Marketable securities
	 				 			 	 	 cash and money market fund
 all other short
term investments, including accrued interest income

		 	  
	  
	 	 	  
	  
	 	 	
	 TOTAL Cash, cash equivalents and short term investments
	 	$	 54.1	 	 	$	54.1	 	 	cash and money market fund and other short term investments
			 	
	 Accounts receivable
	 	 	0.9	 	 	 	0.9	 	 	 Accounts receivables including, but not limited to

(1) $0.3M landlord approved TIA reimbursement
 (2) $0.6M Celgene
TIGIT clinical biomarker reimbursement (Celgene payment received in mid-March)

			 	
	 All current prepaid assets

(Prepaid expenses and deposits)
	 	 	1.8	 	 	 	1.8	 	 	 Prepaid expenses including, but not limited to,

(1) $425k prepaid commercial/cargo/clinical/EPL insurances
 (2)
$115K prepaid maintenance contracts (e.g. faclity, IT network, servers, Emails, IP, etc.)
 (3) $58K prepaid annual licenses/Nasdaq (e.g. accounting,
manufacturing, regulatory/clinical annual licenses)
 (4) $601K clinical study deposits

(5) $550 IRS tax refund in 2019

			 	
		 				 			 	 	Income tax receivable
	 Other assets

(Income tax receivable and long term deposits)
	 	 	0.7	 	 	 	0.7	 	 	 (1) IRS tax refund in 2021 $550K
 (2) $0.2M
PG&E and other deposits

	 Fixed Assets (NET BOOK VALUE)
	 	 	0.7	 	 	 	EXCLUDED	 	 	LHI amortization life adjusted to December 2019 (planned facility relocation)
		 	  
	  
	 	 	  
	  
	 	 	
	 Total receivables, prepaid and other assets
	 	$	 4.0	 	 	$	3.3	 	 	
		 	  
	  
	 	 			 	 	
	 Total assets
	 	$	 58.1	 	 			 	 	
		 	  
	  
	 	 			 	 	
	 Liabilities and stockholders’ equity (deficit)
	 				 			 	 	MINUS - ACCOUNTS PAYABLE, ACCRUED LIABILITIES AND EXPENSES
	 Accounts Payable
	 	 	1.6	 	 	 	(1.6	) 	 	 Accounts Payable
 ordinary course of
business timing of payment
 Accrued clinical liabilities - expenses incurred but not yet paid for

	 Accrued Clinical Liabilities
	 	 	2.3	 	 	 	(2.3	) 	 	(1) $1.8M NAVI patient costs and CRO services accruals
	 Accrued Liabilities
	 	 	0.7	 	 	 	(0.7	) 	 	 (2) $0.4M TIGIT patient costs and CRO services accruals

(3) $0.1M GITRL patient costs and CRO services accruals
  

Accrued Liabilities - expenses incurred but not yet paid for

ordinary business expenses incurred and accrued on the Cash Determination Time. Including, but not limited to

(1) $0.3M consulting
 (2) $0.2M vacation

(3) $0.2M contract srvc, bonus, etc.

	 REDUCED by accrued VACATION for retained employees
	 				 	 	0.1	 	 	exclusion of the accrued vacation for any retained employees at the Determination Date
	 Deferred revenue (short term and long term)
	 	 	0.3	 	 	 	(0.3	) 	 	Celgene TIGIT BM unearned revenue
	 Deferred rent (short term and long term)
	 	 	4.4	 	 	 	EXCLUDED	 	 	GAAP items - Non cash
	 Accrued Transaction Fees
	 	 	0.4	 	 	 	(0.4	) 	 	current accrued expenses, including M&A legal, banker, audit, advisor, accountants, tax fees, etc.
	 Accrued Severance liabilities
	 	 	0.7	 	 	 	(0.7	) 	 	current accrued severance
	 Accrued Tenant liabilities
	 	 	0.4	 	 	 	(0.4	) 	 	Subleased tenants security deposits and TIA pass thru
	 Unpaid D&O Tail Insurance
	 				 	 	—  	 	 	included in below - additional projected Transaction Fees
		 	  
	  
	 	 	  
	  
	 	 	
	 TOTAL LIABILITIES
	 	$	10.7	 	 	$	(6.3	) 	 	
	 Stockholders’ equity (deficit)
	 	$	 47.4	 	 	 	EXCLUDED	 	 	
		 	  
	  
	 	 			 	 	
	 Total liabilities and stockholders’ equity (deficit)
	 	$	 58.1	 	 			 	 	
		 	  
	  
	 	 			 	 	
	 NET CASH BALANCE
	 	 	NET CASH BALANCE	 	 	$	51.1	 	 	
		 				 	  
	  
	 	 	
	 Potential upsides
	 				 			 	 	
	 Equipment, tumor bank and assets sale
	 				 	 	—  	 	 	Booked receivable $1.4M
	 Tumor Bank Sale
	 				 	 	—  	 	 	$2.6M Cash received
	 GOG Credit
	 				 	 	0.3	 	 	Agreed with Milan
		 				 	  
	  
	 	 	
	 Total Credits
	 				 	 	0.3	 	 	
	 Projected additional cash burn Q1 2019 OpEx
	 				 			 	 	
	 additional OpEx in March
	 				 	 	(2.7	) 	 	per projections, pending
	 additional OpEx in April up to closing
	 				 	 	(1.6	) 	 	per projections, pending
	 additional projected transaction fees
	 				 	 	(5.1	) 	 	legal, banker, and others
	 additional severance liability
	 				 	 	(4.2	) 	 	Officers terminations at closing
		 				 	  
	  
	 	 	
	 Total additional costs
	 				 	 	(13.6	) 	 	
	 ADJUSTED NET CASH BALANCE
	 				 	$	37.8	 	 	
		 				 	  
	  
	 	 	

  
 29 

 SIGNATURES 
  

					
	 THE BORROWER
  

EXECUTED as a DEED by MEREO BIOPHARMA GROUP PLC acting by Denise Scots-Knight a director in the presence of:
	 	  
 )

)
 )

)
	 	
			
		 		 	 /s/ Denise Scots-Knight

		 		 	Director
			
		 		 	 /s/ Shanna Pillado

		 		 	Witness
			
	Name: Shanna Pillado	 		 	
			
	 Address:  800 Chesapeake Drive

                Redwood City, CA 94063
	 		 	
			
	Occupation: Office Manager	 		 	

  
 30 

					
	 THE GUARANTORS
  

EXECUTED as a DEED by MEREO BIOPHARMA 1 LIMITED acting by Richard Jones a director in the presence of:
	 	  
 )

)
 )

)
	 	
			
		 		 	 /s/ Richard Jones

		 		 	Director
			
		 		 	 /s/ Shanna Pillado

		 		 	Witness
			
	Name: Shanna Pillado	 		 	
			
	 Address:  800 Chesapeake Drive

                Redwood City, CA 94063
	 		 	
			
	Occupation: Office Manager	 		 	
			
	EXECUTED as a DEED by MEREO BIOPHARMA 2 LIMITED acting Richard Jones a director in the presence of:	 	 )
 )

)
 )

)
	 	
			
		 		 	 /s/ Richard Jones

		 		 	Director
			
		 		 	 /s/ Shanna Pillado

		 		 	Witness
			
	Name: Shanna Pillado	 		 	
			
	 Address:  800 Chesapeake Drive

                Redwood City, CA 94063
	 		 	
			
	Occupation: Office Manager	 		 	

  
 31 

					
	EXECUTED as a DEED by MEREO BIOPHARMA 3 LIMITED acting by Richard Jones a director in the presence of:	 	 )
 )

)
 )

)
	 	
			
		 		 	 /s/ Richard Jones

		 		 	Director
			
		 		 	 /s/ Shanna Pillado

		 		 	Witness
			
	Name: Shanna Pillado	 		 	
			
	 Address:  800 Chesapeake Drive

                Redwood City, CA 94063
	 		 	
			
	Occupation: Office Manager	 		 	
			
	EXECUTED as a DEED by MEREO BIOPHARMA 4 LIMITED acting by Richard Jones a director in the presence of:	 	 )
 )

)
 )

)
	 	
			
		 		 	 /s/ Richard Jones

		 		 	Director
			
		 		 	 /s/ Shanna Pillado

		 		 	Witness
			
	Name: Shanna Pillado	 		 	
			
	 Address:  800 Chesapeake Drive

                Redwood City, CA 94063
	 		 	
			
	Occupation: Office Manager	 		 	

  
 32 

					
	 SIGNED for and on behalf of MEREO BIOPHARMA IRELAND LIMITED by its lawfully appointed attonery Richard Jones

 
 in the presence of: /s/ Richard Jones

 
 Signature of witness: /s/ Shanna Pillado

 
 Name of witness: Shanna Pillado

 
 Address of witness: 800 Chesapeake Drive,

Redwood City, CA 94063
  

Occupation of witness: Office Manager
	 	 )
 )
	 	

  
 33 

					
	 THE LENDER, WARRANTHOLDER,
 AGENT AND
SECURITY AGENT
  
 EXECUTED as a DEED by KREOS CAPITAL V (UK) LIMITED
acting by Maurizio PetitBon a director in the presence of:
	 	  
  

)
 )

)
 )
	 	
			
		 		 	 /s/ Maurizio PetitBon

		 		 	Director
			
		 		 	 /s/ Laura Hedley

		 		 	Witness
			
	Name: Laura Hedley	 		 	
			
	 Address:  25 Old Burlington Street

                London W1S 3AN
	 		 	
			
	Occupation: Admin Assistant	 		 	

  
 34 

 THE LENDER AND WARRANTHOLDER 

 

					
	EXECUTED as a DEED on behalf of SILICON VALLEY BANK a California corporation by Ian Murchie (authorised signatory), being a person who, in accordance with the laws of that territory, is acting under the authority of
the corporation:	 	 )
 )

)
 )

)
	 	
			
		 		 	 /s/ Ian Murchie

		 		 	Authorised Signatory

  
 35

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]